NE BUSINESS BUREAU
NEW DELHI, JAN 1
The International Financial Services Centres Authority (IFSCA) on Friday said it has become an associate member of the International Organization of Securities Commissions.
The International Organization of Securities Commissions (IOSCO) works closely with the G20 and the Financial Stability Board in setting up the standards for strengthening the securities markets, IFSCA said.
The IOSCO Objectives and Principles of Securities Regulation have been endorsed by the Financial Stability Board as one of the key standards for sound financial systems.
The membership of IOSCO would provide IFSCA with the platform to exchange information at the global level and regional level on areas of common interests.
Further, the IOSCO platform would enable IFSCA to learn from the experiences and best practices of the regulators of other well established financial centres, it said.
The first International Financial Services Centre (IFSC) in the country has been set up at the Gujarat International Finance Tec-City (GIFT) in Gandhinagar.
To regulate such institutions, the government established IFSCA on April 27 last year with its head office in Gandhinagar.
In December 2019, Parliament passed a bill to set up a unified authority for regulating all financial activities at IFSCs in the country.
