National Council of Applied Economic Research
The Investor Education and Protection Fund Authority (IEPFA), Ministry of Corporate Affairs and the National Council of Applied Economic Research (NCAER), New Delhi, in collaboration with Jagan Institute of Management (JIMS), Rohini successfully conducted a comprehensive workshop aimed at “Boosting Financial Skills of Young Managers: Role of Financial Education as a Safety Network for Investor Protection” on Wednesday, July 31, 2024, at JIMS, Rohini, New Delhi.
The workshop was highly engaging with a gathering of over 400 participants and brought together prominent speakers including financial sector expert, Government representative and claim settlement expert, academician and Fintech expert. This initiative is a part of the continuous efforts by IEPFA and NCAER to empower the budding youth with the knowledge and skills necessary to navigate the financial landscape effectively and securely.
In her welcome address, Director Dr. Pooja Jain, expressed her delight and highly appreciated the collaborative effort for excellence in practical learning and stressed that such workshops provide real-world knowledge and skills that are crucial for every youth.
Dr Harvardhan Halve, Director General, JIMS lauded the first ever collaborative efforts between IEPFA, NCAER, and JIMS, Rohini, expressing enthusiasm for future joint initiatives aimed at enhancing financial literacy among youth.
Ms. Anita Shah Akella, CEO of IEPFA and Joint Secretary in the Ministry Corporate Affairs, in her message, conveyed that investor education and protection is on the national agenda and highlighted IEPFA’s efforts in creating a more informed, protected, and empowered community of investors. Through her message, she encouraged the students to actively participate, engage with IEPFA initiatives and take this opportunity to enhance their understanding and promote advocacy of investor rights and education. Ms Akella called for involvement of the youth in driving the progress IEPFA aims to achieve in safeguarding the interests of investors across the nation.
Dr. CS Mohapatra, through his highly interactive manner moderated the session and stated that in today’s fast-paced and complex financial landscape, equipping young budding managers with robust financial skills is essential for ensuring sound financial decision-making and fostering investor protection. Financial education plays a pivotal role in this context, serving as a safety network that empowers young professionals to navigate the intricacies of finance with confidence and prudence. By mastering these concepts, young managers can develop strategic financial plans, optimize resource allocation, and ensure sustainable growth.
He also highlighted that well-informed managers are better equipped to identify and mitigate potential financial risks, safeguarding the interests of investors. Education on regulatory frameworks, ethical practices, and market operations will help young managers adhere to best practices and avoid fraudulent activities. By understanding the nuances of different financial products, FinTech and their associated risks, they can diversify portfolios, optimize returns, and manage market volatility effectively, he stated. By promoting ethical financial practices, trust and credibility in financial markets can be built, ensuring that budding investors feel secure and confident in their investments.
The panel discussants — Lt. Col. Rajesh Kumar, General Manager, IEPFA, Ministry of Corporate Affairs, Government of India, Dr SD Vashishtha, Professor, Dean and Head, Faculty of Commerce and Management, MD University Rohtak, Mr Rakesh Sharma, Former Chief General Manager, PFRDA and Mr Harsha Bhowmik, Director- Digital Economy and Fintech, Ministry of Finance, Government of India discussed the importance of financial literacy rigorously and different initiatives taken by the Government as well as regulators, including IEPFA, in promoting financial literacy and financial inclusion.
Lt. Col. Rajesh Kumar, General Manager, IEPFA, Ministry of Corporate Affairs, Government of India emphasized IEPFA’s dedication to fostering a secure and informed investment environment for every citizen. He highlighted the organization’s ongoing efforts in ease of doing business, efficient claim settlements and the promotion of financial awareness, aiming for swift and lasting improvements in these areas. He also called on participants to collaborate with IEPFA in its mission to protect investor interests and enhance financial literacy nationwide, showcasing his strategic insight and commitment to the organization’s mandate.
Mr Rakesh Sharma stated that during the last decade public participation in financial markets has grown substantially. However, emerging market realities require that the prospective investors are protected against fraudulent activities. While Regulators are providing and disseminating necessary information through multimedia, such workshops are the best platform to educate the young and future leaders in various aspects of emerging market realities and how to guard against the unscrupulous elements.
Dr SD Vashishtha highlighted that such programmes are hugely fruitful for spreading financial education talent, ability and skills among the young managers and other interested people. Directly or indirectly, NCAER, IEPFA and MCA are contributing in making capital market more inclusive, savings conversion in investment which will further help in achieving targeted economic growth.
Mr Harsha Bhowmik emphasized that one of the critical enablers for the development and empowerment of people is technology-led economic transformation. India’s digital public infrastructure (DPI) – digital identity, fast payment system along with consent-based data sharing – has demonstrated how 1.4 billion individuals can access socio-economically important services in the field of finance, health, education, e-Governance, taxation, skills etc. He highlighted huge achievements including Aadhaar enrolments, Unified Payment Interface (UPI) transactions and DPI enabled direct benefit schemes.