The Securities and Exchange Board of India on 8th July 2020 has signed a Memorandum of Understanding (MoU) with the Central Board of Direct Taxes to exchange data. 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 on suo moto basis, any information available in their respective databases, for the purpose of carrying out their functions under various laws.
The MoU comes into force immediately and it 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.
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