CBDT, SEBI to exchange data, call their agreement 'beginning of a new era'

'Any information' available in the databases of the two organisations can be shared on request for access.

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.