Release: 4919-04
For Release: April 28, 2004

THE CFTC AND THE SECURITIES EXCHANGE BOARD OF INDIA
SIGN COOPERATION ARRANGEMENT

Washington, D.C. – The US Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Board of India (SEBI), the Indian securities regulator, today entered into an Understanding Regarding Regulatory Cooperation, Consultation and the Provision of Technical Assistance (Arrangement). CFTC Chairman James E. Newsome and Chairman G.N. Bajpai of the SEBI signed the Arrangement at CFTC headquarters in Washington, D.C.

In so doing, the CFTC and SEBI announced their desire to establish a mutually acceptable basis for cooperation, consultation and the provision of technical assistance. According to the Arrangement, the CFTC and SEBI jointly commit to the goal of building and maintaining open, efficient and sound financial markets and recognize that the development of effective domestic legal and regulatory structures is essential to market integrity and investor protection.

Chairman Newsome stated, “I believe that international cooperation can facilitate the development and effective operation of our increasingly integrated financial markets. The CFTC is pleased to offer its assistance to the SEBI in such a practical manner. This Arrangement continues the CFTC’s long tradition of developing cooperative arrangements with foreign financial authorities.“

The CFTC and SEBI are also common signatories to the multilateral Memorandum of Understanding concerning Consultation, Cooperation and the Exchange of Information of the International Organization of Securities Commissions (IOSCO).

Media Contacts
Alan Sobba (202) 418-5080
R. David Gary (202) 418-5085
Office of External Affairs

Staff Contact
Myra Silberstein
Special Counsel
Office of International Affairs
202-418-5645

Related Document
CFTC Backgrounder: The CFTC: An Active Partner in Global Cooperation Through Information-Sharing with Other Financial Regulators