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India, Mauritius, sign MoU On Information Exchange

by Lorys Charalambous, Tax-News.com, Cyprus

16 December 2002


A Memorandum of Understanding (MoU) was signed last week in New Delhi by the Chairman of the Securities and Exchange Board of India (SEBI), G.N.Bajpai and his Mauritian counterpart from the Financial Services Commission (FSC), Anil Gujadhur, in the presence of Sushil Khushiram, Mauritius Minister of Economic Development, Financial Services and Corporate Affairs.

The agreement seeks to improve the exchange of information on Mauritius-registered foreign institutional investors and overseas corporate bodies between Mauritius and India. Responding to questions from the press, Sushil Kushiram reiterated Mauritius’ commitment to ensure the proper supervision of financial services. According to Khushiram, the law which replaced the Mauritius Offshore Business Activities Authority with the more powerful Financial Services Commission in December 2001 provides for information-sharing between the commission and the Securities and Exchange Board of India (Sebi).

The new framework of co-operation between Mauritius and India will not only include the sharing of information on Mauritius-registered foreign institutional investors and overseas corporate bodies, but also rights to investigate questionable security market transactions on Indian bourses.

Any request for information from India should be supported by prima facie evidence, Mr Khushiram said, adding that the scope of the MoU also provided for the sharing of unsolicited information in cases of fraud and malfeascance.

Mr Khushiram said that his country’s financial intelligence unit would open another communication channel with India on money laundering. “We expect to sign a memorandum of understanding (MoU) with India on this next year,” he said.


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