SME Times News Bureau | 19 Mar, 2019
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 sharing of information between
the two parties, subject to the limitations imposed by the applicable laws;
It will also focus on sharing of resources
available with each other to the extent feasible and legally permissible;
The MoU will help cross-training of staff in order
to enhance each party's understanding of the other's mission for effective
utilisation of collective resources;
The MoU also provides for capacity building of
insolvency professionals and financial creditors.
The MoU was signed by Anand Baiwar, Executive
Director, SEBI, and Ritesh Kavdia, Executive Director, IBBI, at
Mumbai.
