Sebi Signs Pact With Sri Lankan Counterpart

Mumbai, January 24: | Updated: Jan 25 2003, 05:30am hrs
The Securities and Exchange Board of India (Sebi) has inked a pact with its Sri Lankan counterpart Securities and Exchange Commission for greater bilateral co-operation to effectively regulate and develop securities and futures market.

The memorandum of understanding (MoU), signed in Colombo on Thursday, aims to strengthen communication channels and establish a framework for assistance and cooperation between the two organisations, Sebi said in a statement. This is the fourth MoU that the Sebi has signed with its counterparts. Earlier, Sebi had signed MoUs with SEC of the US and SC of Malaysia and FSC of Mauritius, it added.

The scope of the MoU includes providing assistance and taking action against insider dealing, market manipulation and other fraudulent practices in securities trading, it added.

The cooperation between the two regulators is crucial for the exchange of information, know-how and skills amongst jurisdictions in the integrated financial environment, Sebi chairman GN Bajpai was quoted as saying.

Under the MoU, both regulators have recognised the desirability for providing assistance and exchange of information to aid each other in ensuring compliance with laws and regulations, it added.