Securities and Exchange Board of India Current Affairs - 2019
Category Wise PDF Compilations available at This Link
Insolvency and Bankruptcy Board of India (IBBI) and Securities and Exchange Board of India (SEBI) have signed a Memorandum of Understanding (MoU) to assist and co-operate with each other for the effective implementation of the Insolvency and Bankruptcy Code.
Components of the MoU
- Sharing of information between the two parties.
- Sharing of resources available with each other to the extent feasible and legally permissible.
- Periodic meetings to discuss matters of mutual interest, including regulatory requirements that impact each party’s responsibilities, enforcement cases, research and data analysis, information technology and data sharing, or any other matter that the parties believe would be of interest to each other in fulfilling their respective statutory obligations.
- Cross-training of staff in order to enhance each party’s understanding of the other’s mission for effective utilisation of collective resources.
- Capacity building of insolvency professionals and financial creditors.
- Joint efforts towards enhancing the level of awareness among financial creditors about the importance and necessity of swift insolvency resolution process of various types of borrowers in distress under the provisions of the Code.
Insolvency and Bankruptcy Code
The Insolvency and Bankruptcy Code provides for a time-bound process to resolve insolvency and it creates various institutions to facilitate resolution of insolvency. Insolvency and Bankruptcy Code consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.
The Reserve Bank of India (RBI) has constituted a panel under the former deputy governor Usha Thorat to examine issues related to offshore rupee markets and recommend policy measures to ensure the stability of the external value of the domestic currency.
Mandate for the Panel
- The panel will study the causes behind the development of the offshore rupee market and examine the effects of the offshore markets on the rupee exchange rate and market liquidity in the domestic market.
- The panel will also recommend measures to address concerns, if any, arising out of offshore rupee trading besides proposing measures to generate incentives for non-residents to access the domestic market.
- The panel will recommend measures to generate incentives for non-residents to access the domestic market and examine the role if any, International Financial Services Centres (IFSCs) can play in addressing these concerns.
The members of the Usha Thorat panel will include a nominee from the Department of Economic Affairs, nominee from the Securities and Exchange Board of India, Ajit Ranade, Chief Economist of the Aditya Birla Group, Sajjid Chinoy, Chief Economist, JPMorgan, Surendra Rosha, CEO, India, HSBC, Adviser-in-charge, Department of Economic Policy and Research, RBI, and Chief General Manager, Financial Markets Regulation Department, RBI.
Tags: Department of Economic Affairs • Department of Economic Policy and Research • Financial Markets Regulation Department • offshore rupee market • RBI • Reserve Bank of India • Securities and Exchange Board of India • Usha Thorat Panel