Not preparing high-risk jurisdictions list: Sebi assures Mauritius
The move comes amid media reports tagging Mauritius among the list of high-risk countries.
The country's capital markets regulator Sebi has assured the Mauritian government that it will not prepare a list of "high-risk jurisdictions" to monitor capital flows from such nations with greater scrutiny.
The move comes amid media reports tagging Mauritius among the list of high-risk countries. The list was believed to be prepared by custodians of foreign funds on the directions of Securities and Exchange Board of India (Sebi).
"Sebi gave the assurance that it is neither working on, nor contemplating to produce any list at its level, which will identify Mauritius as a high risk jurisdiction," Financial Services Commission (FSC) of Mauritius said in a statement.
Terming a country as 'high-risk jurisdiction" would mean beneficial owners of funds and large investors coming into India through these dominions will face higher scrutiny such as frequent KYC (know your customer) documentation checks, and higher due diligence of ultimate beneficiary ownership (UBO) for investors.
"The meeting was held within the framework of the existing memorandum of understanding (MoU) between the two regulatory bodies, and was cordial... Both institutions reaffirmed the need for constant engagement and collaboration in regulatory matters between Mauritius and India," FSC said.
respect to regulatory oversight and enforcement.
In addition, other avenues of collaboration between FSC and Sebi in areas of financial technologies and capacity building have equally been discussed.
As per media reports, the capital markets regulator had asked custodians to prepare a list of high risk jurisdictions so that capital flows from those nations can be monitored with higher due diligence.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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