Sucheta & Debashish have pursued “Financial Literacy” with a passion. Moneylife Foundation was set up to help common (and some uncommon) folks fight the demon of financial scams and problems. It has completed SEVEN YEARS.

I would like to share with the readers of this blog, a mail sent by Sucheta

 

Dear Friends,

 

Greetings. Let me start by thank all the Moneylifers from Mumbai who were with us on 4th February for an inspiring and englightening afternoon, listening to Baijayant ‘Jay’ Panda and Rajeev Chandrashekar, Members of Parliament (MPs) on Transforming India: Thinking out of the box.

 

The event marked, Moneylife Foundation’s 7th Anniversary and I am happy to share that our membership has swelled to over 59,200 members. We still have a long way to go before policy makers take us seriously and engage with us before making policy decision.

 

You do not need to be a Mumbaikar to benefit from what we do. The Moneylife channel on YouTube has crossed 1.2 million views. You can either subscribe to the Moneylife channel on YouTube, or better still become a Member of Moneylife Foundation, so that you get updates on all our events, their coverage as well as access to our extremely valuable Tax Helpline, Credit Helpline and Legal Resource Centre. It is all free. We will upload our event videos in a day or two, but you can read the coverage here. While you are on the page, subscribe to the Moneylife daily newsletter to keep track of issues that mainstream media is often reluctant to cover. Thanks to the support of Ashish Chauhan, MD & CEO of the BSE, we had for making this historic convention centre, which was the former trading ring of this 141 year old exchange for our 7th Anniversary.

 

For the first time this year, we also organised a tour of the BSE, a film about its history and a talk on the SME incubator for some management students. Write to us at foundation@moneylife.in if this and other events interest you. If there is enough interest among Moneylife member, we will request the BSE for a tour.

 

Last year, we started Daily Guidance Clinics, to offer FREE, one-to-one counselling, on non-finance related issues as well as a number of talks on a diverse range of issues including transport, toll problems, solid waste disposal, noise pollution, cell tower radiation, social audits, the municipal budget, app-based solutions to civic issues, Yoga, the Mumbai Development Plan and many more. Write to us with your suggestions for more.

 

One request that we have already taken on board is to organise more talks on police related issues. We will announce plans from time to time.

 

We are most obliged to all the activists who have made the guidance sessions as well as helplines possible by generously sharing their expertise with members.

 

Allow me to share an excerpt from a lovely email that I received from Mr Virendra Jain, founder of Midas Touch Investors Association, whose public interest litigation has led to historic wins for investors – in getting promised returns from mutual funds in the early 1990s and later, initiating a massive investigation into fly-by-night companies, which he labelled “Vanishing Companies” in the 1990s.

 

 

Dear Sucheta,

 

My grateful thanks and best wishes to you, Debashis, and to all those who have made Moneylife Foundation a fantastic organization in seven years by their dedication and selfless service.

 

I would be brief but would like to make few comments on this happy occasion.

 

MLF has done pioneering work in holding seminars, among others, on: “Protection of investors” as well as educating them on “basic principles of investing”, in a lucid, easy to understand language. But, the effort has not got the appreciation and recognition it deserves, especially from the authorities. It is country’s loss.

 

MLF programs are generally available on net while those sponsored by authorities –Securities & Exchanges Board of India and Investor Education and Protection Fund (IPEF)– spend tens of crore annually but do not have one program to show on their website. Actually, the quality and participation in seminars would have been exposed, had they done so!

 

Compare this with programs under SEBI: 15,708 programs covering 11 lakh participants (as on 31 January 2014 since inception in July 2010) have been conducted across various target groups (school children, college students, middle income group, home makers, executives, retirement planning and Self help groups).

 

IEPF under the Ministry of Corporate Affairs, which had a corpus in this fund of over Rs1,273.66 crore as on 26 February 2016, conducted /sponsored 2,291 Investor Awareness Programs in 2015-16. But, their quality of their program is extremely poor and they don’t have one video to show for it. Logically, they should sponsor MLF in a big way on their own.

 

Lastly, I think MLF should strive to turn the organization into an Institution. My experience is that: It’s an uphill task, but do-able.

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One thought on “MONEYLIFE FOUNDATION

  1. Investing as most figure out, at the cost of much suffering, is difficult & spreading investor awareness is even more difficult.

    Not many can keep doing it for so long, relentlessly and most importantly selflessly. Am not aware of any other organisation / institution which keeps working on this, sorry to say ‘thankless job’.

    Hats off to Mr. Basu & Ms. Dalal. Incredible INDIANS both. God Bless Them!!

    And to you sir, thank you for sharing this mail exchange.

    Like

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