Economy

Cabinet approves multilateral MoU of international finance services agencies

Our Bureau New Delhi | Updated on July 28, 2021

Expected to enable information exchange, ease of doing business

The Union Cabinet on Wednesday approved a multilateral memorandum of understanding (MoU) signed between the International Financial Services Centres Authority (IFSCA), the International Organisation of Securities Commissions (IOSCO), and the International Association of Insurance Supervisors (IAIS).

“This is one of the biggest multilateral forums, with several regulators on it. It has 124 signatories. India joining this forum will enable all kinds of exchange of information and ease of doing business for those registering themselves in the Gujarat International Finance Tec-City (GIFT City),” Nirmala Sitharaman, Finance Minister said at a briefing post the Cabinet meeting.

GIFT City has a single window for all regulators. Similarly, in many of these agencies (international benchmark setting agencies), cross-border cooperation is one of the biggest aspects. “So we will begin from that,” she said.

The Cabinet has also approved appointment of two members for tribunals and two for administrative services for the Jammu and Kashmir Administrative Tribunal.

Published on July 28, 2021

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