Central agency needed to curb mis-selling menace

While new-age investors require protection from finfluencers, there's also a need for a centralised agency that transcends regulatory silos and provides redress to older investors

My friend Ramesh recen­tly relayed an unnerving acc­ount concerning his retired father who lives independently in ano­ther city. The latter received a considerable sum upon retirement. Intent on investing these retirement benefits prudently, he visited his long-trusted nationalised bank to explore suitable senior citizen fixed deposit (FD) schemes.
 

The bank staff successfully persuaded him to ‘invest’ Rs. 10 lakh in a recently launched ‘new and attractive FD scheme’, ostensibly superior to the bank’s traditional offerings. Trusting the institution where he had deposited his earnings for years, Ramesh’s father signed the necessary forms.
 

While reviewing the investment papers, Ramesh discovered a