SEBI signs MOU with US counterpart

Friday, 30 April 2004, 07:00 Hrs
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WASHINGTON: The Securities and Exchange Board of India (SEBI) has signed a Memorandum of Understanding (MOU) with the US Commodities and Futures Trading Commission (CFTC).

CFTC is the US federal regulator with the mandate to regulate commodity futures and option markets in the country.

The MOU, signed here Wednesday by SEBI chairman G.N. Bajpai and his CFTC counterpart James Newsome, aims to strengthen consultation, information sharing and establish a framework for technical assistance and mutual cooperation between the two organisations, according to a press release.

The MOU marks the beginning of greater collaboration between India and the US to effectively regulate and develop the futures markets, in view of greater cross-border trade and cross-market linkages brought about by the globalisation of financial markets.

As an active member of the International Organisation of Securities Commissions (IOSCO), SEBI is committed to ensure fair and orderly development of the securities markets and co-operation with other global regulators.

This is the sixth MOU that the SEBI has signed with its counterparts. SEBI had earlier signed MOUs with the US Securities and Exchange Commission, Malaysia's Securities Commission, Mauritian Financial Services Commission, Sri Lanka's Securities and Exchange, and the Monetary Authority of Singapore.

SEBI is also one of the first signatories to the IOSCO Multilateral Memorandum of Understanding.

Source: IANS
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