Varanasi: Stressing on an urgent need to spread financial awareness among the people, markets regulator Sebi Chairman UK Sinha on Saturday said agents of various money-pooling companies were defrauding the investors and were earning huge commissions.
"Financial awareness is a must to safeguard investors from frauds in the markets," Sinha said in Varanasi at a programme organised to mark the centennial celebrations of Banaras Hindu University and the 75 years of the Faculty of Commerce in this central university.
He also suggested setting up of an investor education centre at BHU.
"Agents of the money-pooling companies mislead the investors and earn huge commissions from the money invested by the public, which is a fraud on the investors," Sinha said, while adding that necessary regulations have been made to check this menace at the ground level and 20 (rpt) 20 states have implemented the same.
Sinha said Uttar Pradesh is yet to implement the State Deposit Protection Act.
Besides, Sebi is providing free consultation to investors through phone calls in 14 languages on 24-hour basis, where there grievances are resolved.
"In the last six years, six lakh people have benefitted from this service," Sinha said, while adding that the capital markets regulator has been able to achieve seventh position globally in terms of investor protection.
Sebi is also providing information through its website and help resolve the investors' complaints, Sinha said.
The National Stock Exchange was a partner in organising the Seminar on Economic Empowerment Through Financial Education along with SEBI and BHU.
Sinha also asked investors to exercise caution while investing and asked them to choose the right intermediary and the right products to invest in.
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