India’s International Financial Services Centre Authority (IFSCA) and the Monetary Authority of Singapore (MAS) has signed a Memorandum of Understanding (MOU) on supervisory cooperation in the presence of the Prime Minister of India Shri. Narendra Modi.
The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India.
At present, the GIFT IFSC is the maiden international financial services center in India.
The MOU provides a framework for supervisory cooperation between the two authorities in relation to financial services including stock exchanges and technical cooperation.
It paves the way for mutual assistance and the facilitation of the exchange of information between the authorities, to strengthen the supervision of cross-border operations of the exchanges and compliance by the exchanges with the applicable laws and regulations.
Ravi Menon
Ravi Menon, Managing Director at MAS said,
“This MOU not only paves the way for deeper collaboration between IFSCA and MAS, but will also facilitate greater partnership between financial institutions in India and in Singapore.
There is scope for greater markets connectivity between India and Singapore and this MOU will facilitate exploring opportunities.”
