It has been reported that there would be a cut in the education fund allocation this year, a fact that has been criticized by the Australasian Compliance Institute (ACI), saying focusing on many other serious issues doesn’t mean that education should be neglected.

Martin Tolar, the CEO of ACI, stated that the Australian Securities Exchange (ASX) can make use of any of their funds for supporting the education and research.

Earlier, the ASX had raised several billion of dollars for supporting many programs, including risk management in numerous companies.

The Australian Securities and Investment Commission (ASIC) also informed that the ACI’s suggestion for setting up a new fund is not lucrative.

As according to the rules, all the funds and money raised through fines and other fee goes directly to a joint account. So it seems that making a new fund will be more difficult and a time-consuming process.

Also, if they want to make a separate fund then they will have to take a prior approval from the Government Treasury and fulfill many other obligations too.

In another program, the ASIC will audit the accounts and statements of companies, including the listed as well as the non-listed companies.