Sebi gives nod to establishment of NCFE as a company

Markets regulator Sebi today approved the establishment of National Centre for Financial Education (NCFE) as a firm under the Companies Act.

The approval was announced after the board meeting of the regulator here.

The Securities and Exchange Board of India (Sebi) would also subscribe to 30 per cent of the paid up capital of NCFE amounting to Rs 30 crore.

"The board approved the establishment of National Centre for Financial Education as a company under Section 8 of the Companies Act, 2013 limited by shares," Sebi said in a release.

Section 8 pertains to formation of companies with charitable objectives.

"The board also approved subscription to 30 per cent of the paid up capital of the company amounting to Rs 30 crore, by Sebi," it added.

NCFE is co-promoted by Sebi, Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (Irdai) and Pension Fund Regulatory and Development Authority (PFRDA).

NCFE is mandated to undertake financial education activities in terms of the national strategy for financial education as approved by the sub-committee of financial stability and development council.