India’s SEBI to boost cooperation with Iran’s SEO
Reports say New Delhi has given the go-ahead to the country’s Securities and Exchange Board of India (SEBI) to enter into two separate memoranda of understanding (MoU) with securities market regulators of the European Union and Iran.
These MoUs are expected to strengthen cooperation between India and the respective countries on matters pertaining to securities market, reported The Hindu.
In the case of the European Securities and Markets Authority (ESMA), the MoU is likely to establish cooperation arrangements as a precondition for ESMA to recognize Central Counter Parties (CCPs) established in India and supervised by the SEBI, added the report.
This is meant to provide clearing services to clearing members or trading venues established in the European Union and to provide ESMA with adequate tools to monitor the ongoing compliance by the covered CCPs with the recognition conditions.
The MoU with the Securities and Exchange Organization (SEO) of Iran is likely to promote further development of economic links and cooperation between the two regulators.
It also aims at creating conditions for an effective development of securities markets in the two countries.
This would eventually contribute to strengthening the information sharing framework between the securities market regulators of the two countries.
The level of trade between Iran and India stands at above $13 billion.
Iran is one of India’s biggest oil suppliers.
India, in return, is a key supplier of food products as well as metals and pharmaceuticals to the Islamic Republic.
New Delhi is looking into several investment projects in Iran, including the development of the country’s Farzad B gas field. It is also developing Iran’s Chabahar port in the southeastern province of Sistan-and-Baluchestan.
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