Mumbai: SEBI Chairperson Madhabi Puri Buch stated on Monday that Indians may soon see a Rs 250 per month systematic investment plan (SIP) to make financial inclusion more accessible.
Buch stated at a CII event that the initiative is being developed in partnership 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 advancing the market.
“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 the development of new products, in co-creation and consultation with industry, to cater to the emerging needs,” she mentioned.
The SEBI Chairperson stated that the march towards Viksit Bharat would be accelerated by the efficient use of national resources, which would generate economic success and, in turn, facilitate social inclusion by ensuring that every citizen participates in the growth process.
“Finally, the pathway to Viksit Bharat requires diversity to create 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, highlighted some of the major successes under SEBI chairperson’s leadership, including speeding up the settlement system through reforms, forming working groups to simplify regulations, and focussing on technology, among others.
Sanjiv Bajaj, past president of the CII, advocated for a healthy bond market, the elimination of asset class ambiguity to aid retirement planning, and regulatory interventions to increase pension product penetration, among other things.
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–IANS
