The Investor Education and Protection Fund Authority (IEPFA), under the aegis of the Ministry of Corporate Affairs, Government of India, has signed a transformative Memorandum of Understanding (MOU) with the Association of Chartered Certified Accountants (ACCA) to advance financial literacy, investor education, and investor protection. The MOU, executed in New Delhi, marks a significant milestone in the shared commitment to enhance financial education across the nation, both in urban and rural sectors, ensuring a secure financial future for generations to come.
Mrs. Anita Shah Akella, CEO of IEPFA and Joint Secretary, Ministry of Corporate Affairs, and Helen Brand OBE, Chief Executive of ACCA, officiated the signing, which was a major step in the organizations’ efforts to increase financial literacy among Indian schoolchildren. This significant accomplishment highlights the two organizations’ common goal of educating young people about fundamental financial concepts and fostering a society that is financially robust.
Under the terms of the MOU, both parties have agreed to collaborate on a range of educational initiatives, with a particular emphasis on the ACCA’s Financial Literacy Programme, known as “Financial Education for You” (FEFY). The FEFY program, a four-year course targeting schoolchildren in grades 6 through 9, aims to foster sound financial decision-making among young minds, thus laying a strong foundation for a future generation of informed investors.
Through this four-year partnership, IEPFA will facilitate the introduction of FEFY in select schools, spanning both urban and rural regions. ACCA will generously provide the program’s digital content free of cost, ensuring that financial literacy is accessible to a wide range of educational institutions. Additionally, ACCA members will offer professional training to school educators, empowering them to effectively deliver this vital curriculum to students.
The pilot phase of FEFY will kick off in select schools, with ACCA providing digital content and resources to these institutions. The program is designed to be highly interactive, utilizing experiential learning to drive behavioral change in financial decision-making among students. Schools will be equipped to host the program provided they meet the digital requirements and allocate time for teacher training and student engagement.
In addition to the FEFY program, the partnership will see ACCA organizing seminars, workshops, and roundtables on topics related to financial education, investor protection, and capital market development. These activities, funded by ACCA, will further deepen the collaboration between IEPFA and ACCA, facilitating a broader reach for investor education initiatives.
Mrs. Anita Shah Akella, Joint Secretary, Ministry of Corporate Affairs and CEO of IEPFA, stated: “We are happy to collaborate with ACCA to promote financial awareness among students throughout India. Our goal is to equip future generations with the information and abilities necessary to make wise financial decisions, and our partnership supports that goal. Our goal in incorporating financial education into schools is to foster a financial literacy culture that will help build a more robust economy and responsible investors.
Helen Brand OBE, Chief Executive, ACCA, emphasized the importance of this collaboration by saying, “Financial literacy is about giving the next generation the tools they need to take charge of their financial destinies, not merely about knowing how much money is in circulation. Our partnership with IEPFA is intended to provide students throughout India with this vital information. By giving them the tools to make wise choices, this collaboration will create a generation that is prepared for the challenges that lie ahead and has financial stability.”
Both IEPFA and ACCA are committed to maintaining confidentiality regarding any proprietary or sensitive information shared during the course of their collaboration. Transparency will be the cornerstone of this partnership, ensuring that the objectives of both parties are met with mutual respect and integrity.
