Relaxation in timelines for compliance with regulatory requirements by trading members clearing members
Summary
This circular extends compliance timelines for trading and clearing members due to the COVID-19 pandemic. It specifically relaxes deadlines for five categories of regulatory submissions, including client fund monitoring and margin reporting. Penal provisions for delays in certain reports are waived until May 17, 2020.
Text
In view of the situation arising due to COVID-19 pandemic and extended lockdown period... it has been decided to extend the timelines for the following compliance requirements by their trading members / clearing members:
Submission towards weekly monitoring of client funds under the provisions of Enhanced Supervision.
Submission of data on monthly basis towards clients’ and fund balance under the provisions of Enhanced Supervision.
Daily margin trading reporting.
Update in Income Tax Permanent Account Number of Key Management Personnel / Directors.
Issue of Annual Global Statement to clients.
The delay in submission of the reports specified at S. Nos. I - III shall not attract penal provisions till May 17, 2020. The date for compliance requirements at S. Nos. IV-V is extended by one month from the due date.
Stock Exchanges and Clearing Corporations are directed to bring the provisions of this circular to the notice of their members and also disseminate the same on their websites.
This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets.
Source: SecMarx — Relaxation in timelines for compliance with regulatory requirements by trading members clearing members. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.