In a bid to protect investors amidst a rush of initial public offerings (IPOs), the government has decided to scrutinise all IPOs that garnered more than Rs 50 crore in the last three years to ascertain whether funds were utilised for declared purposes.As part of the drive, the Ministry of Company Affairs has directed the Registrar of Companies (RoC) to "keep under watch" the IPOs that hit the market since 2004 and garnered an estimated Rs 25,000 crore, a ministry source said."The IPOs that hit the markets in the last three years and raised Rs 50 crore and above would be under watch to ensure that the funds raised have been utilised as per the initially announced plans," the source added.During this period, the Indian market was inundated with a number of mega and medium-sized public offers including those from Reliance Petroleum, TCS, Patni Computers, Biocon, NDTV, Indiabulls, Jet Airways and Suzlon.The move coincides with market regulator Sebi's stren action against two depositories - NSDL and CDSL - and eight depository participants like Karvy Stock Broking in the IPO scam.(PTI)