Dr Mohapatra had an interactive session titled, “From Knowledge to Wealth: Bridging the Gap between Financial Literacy and Financial Well-being” with the faculty at NISM. This session was inaugurated by the Director of NISM, Dr C.K.G. Nair. During his address to the faculty, Dr Mohapatra stressed the importance of modernising courses on financial literacy, along with rapid digitalisation of the economy. He suggested the introduction of refresher training courses and certification for trainers, master trainers, regulators, fresh recruits, and all others associated with the financial literacy ecosystem. He also asserted the importance of attracting prospective investors and nurturing confidence among them by strengthening institutional capabilities, simplifying processes, and initiating sustained follow-up training and hand-holding. Conducting applied research and comprehensive surveys is also crucial for identifying and mitigating last mile issues in maximising financial well-being.
The IEPFA Chair Professor at NCAER, Dr C.S. Mohapatra delivered a special guest lecture on “Financial Stability Architecture in India and Its Role in Promoting Investor Awareness and Protection” to students at the National Institute of Securities Markets (NISM), Mumbai, on 21 November 2023. NISM is a public trust established by the Securities and Exchange Board of India (SEBI) in pursuance of the mandate laid down by the Union Finance Minister in his budget speech of February 2005. While welcoming Dr Mohapatra, Dr 
Rachana Baid of NISM lauded the initiative for collaboration between NCAER and NISM. In his address to the students, Dr Mohapatra focused on the concept of systemic risk and its management, the role of close and effective inter-regulatory coordination, the need for a robust framework for data analysis, and the imperative to deal with cybersecurity risks. He highlighted the importance of financial literacy in ushering in a broadbased financial sector and ensuring its stability.
A joint Conference on ‘Investor Protection in the Digitalized World: Role and Criticality of Financial Advisors’, organised by the Investor Education and Protection Fund Authority (IEPFA), NCAER, and the National Stock Exchange (NSE), was held at the NSE office in Mumbai, on 20 November 2023.
The Investor Education and Protection Fund Authority (IEPFA), set up on 7 September 2016, by the Government of India to administer the Investor Education and Protection Fund, is a landmark initiative of the Union Government. The Authority’s mandate is to ensure timely refund of shares, unclaimed dividends, and matured deposits/debentures, among other things, to investors; distribute disgorged amounts to the rightful applicants; promote awareness among investors; and ensure the protection of their interests. These objectives are part of the government’s efforts to make all citizens equal partners in the country’s financial development.
Since its inception, the IEPFA has been fulfilling its mandate with dedication. It has held a number of Investor Awareness Programmes aimed at achieving inclusive financial literacy for stakeholders in rural, semi-urban, and urban areas besides enabling the rightful claimants to get their due unclaimed shares, dividends, and debentures speedily. The joint Conference at NSE signified a continuation of this effort.
The 51st National Convention of Company Secretaries was organised on the theme India @ G20- Empowering Sustainable Future through Governance and Technology, at Varanasi, Uttar Pradesh, on November 2 and 3, 2023. The convention was inaugurated by the Hon’ble Vice-President of India, Shri Jagdeep Dhankhar, who was the Chief Guest, while the Hon’ble Governor of Uttar Pradesh, Smt Anandiben Patel, was the Guest of Honour. The IEPF Chair Professor at the National Council of Applied Economic Research (NCAER), Dr C.S. Mohapatra was invited as a guest speaker for the first technical session of the convention, on the topic “Digital Inclusion: A Catalyst for Corporate Innovation and Social Progress”, on 2 November 2023. Dr Mohapatra also released a publication brought out by the Institute of Company Secretaries of India (ICSI), titled, “Limited Liability Partnership”, on the occasion.
The event featured an insightful keynote address by Ms Anita Shah Akella, CEO of IEPFA and Joint Secretary in the Ministry of Corporate Affairs. Ms Akella’s address underscored the criticality of protection of personal data in the rapidly evolving financial landscape. In a lucid manner, quoting examples from day-to-day life, Ms. Akella highlighted the significance and necessity of the DPDP Act in the present scenario, where each and every all data, such as, AADHAAR, Voter ID, etc., all are linked to phone numbers. A criminal who gets the access of the phone number gets a swift access to all the data in this space. Therefore, a robust framework for protecting the investor data with the overall objective of safeguarding investor interests is very crucial.
Mr Gangesh Varma, Principal Associate of Technology and Policy at Saraf and Partners, made a short presentation and discussed on the rights and data principles of companies as well as retail investors and put thrust on a proper implementation strategy. It will require all stakeholders including companies, and users or citizens to play their respective roles in promoting a culture of privacy in their transactions and bringing about behavioural change, for effective implementation. He stated that the realization of the goals of data protection in the investor space will require a ‘whole-of-society’ approach.
Mr Prabhu Narayan, Director (Cyber Security in the Financial Sector), Ministry of Finance, inter-alia mentioned the critical role of CERT-FIN, importance of cyber security measures, and measures taken by the government, and explained how the Act will promote financial inclusion in the country. He mentioned that the DPDP Act will ensure transparency, and enhance data quality and security obligations for data fiduciaries. It will also safeguard children’s data and healthcare-related data in a very lawful process.
Mr S.K. Panigrahy, CGM, Reserve Bank of India (RBI), provided insights into the evolving banking systems, along with the RBI’s role in promoting investor awareness in modern times and the role of this Act in the banking sector. He mentioned that the Act emphasises the need to respect the personal financial data of the customers, and ways to prevent access to this data for fraudsters through various rules, that are to be implemented soon.
The engaging panel discussion was adeptly moderated by Dr. C.S. Mohapatra, IEPF Chair Professor at NCAER. He stated that data breaches have become an increasingly pressing concern in today’s digital world, affecting both individuals and organisations. These breaches are driven by hackers seeking to profit from selling large volumes of stolen data to other criminals on the dark web. These incidents underscore the urgency of safeguarding data, not only for individuals but also in the context of investor protection. This legislation establishes a robust framework for investors and citizens alike that not only shields personal data but also fosters trust, ultimately fortifying the digital ecosystem. including for investors. By promoting responsible behaviour among platforms, the DPDP Act contributes significantly to improving investor engagement and ensuring the security of their financial interests.
Concluding the discussion, Mr Sumit Agarwal, AGM at IEPFA, extended a vote of thanks, acknowledging the invaluable contributions of all the participants, speakers, and attendees. He lauded the collaborative spirit of the webinar, aligning stakeholders towards the shared goal of enhancing financial literacy and safeguarding investor interests through proper implementation of the DPDP Act.