The Cabinet today approved signing of pacts by markets regulator Sebi with its counterparts in Gibraltar and Kuwait for strengthening the information sharing framework and mutual co-operation.
Sebi's pact with Financial Services Commission, Gibraltar and Capital Markets Authority, Kuwait will promote further development of economic links and cooperation with these organisations, an official release said.
After the cabinet meeting, Union Minister Prakash Javadekar announced that Sebi will sign a memorandum of understanding (MoU) with the capital market regulator in Gibraltar.
The agreements will strengthen the mutual information sharing framework and add value to overseas mutual cooperation and regulation activities of the these organisations.
The pacts are for mutual co-operation and technical assistance between the countries. They are also aimed at creating conditions for effective development of securities markets markets in these nations.
Apart from Gibraltar and Kuwait, the Securities and Exchange Board of India (Sebi) has already signed bilateral pacts with a number of countries. Besides, it is a signatory to global market regulators grouping IOSCO's Multilateral Memorandum of Understanding.
In order to encourage the exchange of information and assistance, Sebi has been signing pacts with jurisdictions which are yet to become signatories to the multilateral MoU of International Organisation of Securities Commissions (IOSCO).
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