“The commission has approved a proposal to create a separate division titled Financial Literacy Department aiming at running financial literacy programme in the country in an organised way,” said the regulator in a statement yesterday.
To bring pace in financial literacy programme, a steering committee and technical committee have already been formed.
The securities regulator has undertaken the initiative for launching financial literacy programme as part of its master plan to make people literate on financial instruments.
An official said the regulator will formulate new rules and make the programme mandatory for every institution and use its resources to disseminate financial education.
A committee member said the committee already recommended executing the financial literacy programme into three phases — short-term, mid-term and long-term.
According to the recommendation, the short-term plan might be implemented between 2016 and 2018. Investors and stakeholders will be trained so that they could make appropriate investment decisions under the plan.
The mid-term plan might be implemented between 2018 and 2019. Investors other than existing stakeholders will be trained on financial issues to make them understand capital market investment well under the mid-term plan.
Under the long-term plan to be implemented between 2020 and onwards. Officials in all government and non-governmental organisations will be trained under the long-term plan.