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Home STOCKS Sebi, CBDT MoU aimed at maximizing market transaction scrutiny: Legal professionals

Sebi, CBDT MoU aimed at maximizing market transaction scrutiny: Legal professionals

Mumbai: The Securities and Trade Board of India has signed a memorandum of knowledge(MoU) with Central Board of Immediate Taxes( CBDT) on Wednesday for info sharing on automatic and typical basis. Attorneys reported the shift is aimed at enhancing the tax department’s scrutiny of stock market transactions that are aimed at evading taxes.
“The MoU will guarantee that both equally CBDT and SEBI have seamless linkage for data trade. In addition to typical trade of facts, CBDT and SEBI will also exchange with every other, on ask for and suo moto basis, any data readily available in their respective databases, for the purpose of carrying out scrutiny, inspection, investigation and prosecution,” Sebi explained in a statement.
The regulator stated a info exchange steering team has been shaped for the initiative, which will meet periodically to critique the knowledge trade standing and take actions to further more improve the efficiency of the info sharing mechanism.
“Sebi and IT Dept has been cooperating with each and every other for a lengthy time for info sharing by means of various platforms these types of as Regional Financial Intelligence Committee (REIC). On the other hand, this MOU is vital as it will make information and facts sharing typical and computerized systematically. Most developed securities regulator have these kinds of understandings and IOSCO framework also encourages it,” mentioned Sumit Agrawal, Founder, Regstreet Regulation & former Sebi formal.
The MoU will come into impact from Wednesday alone.
In the earlier, Sebi has cracked on quite a few entities who had manipulated the inventory selling prices of mentioned firms. The regulator had noticed in the penny stock rip-off that promoters and market operators were being working with the inventory trade platform to evade taxes and launder black funds.

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