Reserve Bank of India was formed on 1, April 1935. Initially, the office operated in Kolkata and then moved to Mumbai. RBI moved to Mumbai in 1937. The Government of India constituted SEBI on 12, April 1988. It is a non-statutory body regulating the securities and commodities market in India. SEBI believe in educating investors and the general public about personal finance. Financial education promotes financial inclusion. In developing countries, educating personal finance plays a vital role in economic development.
Chartered accountants and cost accountants work in SEBI as Grade A officers. The age limit for applying for a job post in SEBI is 21 to 30 years. The National Institute of Securities Market is set by SEBI to educate the following learners: school children, executives, college students, middle-income groups, homemakers and retired people. The financial education of SEBI covers the following topics: savings and investments, investment options, budgeting, inflation, risk and return, power of compounding, value of money, asset allocation strategy, savings and investments, protection-related products, personal loans, home loans, loans against securities, reverse mortgage, credit card debt, the ways to avoid excess debt, investor protection and grievances redressed mechanism. NISM offers certificate courses to educate the fundamentals of the capital market. Recently, SEBI introduced a mobile app that educates about personal finance with the latest notifications.
The blog intrigues the readers with information on the SEBI mobile app and skills for SEBI and RBI jobs. Chartered accountants work in audit and tax departments. In banks, cost accountants work in credit departments and companies the cost accountants take on the role of internal audit. “SEBI Grade A officer” examination may be conducted on a requirement basis and not every year. In March 2024, SEBI intimated to the general public about the recruitment in 2024. The application process for the “Grade A” officer of SEBI started on the 13th of April. The SEBI grade A legal officer receives a salary per month of 1, 49,500 approximately without accommodation. The selected candidate allotted with accommodation receives a salary of 1, 11,000 per month. SEBI has added numerous benefits and allowances to the employees. Professionals working in SEBI enjoy the privileges. SEBI mobile app is helpful for investors and professionals in the finance industry.
Mobile App from SEBI:
SaaRthi 2.0 is the new mobile app from SEBI. The app provides information on mutual funds, KYC procedures, ETF, buying and selling shares on stock exchanges, online dispute resolution, investor grievances redressed mechanism, and online dispute resolution platform. Shri Ananth Narayan G, a longtime member of SEBI, said that in the era of social media, it is the need of the hour to provide unbiased, continuous, trusted information to investors. It makes the investors keep an eye on the evolving market conditions.
Finance education booklet from SEBI:
In November 2020, SEBI released a booklet that explains the financial environment from different perspectives. The booklet has fifteen chapters. The chapters provide insight into the key concepts, planning, financial products, investment, retirement planning, government schemes, tax savings, loan-related products, and contact details of SEBI officers.
Importance of personal finance:
In India, the investment and returns are not a fixed one. The returns depend upon the market condition. Many people invest in capital markets and long-term investments to manage the effects of inflation. Credit card debt is easy to get for the young generation. Government employees without pensions are planning for a healthy retirement life. Nowadays, awareness about personal finance is essential for young and old people. In India, there is an uneven distribution of income. The per capita income is low because of inequality, population growth and poor personal finance education. The education of fundamental knowledge of personal finance helps in understanding the need for equality in terms of income and growth.
Responsibilities of “SEBI Grade A officer”:
SEBI Grade A officer examination has two papers. The syllabus is static and extensive. Paper one consists of the following subjects: English language, reasoning, Quantitative aptitude, and general awareness. Paper two consists of the following subjects: management, commerce, accountancy, costing, finance, economics, and companies act. Papers one and two are for 100 marks. Paper one time is sixty minutes and paper two time is forty minutes. The professionals with CA, CMA and ACS backgrounds are good in general knowledge and analytical skills. The finance professionals can clear the SEBI examination. Analysing previous year’s question papers helps the learners to understand the pattern of questions in the SEBI examination.
SEBI officers work in the Ministry of Finance, Government of India.
SEBI “Grade A officer” takes care of approval of by-laws of the stock exchanges.
Examine and understand the amendment of By-laws.
Investigate and find out the malpractices in the capital markets.
Check the accounts of the stock exchanges and related parties.
SEBI has the power to impose penalties, set guidelines for listing requirements, and understand investor protection measures.
What is the difference between SEBI Grade A and RBI Grade B officers?
SEBI and RBI select candidates for managerial posts. The eligibility to write the RBI exam is a bachelor’s degree with a mark of sixty per cent. The eligibility to write the SEBI exam is a pass in the bachelor’s degree in engineering or a master’s degree. SEBI officers examine the SEBI guidelines and check the instances of fraud activity in an organisation. The job of an RBI officer deals with keeping inflation in check and distributing the money for circulation through nationalised banks. RBI officer receives comparatively less numbers of allowances than a SEBI officer. SEBI officer receives high salaries and supplementary allowances. The responsibility of an RBI officer depends upon the location of work.
Final Words:
The knowledge of personal finance is beneficial to the profit-making goal and economic growth. In developing countries, education and financial inclusion promote equality. SEBI and RBI are the regulatory bodies with a vision to educate finance to all.
