The Union Cabinet approved the proposal for signing a bilateral Memorandum of Understanding (MoU) between the Securities and Exchange Board of India (SEBI) and the Financial Regulatory Commission, Mongolia (FRC).
The MoU proposed was in addition to contributing towards strengthening the information sharing framework leading to effective enforcement of securities laws.
Like SEBI, FRC is a co-signatory to the International Organization of Securities Commissions' Multilateral MoU (IOSCO MMoU).
FRC was established in 2006 to supervise and regulate the non-banking sector - insurance and securities markets, and participants of the microfinance sector.
Facts to know:
The International Organization of Securities Commission (IOSCO) was established in 1983.
Headquarters of IOSCO: Madrid, Spain.
IOSCO Asia Pacific Hub is located in Kuala Lumpur, Malaysia.
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