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The Investor Education and Protection Fund Authority (IEPFA), in collaboration with the National Council of Applied Economic Research (NCAER) and Jagan Nath University, Jaipur, hosted a workshop focused on “Widening Financial Inclusivity: Role of Investor Education and Protection in the Modern Era.” The workshop aimed to highlight the pivotal role of financial literacy in enhancing inclusivity and protecting investors in today’s rapidly evolving financial landscape.

The event featured a distinguished panel of speakers, including Dr. C.S. Mohapatra, IEPF Chair Professor at NCAER as the Moderator and Speaker; Dr. Jitender Bhandari, Associate Professor and Academic Coordinator, Dept. of Economics, Christ University, Delhi-NCR; Dr. Bhawana Sharma, Professor of Finance and Head of Women Cell, Poornima University, Jaipur; Dr. Sandeep Varshneya, Associate Professor and Pan Area Chair – Finance, Jaipuria Institute of Management, Jaipur; and Mr. Sandeep Jain, Financial Market Analyst and Co-founder & Director of Tradeswift Broking Pvt. Ltd. They shared valuable insights on the role of financial literacy as a key driver for empowering individuals. By equipping them with the knowledge to make informed investment decisions and protect themselves from fraud and digital scams, financial education becomes a crucial defense mechanism.

The Workshop was inaugurated by the Welcome address of Shri Tanmay Pattnayak, Registrar of Jagan Nath University, Jaipur and Inaugural address of Prof. (Dr.) Vaishali Sharma, Vice Chancellor of Jagan Nath University, Jaipur. They emphasized the growing importance of educating and empowering individuals with the necessary financial tools to foster inclusivity, especially in semi-urban and rural areas and lauded about the first ever such collaborative event organised in collaboration with IEPFA and NCAER.

The main highlight of the event was Dr. C.S. Mohapatra, IEPF Chair Professor at NCAER, the moderator for the session, who provided valuable insights into the evolving challenges in investor protection, especially in the digital age. He discussed the critical role that regulatory frameworks and educational institutes must play in mitigating financial risks, highlighting IEPFA’s efforts in ensuring financial security for all citizens.

Dr. Jitender Bhandari, Associate Professor and Academic Coordinator at the Department of Economics, Christ University (Delhi-NCR), contributed his academic perspective on the economic benefits of financial inclusivity. He elaborated on the need for comprehensive investor education to bridge the gap between the financially included and excluded populations, ensuring equitable growth and participation in the economy.

Dr. Bhawana Sharma, Professor of Finance and Head of the Women’s Cell at Poornima University, Jaipur, addressed the gender disparities in financial literacy and inclusion. She underscored the importance of targeted financial education programs for women, who often face greater barriers in accessing and understanding financial products and services.

Dr. Sandeep Varshneya, Associate Professor and Pan Area Chair – Finance Area at Jaipuria Institute of Management, Jaipur, provided an industry-oriented view of financial inclusivity. He emphasized the significance of developing investor-friendly financial products and highlighted the role of technology in expanding access to these products for under-served sections of society.

Mr. Sandeep Jain, Financial Market Analyst and Co-founder & Director of Tradeswift Broking Pvt. Ltd., offered practical insights into the protection of retail investors. Drawing on his industry experience, he discussed the rising threat of digital scams and frauds in the financial markets, stressing the need for continued investor education to combat these risks effectively.

The workshop marked another significant step in the ongoing efforts of IEPFA and NCAER to promote financial literacy and investor protection across India, ensuring that all citizens can contribute to and benefit from the nation’s financial progress.

On 7th September 2024, the 8th Foundation Day of the Investor Education and Protection Fund Authority (IEPFA) was celebrated with an Annual Conference at the PPES Campus in Anupshahr, Uttar Pradesh. The conference, focused on the theme “Role of Financial Education in Promoting Investor Awareness and Protection,” was organized in collaboration with the National Council of Applied Economic Research (NCAER) and Pardada Pardadi Educational Society (PPES), Anupshahr. The Annual conference addressed a gathering of over 500 girl students and teachers, aiming to highlight the importance of financial education as a means to empower investors and protect their interests, especially in rural and semi-urban areas.

The event commenced with an inaugural ceremony featuring the lighting of the lamp by the dignitaries. Mr. Krishna Kumar Sharma, Principal of PPES, extended his gratitude to the esteemed guests and participants. Mr. Lokender Pal Singh, President of PPES emphasized the significance of promoting financial literacy in rural regions, aligning with PPES’s mission to uplift the rural population, particularly women and girls, through education and empowerment.

