NUR-SULTAN – The Astana Financial Services Authority (AFSA) and Securities and Exchange Board of India (SEBI) have signed a memorandum of understanding (MoU) for mutual cooperation and technical assistance, reported the Astana International Financial Centre (AIFC) press service.
The agreement was inked by AFSA Acting Chief Executive Officer Mukhtar Bubeyev and SEBI Chairperson Ajay Tyagi. It allows for cooperation on joint efforts to foster the progress of the Indian and AIFC financial markets.
AFSA, formed Jan. 1, 2018, is an independent regulator, legal entity and statutory body in Kazakhstan created to regulate activities concerning financial services within AIFC territory. It also supervises the activities of AFSA participants providing non-financial services. AFSA was established in accordance with the Constitutional Law “On the Astana International Financial Centre” for the purpose of regulating activities related to financial services in the AIFC.
“The AIFC seeks to work and build partnerships with regulators in the Asian region to promote cross-border information sharing and cooperation on matters relating to financial services. We are very pleased to have signed this memorandum with the Securities and Exchange Board of India and we look forward to building a strong relationship between our institutions,” said Bubeyev.
SEBI aims to protect investors’ interests and promote and regulate Indian securities market development. It was launched April 12, 1992 under that year’s SEBI Act.
Tyagi expressed satisfaction with the partnership progress and readiness to expand cooperation.
“We are pleased to sign this MoU with AFSA which will enhance bilateral cooperation between the authorities and would establish a stronger relationship with AIFC. With the markets increasingly becoming inter-connected and the financial entities operating globally, the memorandum will be a valuable tool for cross-border co-operation. It will also promote exchange of information for technical assistance and training needs, apart from facilitating cross-border investments,” he said.
AFSA and SEBI are working to increase the exchange of regulation and enforcement information to develop cross-border financial institution business in both jurisdictions. The arrangement demonstrates the willingness and commitment of both authorities to facilitate regulatory cooperation.