The Central Board of Immediate Taxes (CBDT) and the Securities and Trade Board of India (SEBI) on Wednesday signed a Memorandum of Understanding (MoU) for information trade among the two organisations.
The MoU was signed by Anu J. Singh, Pr. DGIT (Devices), CBDT and Madhabi Puri Buch, Complete Time Member, SEBI in the existence of senior officers from each the organisations by way of online video meeting, reported a statement by the Ministry of Finance.
“The MoU will aid the sharing of information and information among the SEBI and the CBDT on an automatic and standard foundation. In addition to standard trade of information, the SEBI and the CBDT will also trade with each and every other, on ask for and suo moto foundation, any information readily available in their respective databases, for the purpose of carrying out their functions beneath numerous legal guidelines,” it reported.
A Facts Trade Steering Team has also been constituted for the initiative, which will meet periodically to critique the information trade status and just take steps to more enhance the effectiveness of the sharing system.
“The MoU marks the starting of a new era of cooperation and synergy among the SEBI and the CBDT,” the statement extra.