On Wednesday, August 24, 2016 Securities and exchange board of India and Abu Dhabi Global Market FSRA signed a bilateral agreement ‘ Memorandum of Understanding’. As it provide mutual cooperation and technical assistance.
As it also provide a framework for regulatory cooperation between the two authorities for reinforcement and compliance of their respective laws and regulations.
Abu Dhabi Global Market or ADGM is an international financial centre located at Al Maryah Island, Abu Dhabi, UAE. It has three different independent authorities, the registration authority, the financial services regulatory authority (FSRA) and ADGM courts. It is the Key pillar of UAE economy.
The agreement was signed by Mr. S. Raman, Whole time member, SEBI and Mr. Richard Teng, CEO of FSRA at Abu Dhabi.
Mr. S. Raman, Whole Time Member, SEBI said, “We are pleased to sign a MoU with FSRA. The MoU will enhance the bilateral cooperation between the authorities and would establish a stronger relationship with ADGM. With the markets getting inter-connected and the financial entities operating globally, the MoU will be a valuable tool for cross-border cooperation. The MoU will also promote exchange of information for technical assistance and training needs, apart from facilitating cross-border investments between the jurisdictions.
Mr. Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority of ADGM adds ‘“With the internationalisation of capital markets, ADGM is committed to establishing closer cooperation among global regulators to facilitate cross-border financial activities and uphold the integrity of markets. The growing economies of India and UAE will offer plenty of exciting investment opportunities for investors worldwide. This initiative further strengthens the working relationship with the Securities and Exchange Board of India for the mutual beneficial development of the financial services industry and the capital markets in our jurisdictions. By harnessing our joint efforts and co-operation, financial institutions and companies can further expand their global footprints through ADGM’s internationally recognised platform that is underpinned by global standards and best practices.’
SEBI now has signed 22 MoU’s with different jurisdictional regulatories. SEBI is also a signatory to the multilateral MoU of International Organization of Securities Commissions (IOSCO).