Reported by Sandeep Pattnaik
Bhubaneswar, June 7:
People, especially youth, should be encouraged to invest a specific portion of their savings in ‘Equities’, experts said during a Seminar on “Spreading Equity Culture in Odisha through Retail Investing” organized by Utkal Stock Broking Pvt Ltd and Peerless Securities Ltd in association with Utkal Chamber of Commerce and Industry (UCCI) on Friday here.
“Retail participation in a sustained equity market should be more so that they can take advantage of the ‘bull’ run. For this to happen, investors must be cultured and trained about how to go about investing in ‘Equities.” Ramesh Mahapatra, President, Utkal Chamber of Commerce and Industry [UCCI], said in his welcome address.
Less than 1% of people invest in stock market as against the Western countries, where 65% to 75% people buy and sell shares, even though the savings rate in India is at a much higher level, between 25 to 30 % as against less than 5% in the West, Mahapatra said.
Debraj Biswal, CEO, Bhubaneswar Stock Exchange gave the keynote address and highlighted the need to educate the young college students on the capital market. He gave some tips given by the legendary investor Warren Buffet on how to invest.
Jitendra Panda, MD & CEO, Peerless Securities Ltd, Kolkata said that while Foreign Institutional Investors have shown confidence in the capital market, it is unfortunate the people in the country are keeping their money in the Banks although there are tax incentives available in stock trading.
D.K Ray, Chairman of Utkal Stock Broking Pvt Ltd stressed on the aspect of wealth creation through active participation in capital market.
“People buy silver, gold and land as a result; the surplus money cannot be used for productive purpose. House wives, senior citizens and retirees can be employed in share market. In addition, students in colleges and universities should be trained in share market. Some of them can join the broking business,” he said.
Ray also stressed on the needs to start a metal and mineral Exchange in the State to resuscitate the mining industry.