Securities and Exchange Board of India (SEBI) and Non-Bank Financial Institutions Regulatory Authority (NBFIRA), Botswana have signed a bilateral Memorandum of Understanding (MoU). The MoU was signed by UK Sinha, Chairman, SEBI and M Dube, Chairperson, NBFIRA on May 22, 2014 at SEBI Headquarters, Mumbai.
Apart from promoting mutual assistance and exchange of information between the two authorities, the MoU seeks to establish and implement technical assistance and training program.
SEBI has been actively extending and arranging for technical assistance to regulators in the Asia-Pacific and African region. Sinha observed that this MOU will help in promoting enhanced cooperation and building stronger relationship between SEBI and NBFIRA, Botswana through sharing of technical expertise and information exchange for more effective development and regulation of securities markets.
Dube, Chairperson, NBFIRA Botswana remarked that NBFIRA is looking at cross-border cooperation which is a prerequisite for establishing effective resolution techniques for systemically important non-bank financial institutions having cross-border operations. She further said that it is no longer possible for any one regulator to adequately and effectively provide regulation or supervision of institutions that operate across the globe and hence cooperation amongst the regulatory authorities is essential.
So far, SEBI has signed 19 bilateral MoUs and one letter of Intent for mutual assistance and cooperation. SEBI is also a signatory to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information.