Investment fraud is a serious threat to the financial well-being of millions of investors in India. To combat this menace, the Investor Education and Protection Fund Authority (IEPFA) under the Ministry of Corporate Affairs (MCA) has joined hands with DBS Bank, a leading financial institution in Asia and Southeast Asia, to spread awareness on investment and fraudulent schemes. The two entities signed a Memorandum of Understanding (MoU) in New Delhi on February 19, 2024, to leverage DBS Bank’s diverse digital platforms to disseminate safety messages to the end users.
IEPFA’s mandate and achievements
The IEPFA was set up on September 7, 2016, under the aegis of the MCA, for administering the Investor Education and Protection Fund for making refunds of shares, unclaimed dividends, and matured deposits/debentures, among other things, to investors. The IEPFA also conducts various investor awareness programmes aimed at increasing financial literacy and empowering investors to protect themselves from financial fraud. According to Anita Shah Akella, Joint Secretary, MCA, and CEO of the IEPFA, the authority has witnessed a surge in claim filings as a result of its proactive approach to engage with users through various channels. She also noted that the IEPFA has surpassed previous records by settling more claims for rightful claimants.
DBS Bank’s role and contribution
DBS Bank is a prominent financial institution with a strong presence in Asia and Southeast Asia. It has an extensive network of branches and ATMs in 19 Indian states, as well as a robust digital infrastructure. Under the MoU, DBS Bank aims to support IEPFA’s investor awareness activities by disseminating safety messages via its various digital platforms. Some of the ways that DBS Bank will utilise its digital platforms are:
- Displaying safety messages on ATM screens to reach customers during banking transactions
- Featuring safety messages prominently on the bank’s website ensuring visibility to online visitors
- Sending safety messages through WhatsApp and other messaging platforms to engage with a broader audience
- Showcasing safety messages on digital screens within DBS Bank branches maximising exposure to customers
- Posting safety messages across DBS Bank’s social media accounts
The MoU was signed under the leadership of Lt. Col. Tushar Anand, General Manager of the IEPFA, and Rajiv Bagga, Executive Director, and India Head of Government Business at DBS Bank.
Conclusion
The MoU between the IEPFA and DBS Bank is a significant step towards enhancing investor awareness and protection in India. By leveraging DBS Bank’s diverse digital platforms, the IEPFA will be able to reach out to more users and educate them about the risks of investment and fraudulent schemes. This will help in creating a more informed and vigilant investor community in the country.
Recent Blog : Mehul Choksi’s Gitanjali Gems liquidation: NCLT