U.S. Securities & Exchange Commission
SEC Seal
Home | Previous Page
U.S. Securities and Exchange Commission

SEC Conducts Training Program on Investment Company Regulation, Examination and Enforcement in Mumbai, India


Washington, D.C., March 23, 2007 - The Securities and Exchange Commission today announced the completion of its first-ever foreign regulator training program focused primarily on regulating and examining investment companies and investment advisors. The four-day program in Mumbai, India was attended by more than 60 officials from the Securities and Exchange Board of India (SEBI) and securities exchanges and securities depositories in India.

The Mumbai program was conducted through the Commission's technical assistance and training program and was co-sponsored by the U.S. Agency for International Development/India Mission, which funded the program.

M. Damodaran, Chairman, Securities and Exchange Board of India, said, "SEBI is a relatively young regulator compared to the U.S. SEC and looks forward to benefiting from the considerable experience and expertise that the U.S. SEC has gained over the years -- especially in matters relating to regulatory oversight, monitoring and examining of investment advisers and investment companies."

Christopher Cox, Chairman of the SEC, said, "This program benefits investors in each of our countries. In today's increasingly global securities marketplace, sharing views among regulators is essential to effective, forward-thinking regulation that protects investors and promotes healthy, fair and efficient capital markets."

Ethiopis Tafara, Director of SEC's Office of International Affairs said, "The Indian securities market has had tremendous growth and development in the past several years. The SEC staff is extremely pleased to have the opportunity to provide technical assistance that focuses on the regulatory challenges involving investment companies and investment advisers and that may serve to contribute to the protection of all investors seeking investment opportunities in India."

The Mumbai program included sessions on registration of an investment company's securities, regulation of advertising and sales literature, the responsibilities of an investment company's board of directors, and issues concerning valuation of portfolios of investment companies, portfolio management, and internal operations of investment companies.

The SEC has provided technical assistance and training to the SEBI since 2002 under an agreement between the SEC and the USAID/India Mission. Such technical assistance and training has focused on such areas as broker-dealer regulatory oversight, issuer disclosure, inspection of broker-dealers, oversight of exchanges and self regulatory organizations, enforcement, and anti-money laundering regulations. In the past 18 months, the SEC has provided training to over 300 officials in India.

The SEC's technical assistance training programs last year provided training for more than 1,000 foreign officials from 107 foreign jurisdictions, including programs in China, India, Malaysia, the Philippines, Thailand, Vietnam, Ecuador, Peru, Trinidad and Tobago, Bahrain, Saudi Arabia, Kuwait and Iraq.

The SEC's flagship training programs are its International Enforcement Institute held in the fall of each year, and its International Institute for Market Development held in the Spring. Last year, the Institute for Market Development audience totaled 148 senior securities officials from 68 emerging market countries. The technical assistance program includes regional training programs such as bilateral training programs, reviews of foreign statutes and regulations, and responses to specific technical assistance inquiries.

For more information on SEC's technical assistance program, contact Dr. Robert M. Fisher or Ester Saverson, Jr. at the Office of International Affairs at 202-551-6690 or by e-mail at OIA@SEC.gov.

# # #



Modified: 03/23/2007