CBDT and SEBI agree to give each other access to their data. (Representative photo)
The Central Board of Direct Taxes (CBDT) and the Securities and Exchange Board of India (SEBI) on Wednesday signed a Memorandum of Understanding (MoU) for data exchange between the two organisations.
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 organisations through video conference, said a statement by the Ministry of Finance.
"The MoU will facilitate the sharing of data and information 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, for the purpose of carrying out their functions under various laws," it said.
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 sharing mechanism.
"The MoU marks the beginning of a new era of cooperation and synergy between the SEBI and the CBDT," the statement added.