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US market regulator deepens ties with Indian counterpart

US market regulator deepens ties with Indian counterpart
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First Published: Thu, Jan 10 2008. 12 40 AM IST
Updated: Thu, Jan 10 2008. 12 40 AM IST
Washington: The US Securities and Exchange Commission (SEC) said on Wednesday it was deepening its ties with India’s market watchdog, the Securities and Exchange Board of India (Sebi).
SEC officials said the two market regulators had agreed to boost their cooperation on policing stock markets and cracking down on securities fraud.
“As financial services and investment continue to grow and expand beyond the US and India, the SEC and Sebi are increasingly working together to facilitate our aims of investor protection and healthy markets,” said SEC chairperson Christopher Cox.
SEC said the broader ties would include regular meetings between American and Indian regulators, as well as increased information sharing between the two agencies.
The market watchdogs intend to focus on oversight of companies operating in both countries, accounting and auditing standards, and corporate governance, among other issues.
The enhanced ties were announced following a series of meetings and workshops in India in December. SEC officials conducted training sessions for their Indian counterparts that covered several topics, including insider trading and market manipulation.
“Given the role that emerging and recently emerged markets play in an increasingly globalized financial world, it is only befitting that the Sebi and SEC work closely,” said Sebi chairperson M. Damodaran.
SEC already has close links with other foreign market regulators, including Britain’s Financial Services Authority.
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First Published: Thu, Jan 10 2008. 12 40 AM IST