TEHRAN – The CEO of Iran’s Securities and Exchange Organization Shapour Mohammadi signed an agreement with Securities and Exchange of Board of India (SEBI) to cooperate in the mercantile exchange sector.
According to reports, Mohammadi signed the deal with chairman of the SEBI Mr Ajay Tyagi in Mumbai, India.
The agreement will provide the ground for trade of a package of goods like bitumen in the mercantile exchanges of both states.
Bitumen will be sold to India after a protocol is finalized between both states. Bitumen is a strategic commodity for India which can be purchased from Iran and Indian buyers can purchase it in Iran’s Mercantile Exchange. The agreement will delete middlemanship and will lead to more transparency in the prices.
Dr. Mohammadi invited Indian officials for inauguration of trade between mercantile exchanges of both states and for implementing the common grounds for cooperation.
According to reports, India’s pact with Iran will promote technical assistance and facilitate cross-border co-operation in the area of securities regulations.
It will facilitate mutual assistance, contribute towards efficient performance of the supervisory functions, and enable effective enforcement of laws and regulations governing the securities markets.
“The Securities and Exchange Board of India (SEBI) and Securities & Exchange Organization (SEO) of Iran have entered into a bilateral Memorandum of Understanding (MoU) for mutual cooperation and technical assistance,” SEBI said in a statement.
SEBI has signed nearly two dozen bilateral MoUs with the regulators of various jurisdictions. The markets regulator is also a signatory to the multilateral MoU of International Organization of Securities Commissions (IOSCO).