The Hindu : Business : SEBI signs MoU with Pakistan SEC

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Tuesday, Jan 29, 2008
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SEBI signs MoU with Pakistan SEC

Agreement to facilitate cooperation on regulatory issues

— PHOTO: SHANKER CHAKRAVARTY

FOR MUTUAL COOPERATION: M. Damodaran (left), Chairman, SEBI, exchanging documents with Razi-ur-Rahman, Chairman, Securities and Exchange Commission of Pakistan, in New Delhi on Monday.

NEW DELHI: In a bid to facilitate mutual co-operation and exchange of information, the Securities and Exchange Board of India (SEBI) on Monday inked a bilateral memorandum of understanding (MoU) with the Securities and Exchange Commission of Pakistan (SECP).

The MoU, signed here by SEBI Chairman M. Damodaran, and the head of the SECP, Raiz-ur-Rehman is aimed at facilitating cooperation on regulatory issues.

The agreement would help establish a general framework for cooperation and consultation and mutual assistance between the regulators of the two countries, SEBI Chairman M. Damodaran said here.

“The MoU with Pakistan will go far beyond the normal MoUs,” he said, adding that, it would take us further ahead on the road to the development of market and economy.

Speaking on the occassion, Raiz-ur-Rehman said, “We will try to benefit from the exchange of information and ensure that we do not make the same mistakes.”

The MoU augurs well for Pakistan and will improve cooperation between the two countries.

SEBI had earlier signed similar MoUs with regulatory bodies of 13 countries, including the U.S., China, Malaysia, Singapore, the UAE, Nigeria, Vietnam, Indonesia and Taiwan. Besides, it has received letter of intent for mutual cooperation with Hong Kong SFC. Mr. Damodaran said the second annual meeting of South Asian Securities Regulators is being held on Tuesday and would discuss broad regulatory framework.

Panel to review IPO process

The mechanism for initial public offers is being reviewed for the purpose of cutting down time and cost. “A sub committee of the Primary Market Advisory Committee (PMAC) has gone through various issues and it has submitted its report. This will be considered by the PMAC sometime in February,” Mr. Damodaran said, while debunking reports that SEBI had virtually decided to reduce the days from 21 now to less than five for allotment of shares from the time of an IPO closes. — PTI

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