Finance Minister Arun Jaitley said early formalities for formation of National Investment and Infrastructure Fund, NIIF, initial appointment of advisers to the Fund, and registration with SEBI have been completed. He was interacting with the media after the first meeting of the governing council of the Fund, NIIF, in New Delhi. He said advertisement has been issued for the appointment of CEO of the fund nationally and internationally. Mr Jaitley hoped that the selection process will be completed in the next few weeks. He said progress with regard to the suggestions which have come from UAE, Singapore, UK and Russia were also discussed in the meeting. The government has also appointed IDBI Capital Market Services Ltd as Advisor to NIIF Trustee Ltd initially for one year. In the meeting, the government also decided to engage India Infrastructure Finance Company Ltd as an investment advisor to NIIF Ltd for 6 months. NIIF has been set-up by the Government with an expected initial corpus of 40, 000 crore rupees. The purpose of this fund is to develop commercially viable projects, both greenfield and brownfield, including stalled projects. The government's share in the corpus shall not exceed 49 per cent.