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  • DAILY CURRENT AFFAIRS:Union Cabinet approves signing of MoU between SEBI and Financial Regulatory Commission, Mongolia

Union Cabinet approves signing of MoU between SEBI and Financial Regulatory Commission, Mongolia

Tags: National

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today has approved the proposal for signing a bilateral Memorandum of Understanding (MoU) between Securities and Exchange Board of India (SEBI) and Financial Regulatory Commission, Mongolia (FRC).

Effect of MoU :

  • FRC, like SEBI, is a co-signatory to International Organisation of Securities Commissions’ Multilateral MoU (IOSCO MMoU). However, the IOSCO MMoU does not have under its scope the provision for technical assistance.

  • The proposed bilateral MoU would, in addition to contributing towards strengthening the information sharing framework leading to effective enforcement of securities laws, 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.

SEBI and FRC : 

  • The Securities and Exchange Board of India (SEBI) was established under the Securities and Exchange Board of India Act, 1992 to regulate the securities markets in India.

  • The objectives of the SEBI are to protect the interest of the investors and to regulate and promote development of securities markets in India. Clause (ib) under sub-section (2) of Section 11 of SEBI Act, 2002 empowers SEBI to call for information from, or furnishing information to, other authorities, whether in India or outside India, having functions similar to those of the Board, in the matters relating to the prevention or detection of violations in respect of securities laws, subject to the provisions of other laws. 

  • For furnishing any information to any authority outside India, SEBI may enter into an arrangement or agreement or understanding with such authority with the prior approval of the Central Government. 

  • In this backdrop, FRC has requested SEBI to sign a bilateral MoU for mutual cooperation and technical assistance.

  • Until now, SEBI has signed 27 bilateral MoUs with capital market regulators of other countries.

Established in 2006, the Financial Regulatory Commission (FRC) is a parliamentary authority mandated to supervise and regulate the non-bank sector; including the insurance and securities markets, and participants of the microfinance sector.

  • The FRC is responsible for providing stable and sound financial markets.

  • The Commission exercises power over non-bank financial institutions, insurance companies and intermediaries, securities firms, and savings and credit cooperatives.

  • At the same time, it ensures the rights of individual financial market clients (securities holders, domestic and foreign investors, and insurance policyholders) and protects against financial malpractices.

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