IEPFA-NCAER Investor Education and Protection Workshop

The Investor Education and Protection Fund Authority (IEPFA) and National Council of Applied Economic Research (NCAER) women empowerment workshop in collaboration with International Management Institute (IMI), New Delhi

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“Promoting Women Financial Literacy for Viksit Bharat through an Effective Investor Education and Protection regime in the Digitalized Era”

The Investor Education and Protection Fund Authority (IEPFA), in collaboration with the National Council of Applied Economic Research (NCAER) and the International Management Institute (IMI), hosted a significant women empowerment workshop titled “Promoting Women Financial Literacy for Viksit Bharat through an Effective Investor Education and Protection Regime in the Digital Era” on March 7, 2024, in New Delhi, to mark “International Women’s Day.”

Smt. Anita Shah Akella, CEO of IEPFA and Joint Secretary at the Ministry of Corporate Affairs, delivered the keynote address, setting a perfect tone for the day’s deliberations. In her speech, she emphasized the critical importance of financial literacy for women in today’s digitalized world, drawing parallels between prominent women figures and the virtues of wisdom, resilience, sovereignty, and prosperity in managing personal finances. She stressed the need for women to equip themselves with knowledge and skills for modern finance, recognize their financial power, and navigate the digital landscape with vigilance against cyber threats. Her insightful address, intertwining with contemporary challenges and opportunities in financial literacy, and information sharing on the initiatives of IEPFA was acknowledged and greatly appreciated by all attendees. While Prof Sonu Goyal of IMI welcomed the participants and congratulated NCAER and IEPFA for collaborating with IMI for this event and appreciated the efforts made by the Centre. The Chairperson of the Centre for Women Leadership, Prof. Mamta Mohapatra inspired the students with her insightful inaugural address at this maiden women empowerment workshop of the Centre for Women Leadership which has been set up in August 2023 for creating equality, transforming leadership and empowering women.

Dr. C S Mohapatra, the IEPF Chair Professor at NCAER, skillfully moderated the workshop, steering discussions towards actionable insights. He maintained a lively and participative throughout, ensuring that the discussions were both engaging and beneficial for the participants. Dr Mohapatra highlighted that as India strives to be a developed nation by 2047 through the “Viksit Bharat @ 2047” mission, promoting financial education is an integral component of empowering women, providing them access to financial information and opportunities to enable them to maximize individual financial well-being in particular, and that of the household in general. Prof Mohapatra shared on sustainable heightened financial literacy with dissemination of updated knowledge that is essential in this dynamic ever changing digitalised world while being alert about frauds and cyber security issues. He also discussed the mechanism of how one can claim the unclaimed shares, debentures, etc. and revisited the investor education and protection regulatory regime prevalent in India and deliberated ways to promote financial literacy for women in a mission-mode approach.

The distinguished panellists included:

• Mr Prabhu Narayan, Director (Cyber Security in the Financial Sector), Ministry of Finance: He highlighted the role of CBDC and Digitalization on preparing India (Viksit Bharat) for 2047 by enhancing cybersecurity and promoting digital inclusivity. The introduction of Central Bank Digital Currencies (CBDCs) by the RBI was highlighted as a step towards making transactions seamless and inclusive, especially with the advent of 5G technology. The speaker emphasized the importance of robust cybersecurity measures in safeguarding India’s digital future against increasing risks and underscored the need for comprehensive cybersecurity education and protocols at national, organizational, and individual levels. Through Government initiatives like Digital India, the goal is to ensure digital literacy and access for all, thereby moving towards a secure, inclusive, and digitally empowered India by 2047.

• Ms Amrita Monga Kapoor, Chief Mentor & COO, Swadhaar FinAccess: In her speech, the speaker highlighted the critical connection between women’s empowerment and financial literacy, emphasizing the role of best practices in financial inclusion and investor education in driving economic growth and personal development. She stressed the importance of sustaining financial education and inclusion efforts, alongside the necessity for strong customer protection in financial services for achieving the goal of Viksit Bharat. A significant focus was also placed on the transformative potential of digital banking innovations in enhancing accessibility and efficiency for women. She advocated for an integrated approach that combines these elements to promote a more financially inclusive and equitable future.

• Ms Sonia Singh, Senior Financial Journalist: She emphasized the critical impact of socio-cultural factors on women’s financial literacy and empowerment, advocating for tailored educational strategies to overcome these barriers. She highlighted the importance of equipping women with advanced investment knowledge to navigate capital market volatility effectively. She pointed out innovative education and protection models that significantly boost women’s economic participation. The speaker also stressed leveraging stories of successful women as a powerful tool for inspiring and enhancing female financial education and empowerment, suggesting these narratives be integrated into educational content and media to build financial confidence among women and promote economic independence.

• Ms Aprajita Sharma, Assistant Editor, Mint: She emphasized the critical link between financial planning, knowledge, and increasing female participation in finance. She offered practical advice on saving and investing for those new to the workforce, highlighting the importance of enhancing financial literacy. The speaker also pointed out specific laws vital for women’s financial empowerment and the challenges in reclaiming unclaimed money. She wrapped up by sharing key investment tips and underscored the necessity of accurate financial information to avoid common mistakes, aiming to guide women towards more informed and secure financial decision-making.

Recognizing the pivotal role of financial education in empowering women and its significance as a catalyst for societal advancement, this workshop, strategically scheduled on the eve of International Women’s Day, aimed to address and adapt financial literacy for the digital age, focusing on both its opportunities and challenges. The concerning low levels of female financial literacy in India prompted a highly participative event, which gathered financial experts, policymakers, and stakeholders in New Delhi to foster discussions on crucial enlightening topics such as claiming unclaimed shares, debentures, and other assets, and to revisit India’s investor education and protection framework. This approach underscores the critical need for enhancing women’s financial literacy for individual, household, and broader societal well-being. The workshop concluded with a highly interactive Q&A session followed by vote of thanks by IMI.