Securities and Exchange Board of India (SEBI) signed a Memorandum of Understanding (MoU) with Central Board of Direct Taxes (CBDT), Government of India, via video-conference on July 08, 2020, for data exchange between the two organizations.
The Securities and Exchange Board of India is the regulator of the securities and commodity market in India. On the other hand, the Central Board of Direct Taxes (CBDT) heads the Income Tax Department whilst providing inputs for policy and planning of direct taxes in India, and is also responsible for the administration of direct tax laws through the IT Department.
The MoU will facilitate the sharing of data and information between CBDT and SEBI on an automatic and regular basis. The MoU will ensure that both CBDT and SEBI have seamless linkage for data exchange. In addition to the above, SEBI and CBDT shall also share with each other any information available with them in their database, on request and suo moto basis for the purpose of carrying out scrutiny, inspection, investigation and prosecution.
What this means is that your share trading data and other such information will now be available with the Income Tax Department.
A Data Exchange Steering Group has been constituted for the data exchange initiative, which will meet periodically to review the data exchange status and improve effectiveness of data sharing mechanism.
“The MoU marks the beginning of enhanced cooperation and synergy between SEBI and CBDT”
SEBI Press Release
