Chief Minister Naveen Patnaik on Saturday said that the money of investors can be protected through strict regulations and proper education.
Speaking at the inaugural session of a national seminar on ‘Investor education & protection for inclusive growth’ here organised by the Institute of Company Secretaries of India (ICSI), he said the recently-opened office of the Security and Exchange Board of India (SEBI) in the State would go a long way in enabling the investors to lodge complaints and become aware of the legal provisions to protect their interest.
SEBI Chairman UK Sinha said education is fine, but investors’ rights can be protected only through empowerment and enforcement. He pointed out the recent Ordinance by the Central Government as a very useful step in empowering the SEBI and listed out several initiatives by the SEBI to improve enforcement. Sinha said the 10 offices that the SEBI has opened in different States are a step in improving enforcement.
The Odisha Government’s move to have its own Act to protect the investments is in right direction as already more than 16 other States have already had such laws in place, he observed. Sinha rued the abysmally low level of financial awareness in Odisha as a major concern and said that 44 financial awareness counsellors approved by the SEBI are active to improve the situation. He said the SEBI has started helplines in 14 languages to enable the public to lodge complaints. The numbers of the helplines are 180026227575 and 1800227575.
ICSI President SN Ananthasubramanian said the ICSI has taken it as a mission to improve financial literacy and investor awareness in the country through such seminars.Managing Director of Bombay Stock Exchange Ashish Kumar Chauhan spoke about the equity market and the steps taken by the stock exchange to protect the interests of the investors.