Sebi, IBBI ink deal for better IBC implementation

The Insolvency and Bankruptcy Board of India (IBBI) on Tuesday signed a memorandum of understanding (MoU) with capital markets regulator Sebi for an effective implementation of the Insolvency and Bankruptcy Code, 2016. They have agreed to assist and cooperate with each other for effective implementation of the IBC, subject to limitations imposed by the applicable laws, an official statement said.

The MoU provides for sharing information between Sebi and IBBI and sharing of resources available with each other, the statement added.

There will be periodic meetings to discuss matters of mutual interest, including regulatory requirements that impact each party’s responsibilities, enforcement cases, research and data analysis, among others. Another salient feature of the pact is that there will be cross-training of staff in order to enhance each party’s understanding of the other’s mission for effective utilisation of collective resources. This will be besides initiatives for capacity building of insolvency professionals and financial creditors.

Securities and Exchange Board of India ( SEBI )