India is taking very crucial steps, to manage the economical downfall in GDP caused due to the pandemic COVID19. The Indian government is taking all the necessary measures to manage its economy.  Freshly, an MOU agreement between SEBI and CBDT has been signed.

SEBI (Securities and Exchange Board of India) and CBDT (Central Board of Direct Taxes) together undersigned an MOU (Memorandum of Understanding) for the data exchange between these two organizations on Wednesday, 8th July 2020.

The MOU Signatory is greatly trending In India. It was signed by the following officers: Anu J. Singh, (from CBDT) and Madhabi Puri Buch, Whole Time Member, (from SEBI) in the presence of senior officers from both the organizations via video conference. Both of these organizations (SEBI and CBDT) facilitate data sharing and information on a regular basis. These organizations also equally exchange amongst each other any information from their databases. The MOU signed by the two bodies will ensure that both have seamless linkage for data exchange.

The MOU came into force on the 8th of July as per what the market watchdogs said in a press release. MOU is an ongoing initiative. CBDT and SEBI have been showing collaboration through the various already existing mechanisms. The regulator of this agreement said that a data exchange steering group has now been formed for this initiative. This group will meet up periodically to review the data exchange status and take the important steps to further improve the effectiveness of the data-sharing mechanism.

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