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Sebi extends deadline for submission of reports; eases compliance for brokers

Sebi extends deadline for submission of reports; eases compliance for brokers

In a major relief to trading and clearing members, Sebi has extended the deadline for submission of internal audit report and system audit report for the half-year ended 30 September 2020 to December 31, 2020

Sebi extends timeline till December 31, 2020 to depository participants for submitting internal audit report Sebi extends timeline till December 31, 2020 to depository participants for submitting internal audit report

Amid the coronavirus pandemic, market regulator the Securities and Exchange Board of India (Sebi) on Tuesday relaxed compliance requirements for depository participants, trading members, clearing corporations and KYC registration agency with regards to submission of reports.

In a major relief to trading and clearing members, the regulator has extended the deadline for submission of internal audit report and system audit report for the half-year ended 30 September 2020 to December 31, 2020. For submission of cyber security and cyber resilience audit for half year ended on September 30, 2020, Sebi has given time till January 31, 2021. Among others, due date for net worth certificate for members for half-year ending September 30, 2020 have been extended till December 31, 2020.

Sebi said that the decision has been taken in view of the situation arising due to COVID-19 pandemic and representations received from stock exchanges.

The regulator has also given time till December 31, 2020 to depository participants for submitting internal audit report for half-year ended September 30.  

For the compliance requirements for KYC (know your customer) application form and supporting documents of the clients, the Sebi said period of exclusion will be from March 23, 2020 till December 31, 2020. A 15-day time period after December 31, 2020 is allowed to Depository / DPs, to clear the backlog, it said.

Under the norms, KYC application form and supporting documents of clients need to be uploaded on system of KRA (KYC registration agency) within 10 days.

The deadline for systems audit on annual basis for the financial year ended March 31, 2020, has also been extended to December 31, 2020.

The regulator has directed stock exchanges, clearing corporations and depositories to bring the provisions of this circular to the notice of their members and participants, respectively, and also disseminate the same on their websites.

By Chitranjan Kumar

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