ICAI and MCX Stock Exchange join hands for financial literacy
February, 06th 2010
MCX Stock Exchange (MCX-SX), India's new stock exchange, has signed a memorandum of understanding with The Institute of Chartered Accountants of India (ICAI) Set up by an Act of Parliament for leveraging each-others' expertise and domain knowledge in launching several programmes and initiatives on financial markets.
With this agreement, MCX-SX becomes the first stock exchange in India to tie up with ICAI, which has been a leader in promoting the need of adopting international best practices and corporate governance for making Indian businesses globally competitive. Since ICAI is also playing a crucial role in enabling Indian corporate houses to meet the government's deadline of converging with the International Financial Reporting Standards (IFRS) by April 2011, this tie-up will help MCX-SX to leverage ICAI's expertise as India's premier accounting body for meeting the new accounting standards.
Both MCX-SX and ICAI recognise the importance of developing skill-sets for market intermediaries and sensitising professionals regarding benefits of the financial markets. As part of the agreement, MCX-SX and ICAI will jointly conduct seminars, certification programmes, various events, training and research programmes on financial markets and corporate governance. This agreement is also in line with the MCX-SX's continual efforts for enabling financial inclusion via financial literacy since its inception. MCX-SX has undertaken various innovative programmes for expanding the financial markets. It is the first stock exchange in India to:
- Launch websites in 11 regional languages which had over 2.25 lakh visitors in the first year
- Jointly developed financial literacy programs with Doordarshan
- Entered into several agreements with trade bodies for reaching out to SME, Exporters and Importers across India. (These include FIEO, Set up by Minister of Commerce Govt of India, CII, Assocham, TIE, etc)
- Release 1st Handbook on currency futures
- Provide price updates on currency futures via SMS
- Conduct on an average one education and awareness programme per working day
Mr. U Venkataraman, executive director of MCX SX and Mr. Uttam Prakash Agarwal, President of ICAI, also unveiled a portal (http://www.mcx-sx.com/icai) on the joint initiative. Besides providing information, FAQs, articles presentations and research reports on financial markets, this portal will also have an 'Ask The Expert' section, where users' queries will be addressed by eminent industry experts from either ICAI or MCX-SX.
On this occasion Mr. Uttam Prakash Agarwal, President, ICAI said, "ICAI recognises and appreciates the ongoing efforts by MCX-SX for financial literacy and development of the financial markets in India. They propagate the need of high standards of quality and transparency in business operations. As India's premier accounting body, ICAI has also been a harbinger of international best practices and corporate governance in India. This agreement marks the beginning of a unique programme to educate and train professionals from both corporate and financial industry for developing skill-sets to match global standards."
Commenting on the agreement, Mr. U Venkataraman, Executive Director, MCX SX, said, "We are happy to partner with ICAI and compliment their vision. Financial education and awareness will be an integral part of the market development strategy of MCX Stock Exchange that will enable it to support greater financial inclusion and superior standards in compliance and investor protection. This partnership with ICAI marks MCX-SX's constant endeavour to deepen our markets and creating a level-playing field for India's corporate sector and SMEs."