SEBI (Security and Exchange Board of India) has recently made several relaxations in timelines for compliance due to the pandemic situation. The relaxations were made regarding the submission of reports for compliance for depository participants, trading members, clearing corporations, as well as a KYC registration agency.
Keeping the current situation due to the Covid-19, The Security and Exchange Board of India has decided to extend the timelines for compliance with regulatory requirements through trading members. The extended timelines are as follows:
The timeline is extended till 31st December 2020 for half-year submission report which was ended on 30th September 2020 for the system of audit and internal audit.
The timeline has been extended to 31st January 2021 for half-year submission report which was ended on 30th September 2020 for Cyber security and cyber resilience.
The consideration related to the request received from depositories were made and have decided to extend timelines for compliance with many regulatory requirements by DPS.
Some of these considerations were discussed above and the consideration was made for KYC (Know Your Customer) application form and supporting documents of customers, The SEBI extends the periods from 23RD March 2020 to 31st December 2020. Apart from this 15 day period after 31st December 2020 is allowed to clear the backlog.
The timeline for systems of an audit to submit yearly basis report is also extended to 31st December 2020 was ended in 31st March 2020.
It is directed to Stock Exchange or Clearing Corporations and Depositories to bring these provisions change in notice with their members and distribute it on their websites too. Further SEBI stated that this circular has been issued under section 11(1) of Securities and Exchange Board of India Act, 1992 as well as Section 19 of Depositories Act towards protecting the interests of investors and to adjust the securities markets.