Today, on 9 July 2020, the Central Board of Direct Taxes (CBDT) signed a Memorandum of Understanding (MoU) with the Securities and Exchange Board of India (SEBI) with the Government of India for data exchange between the two organizations.
The MoU is signed by Ms. Anu J. Singh, PR. MoU through video conference in the presence of DGIT (System), CBDT and Ms. Madhavi Puri Butch, Full Time Member, SEBI Senior officials of both organizations to facilitate sharing of data and information between CBDT and SEBI on a regular and regular basis will provide.
This MoU will ensure that both CBDT and SEBI have seamless linkage to data exchange.
In addition to the regular exchange of data, CBDT and SEBI will also exchange information on any request and litigation moto basis to investigate, inspect, investigate and prosecute the information of anyone available in their respective databases.
The MoU is a unique initiative of CBDT and SEBI, which are already collaborating through various existing mechanisms.
It also constitutes a Data Exchange Steering Group, which will periodically review the status of the data exchange and take steps to further improve the effectiveness of the data sharing system.
The MoU is an important initiative to initiate better cooperation and synergy between SEBI and CBDT.
The MoU has come into force from 9 July 2020 today.
Most frequent questions and answers
Securities and Exchange Board of India (SEBI) is a statutory regulatory body entrusted with the responsibility to regulate the Indian capital markets.
It monitors and regulates the securities market and protects the interests of the investors by enforcing certain rules and regulations.
There are total 20 Regional branches of SEBI in India. It has one headquarter in Mumbai as well. 5 each in East and West zone. 5 in North zone and 4 in south zone plus 1 in Shimla
The Central Board of Direct Taxes (CBDT) is a part of Department of Revenue in the Ministry of Finance.
The CBDT provides inputs for policy and planning of direct taxes in India, and is also responsible for administration of direct tax laws through the IT Department.
CBDT functions as a division of the Ministry of Finance under the Department of Revenue. Its functions include formulation of policies, dealing with natters relating to levy and collection of direct taxes, and supervision of the functioning of the entire Income Tax Department.