There is a need to formulate a new vision statement to safeguard investors and to take down dubious schemes according to Sameer Sharma, the Director General and Chief Executive Officer of Indian Institute of Corporate Affairs (IICA).
Speaking at a roundtable on investment protection and investor awareness Sharma said, “There should be a macro level strategy which integrates and collaborates. SEBI, PFRDA a lot of it is redundant and we just don’t know what it is leading to.”
The IICA has been tasked with providing policy research and knowledge support to the Ministry of Corporate Affairs in understanding the changing business environment and needs/expectations of the regulated entities and stakeholders.
“For this a larger, over arching strategy where all these actors initiatives can be brought together and then they cohere in a way that it leads to best outcomes,” he added.
Speaking at the sidelines, Sharma said the earlier vision for investor protection has lapsed in 2017.
“There is a need to formulate a new vision where the powers of regulators should be clearly defined. There must also be an approach where multiple regulators such as the Securities and Exchange Board of India (SEBI) and the Pension Fund Regulatory and Development Authority (PFRDA) as well as the Investor Education and Protection Fund (IEPF) Authority can work together,” he said.