The Cabinet Committee on Economic Affairs mandated the constitution of the Independent External Monitor (IEM). IEM consists of the following two members:

1. Shri V. K. Shunglu, Ex-Comptroller and Auditor General (CAG)
2. Shri P. Shankar, Ex-Chief Vigilance Commissioner (CVC)

The IEM will act as on Oversight Committee for overall process of strategic disinvestment with the following mandate:

1. To vet the overall process of valuation of the CPSE/Units.
2. To oversee the transaction process of strategic disinvestment of CPSEs/Units.
3. To examine and address the grievances received;and
4. Any other matter that is referred to IEM by the Government.