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U.S. market regulator deepens ties with Indian counterpart
By siliconindia
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Friday, 11 January 2008, 18:47 IST
Washington: The U.S. Securities and Exchange Commission (SEC) has been deepening its ties with the Securities and Exchange Board of India (SEBI), India's market watchdog, U.S. regulator said on Wednesday.
The new initiative by the regulators will help boost their cooperation on policing stock markets and cracking down on securities fraud.
"As financial services and investment continue to grow and expand beyond the U.S. and India, the SEC and SEBI are increasingly working together to facilitate our aims of investor protection and healthy markets," said Christopher Cox, SEC chairperson.
"Along with the regular meetings between American and Indian regulators, the broader ties would include conditions which facilitate increased information sharing between the two agencies," SEC said.
The market watchdogs plans to focus on oversight of companies operating in both countries, accounting and auditing standards, and corporate governance, among other issues.
In December,after a sereies of workshops in India, the regulators announced the enhanced ties. SEC officials conducted training sessions on several topics, including insider trading and market manipulation for their Indian counterparts.
"Given the role that emerging and recently emerged markets play in an increasingly globalized financial world, it is only befitting that the SEBI and SEC work closely," said M. Damodaran, SEBI chairperson. SEC already has close links with other foreign market regulators, including Britain's Financial Services Authority.