The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the signing of a bilateral Memorandum of Understanding (MoU) between the Securities and Exchange Board of India (SEBI) and Manitoba Securities Commission, Canada.
The agreement seeks a formal basis for cross-border cooperation in the area of securities regulations, would facilitate mutual assistance, contribute towards efficient performance of supervisory functions, aid in imparting technical domain knowledge and enable effective enforcement of the laws and regulations governing securities markets, according to an official statement released after the cabinet meeting.
The MoU would also make investors from Manitoba eligible for registration as an FPI with SEBI. Around 20 Manitoba-based Foreign Portfolio Investors (FPIs) with total Assets Under Custody of Rs 2,665 crore are expected to benefit from this deal.
(With inputs from ANI)