Jun 07, 2019
PR No.:
15/2019
SEBI signs
MoU with MCA
A formal Memorandum of Understanding
(MOU) was signed between the Ministry of Corporate Affairs (MCA), Government of
India and the Securities and Exchange Board of India (SEBI) today for data
exchange between the two regulatory organizations. The MoU was signed by Shri
KVR Murty, Joint Secretary, MCA and Smt. Madhabi Puri Buch, Whole Time Member,
SEBI in the presence of senior officers from both the organizations.
The MoU comes in the wake of
increasing need for surveillance in the context of Corporate Frauds affecting
important sectors of the economy. As the private sector plays an increasingly
vital role in economic growth, the need for a robust Corporate Governance
mechanism becomes the need of the hour.
In
the picture: Shri KVR Murty, Joint Secretary, MCA (Left) and Smt. Madhabi Puri
Buch, Whole Time Member, SEBI (Right)
The MoU will facilitate the sharing of
data and information between SEBI and MCA on an automatic and regular basis. It
will enable sharing of specific information such as details of suspended
companies, delisted companies, shareholding pattern from SEBI and financial
statements filed with the Registrar by corporates, returns of allotment of
shares, audit reports relating to corporates. The MoU will ensure that both MCA
and SEBI have seamless linkage for regulatory purposes. In addition to regular
exchange of data, SEBI and MCA will also exchange with each other, on request,
any information available in their respective databases, for the purpose of
carrying out scrutiny, inspection, investigation and prosecution.
The MoU comes into force from the date
it was signed and is an ongoing initiative of MCA and SEBI, who are already
collaborating through various existing mechanisms. A Data Exchange Steering
Group also has 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.
The MoU marks the beginning of a new
era of cooperation and synergy between the two regulators.
Mumbai
June 07, 2019