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The Dubai Financial Services Authority (DFSA) have signed a Memorandum of Understanding (MoU) with the Securities and Exchange Board of India (SEBI) in Mumbai.
DFSA chief executive Paul Koster and SEBI chairman C.B. Bhave signed the MoU on the sidelines of the 'The India-UAE Partnership: Investments, Opportunities and Synergies' seminar held in Mumbai.
The DIFC governor and the UAE Central Bank vice-chairman Omar Bin Sulaiman had spearheaded the seminar while the Union Cabinet Ministers Vayalar Ravi and Kamal Nath delivered the keynote speeches.
Koster said: "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 multi-lateral MoU and, as such, has already shown its ability and willingness to cooperate 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 also said: "...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 added.
C. B. Bhave on this occasion said: "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."
