The Dubai Financial Services Authority (DFSA) on Thursday entered into a Memorandum of Understanding with the Securities and Exchange Board of India (SEBI) in Mumbai.

The MoU was signed by SEBI Chairman CB Bhave and on behalf of the DFSA by Chief Executive Paul Koster a Dubai International Financial Centre (DIFC) seminar called 'India-UAE Partnership: Investments, Opportunities and Synergies'.

"There are a number of branches of Indian firms operating in the DIFC... so this agreement, which reflects the responsibilities of both agencies, will enhance information sharing and co-operation between the DFSA and SEBI as regulators of these firms," Koster said.

The arrangement establishes a framework for mutual assistance and aims to contribute towards efficient performance of supervisory functions and effective enforcement of the laws and regulations governing the markets in their respective jurisdictions.

DFSA is the independent regulator of financial and ancillary services conducted in or from the DIFC.

The DFSA’s regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodity derivatives exchange.