Financial inclusion in on priority cards for the financial services sector this fiscal. With Government setting target for total financial inclusion in the country, banks and NBFCs are all gearing up for the same. But SEBI Chairman, C B Bhave has said that the capital market in India is not ready for financial inclusion yet.

"We should first understand the term financial inclusion, as defined by RBI. It is different for banks and mutual funds. When we talk of banks, it means to include the poorest of the poor...but that can't be same for MFs," Bhave said.

"Financial inclusion is a noble goal and everyone should be working towards achieving it but one should keep in mind the target customer. A person whose lifetime saving is a mere Rs 50,000 can't afford to invest in MFs. If the market crashes tomorrow,.. he cannot take that kind of risk. You will only give him what the NAV is at that particular time," Bhave said.