Protecting consumers, the heart of finance

Competitive markets in financial services are the best bulwark against consumer fraud in the long run. In the medium term, omnibus and dedicated legislation could be the answer

In her Budget speech this year, Nirmala Sitharaman announced several initiatives with a view to develop and deepen the country’s financial markets. This included the announcement of a unified securities market code that consolidates provisions of various laws on the subject. An investor charter has also been proposed — this charter would assimilate the rights of investors across all financial services. One year ago, a National Strategy for Financial Education (2020-2025) prepared by the financial sector regulators was released by the Reserve Bank of India (RBI). This strategy document thinks deeply about consumer protection and education. On August 17, the