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The Central Board of Direct Taxes (CBDT), apex policy making body for personal income tax and corporate tax, and capital market regulator, SEBI, have joined hands for exchange of data.
These two bodies signed a Memorandum of Understanding (MoU) on Thursday. “The MoU marks the beginning of a new era of cooperation and synergy between SEBI and CBDT,” said a Finance Ministry statement. It 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, both institutions will also exchange, on request and suo moto basis, any information available in their respective databases, for the purpose of carrying out their functions under various laws.
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.
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