SEBI–ASIC tie-up could reshape financial regulation

By Bhushan Salunke
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Photos supplied by Bhushan Salunke

Dr Sonia Khosa, University of Sydney, launched her book, Deeper Strategic Collaboration in the Securities Sector: India and Australia on 13 November 2025 at ANU Law School, Canberra.

Her book, developed as part of her PhD thesis, examines how India and Australia can work together to strengthen financial regulation by comparing the roles of SEBI and ASIC against international securities standards. This accomplishment is all the more remarkable given that she completed it while raising two young children!

The book launch had speeches by Gopal Baglay, Gail Pearson, Pradeep Ramakrishnan, Arjun Prasad, Sunil J. Kadam, Prabhas Rath and Associate Professor Akshaya Kamalnath (moderator), followed by a panel discussion.

A Kashmiri Pandit by heritage, Sonia was born in Jammu and Kashmir and raised across India. She attended the prestigious Welham Girls’ School in Dehradun and earned her law degree from ILS Law College, Pune. Sonia began her career with SEBI in Mumbai, where she developed deep expertise in securities markets and gained global exposure through international regulatory collaborations. Nine years ago, she migrated to Australia, where these experiences laid the foundation for her PhD research and academic career.

Dr. Sonia Khosa serves as an interdisciplinary lecturer and researcher at the University of Sydney, focusing on strategic collaboration, regulatory design, and complex problem-solving in the financial and securities sectors. Her research explores cross-border cooperation, policy alignment, and institutional capabilities to enhance market integrity and build resilient financial systems.

In teaching, she spearheads interdisciplinary initiatives that unite students from varied fields with industry partners to tackle real-world challenges, emphasising higher-order thinking, workplace skills, and collaborative solutions.

Her wider interests encompass the evolution of regulation, digital transformation in financial governance, and evidence-based policies for greater transparency and accountability. She actively bridges academia, industry, and government to drive informed decision-making amid global changes.

At the launch, Dr Sonia Khosa elaborated the core arguments and the roadmap, focusing on why and how India and Australia should build a structured securities-regulation partnership. She explained how the two countries’ complementary market structures and shared regulatory philosophies create a solid foundation for deeper cooperation in an era of globalised capital flows, digitalisation, and complex cross-border financial risks.

She explained the need for closer securities cooperation between India and Australia to be both strategically important and practically feasible, given their roles as Indo-Pacific democracies and their alignment with IOSCO principles on market integrity, investor protection, and systemic-risk awareness. This cooperation is positioned as a potential norm-setter that could influence wider regional and global regulatory standards.

The book compares the regulatory foundations of SEBI and ASIC, highlights core collaboration areas between the two, and lays out a phased roadmap for achieving these objectives while addressing the challenges involved.

  • Deeper, Strategic Collaboration in the Securities Sector: India and Australia by Dr Sonia Khosa
  • ISBN: 9781760467036
  • Price: $69.99
  • Where to buy: Amazon, Booktopia

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