New Delhi (NVI): The International Financial Services Centres Authority (IFSCA) becomes an associate member of the International Organization of Securities Commissions (IOSCO), to connect with the regulators of securities market worldwide.
According to an official statement, IOSCO is the international organization that brings together the world’s securities regulators, covering more than 95 per cent of the world’s securities markets, and is the global standard setter for the securities sector.
“The organization works closely with the G20 and the Financial Stability Board (FSB) in setting up the standards for strengthening the securities markets,” the Ministry of Finance said in a statement.
It added that, the IOSCO objectives and principles of securities regulation have been endorsed by FSB as one of the key standards for sound financial systems.
The membership of IOSCO is a significant milestone in connecting IFSCA with the regulators of securities markets globally.
Further, the IOSCO platform would enable IFSCA to learn from the experiences and best practices of the regulators of other well established financial centres.
The IOSCO’s membership will also provide IFSCA the platform to exchange information at the global level and regional level on areas of common interests, the ministry said.
It would also contribute immensely towards the development and regulation of the financial products, financial services and institutions at the Gujarat International Finance Tec-City International Financial Services Centre (GIFT), it added.