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IBBI, SEBI sign MoU to improve implementation of IBC

The MoU also covers cross-training of staff, effective utilisation of collective resources as well as capacity building of insolvency professionals and financial creditors
Mumbai: A memorandum of understanding (MoU) was signed between the Insolvency and Bankruptcy Board of India (IBBI) and the Securities and Exchange Board of India (SEBI) on Tuesday to improve the implementation of the new bankruptcy law. According to an official statement, the executive director of SEBI, Anand Baiwar, and of IBBI, Ritesh Kavdia, signed the MoU which involves sharing information and resources.
Periodic meetings will be planned to discuss matters of mutual interest, including regulatory requirements, enforcement cases, research, data analysis, information technology and data sharing. The MoU also covers cross-training of staff, effective utilisation of collective resources as well as capacity building of insolvency professionals and financial creditors

The scope of the MoU

Periodic meetings will be planned to discuss matters of mutual interest, including regulatory requirements, enforcement cases, research, data analysis, information technology and data sharing. The MoU also covers cross-training of staff, effective utilisation of collective resources as well as capacity building of insolvency professionals and financial creditors. The two organisations would also make joint efforts towards improving awareness amidst financial creditors about the importance and the necessity of swift insolvency resolution process of various types of borrowers in distress under the Insolvency and Bankruptcy Code (IBC).