National Council of Applied Economic Research
In the age of rising incidence of cyber fraud, it is critical to equip individuals, especially young investors, with awareness programmes on the knowledge and skills to protect themselves from such crimes, experts said at a joint workshop here on Saturday.
The IEPFA-NCAER workshop conducted in collaboration with the School of Management of Financial Institutions (SoMFI), Management Development Institute (MDI) Gurgaon witnessed an interactive group of over 680 management students. The workshop brought together prominent experts from various sectors including financial sector specialist, former banking regulator, capital market and commercial banking. The focus was on equipping the youth with necessary skills and knowledge to navigate through the complexities of the modern financial landscape.
In his inaugural address, Prof Arvind Sahay, Director, MDI Gurgaon, stressed on such initiatives to enhance the financial education among youth. Prof Sahay lauded the first ever collaborative effort between IEPFA, NCAER, and MDI, as he emphasized the value of such partnerships in driving impactful educational programmes to empower young investors.
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.
In her welcome address, Prof. Leena A. Kaushal, Faculty-in-charge, SoMFI, MDI Gurgaon, stated that real-world knowledge and skills are crucial for every youth. Dr CS Mohapatra, IEPF Chair Professor at NCAER, stressed on the critical need for financial planning, understanding the risks and opportunities of investing, as also the elements of being a responsible investor. While hailing the increasing pace of digitalization, he called for strict vigilance in an era marked by information overload and unsolicited financial advice. He cited the investor protection measures that government and regulators had put in place, including the Online Dispute Resolution Portal (ODR) of SEBI, UDGAM Portal of RBI for unclaimed deposits, the DPDP ACT to protect data privacy and the activities of IEPFA on recovery of unclaimed shares, dividends, matured deposits/debentures to investors.
Dr Mohapatra stressed on sustained and synergized investor education efforts at a heightened level with modernised curriculum that adequately addresses the up-to-date protection systems in place including the fraud prevention measures taken by regulators and government. Updated investor knowledge, sustained confidence and trust in the financial markets on the one hand and expanding the retail investor base with a broad-based approach with an inclusive strategy will go a long way in moving fast towards a Viksit Bharat, he stated.
The panel discussion featured Gaurav Kapoor, VP and Region Head at the National Stock Exchange of India; Shailendra Nath Jha, Former DGM and Deputy Ombudsman at RBI; and Ms. Shifali Jain, Senior VP & Group Head of Institutional Business at Axis Bank. They explored financial education, digital advancements, and investor protection. Gaurav Kapoor emphasized that financial literacy is essential for empowering investors in the rapidly evolving digital world, and stressed the importance of developing sound financial habits early. Ms. Shifali Jain discussed how digital payment infrastructure has enhanced financial inclusivity and highlighted the need to bridge the gender gap in financial literacy. Shailendra Nath Jha pointed out that cyber frauds can be reduced through better digital hygiene and awareness of fraud tactics.
This workshop stands as a beacon of proactive education, poised to transform young minds into prudent, knowledgeable, and confident future investors. Such workshops foster a generation of informed and cautious investors, that paves the way for a society that values financial security and intelligent investment.