The Securities and Exchange Board of India (SEBI) has proposed a draft National Strategy for Financial Education. The main goal of SEBI’s National Strategy is to “to create a financially aware and empowered India. It aims at undertaking a massive Financial Education campaign to help people manage money more efficiently to achieve financial well being by accessing appropriate financial products and services through regulated entities with fair and transparent machinery for consumer protection and grievance redressal.” The five-year plan for financial literacy focuses on four main sectors: banking, securities market, insurance and retirement planning. The policy also includes a call to increase financial education in schools in an attempt to educate people early on in their lives.
In partnership with the Reserve Bank of India (RBI) and the Insurance Regulatory Development Authority, SEBI has proposed a national survey to assess “whether one has saving account, loan account, mutual fund investment, insurance policy, pension etc,” as well as, “the state of awareness of financial products and the state of financial competency such as the concept of compound interest, present value of money, annuity etc.”
The draft is available on SEBI’s website at http://www.sebi.gov.in/cms/sebi_data/attachdocs/1342416428845.pdf and comments and reviews may be emailed to iad[at]sebi.gov.in until August 15, 2012.
By Jaime Fellers, Research Associate
Sources and Additional Resources:
[1] Securities and Exchange Board of India Press Release: “SEBI Releases Draft National Strategy on Financial Education for Comments”, http://www.sebi.gov.in/sebiweb/home/detail/24075/yes/PR-SEBI-releases-draft-National-Strategy-on-Financial-Education-for-comments
[2] The Indian Express: “SEBI, RBI Propose Survey to Address Financial Literacy”, http://www.indianexpress.com/news/sebi-rbi-propose-survey-to-assess-financial-literacy/975449/
MicroCapital.org Article: “MICROCAPITAL BRIEF: SKS Microfinance Responds to Probe from Securities and Exchange Board of India on Expulsion of Former CEO, Gurumani Stock Falls Further 6%”, by Trevor Kwong, October 4, 2012, https://www.microcapital.org/microcapital-brief-sks-microfinance-responds-to-probe-from-securities-and-exchange-board-of-india-on-expulsion-of-former-ceo-gurumani-stock-falls-further-6/
MicroCapital.org Article: “MICROCAPITAL BRIEF: Indian Janalakshmi Financial Services offers Janaone One Stop Shopping to Long Term Customers”, by Webster Hughes, July 26, 2012, https://www.microcapital.org/microcapital-brief-indian-janalakshmi-financial-services-offers-janaone-one-stop-shopping-to-long-term-customers/
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