Sebi inks pact with Malaysian counterpart

Market watchdog the Securities and Exchange Board of India (Sebi) has signed an agreement with the Securities Commission of Malaysia to increase cooperation between the two.

"The agreement incorporates measures to facilitate the development of deeper and broader capital markets, greater cross-border activities between the capital markets and to attain closer regulatory cooperation in a mutually beneficial manner," the Sebi said in a release here today.

The agreement, called Capital Market Collaborative Agreement, was signed by Sebi Chairman C B Bhave and his Malaysian counterpart Zarinah Anwar yesterday in the presence of Prime Minister Manmohan Singh and Malaysian Prime Minister of Malaysia Dato Sri Mohd Najib bin Tun Abdul Razak in New Delhi.

The Sebi and the Malaysian market regulator had entered into a memorandum of understanding on May 14, 2001 in relation to assistance and mutual cooperation. The MoU focuses on exchange of information and mutual assistance for enforcement of securities laws and regulation.

So far, Sebi has signed bilateral MoUs with 17 jurisdictions and a letter of intent for mutual cooperation.