New Delhi: Union Minister Rao Inderdit Singh on Tuesday urged educational institutions, industrial agencies and other stakeholders to assume responsibility for increasing financial literacy in this country through the right awareness campaign.
The Minister of State for Corporate Affairs spoke at the webinar at the five-year completion of the Investor Education & Protection Authority (IEPFA), which was established in September 2016 under the Company’s Law.
Safe! You have managed to throw your voteogin to see the results of the corporate affairs ministry also take steps to further strengthen the Iepfa, which comes below.
IEPFA has completed around 18,000 claims, returning the underlying dividend, number and shares around Rs 1,000 Crore to the prosecution.
Singh said that Iepfa had taken a holistic approach to stakeholder sensitement and that efforts were also carried out to involve Gram Panchayats in the investor awareness program.
“I will urge increasing educational institutions, industrial agencies and other stakeholders, think tanks, research institutions, etc.
must advance to assume the responsibility of increasing financial literacy through the right awareness campaign …” Minister said.
He also stressed that it was important to focus on schools and colleges to provide basic financial education at the initial stage.
Secretary of the Secretary of Secretary Rajesh Verma urged Iepfa to initiate the initiative to increase financial literacy, especially in small cities and rural areas.
In small cities and rural areas, there are some immoral elements that are still operating and try to take advantage of illiterate, the lack of public awareness, he said, adding that many ponzi schemes have floated and many have fallen prey.
“In the eastern part of the country, the PONZI scheme (already) floated and we have seen people really suffer …
Operators take advantage of naive, simplicity and lack of people’s awareness.
Education and consciousness of investors is very important subject …, “He said.
Furthermore, Verma said the ministry strengthened Iepfa and more posts had been subject to sanctions so that they were faster to investors whose claims were delayed.
They talked at the webinar about ’empowering investors: Iepfa, the next 5 year trip’.
According to the Iepfa newsletter, which was released on Tuesday, the authority had completed around 18,000 claims, returning dividends, the underlying number and shares around Rs 1,000 Crore to the prosecution.
“About 1.25 crore shares transferred to Iepfa by various companies have returned to legitimate prosecutors.
The Iepfa’s efforts are to complete as many claims as possible in the framework of the rules and satisfaction of stakeholders,” he added.
Iepfa has a mandate to promote education, awareness, and protection of investors in addition to returning deposit, debt, unnecessary dividends and underlying shares to investors.
Educational institutions, industrial agencies can help increase financial literacy through the campaign: Singh
