The Cabinet on Wednesday approved the proposal of the Securities and Exchange Board of India (SEBI) to sign a bilateral Memorandum of Understanding (MoU) with Financial and Commission de Surveillance du Secteur Financier (CSSF), Luxembourg.
The Union Cabinet was chaired by Prime Minister Narendra Modi.
The MoU is likely to strengthen cross-border cooperation in the area of securities regulations and facilitate mutual assistance, contribute towards efficient performance of the supervisory functions aid in imparting technical domain knowledge and enable effective enforcement of the laws and regulations governing the securities markets of India and Luxembourg, an official statement said.
In addition to contributing towards strengthening the information sharing framework leading to effective enforcement of securities laws, the proposed bilateral pact would also help in establishing a technical assistance programme.
"The technical assistance programme would benefit the authorities by way of consultations on matters relating to capital markets, capacity building activities and training programmes for the staff," it added.
The SEBI was established under the Securities and Exchange Board of India Act, 1992 to regulate the securities markets in India, while the Commission de Surveillance du Secteur Financier (CSSF) of Luxembourg is a public law entity, with administrative and financial autonomy, established by the law of 23rd December 1998. The CSSF is also legally responsible for the regulation and supervision of the securities market.
( With inputs from ANI )
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