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SEBI, Asia Pacific regulators meet to protect investors from mis-selling

India Infoline News Service | Mumbai |

SEBI chairman said that there is an urgent need for the securities regulators to engage with each other both on the global as well as the regional level

Capital market regulator SEBI (Securities and Exchange Board of India) on Wednesday said it has discussed with other regulators from Asia Pacific region the steps required for protecting investors from mis-selling of products in capital markets.

Member regulators of the Asia-Pacific Regional Committee (APRC) of International Organization of Securities Commission (IOSCO) met in New Delhi, India during April 29-May 01, 2013. The meeting was held under the Chairmanship of UK Sinha, Chairman, SEBI.

The three day APRC meeting aimed at further enhancing mutual cooperation, exchange of information and highlighting common issues of concern amongst the securities market regulators of the Asia-Pacific region, one of the fastest growing regions of the world.

Rajeev Agarwal, whole-time member, SEBI, shared his valuable insights on the investigation and enforcement practices followed by SEBI and emphasised on the need for the regulators to have more coordination amongst one other.

Mr Sinha said that there is an urgent need for the securities regulators to engage with each other both on the global as well as the regional level. He underscored the potential strong growth of securities markets in the future and the importance of securities regulators engaging with one another both at the global and at the regional level.

The regulators emphasised upon the important issue of marketing of products and the different possible ways to protect the interests of investors from mis-selling of the products.

Montek Singh Ahluwalia, Deputy Chairman, Planning Commission of India, highlighted the role of Asia-Pacific region in the growth of the financial markets and the India’s economic outlook and the growth story. Mr. Ahluwalia also highlighted the important role of capital markets in the growth and facilitating capital raising.

He also underscored the importance of continuing the reform agenda to meet the ever evolving challenges. He also underscored that the Indian securities market is closely aligned to the global standards. He also mentioned that the global standard setters like IOSCO should factor in the realities of the developing countries in their standard setting work.

At another meeting, the regulators highlighted the importance of having consistency in their regulatory policies and their implementation with a view to reducing the possible regulatory arbitrage across the jurisdictions in the region.
The meeting was attended by regulators from Chinese Taipei, Hong Kong, Japan, New Zealand and Singapore among others.

IOSCO is the leading international policy forum for securities regulators and is recognized as the global standard setter for securities regulation. The organization's membership regulates more than 95% of the world's securities markets in 115 jurisdictions and it continues to expand.

APRC is one of four regional committees constituted by the IOSCO to focus on regional issues relating to securities regulation. The APRC comprises 25 members representing securities regulators from the Asia-Pacific jurisdictions.

 

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