Considering the importance of investor awareness and protection, more so after the global crisis, the government has decided to set up a committee to examine the issue of regulating investment advice.
"The issue of investor awareness and protection has been one of the main focus areas for regulators, government and other stakeholders... The global financial crisis has further highlighted the importance of financial awareness. It was accordingly decided to set up a committee," the government said in a release.
The committee is headed by Pension Fund Regulatory and Development Authority (PFRDA) Chairman D Swarup, while members include Securities and Exchange Board of India (Sebi) member M S Sahoo and Insurance Regulatory and Development Authority (IRDA) member G Prabhakara.
Apart from them, IRDA Executive Director K Subrahmanyam, Reserve Bank of India General Manager Sujatha Prasad and Ministry of Finance Joint Secretary K P Krishnan are the other members.
The committee had its first meeting on March 30 and it decided to prepare an inventory of information and status report on the work already done in financial education and investment advisors by government agencies, regulators, financial institutions and micro-finance bodies.
