financial consumers empowerment: combining financial education and … · 2016. 3. 29. ·...
TRANSCRIPT
Financial Consumers Empowerment: Combining Financial Education and Consumer Protection Approaches
Prashant Saran
Whole Time Member
Securities and Exchange Board of India
Agenda
Coordinated financial education and consumer protection strategies
Balancing enhanced disclosure and financial education
Existence and awareness of consumer rights and redress mechanisms
Role of intermediaries and financial advice
G20 Principles on financial consumer protection and education
Coordinated Financial Education and Consumer Protection Strategies
Approach 1 a) : Financial Education ahead of consumer protection – Catch Them Young
Various target groups
School children
College students (Young Investors)
Approach 1 b) : Financial Education ahead of consumer protection – Retirement Planning
To be retired group
Coordinated Financial Education and Consumer Protection Strategies
Approach 2 : Combining financial education
with investor education
Workshops/ Seminars through Investor Associations
(Consumer organisations) recognised by SEBI
Joined efforts by SEBI, Exchanges , Depositories,
trade bodies etc.
Product details
Dos and Don'ts & Rights and responsibilities
Question Answer session
Balancing enhanced disclosure and financial education
Various Amendments to have enhanced disclosure
IPO- Application Form/ Abridged prospectus
Categorization of disclosures especially relating to risk factors and
litigations based on their importance/ relevance (impact
/probability)
Rationalisation and logical sequencing of information to make it
more readable and investor friendly, highlighting material
disclosures – Form standardisation.
Disclosure of price performance of past issues of lead managers
White application form for persons applying on non repat basis
(including domestic residents) and blue form for FIIs and those
applying on repat basis
Balancing enhanced disclosure and financial education
Listed companies to disclose their voting results/ patterns on their
websites and to the exchanges within 48 hours from the conclusion
of the concerned shareholders meeting
Existence and awareness of consumer rights and redress mechanisms
Frequently Asked Questions on various topics of securities market made
available on dedicated investor website http://investor.sebi.gov.in Dedicated investor website, being made available in various regional
languages apart from English Investor Assistance – dedicated email id [email protected] or through
other modes – letter/ fax/ phone Toll free Helpline for investor assistance and grievance redressal in 14
regional languages apart from English (in the process of being launched)
Existence and awareness of consumer rights and redress mechanisms
SEBI Complaint Redress System (SCORES)
For Investors
Online lodging and status-tracking of complaints
E-acknowledgement to the complainant with unique registration number
Provision for attaching the relevant documents as PDF files.
Query on the Status of any of the Registered complaints.
Forwarding of Reminders/Clarifications for the complaints lodged earlier
Provision to register multiple natures of complaints using a single form.
For SEBI
Online movement of complaints with comments and action taken report to
all stakeholders
Generation of need-based monitoring and query reports for effective
monitoring of pending grievances at various levels.
Monitoring at all levels is made available.
Role of intermediaries and financial
advice
Discussion paper on investment advisers ad their regulation
G20 Principles on financial consumer
protection and education
Sl. No: Draft Principles Status in SEBI
1. Legal and regulatory framework
As per SEBI Act, 1992, SEBI has been mandated to protect the interests of the investors
2. Role of Oversight bodies SEBI is the oversight body for securities market
3. Equitable and Fair Treatment of Consumers
4. Disclosure and Transparency
5. Financial Education and Awareness
G20 Principles on financial consumer
protection and education
Sl. No: Draft Principles Status in SEBI
6. Responsible business conduct of financial services providers and their authorized agents
2. Responsible business conduct of financial service providers and their authorized agents
3. Protection of consumer rights
4. Protection of consumer data and privacy
5. Complaints handling
G20 Principles on financial consumer
protection and education
Sl. No: Draft Principles Status in SEBI
10. Competition
Thank You