Everyone should have opportunity to participate in markets: Sebi chief

MUMBAI: The Securities and Exchange Board of India ( Sebi) wants more people to come to the capital markets -not through tax benefits but by financial awareness.

“Some people say that to get people into capital market there should be some support in terms of tax. I don't support this," Sebi chairman Ajay Tyagi said at a function organised to felicitate the winners of National Financial Literacy Assessment Test (NFLAT) 2016 at NISM campus.

“People should come on their own judgement. But awareness should be created. There should not be asymmetry of information," Tyagi said.

The Sebi chairman said every segment of the society should have an opportunity to participate in the financial sector.

Recent Sebi survey gave a startling fact that 90% of household prefer bank deposits and less than 10% prefer stocks and mutual funds.Statistics for the rural areas are worst where awareness of market is less than 2%.

The survey also revealed that many people think trading in derivatives is safer than trading in bonds.

“Not only people from Mumbai and Ahmedabad should invest in equity market, it should be people from across the country. It is a huge country and if there is participation from only some areas, something is not correct," Tyagi said.