MUMBAI/NEW DELHI, Oct. 6 -- The market regulator's fund to protect and educate investors has swollen manifold over the years, but its spending has barely moved even as risks from financial influencers and digital arrests loom. The matter has come to the notice of the government, which is yet to decide what to do about it.

The Securities and Exchange Board of India's Investor Protection and Education Fund (IPEF) has grown almost four-fold to Rs.969.8 crore in FY26 from levels in FY23, according to a Mint analysis of Sebi data. However, expenditure from the fund rose 2.2% over the period to Rs.4.7 crore. This means the regulator used only 0.4% of its total IPEF in FY26.

The low utilization of IPEF has drawn attention within government cir...