CBDT, SEBI sign MoU for data exchange between the two organizations

The Central Board of Direct Taxes (CBDT) and the Securities and Exchange Board of India (SEBI) today signed a Memorandum of Understanding (MoU) for data exchange between the two organizations. Ministry of Finance in a statement said, 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, the two organizations will also exchange with each other, on request and suo moto basis, any information available in their databases to carry out their functions under various laws.

Income Tax Department of India through a tweet said, "A formal Memorandum of Understanding (MOU) was signed today between CBDT & SEBI, via video conference, for exchange of data between the two organizations." It added, "This will facilitate sharing of data & information on automatic, regular, request & suo moto basis. A Data Exchange Steering Group has been constituted for the initiative which will meet periodically to review the data exchange status & to improve the effectiveness of data sharing mechanism. The MoU marks the beginning of a new era of cooperation & synergy between SEBI & CBDT."

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.