Extension to SEBI Circular on Relaxation in adherence to prescribed timelines issued by SEBI due to Covid 19 dated April 13, 2020
Summary
SEBI extends the relaxation in adherence to prescribed timelines for various shareholder requests until June 30, 2022. This extension applies to intermediaries and market participants regarding seven specific service requests listed in the circular. Stock Exchanges and Depositories are directed to notify their constituents of this extension.
Text
SEBI had issued circular No. SEBI/HO/MIRSD/RTAMB/CIR/P/2020/59 dated April 13, 2020 wherein “Relaxations in adherence to prescribed timelines” for carrying out various shareholder requests and for other regulatory filings were granted to RTAs in view of the Covid-19 pandemic.
Further, SEBI had issued circular no. SEBI/HO/MIRSD/RTAMB/P/CIR/2021/558 dated April 29, 2021 wherein relaxation in prescribed timelines were extended in view of second wave of the Covid-19 pandemic and resultant lockdown.
The circular listed 13 items that were eligible for relief in terms of timelines, out of which 7 items related to service requests are mentioned in the table below: Processing of Remat Requests; Processing of Transmission Requests; Processing of request for Issue of Duplicate Share Certificates; Processing of Requests for Name Deletion / Name Change / Transposition; Processing of Requests for Consolidation / Split / Replacement of Share Certificates / Amalgamation of Folios; Handling Investor Correspondence / Grievances / SCORES complaint; Processing of the demat requests.
Relaxation is hereby being given to intermediaries / market participants w.r.t. compliance with the prescribed timelines which has been extended to June 30, 2022 in view of the Covid-19 situation.
Accordingly, the intermediaries / market participants may take an additional 30 days over the prescribed timelines for completion of service requests mentioned in the table at para no. 2 above.
The Stock Exchanges and Depositories shall bring the contents of this circular along with the circular dated April 13, 2020 and April 29, 2021 to the notice of all their respective constituents.
This circular is being 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 market.
Source: SecMarx — Extension to SEBI Circular on Relaxation in adherence to prescribed timelines issued by SEBI due to Covid 19 dated April 13, 2020. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.