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Newq Delhi : A formal Memorandum of Understanding (MoU) was signed on July 8, 120210, between the Central Board of Direct Taxes (CBDT) and Securities and Exchange Board of India (SEBI) for data exchange between the two organisaations. The MoU was signed by Anu J Singh, Pr. DGIT (Systems), CBDT, and Madhabi Puri Buch, Whole Time Member, SEBI, in the presence of senior officers from both the organisaations via video conference.
The MoU will facilitate the sharing of data and information between SEBI and CBDT on an automatic and regular basis. In addition to regular exchange of data, SEBI and CBDT will also exchange with each other, on request and suo moto basis, any information available in their respective databases, for the purpose of carrying out their functions under various laws, according to a PIB release.
The MoU comes into force from the date it was signed and is an ongoing initiative of CBDT and SEBI, who are already collaborating through various existing mechanisms. 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 further improve the effectiveness of the data sharing mechanism. The MoU marks the beginning of a new era of cooperation and synergy between SEBI and CBDT.