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MCA and SEBI sign Memorandum of Understanding for data exchange

The Ministry of Corporate Affairs (MCA) and the Securities and Exchange Board of India (SEBI) signs a memorandum of understanding for facilitating consistent sharing of data exchange between the two regulatory organizations. The Memorandum of Understanding comes in the wake of the increasing requirement for surveillance with regards to corporate frauds affecting vital sectors of the economy.

The Memorandum of Understanding was signed by Shri K.V.R. Murty, Joint Secretary (MCA) and Smt. Madhabi Puri Buch, Whole Time Member of SEBI in the presence of senior officers from both associations.

This assumes significance as the Ministry of Corporate Affairs (MCA) has the database of every single registered corporation while Securities and Exchange Board of India (SEBI) only regulates listed entities that might have unlisted subsidiaries, with the MCA having access to every one of the data of such unlisted entities.

However, there is already a protocol of sharing of information between the capital markets regulator Ministry and, in many cases, the regulator has likewise sent its orders against different entities to the MCA for further action.

As per the Ministry's announcement, the MoU would facilitate the exchange of data as well as information between SEBI and MCA on an automatic and regular basis. It would enable sharing of specific data, for example, details of suspended organizations, delisted organizations, shareholding pattern from SEBI as well as financial statements filed with the Registrar Of Companies (ROC), returns of allotment of shares, audit reports relating to corporations.

The MoU would make sure that both MCA and SEBI have consistent linkage for regulatory purposes. In addition to regular exchange of information, MCA and SEBI would also exchange with one another, on request, any data available in their respective databases, for the purpose of carrying out scrutiny, examination, investigation, as well as prosecution.

The move comes in the midst of alleged frauds being investigated by Sebi and the MCA into Fortis Healthcare and Religare Enterprises Ltd, and the brokers of National Spot Exchange Ltd (NSEL).

Therefore, the MoU comes in the wake of the increasing requirement for surveillance with regards to corporate frauds affecting vital sectors of the economy. As the private sector assumes an increasingly fundamental role in economic development, the requirement for a robust corporate governance system becomes the need of the hour.

The pact comes into power from the date it was signed and is an ongoing initiative of MCA as well as SEBI, who are already collaborating through various existing mechanisms.

A Data Exchange Steering Group was constituted for the initiative, which would meet periodically towards reviewing the information exchange status and take measures to further improve the effectiveness of the information sharing mechanism.

Securities and Exchange Board of India

It is the regulator for the securities market in India. It was established on April 12, 1988, as a non-statutory body. It was accorded statutory status in accordance with provisions of Securities and Exchange Board of India Act, 1992. It is a quasi-legislative, quasi-executive and quasi-judicial body. It could draft regulations, conduct inquiries, pass rulings and even impose penalties.

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MCA and SEBI sign Memorandum of Understanding for data exchange

MCA and SEBI sign Memorandum of Understanding for data exchange

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MCA and SEBI sign Memorandum of Understanding for data exchange

MCA and SEBI sign Memorandum of Understanding for data exchange

Author:

Leave a Comment

Previous Comments

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