Mumbai, Sept 2: The day is not far when Indian investors could witness a Rs 250 per month systematic investment plan (SIP) that will make financial inclusion more accessible, SEBI Chairperson Madhabi Puri Buch said on Monday. Speaking at a CII event here, Buch said the initiative is being worked on in collaboration with the mutual fund industry.
“The inclusion agenda is of prime importance to SEBI and the introduction of a Rs 250 SIP, by reducing the servicing cost, is a shining example in the direction of making financial products accessible to the common man,” Buch told the gathering.
In her address, Buch underscored the importance of building scale through technology adoption in taking the market forward. “The second area to drive markets is that of complexity for which an ecosystem is being developed to increase the asset classes so that there is a right product for the right person. SEBI would facilitate development of new products, in co-creation and consultation with industry, to cater to the emerging needs,” she mentioned.
The SEBI Chairperson said that the march towards the Viksit Bharat journey would be hastened by efficient utilisation of national resources which would drive economic prosperity and in effect facilitate social inclusion by ensuring that every citizen participates in the growth process.
“Finally, the pathway to Viksit Bharat requires diversity of creating investor confidence by removing the language barrier. IPO prospectus should be in 15-16 vernacular languages to promote wider investor participation,” Buch noted.
Chandrajit Banerjee, Director General, CII, spotlighted some of the notable achievements under the leadership of SEBI chairperson such as speeding up the settlement system through reforms, setting up of working groups for simplification of regulations, emphasis on technology, among others. Sanjiv Bajaj, past president, CII, called for creating a strong bond market, clearing the ambiguity about asset class to facilitate retirement planning, regulatory interventions to enhance the penetration of pension products, among others.
IANS