The Securities and Exchange Board of India (SEBI) and the Central Board of Direct Taxes (CBDT) signed a Memorandum of Understanding (MoU) for data and information exchange between the two organisations.
The information exchange MoU was signed by Madhabi Puri Buch, Whole Time Member of SEBI and Anu J. Singh, Pr. DGIT (Systems) of CBDT. The programme happened in the presence of senior officers from both the organisations through video conference.
The MoU will facilitate the sharing of information and data between the SEBI and the CBDT on an automatic and regular basis. In addition to regular exchange of data, the SEBI and the CBDT will also exchange with each other, on request and suo moto basis, any information available in their respective databases, to carry out their functions under various laws.
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A Data Exchange Steering Group has also been constituted for the initiative, which will meet periodically to review the data exchange status and take steps to improve the effectiveness of the sharing mechanism further.
The statement added that MoU marks the beginning of a new era of cooperation and synergy between the SEBI and the CBDT. Also, this MoU makes sure that the administration is done more effectively.
For any clarifications/feedback on the topic, please contact the writer at dvsr.anjaneyulu@cleartax.in
DVSR Anjaneyulu known as AJ, is a Chartered Accountant by profession. Loves to listening to music & spending time with family and friends.
