New Delhi: The Union Cabinet on Wednesday approved the signing of a bilateral Memorandum of Understanding (MoU) between market regulator Securities and Exchange Board of India (SEBI) and Manitoba Securities Commission, Canada.

The MoU seeks a formal basis for cross-border cooperation in the area of securities regulation, and would facilitate mutual assistance, contribute towards efficient performance of supervisory functions, aid in imparting technical domain knowledge and enable effective enforcement of the laws and regulations governing the securities markets.

It would also make investors from Manitoba eligible for registration as foreign portfolio investors (FPIs) with SEBI. Around 20 Manitoba-domiciled FPIs with total assets under custody of Rs 2,665 crore are expected to benefit from this bilateral pact and would be eligible to continue investing in the Indian markets, an official statement said. /BI/