SEBI inks pact with DoT to curb fraud

Market regulator Securities and Exchange Board of India (SEBI) on Wednesday said it has entered into an agreement with the Department of Telecommunications (DoT) to enable regular sharing of data and information between the two entities to curb fraud in the securities market. The Memorandum of Understanding (MoU) comes into force from April 15, the SEBI said in a statement.

SEBI said DoT has developed a Digital Intelligence Platform (DIP), which is a secure framework for real-time intelligence sharing and coordination among various stakeholders, to combat cybercrime and financial fraud by enabling proactive action against the misuse of telecom resources.

“The MoU will facilitate the sharing of data and information between DoT and SEBI, on a regular basis, for the purpose of fighting fraud in the securities market,” SEBI said.

The pact was signed by Sanjeev Sharma, DDG (AI & DIU), DoT and Sandip Pradhan, Whole Time Member, SEBI, in the presence of senior officers from both organisations.