The Union Finance Minister was talking at an occasion of the Corporate Affairs Ministry as a part of the Azadi ka Amrit Mahotsav.
The Union Finance Minister was talking at an occasion of the Corporate Affairs Ministry as a part of the Azadi ka Amrit Mahotsav.
Amid persevering with volatility within the inventory market, Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman on Tuesday, June 7, 2022, stated retail traders appear to behave as shock absorbers even when international portfolio traders went away.
Ms. Sitharaman, who was talking on the occasion to flag off Iconic Day celebrations of the Corporate Affairs Ministry as a part of the Azadi ka Amrit Mahotsav (AKAM) stated, that through the pandemic, there was a really vital enhance in retail investor numbers.
“Retail investors have come in a big way that they seem to act like shock absorbers… if FPIs went away, our markets did not really have to show their ups and downs in a very distinct way because small investors in the country have come in a big way,” she stated.
Six crore Demat accounts
In March, the Central Depository Services (India) Ltd stated the variety of lively Demat accounts opened with it touched the six crore mark.
In latest months, the inventory market has been witnessing vital volatility and international portfolio traders occurring a promoting spree amid tightening financial coverage actions to curb rising inflation and geopolitical tensions.
‘Prevent misuse of applied sciences
The Finance Minister additional stated regulators and different entities ought to be properly superior and forward of the curve in understanding digitisation to make sure that there is no such thing as a misuse of applied sciences.
Ms. Sitharaman additionally emphasised the necessity to have firewall mechanisms within the context of digitisation.
The decade from 2020 and upwards will likely be infused with digital strategies, she added.
Ms. Sitharaman was talking on the occasion to flag off Iconic Day celebrations of the Corporate Affairs Ministry as a part of the Azadi ka Amrit Mahotsav (AKAM).
According to her, the Competition Commission of India (CCI) and National Financial Reporting Authority (NFRA) ought to be forward of the curve within the context of digitisation to make sure truthful and accountable practices in addition to there is no such thing as a misuse of applied sciences.
Corporate Affairs Secretary Rajesh Verma stated the ministry will likely be popping out with numerous instruments, together with for compliance administration, and emphasised its concentrate on technology-driven platforms to facilitate ease of doing enterprise.
Various measures have been taken within the final eight years to ease the compliance burden, he famous.
Minister of State for Corporate Affairs Rao Inderjit Singh additionally addressed the occasion.
At the occasion, the National CSR Exchange Portal was launched.
Among others, a commemorative postal stamp on investor consciousness was launched and a particular window for these 75 years and above with respect to claims was launched by IEPFA.
Source: www.thehindu.com
