CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. DFSA Strengthens Ties With Indian Securities Regulator

DFSA Strengthens Ties With Indian Securities Regulator

by Lorys Charalambous,, Cyprus

02 November 2009

The Dubai Financial Services Authority (DFSA) has entered into a Memorandum of Understanding (MoU) with the Securities and Exchange Board of India (SEBI), it has emerged.

The MoU was signed on behalf of the DFSA by Chief Executive, Paul Koster, and CB Bhave, Chairman of SEBI, on the eve of a Dubai International Financial Centre (DIFC) seminar entitled: ‘The India-UAE Partnership: Investments, Opportunities and Synergies’ held on October 29.

The Securities and Exchange Board of India was established in 1992 to regulate the securities markets in India, to protect the interest of the investors and to promote the development of, and to regulate the securities market.

Paul Koster, Chief Executive of the DFSA announced that: “As the supervisor of one of the largest capital markets in the world, SEBI is an active member of the International Organisation of Securities Commissions (IOSCO) and acknowledged as one that is committed to world best practice. SEBI is, like the DFSA, a signatory to IOSCO’s multilateral MoU and, as such, has already shown its ability and willingness to co-operate and share information to international standards."

This bilateral MoU is a significant initiative, recognising the importance of these arrangements for co-operation and information sharing between the two regulators.”

He continued: “There are already a number of branches of Indian firms operating in the DIFC so this agreement, which reflects the responsibilities of both agencies, will enhance information sharing and co-operation between the DFSA and SEBI as regulators of these firms. As more financial services firms join the DIFC from India, this bilateral relationship will assume increasing importance as both regulators rely on the quality of regulatory standards administered in the other’s jurisdiction.”

“In the past year, the importance of effective co-ordination and co-operation between regulators cannot be overstated. We are looking for better ways of working together to resolve current problems and prevent their repetition. Agreements such as this will make a difference”, Koster concluded.

Bhave added: “This arrangement establishes a framework for mutual assistance, strengthening of cross-border co-operation and contributes towards efficient performance of the supervisory functions and effective enforcement of the laws and regulations governing the markets in our respective jurisdictions.”

To see today's news, click here.


Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »

Stay Updated

Please enter your email address to join the mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.

To manage your mailing list preferences, please click here »