Markets regulator Sebi on Tuesday said it has inked pact with Insolvency and Bankruptcy Board of India to effectively implement securities laws, and Insolvency and Bankruptcy Code (IBC).
The pact provides for sharing of information with each other, subject to the limitations imposed by the applicable laws.
Moreover, the pact involves appointment of panel of insolvency professionals (IPs) as administrators under relevant regulations, the release said.
“Sebi and IBBI being interested in the effective implementation of securities laws and IBC… have agreed under the MoU (Memorandum of Understanding) to co-operate with each other,” the release said.
Under the MoU, the regulator and IBBI will have periodic meetings to discuss matters of mutual interest, including regulatory requirements that impact their responsibilities, research and data analysis.
Besides, cross-training of staff, capacity building of insolvency professionals and financial creditors, among others will be provided under the pact.
The Insolvency and Bankruptcy Code (IBC) provides for time-bound and market-determined insolvency resolution.
Source: Money Control, March 20, 2019