Sunday, 24 March 2013

Govt plans to harness technology for investor education

The Corporate Affairs Ministry has decided to harness technology to reach target audience for its investor awareness programmes, Union Minister Sachin Pilot said today. The ministry is already in talks with Google for a package to touch investors. Along with it, communication through SMS is also planned at least for BSNL subscribers.

"We are trying for more interface and harnessing technology for financial inclusion," Corporate Affairs Minister Sachin Pilot told an investor awareness programme by the Institute of Company Secretaries today. He said not much has been done with Investor Education Fund except printing pamphlets. Pilot said, "We are talking to Google so that when a search is given on finance some sort of advice can be prompted on investment. "These tie-ups will help in bridging the knowledge gap regarding investment instruments and regulations," he said.

Pilot said companies which are raising money not good in the eyes of law took advantage of gaps between the multiple regulators in the country. Pilot was, however, optimistic that the new Companies Bill 2012 will be able to curb illegal and fraudulent money raised by several institutions or chit funds. He expressed the hope that the bill will be passed by the Rajya Sabha in the Budget session.

He said the Serious Fraud Investigation Office has tied up with the Union IT ministry and developed an early warning system for detection of corporate and financial irregularities and frauds. Praising West Bengal's attempt to take steps in curbing chit funds he assured help from Centre. State finance secretary H K Diwivedi said the government has decided to recast the West Bengal Protection of Interest of Depositors in Financial Institutions Bill which will be cleared in the Assembly to offer teeth.

West Bengal Protection of Interest of Depositors in Financial Institutions Bill was cleared in state Assembly by the erstwhile Left Front government, but could not receive Centre's clearance.
Source - money control