Astana Financial Services Authority and Securities and Exchange Board of India signed agreement to enhance cooperation

The Astana Financial Services Authority (AFSA) and the Securities and Exchange Board of India (SEBI) have entered into a Memorandum of Understanding (MoU) for mutual co-operation and technical assistance.

The MoU was signed by Mr. Mukhtar Bubeyev, the Acting Chief Executive Officer of the AFSA, and Mr. Ajay Tyagi, Chairman of the SEBI. The arrangement enables collaboration on joint initiatives and efforts to bolster the growth of the financial markets in both India and Astana International Financial Centre.

The AFSA and the SEBI seek to encourage exchange of information in supervision and enforcement in order to facilitate cross-border business of financial institutions in both jurisdictions. The signing of the MoU highlights the continuing commitment of both jurisdictions to foster greater regulatory cooperation.

Mr. Bubeyev welcomed the signing of the MoU, saying: “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 MoU with the Securities and Exchange Board of India and we look forward to building a strong relationship between our institutions.”

Mr. Ajay Tyagi said: “We are pleased to sign this MoU with AFSA which will enhance bilateral co-operation 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 MoU will be a valuable tool for cross-border co-operation. The MoU will also promote exchange of information for technical assistance and training needs, apart from facilitating cross-border investments.”