The Central Depository Services (India) Ltd [CDSL] and Bursa Malaysia Depository Sdn. Bhd. (Bursa Malaysia Depository) today signed a Memorandum of Understanding (MOU) to pursue cooperative relationship and opportunities in the areas of securities clearing and depository.
Under the terms of the MOU, the two parties will establish an understanding to help foster the prosperity of their financial markets and explore opportunities in cross border investments. This agreement will also facilitate the exchange of information and expertise on business operating models and securities market developments.
Mr. Devanesan Evanson, Chief Market Operations Officer of Bursa Malaysia said, "We are pleased to be working with CDSL where there are plenty of opportunities for us to develop and exchange ideas from various aspects. These will include educational and learning strategies, technology and expertise sharing as well as industrial issues and challenges. These possibilities will lead us to a higher level of working relationship between both parties."
"I see the MOU as a step towards strengthening the friendly and cooperative ties between the two Central Securities Depositories and a catalyst to a long and productive business relationship. We are sure that this event will result in significant, tangible benefits to both organisations and we will be able to make contributions to the securities markets development of Malaysia and India through information sharing and mutual communication." said Mr. P. S. Reddy, Executive Director of CDSL."
He further added, "By sharing each other's valuable experience of both our markets, the MOU will open a new window to learn about each others' regulatory frameworks, core operational activities and risk-management measures. This could lead to assimilation of best practices that would increase system efficiency."