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MCA sets up committee on investor issues

The committee will submit a compressive report on investor issues, annual reports of companies, financial literacy as well as integration of redressal mechanisms of MCA and SEBI

The ministry of corporate affairs (MCA) has set up an experts committee under the chairmanship of Jaydeep N Shah, president of the Institute of Chartered Accountants of India (ICAI), for following up action points on several issues associated with investor education and grievances redressal. 

The committee will develop a 20-point summary report for making annual report of companies more meaningful and understandable to common investors. In consultation with the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI), the committee will also develop educational material used in financial literacy for schools and common investors. 

According to a notification from the MCA, the committee will prepare a background paper for discussion on transparent processes for stakeholders and colour coding of financial products. It will also prepare a road map for integration of redressal mechanisms of MCA and SEBI and evaluate existing grievance redressal module of MCA, so that it can be strengthened.

In order to channelize household savings, the committee will identify the scope and modalities of a study that would be conducted by ICAI.

The committee would also prepare a proposal for evaluation of websites that contain best investor related information.

The Indian Institute of Public Administration has prepared an “Impact Assessment Report” about investor education and awareness. The committee will examine and discuss the report and action points identified in the ICIM events and prepare a compressive road map for effective investor awareness initiatives of the MCA. This will include role and contribution of professional institutes and the trade and business chambers for implementing these initiatives.

Ananta Subramanian, vice president of the Institute of Company Secretaries of India (ICSI) is convenor of the committee, while Rakesh Singh, vice president, ICAI, Arvind Pradhan, secretary general, Indian Merchants Chamber (IMC), NK Jain, secretary, ICAI are other members. Moneylife’s Managing Editor, Sucheta Dalal, is also one of the members of the committee.

The committee will also have one representative each from SEBI and RBI. It will submit its report by 9 August 2012, the MCA said in the notification. 

 

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COMMENTS

TPARAMASIVAN

4 years ago

Rakesh Singh is not the vice president of ICAI, and NK Jain is not the the secretary, ICAI .

please check the exact details and revise this note. this gives a misleading information

best wishes

dr t paramasivan

REPLY

nagesh kini

In Reply to TPARAMASIVAN 4 years ago

Dr. Paramasivan,
Please be moderate in your comments particularly the use of 'misleading information'.
The names and designations for the appointees appear in the MCA order. Their babus need to update themselves and not choose to appoint wrong persons.

MDT

In Reply to TPARAMASIVAN 4 years ago

Dear Sir,
We had quoted the names and designations as mentioned in the communication received from the MCA and not from anywhere else.
Thanks,
MDT

Nagesh Kini

5 years ago

The MCA in its wisdom has chosen to include Sucheta Dalal, a hands on investigative and crusading journalist rather that highbrow 'economic editors' sitting in ivory towers sermonizing on matters that they know little about other than what they've heard from their reporters.
The need of the hour is a simplified Annual Report giving the lay small investor stakeholders just what they want -
significant information on dividends, bonus, sales,expansion plans and reasons for slow down, a concise auditors' report shorn of all jargon and disclaimers.
The quarterly reporting may be good in the West, it is a total failure under Indian conditions. This calls for a revisit.
In stead of green annual reporting clogging the computers there is a need to go back to Abridged Accounts tweaked to the present conditions.

K G KRUPAL

5 years ago

Committee should try to rope in the small investors, real asset of India, and make suggestions. IPLs are successful here because of the common man Interest and participation. Like wise, instead of focussing only on the external investors, it should try to build the confidence level of the locals on the Capital Markets, Which has been diluted totally by the unhealthy IPOs by introducing `SAFTY NET' for the subscribers to the IPOs, making Merchant Bankers and the Managements accountable.
Secondly, in secondary markets first thing they should do is segregate the Counters from F & O and Cash Markets. There should not be common counters in the market. This will boost real investment sentiments. As an element of speculation will diminish.
Finally, being a service sector, there should be minimum brokerage threshold limits, otherwise in an attempt to grab clients, assurances will be given and trapped. this unhealthy practice of attracting clients from other broking houses will shrinken the markets. Bring restrictions and make accountable on the part of the analysts in the electronic media.

Dr Vaibhav G Dhoka

5 years ago

The idea is fine but will turn to be futile.They should first obtain suggestion from ORDINARY INVESTORS either thro' internet or news paper.Because in India nothing is drafted by taking ground reality.For example SEBI has brought its investors grievance http://www.score.gov.in.It is useless exercise to file complaint with SEBI.NSE BSE.They think every indian is INTERNET savvy.They should study net filtration in population and then try such gimmicks.This is camaflauge corrupt practices by their officials.

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