Markets regulator Sebi today entered into a pact with its counterpart in Abu Dhabi to promote exchange of information for technical assistance and facilitate cross-border investments between the jurisdictions.
The pact would provide a framework for regulatory cooperation between the two authorities for enforcement and ensuring compliance with their respective laws and regulations.
It will also enable the jurisdictions to consult with each other to establish and implement technical assistance programs.
"Securities and Exchange Board of India (Sebi) and Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority have entered into a bilateral Memorandum of Understanding (MoU) for mutual cooperation and technical assistance," Sebi said in a statement.
The MoU was signed by Sebi's Whole Time Member S Raman and Financial Services Regulatory Authority of ADGM Chief Executive Richard Teng in Abu Dhabi.
"With the markets getting inter-connected and financial entities operating globally, the MoU will be a valuable tool for cross-border cooperation. It will also promote exchange of information for technical assistance and training needs, apart from facilitating cross-border investments between jurisdictions," Raman said.
Sebi has now signed 22 bilateral MoUs with the regulators of various jurisdictions. Sebi is also a signatory to the multilateral MoU of International Organization of Securities Commissions (IOSCO).
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 IOSCO.
"This initiative further strengthens the working relationship with Sebi for the mutual beneficial development of the financial services industry and the capital markets in our jurisdictions," Teng said.
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