IBBI inks MoU with SEBI
IBBI
gaze a better
Implementation
of IBC
The
Insolvency and Bankruptcy Board of India (IBBI) signed a Memorandum of
Understanding (MoU) today with the Securities and Exchange Board of India
(SEBI). 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 provides for, (a) sharing of information between the two parties, subject
to the limitations imposed by the applicable laws; (b) sharing of resources
available with each other to the extent feasible and legally permissible.
(c)
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.
(d)
cross-training of staff in order to enhance each party's understanding of the
other's mission for effective utilisation of collective resources; (e) capacity
building of insolvency professionals and financial creditors; (f) joint efforts
towards enhancing the level of awareness among financial creditors about the
importance and necessity of swift insolvency resolution process of various
types of borrowers in distress under the provisions of the Code, etc.
The
MoU was signed by Shri Anand Baiwar, Executive Director, SEBI, and Shri Ritesh
Kavdia, Executive Director, IBBI, at Mumbai
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