Mumbai, Oct 5: Union finance minister Yashwant Sinha has announced setting up a of a separate cell for the investors grievances in finance ministry. Addressing the open house seminar, organised here on Thursday by the Investors Grievances Forum (IGF), Mr Sinha announced that Mr J Bhagwati, joint secretary of the capital market division in the ministry will accept the various types of grievances from investors. The cell will also sort it out according to the nature of complaints and will send it to the concerned departments.The finance minister also announced the plan of launching a dedicated website for the investors where they can register their complaints and receive various kind of information. Mr Sinha assured the investors that the government will soon make public announcement in this regard. Highlighting the importance of small investors in the country's economy, the finance minister said that the small investors are backbone of the country's stock market and advised the financial institutions, stock exchanges and the regulatory bodies to maintain safety in the market.
Mr Sinha further advised the various non-government organisations to launch investor awareness campaigns to educate them to prevent any financial loss as well as mental agony.
Speaking on the occasion, Unit Trust of India (UTI) chairman PS Subramanyam said that UTI has set up 100 financial centres to make various services available to the investors spread all over India. The UTI has also installed centralised data base at Navi Mumbai and it will become operational by next month, he said.
Earlier, speaking at the seminar, IGF president and Bharatiya Janata Party MP Kirit Somaiya urged for simplification in the regulation system. Referring to Mr Somaiya's suggestion in his speech, the finance minister said that his ministry is already working out certain solutions in this regard and assured that something will be done in this connection in the next budget. Addressing the investors on the occasion, Bombay Stock Exchange (BSE) vice president Ms Deena Mehta announced launching of investor awareness campaign jointly with IGF to create awareness among the small investors.
Ms Mehta also described various investor friendly measures launched by the BSE during last couple of years including the rumour check system on the BOLT system.
The finance minister released the book titled "Handbook for investors" prepared by the Pune branch of IGF on the occasion.
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