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Gyan Bhushan - 2014 Symposium on Financial Education in Korea

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This presentation by Gyan Bhushan was made at the High-level Global Symposium on Financial Education: Promoting Long-term Savings and Investments in Korea which explored policies and good practices …

This presentation by Gyan Bhushan was made at the High-level Global Symposium on Financial Education: Promoting Long-term Savings and Investments in Korea which explored policies and good practices for supporting long-term savings and investments through financial education and financial consumer protection. Find out more at http://www.oecd.org/daf/fin/financial-education/globalsymposiumonfinancialeducationforlong-termsavingsandinvestments.htm

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  • 1. Long term savings and investment for particular sub groups Mr. Gyan Bhushan, Executive Director Securities and Exchange Board of India High-level Global Symposium on Financial Education 26-27 February 2014, Seoul, Korea
  • 2. Pre requisites for investor education Best practices Effective Regulatory environment Quality – content and delivery
  • 3. Dedicated target groups and materials for focused approach towards financial education • School Children • Young Investors • Middle Income group • Executives • Home Makers ( Ladies) • Retirement planning ( to be retired group ) •Self Help groups
  • 4. Investor education – multipronged approach • Investor Awareness Programs through Exchanges, depositories , trade bodies like Association of Mutual Funds of India (AMFI) etc. • Regional Seminars in tier II and tier III cities of the country through regional offices and local offices of SEBI • Visit to SEBI program  Management institutes/ professional bodies like ICAI/ ICSI etc.  Presentation on importance of long term savings and planning for future
  • 5. Investor education – multipronged approach • Research based approach  districts based on savings accounts’ vs demat accounts’ penetration  Further refining based on savings, value of deposits, value  Classification of districts into HIGH / MEDIUM / LOW priority  86 districts identified
  • 6. Investor education – multipronged approach • Regulation based approach  Asset Management Companies can annually set apart at least 2 basis points (0.02%) of daily net assets of the schemes within the maximum limit of total expense ratio  The districts identified has been shared with AMFI and distributed among various AMCs
  • 7. Inclusion of groups in the strategy • National Strategy for Financial Education  Financial Education form women  Financial Education for the illiterate Financial Education for the differently abled ( Persons with disabilities)  Financial Education for other vulnerable groups like migrant workers etc.
  • 8. New Pension Scheme - sustainable and efficient voluntary defined contribution pension system in India • Swavalambhan Yojana for all citizens of India (National Pension System-Lite (NPS-Lite)  with effect from April 01, 2010  to secure the future of the people who are economically disadvantaged and who are not financially well to do  Age group of 18- 60  a) Tier-I pension account: You will contribute your savings for retirement into this non-withdrawable account. b) Tier-II savings account: This is simply a voluntary savings facility. You will be free to withdraw your savings from this account whenever you wish.  Government will contribute Rs. 1000 per year to each eligible NPS account. Available only to persons who join the NPS with a minimum contribution of Rs.1,000 and maximum contribution of Rs. 12,000 per annum.
  • 9. Thank You