Prominent speakers at the event included Ms. Samiksha Lamba, Deputy General Manager, IEPFA, Ministry of Corporate Affairs; Mr. R.P. Singh, Assistant General Manager, State Bank of India; CA Tushar Verma, Chartered Accountant, Verma Tushar & Co.; Dr. Rahul Kumar, Assistant Professor, Jaypee University; and Mr. Paras Gaur, Chartered Financial Analyst and Deputy Registrar, Jaypee University. Each speaker shared their valuable insights on the critical role that financial education plays in promoting investor awareness and protection, particularly in today’s increasingly complex financial environment.

The Keynote message by Ms. Anita Shah Akella, CEO of IEPFA and Joint Secretary at the Ministry of Corporate Affairs, Government of India commended the progress made by IEPFA in protecting investors through various initiatives, including refunding unclaimed dividends, debentures, and shares. She underscored the importance of financial education in ensuring that investors are not only aware of their rights but are also capable of making informed decisions. According to her, IEPFA’s investor awareness programmes have been instrumental in bridging the knowledge gap, especially in rural areas.

The session on “Role of Financial Education in Promoting Investor Awareness and Protection” was moderated by Dr. C. S. Mohapatra, IEPF Chair Professor at NCAER. Dr. Mohapatra discussed the critical role financial literacy plays in the modern economy, particularly in safeguarding investors from financial risks and fraud. He pointed out that an informed investor is a protected investor, and the collective efforts of stakeholders like IEPFA, NCAER, and PPES are pivotal in achieving widespread financial education.

Ms. Samiksha Lamba, Deputy General Manager of IEPFA, Ministry of Corporate Affairs, reiterated the Authority’s commitment to promoting financial literacy. She elaborated on various initiatives undertaken by IEPFA, including workshops and awareness programmes, that have significantly contributed to increasing financial inclusion across different strata of society.

Dr. Rahul Kumar, Assistant Professor of Faculty of Management & Commerce at Jaypee University, shared insights from his research on financial literacy and its correlation with investor behaviour. He stressed the need for tailored financial education programmes that cater to the needs of different demographic groups, particularly in rural areas where access to financial services remains limited.

Mr. Paras Gaur, Chartered Financial Analyst and Deputy Registrar at Jaypee University, discussed the technical aspects of financial education, focusing on investment strategies, risk management, and the importance of long-term financial planning. He highlighted the need for investors to be equipped with the right tools and knowledge to navigate the complex financial landscape.

Mr. R.P. Singh, Assistant General Manager of State Bank of India, shared the perspective of the banking sector, pointing out how financial literacy can lead to better utilization of banking services, thereby fostering economic growth. He also emphasized the importance of responsible borrowing and saving, which are key components of financial security.

CA Tushar Verma of Verma Tushar & Co. discussed the legal and regulatory frameworks that protect investors. He urged the participants to stay informed about the changing financial regulations and explained how a strong understanding of these frameworks could help in preventing financial fraud and ensuring compliance.

The Annual Conference was followed by the Annual Half Marathon “Niveshak Mashal” to promote Financial Literacy and Investor Awareness in collaboration with the Investor Education and Protection Fund Authority (IEPFA), the National Council of Applied Economic Research (NCAER) and Pardada Pardadi Educational Society (PPES). The marathon, held at the PPES Campus in Anupshahr, saw enthusiastic participation from over 4,500 individuals, including students from more than 45 schools and local community members.

The event, flagged off by Chief Guest Ms. Anita Shah Akella, CEO of IEPFA and Joint Secretary at the Ministry of Corporate Affairs, featured multiple race categories—Half Marathon, 10KM, and 5KM—creating an inclusive platform for people from all walks of life to unite in spreading the message of financial education. This initiative highlighted IEPFA’s ongoing commitment to reaching diverse communities and promoting financial literacy through innovative methods, fostering a culture of informed financial decision-making across India.

The other eminent guests of the Marathon were Dr. C.S. Mohapatra, IEPF Chair Professor and Ms. Sushma Singh, Athlete and Mr. Atul Kumar, Block Pramukh, Anupshahr. Dr C.S. Mohapatra motivated the gathering through his intervention and encouraged each participant to become the “Niveshak ki Mashal” and spread the message of financial literacy and importance of Investor Awareness further in a multiplier effect.

The Annual Conference cum Annual Half Marathon focused on the importance of financial education in rural and semi-urban areas, challenges in reaching underserved populations, and strategies to bolster financial literacy across the nation. The conference underscored the crucial role that financial literacy plays in building a more informed and secure investor base, ultimately contributing to investor protection and economic empowerment.

These initiatives, organised as part of the 8th Foundation Day celebrations of IEPFA, exemplify the unwavering commitment of IEPF Chair Unit at NCAER to spreading financial literacy and ensuring investor awareness at every level of society.

