New Delhi, Oct 24: With stock scams happening one after another, a recent survey done for a world bank study has come out with shocking results that only six per cent of the respondents was confident that Sebi will protect them against frauds. Interestingly, the survey, conducted by the invest India Economic Foundation (IIEF), also showed that only 24 per cent of them knew Securities and Exchange Board of India regulates the market and only 14 per cent were satisfied with the Sebi's response to their complaints.
IIEF, in association with India Posts, UTI Bank and the Kochi-based Geojit Securites had surveyed 1,832 individuals from 106 districts across the country.
In view of the extremely small sample size, IEEF, however, said data does not represent India, even as it could, at the best, be an "eye opener" for the future.

Responding to the data, Sebi chariman G N Bajpai had said there was a need to bring financial literacy as the market regulator can only put in systems to prevent such happenings.
Despite the problems in IDBI and IFCI, 60 per cent of them considered the bonds of these entities were safer than mutual funds.
It said 31 per cent owned mutual funds units including that of Unit Trust of India and 43 per cent of the respondents were satisfied with their mutual fund investments.
Ironically, according to the survey, 61 per cent did not know the current value of their portfolio while 41 per cent had never calculated the full value and of those who did, 28 per cent had done it annually, 25 per cent on monthly basis and six per cent calculated it weekly. Bureau Report