NewDelhi : The Insolvency Bankruptcy Board of India (IBBI) today signed a Memorandum of Understanding (MoU) with market regulator Securities and Exchange Board of India (SEBI) for better implementation of Insolvency and Bankruptcy Code (IBC).
The IBBI and the SEBI seek effective implementation of the Insolvency and Bankruptcy Code, 2016 (Code) and its allied rules and regulations, which have redefined the debt-equity relationship and aims to promote entrepreneurship and debt market. They have agreed under the MoU to assist and co-operate with each other for the effective implementation of the Code, subject to limitations imposed by the applicable laws.
The MoU was signed by Anand Baiwar, Executive Director, SEBI, and Ritesh Kavdia, Executive Director, IBBI, at Mumbai.
The MoU provides for sharing of information between the two parties, subject to the limitations imposed by the applicable laws, sharing of resources available with each other to the extent feasible and legally permissible. It has also provisions for periodic meetings to discuss matters of mutual interest, including regulatory requirements that impact each party’s responsibilities, enforcement cases, research and data analysis, information technology and data sharing, or any other matter that the parties believe would be of interest to each other in fulfilling their respective statutory obligations, cross-training of staff in order to enhance each party’s understanding of the other’s mission for effective utilisation of collective resources, capacity building of insolvency professionals and financial creditors.