Empowering Investors: Financial Literacy as the Key to combat Fraud and Digital Scams

The Investor Education and Protection Fund Authority (IEPFA), under the Ministry of Corporate Affairs marked the celebration of its 8th Foundation Day with a collaborative event alongside the National Council of Applied Economic Research (NCAER), New Delhi and the Institute of Company Secretaries of India (ICSI). The event focused on the theme “Empowering Investors: Financial Literacy as the Key to Combat Fraud and Digital Scams,” emphasized the vital role of financial literacy in safeguarding the interests of investors in today’s rapidly evolving digital landscape.

The session featured insights from experienced speakers from diverse fields with financial policy and regulatory expertise from SEBI, RBI and also market analyst, Government and IEPFA in financial literacy and fraud prevention. Their expertise offered the participants a deeper understanding of how to apply financial education to distinguish between genuine opportunities and fraudulent schemes. By enhancing their financial literacy level, they will not only be better prepared to spot potential scams but also make more informed investment decisions, contributing to their overall financial well-being and confidence.

In her Keynote Address Ms. Anita Shah Akella, CEO, IEPFA and Joint Secretary, Ministry of Corporate Affairs, reiterated the authority’s commitment to promoting investor education and protection. She emphasized that financial literacy is not only crucial for protecting investors from fraud but also plays a key role in fostering long-term financial well-being. Through strategic partnerships with organizations like NCAER and ICSI, IEPFA continues to take proactive measures in creating a robust framework for investor protection.

To set the tone of the event, a special address was given by Mr. Dhirendra Kumar, Board Member of IEPFA and CEO & Founder of Value Research. Additional remarks were delivered by Lt. Col. Rajesh Kumar, General Manager of IEPFA and CS Manish Gupta, Immediate Past President of ICSI. Taking a significant step towards enhancing financial literacy and investor education across various demographics, IEPFA has released a set of five handbooks tailored to meet the unique needs of different segments of the population. These handbooks, designed with carefully curated content, provide valuable financial education to school students, homemakers, retired persons, self-help groups, and college students.

The highlight of the event was a technical session chaired by IEPF Chair Prof. Dr. C. S.  Mohapatra as the moderator and speaker. Speaking at the event, Dr. Mohapatra asserted that as we celebrate the 8th Foundation Day, it is imperative to acknowledge the progress IEPFA has made in safeguarding the interests of investors. However, with the rapid digitalization of financial services, the risk of fraud and scams has also escalated. He also highlighted that by equipping individuals with the knowledge to make informed decisions, we can help them identify red flags and protect their assets. Financial education fosters confidence, enabling investors to navigate complex markets with clarity. Ultimately, a well-informed investor is the best defense against financial misconduct, ensuring a safer, more transparent investment environment for all, he stated.

Prominent speakers at the event included Lt. Col. Rajesh Kumar, General Manager, IEPFA Ministry of Corp. Affairs, Mr. Gaurav Gupta, Deputy Director, IEPFA, MCA, Mr. Rajeev Saksena, Joint Secretary (Investment), DEA, Ministry of Finance, Mr. Dhirendra Kumar Member, IEPFA Board, & Founder and CEO Value Research,  Dr. Manas Shankar Ray, former Chief Commissioner in Income Tax (IRS), and Mr. Shailendra Nath Jha, Former DGM & DY Ombudsman, RBI ,  who shared valuable insights on how investors can protect themselves through increased awareness and understanding of financial products and digital platforms. The discussions also covered practical strategies for identifying and avoiding fraudulent schemes, as well as the role of regulatory bodies in ensuring investor protection.

Lt. Col. Rajesh Kumar highlighted that the rise in digital scams and frauds has made it imperative for us to intensify our efforts to educate and protect investors. This is where the true essence of IEPFA’s mission lies—empowering individuals with the knowledge and tools they need to make informed decisions and move through the financial landscape with assurance and safety.

Mr. Rajeev Saksena emphasized on the key role that financial literacy plays in protecting investors from fraud and digital scams. He also emphasized on preventing financial fraud for a safer digital financial environment through improved financial literacy.

Mr. Dhirendra Kumar emphasised that Cyberfraud strikes the most vulnerable sections–older people as well as those who find difficult to deal with technology. As a society, we owe it to them to stamp out this menace and we must spare no effort in doing so. It would be tragic and deeply unfair if a technology that can enable prosperity instead becomes a tool in the hands of criminals and we must not allow it to happen.

Dr. Manas Shankar Ray highlighted the risks posed by various frauds and scams plaguing the financial markets, and the challenges for investors, particularly retail investors. While appreciating the actions taken by the government and various regulators to mitigate such challenges, he emphasized the need for enhanced regulatory oversight and inter-regulatory coordination / consolidation to promote more effective investor awareness and protection measures to fight the menace of digital scams and frauds. He also mentioned about the remedies available under the Consumer Protection Act and Advertisement Standards Council guidelines for redressal of consumer grievances in financial markets.

