India, Lux financial watchdogs sign MoU

The Securities and Exchange Board of India (SEBI) and the Luxembourg financial sector supervisory commission (CSSF) have signed a Memorandum of Understanding on mutual cooperation and technical assistance relating to the supervision of securities markets.

The agreement covers the exchange of regulatory and technical information, as well as cooperation as regards supervision and inquiries, the CSSF said in a statement. The MoU came into effect on 2 June and was announced a day later.

Claude Marx, CSSF director general, said the memorandum would be “an important cornerstone” in strengthening cooperation between both watchdogs.

“We look forward to a stronger partnership with CSSF leading to enhanced cross-border co-operation and exchange of information for discharge of our regulatory mandates,” said Ajay Tyagi, chairman of SEBI.

In November last year, Luxembourg hosted its first e-summit with India, which saw prime minister Xavier Bettel (DP) virtually meet his counterpart, Narendra Modi. The memorandum of understanding between SEBI and the CSSF was discussed at the time, with Bettel saysing Luxembourg could serve as a bridge to connect India’s financial sector to Europe.

The Luxembourg Stock Exchange in parallel to the summit signed agreements with the State Bank of India and the India International Exchange Limited.

“Through these two milestone agreements with SBI and INX, we enter the Indian market to bring international investors closer to Indian issuers, and build strong and mutually beneficial relationships with Indian market participants, particularly in the green sphere,” said Robert Scharfe, then LuxSE’s CEO.

Scharfe has since stepped down and was succeeded by Julie Becker.