India in top league on adherence to global info exchange norms

India has been placed in the top bracket globally as one of the jurisdictions that strongly adhere to global standards on exchange of information pertaining to the areas of banking, insurance and securities.
The Financial Stability Board (FSB) in its latest update on compliance has named these jurisdictions as demonstrating sufficiently strong adherence to international standards.
Besides India, China, the US, the UK, Switzerland, Australia, Germany, Brazil, British Virgin Islands, Canada, Luxembourg, Liechtenstein and Cayman Islands are included in the FSB list.
Jurisdictions that have not yet demonstrated "sufficiently strong adherence" are: Bahamas, Argentina, Barbados, Chile, Greece, Colombia, Indonesia, Mauritius, Hungary, Israel, Russia, Malaysia and Turkey.

The Switzerland-based FSB is tasked with a mandate to encourage jurisdictions to comply with regulatory and supervisory standards on international co-operation and information exchange.
Citing assessment done by the World Bank and the IMF, the global body said India and 45 other jurisdictions are strongly adhering to international standards of information exchange and co-operation with regard to banking supervision, insurance supervision and securities regulation.

FSB, which works to ensure global financial stability, represents entities from 24 nations and jurisdictions, including India, and international financial institutions, among others.
"Co-operation and information exchange amongst financial supervisors and regulators are essential for effective oversight in an integrated financial system.

"Financial markets are global in scope and, therefore, weaknesses in international co-operation and information exchange can undermine the efforts of regulatory and supervisory authorities to ensure that laws and regulations are followed...," FSB said in a report this month.
The global grouping's initial focus is on the adherence of FSB members and other jurisdictions that rank highly in financial importance. This includes 24 members and non-FSB jurisdictions that rank highly based on a combination of economic and financial indicators.