The nation's top financial regulator met with the chairman of the global index provider Morgan Stanley Capital International, or MSCI, and discussed South Korea's inclusion in its advanced market index.

In the meeting with MSCI Chairman Henry Fernandez on Friday, Financial Service Commission Chairman Yim Jong-yong explained efforts by the South Korean government and the local market and asked for consideration to include South Korea in the MSCI's developed market(DM) index.

South Korea is viewed as a developed market by international organizations including the International Monetary Fund as well as the Dow Jones Industrial Average index.

However the country has remained an emerging market status in the MSCI, an index that wields major impact on investors. 

Fernandez avoided a direct response and said he will make a statement later at an opportune time.