The Union Cabinet today approved signing of a pact between markets regulator Sebi and Financial Services Regulatory Authority, Abu Dhabi for mutual co-operation and technical assistance.
The Sebi's pact with its Abu Dhabi counterpart will promote further development of economic links and cooperation between the two signatories and will help create conditions for development of securities markets in the two countries.
It would also contribute towards strengthening the information sharing framework between the two regulators.
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The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval for signing of a Memorandum of Understanding (MoU) between Sebi and Financial Services Regulatory Authority, Abu Dhabi, for mutual co-operation and technical assistance between the two regulators, an official statement said.
Apart from Abu Dhabi, the Securities and Exchange Board of India (Sebi) has signed bilateral pacts with a number of countries. Besides, it is a signatory to global market regulators' grouping IOSCO's MoU (Multilateral Memorandum of Understanding).
In order to encourage the exchange of information and assistance, Sebi has been signing pacts with the jurisdictions who are yet to become a signatory to the multilateral MoU of International Organisation of Securities Commissions (IOSCO).
