Relaxation in timelines for compliance with regulatory requirements
Summary
This circular extends compliance timelines for trading and clearing members due to the COVID-19 pandemic. Specifically, it mandates maintaining call recordings until February 28, 2021, and allows a period of exclusion for KYC uploads from January 1 to February 28, 2021. Stock Exchanges and Clearing Corporations are directed to ensure their members clear any backlog by January 31, 2021.
Text
Maintaining call recordings of orders/ instructions received from clients. Extended timeline: February 28, 2021.
KYC application form and supporting documents of the clients to be uploaded on system of KRA within 10 working days. Period of exclusion shall be from January 01, 2021 till February 28, 2021. A 15-day time period after February 28, 2021, is allowed to clear the back log.
Stock Exchanges / Clearing Corporation shall direct their members to clear the backlog, if any, by January 31, 2021.
Stock Exchanges / 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. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.