Securities and Exchange Board of India
Date: Mar 19, 2019
PR No.: 10/2019
Securities and Exchange Board of India signs a Memorandum of Understanding with the Insolvency and Bankruptcy Board of India
Securities 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.
2. SEBI 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.
3. The 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.