Relaxation in timelines for compliance with regulatory requirements
Summary
SEBI extends compliance timelines for trading and clearing members due to the COVID-19 pandemic. The extension applies to specific requirements including call recordings, KYC uploads, and cyber security audits until December 31, 2020. Stock Exchanges and Clearing Corporations are directed to disseminate these provisions to their members.
Text
In view of the situation arising due to COVID-19 pandemic, lockdown imposed by the Government and representations received from Stock Exchanges, SEBI had earlier provided relaxations in timelines for compliance with various regulatory requirements by the trading members / clearing members / depository participants... Later, vide circular nos... timelines / period of exclusion was further extended for certain compliance requirements.
Maintaining call recordings of orders / instructions received from clients. S. No. XI. Extended timeline is December 31, 2020.
KYC application form and supporting documents of the clients to be uploaded on system of KRA within 10 working days. S. No. III. Period of exclusion shall be from March 23, 2020 till December 31, 2020.
Cyber Security & Cyber Resilience Audit for the year ended March 31, 2020. Extended timeline is December 31, 2020.
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. All other conditions specified in the aforementioned circulars shall continue to remain applicable till the period of relaxation.
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.