Securities and Exchange Board of India (SEBI) and the Bangladesh Securities and Exchange Commission (BSEC) signed a Memorandum of Understanding (MoU) on bilateral cooperation and technical assistance at Dhaka, Bangladesh on November 22, 2015.
The MoU was signed by Shri U.K. Sinha, Chairman, SEBI and Dr. M. Khairul Hossain, Chairman, BSEC in the presence of the Hon'ble Prime Minister of Bangladesh, Ms. Sheikh Hasina and the Hon'ble Finance Minister of Bangladesh, Mr. Abul Maal A. Muhith.
On this occasion, the Hon'ble Prime Minister, Ms. Sheikh Hasina said that with the signing of the MoU, door has opened up between the two countries in the capital market, one of the main streams of the economy. She further emphasized that the MoU will create an opportunity for strengthening the Bangladesh capital market utilizing the experience of SEBI.
Shri Sinha stated that SEBI has been actively engaging with the securities market regulators in the SAARC region. He also mentioned about the continuing co-operation between SEBI and BSEC and noted that the MoU will further facilitate training and technical assistance program between the two jurisdictions besides strengthening relations.
Dr. Hossain said that the presence of Hon'ble Prime Minister in the ceremony indicated the government's attention towards the development of capital market. He particularly appreciated the contribution of SEBI for the cooperation and support to Bangladesh Securities and Exchange Commission with respect to its becoming signatory to the multilateral Memorandum of understanding of International Organization of Securities Commissions (IOSCO). He also recalled the assistance received by BSEC from SEBI for its various reform initiatives in recent years.
The MoU, inter alia, seeks to promote further development of economic links and cooperation between the two signatories and aims at enhancing investor protection and creating conditions for an effective development of securities markets in the two countries.
In the past, SEBI has signed 20 bilateral MoUs with a number of countries. India and Bangladesh both are signatories to the multilateral MoU of International Organization of Securities Commissions (IOSCO).
November 23, 2015