Securities and Exchange Board of India
signs a Memorandum of Understanding with the Insolvency and Bankruptcy Board of
and Exchange Board of India (SEBI) signed a Memorandum of Understanding (MoU)
today with the Insolvency and Bankruptcy Board of India (IBBI) at Mumbai. The
said MoU was signed by Shri Anand R. Baiwar - Executive Director, SEBI and Shri
Ritesh Kavdia – Executive Director, IBBI.
and IBBI being interested in the effective implementation of Securities
laws and Insolvency and
Bankruptcy Code, 2016 (‘Code’) including the SEBI (Appointment
of Administrator and Procedure for Refunding to the Investors) Regulations,
2018 (Administrator Regulations)
have agreed under the MoU to co-operate with each other.
MoU, inter alia, provides for: (a)
sharing of information between SEBI and IBBI subject to the limitations imposed
by the applicable laws; (b) panel of Insolvency Professionals (IPs) to be
appointed as Administrators under Administrator Regulations; (c) periodic meetings to discuss
matters of mutual interest, including regulatory requirements that impact their
responsibilities, research and data analysis, information technology and data
sharing; (d) cross-training of staff; (e) capacity building of insolvency
professionals and financial creditors; (f) joint efforts towards enhancing the
level of awareness among IPs about the importance and necessity of swift
administration process under the provisions of the Administrator Regulations,
promoting entrepreneurship, availability of credit and balancing the interests
of all stakeholders under the Code, etc.