Cabinet approves signing of MoU between SEBI and FRC, Mongolia

New Delhi, April 8 (UNI) The Union Cabinet chaired by Prime Minister Narendra Modi on Thursday approved the proposal to sign a bilateral Memorandum of Understanding between the Securities and Exchange Board of India (SEBI) and the Financial Regulatory Commission, Mongolia (FRC), an official statement announced on Friday. “FRC, like SEBI, is a co-signatory to the International Organization of Securities Commissions Multilateral Memorandum of Understanding. However, the IOSCO MMoU does not have in its scope the provision of technical assistance. The proposed bilateral MoU would not only help strengthen the information sharing framework leading to effective securities law enforcement, but also establish a technical assistance program,” the statement said. The technical assistance program will benefit the authorities through consultations on capital market issues, capacity building activities and training programs for staff, the statement added. The Securities and Exchange Board of India (SEBI) was established under the Securities and Exchange Board of India Act 1992 to regulate the securities markets in India. The objectives of SEBI are to protect the interests of investors and to regulate and promote the development of securities markets in India. To provide information to an authority outside India, SEBI may enter into an arrangement, agreement or understanding with such authority with the prior approval of the central government. In this context, FRC asked SEBI to sign a bilateral memorandum of understanding for mutual cooperation and technical assistance. So far, SEBI has signed 27 bilateral MoUs with financial market regulators from other countries. UNI ASU SHK1725