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Financial education helps investors to keep away from ponzi schemes: SEBI Chairman

Published: Apr 24, 2017

By TIOLCORP News Service

MUMBAI, APR 24, 2017: MR Ajay Tyagi, Chairman, SEBI, while speaking at a function organized to felicitate the winners of National Financial Literacy Assessment Tests (NFLAT) 2016 at NISM Campus, Patalganga yesterday, highlighted the importance of financial education. He said that financial education helps investors to keep away from ponzi schemes. Mr Tyagi said that financial literacy has become important in the present day context, with many financial products available for investors. Products are also becoming increasingly complex, he added. Financial education and awareness helps individuals to do planning to achieve their financial goals, understand the risks involved in various financial products, ultimately contributing to their financial wellbeing, he added.

Mr Tyagi observed that financial education has become even more important due to increase in digital transactions post demonetization. A number of different ‘APPS' and alternative instruments have come-up and more and more options are emerging. He emphasized that it is extremely important to keep pace with the developments with a view to reaping the benefits of technology.

The SEBI, Chariman announced that the students can hereafter, take NFLAT under the aegis of National Centre for Financial Education (NCFE), throughout the year, according to their convenience. Presently, students could take the NFLAT only during particular period when the tests are announced. The new facility will not only encourage more students to take part in the tests, but will also help the students to take the online tests, at any time of the year, 24 x 7, as per their convenience. NFLAT is a financial literacy test conducted across the country for school students. So far nearly five lakh students have taken the NFLAT since its inception and close to 4000 schools have participated in this test.

Mr Ajay Tyagi also distributed prizes and certificates to the winners of the Regional and National Rounds of NFLAT 2016.

NCFE is an initiative, with the financial sector regulators, SEBI, RBI, IRDA and PFRDA as contributing members and presently incubated in the National Institute of Securities Markets (NISM), an educational initiative of SEBI. The primary mandate of NCFE is to implement the National Strategy on Financial Education (NSFE) approved and adopted by the Financial Stability and Development Council (FSDC) chaired by the Union Finance Minister. Since its formation, NCFE has taken various initiatives in the field of financial education. NCFE has a robust website on financial education in various languages. It has conducted a financial literacy and inclusion survey in 2014 and set up Kiosks with financial education messages across the country. NCFE is also working with school boards to examine making basic financial literacy a part of the school curriculum.

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