Mr. Shailendra Nath Jha stressed on the fact that Fake trading Apps, Unbridled growth of financial influencers, greed and lack of awareness is leading to most of the investment fraud amongst the vulnerable group especially Senior citizens.

Drawing upon his extensive expertise in investor protection and financial education, Mr. Gaurav Gupta emphasised the importance of empowering individuals with the knowledge needed to make informed financial decisions. He provided actionable insights on how financial literacy serves as a powerful tool to mitigate risks, particularly in the digital space, where fraud is becoming increasingly sophisticated. His address underscored the commitment of IEPFA to continue promoting investor education and fostering a secure financial environment for all.

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 Christ University, Delhi-NCR successfully conducted a comprehensive workshop aimed at “The Journey from Financial Inclusion to Financial Empowerment: Ensuring Investor Protection to maximize Financial Well-being” on Wednesday, August 21, 2024, at Christ University, Delhi-NCR.

This highly engaging workshop attracted over 600 participants and featured prominent speakers, including financial sector expert, Government representative, claim settlement expert, academicians, and Capital Market Specialist. The workshop is part of the ongoing efforts by IEPFA and NCAER to equip youth people with the knowledge and skills necessary to navigate the financial landscape effectively and securely.

In her Welcome Address, Dr. Shivani Chaudhary expressed her delight at the collaborative effort and emphasized the importance of such workshops providing real-world knowledge and skills that are crucial for today’s youth.

Fr. (Dr.) Jossy George, Director & Dean, in his Inaugural Address, praised the first ever collaboration between IEPFA, NCAER, and Christ University, Delhi-NCR, and expressed enthusiasm for future joint initiatives aimed at enhancing financial literacy among the 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. She 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 the journey from financial inclusion to financial empowerment is practically a long step towards maximizing financial well-being. While financial inclusion ensures that individuals have access to essential financial services, true empowerment is achieved only when they are equipped with the knowledge and tools to make informed decisions. By prioritizing investor protection, we safeguard these individuals from potential risks, foster trust and confidence in the financial system and sustain their participation. Together, financial inclusion, literacy, and protection form a robust foundation that leads to long-term financial security and prosperity.

The panel discussants — Mr. Sumit Aggarwal, AGM Awareness, IEPFA, Ministry of Corporate Affairs, Government of India, Ms. Sumitra Chowdhury, Former Director, Financial Stability, DEA, Ministry of Finance, Government of India, Mr. Varun Gupta, Regional Head, BSE, Delhi and Dr. Anil Kumar, Professor, Delhi School of Economics & Independent Director, Board of Directors of Life Insurance Corporation (LIC) 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.

Mr. Sumit Aggarwal, AGM Awareness, IEPFA, effectively underscored the organization’s impressive accomplishments in recent years and conveyed an inspiring outlook for the future. He emphasized IEPFA’s dedication to fostering a secure and informed investment environment for every citizen, highlighting ongoing efforts in ease of doing business, efficient claim settlements, and the promotion of financial awareness. He passionately encouraged everyone to engage in IEPFA’s initiatives, stressing that true transformation begins at the grassroots level, and called on participants to collaborate with IEPFA in its mission to protect investor interests and enhance financial literacy nationwide.

Dr. Anil Kumar highlighted that the role of student bodies and universities is immense in spreading financial literacy to maximise financial well-being. The national financial inclusion mission of Government has brought about a sea change in ensuring financial well-being especially channelizing small savings into bank and small loans by way of government schemes/ programmes. A lot, however is still need to be achieved in augmentation of insurance penetration in the country, he stated.

Dr. Sumitra Chowdhury highlighted India’s significant progress in financial inclusion over the past decade and a half, emphasizing the need to continue the journey toward universal financial well-being. She acknowledged the crucial role of IEPFA and the IEPF Chair unit of NCAER in strategically educating the younger generation, empowering participants to further spread investor education within their communities. Dr. Chowdhury also addressed the growing challenges of financial security in the digital age, calling for enhanced efforts in financial education and investor protection to safeguard the interests of all citizens.

Mr. Varun Gupta delved into the criticalities of the capital market, emphasizing the inherent risks and opportunities that comes with investing in this dynamic environment. He discussed the importance of understanding market volatility, the impact of economic indicators, and the significance of diversification in mitigating risks. For the younger generation, Mr. Gupta advocated for early financial education, stressing that with the right knowledge and guidance, they can pursue capital market investments with confidence. By developing a disciplined approach to investing, young individuals can harness the potential of the markets to build wealth over time, contributing not only to their personal financial growth but also to the broader economic stability.

This workshop aimed to empower students with essential financial skills, preparing them to make informed decisions that will benefit their futures. By cultivating a generation of financially literate individuals, it will also contribute to building a more secure and economically resilient society.