Cabinet clears signing of pact between Sebi, Mongolia's FRC

The Union Cabinet on Friday approved the signing of a pact between the Securities and Exchange Board of India (Sebi) and Mongolia's Financial Regulatory Commission (FRC).

Sebi and FRC are co-signatories to the International Organization of Securities Commissions' Multilateral MoU (IOSCO MMoU), but there is no provision for technical assistance under this pact.

''The proposed bilateral MoU would, in addition to contributing towards strengthening the information sharing framework leading to effective enforcement of securities laws, also help in establishing a technical assistance programme.

''The technical assistance programme would benefit the authorities by way of consultations on matters relating to capital markets, capacity building activities and training programmes for the staff,'' an official release said.

The signing of the Memorandum of Understanding (MoU) between Sebi and FRC was approved by the Union Cabinet chaired by Prime Minister Narendra Modi.