Bihar CM Nitish Kumar urges SEBI to make people aware of rightful investment

PATNA(PTI): Bihar Chief Minister Nitish Kumar on Monday inaugurated new office of SEBI (Securities and Exchange Board of India) here and urged the financial regulatory body to control running of ponzi schemes and promote entrepreneurship in the state.

Kumar inaugurated the new office of SEBI here in presence of SBI Chairman U K Sinha and state Finance minister Abdul Bari Siddiqui.

CEO of Bombay Stock Exchange Ashish Chauhan was also present on the occasion.

In his address, the Bihar CM said youths of the state have tremendous talent and there was plenty of money with people but in the absence of proper awareness about investment, citizens of the state did not have a knack for financial investment.

Expressing anxiety over unauthorised investment institutions luring hapless citizens to spend money in their ponzi schemes and ultimately losing their hard-earned money, Kumar urged SEBI to control operation of such illegal financial institutions.

He also urged the financial body to create awareness about rightful investment of their money among people and help young entrepreneurs by providing them easy finance to start new ventures.

The CM said he knew big ticket investment was not coming to Bihar but there was tremendous scope of starting a new venture in medium and small sectors.

Kumar praised SEBI chief U K Sinha, a Bihar cadre IAS officer and who is also his Patna University mate and extended him an invitation to work in the state as financial advisor in case his tenure in the SEBI was not extended by the Centre next month.

State Finance minister Abdul Bari Siddiqui exhorted SEBI to play a more active role in Bihar to create an environment of investment in profitable ventures.

Sinha lauded turnaround of Bihar in past over once decade reflected by the fact that its GDP is in double digit and stressed that to give a pace to the growth financial sector needs to be mobilised to stir up private entrepreneurs in the state.

He said SEBI through resource persons would make people of Bihar aware about rightful investment of their savings.