The Hindu Business Line : SEBI in pact with SFC Hong Kong

IN a move to allow Indian investors to invest in products trading on the Hong Kong market, the Securities and Exchange Board of India has signed a letter of intent with the Securities and Futures Commission (SFC), Hong Kong.

Both the regulators agree to strengthen co-operation, particularly in matters relating to cross border trading and supervision of investment products, according to the letter signed.

"The Letter of Intent (LoI) that we have signed today will support SEBI's market development objectives by providing the Indian investor with a wider range of investment choices suitable to meet their needs.

"The Hong Kong SFC is committed to working with its counterparts in the Asia- Pacific region towards the development of deeper, more liquid and more integrated markets," said Mr Andrew Sheng, Chairman, SFC.

The LoI would enable the regulators to explore avenues by which home grown financial products such as mutual funds and exchange traded funds can be brought to trade in each other's market.

However, Mr Sheng said the two bodies have not discussed the exact nature of products that will be allowed.

This is the first LoI that SEBI has signed; it would be signing several more, said Mr M. Damodaran, Chairman, SEBI.

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