Review of Regulatory Compliance and Periodic Reporting
Summary
This circular mandates Bankers to an Issue (BTIs) to submit periodic reports on regulatory compliance and investor grievances in a revised format. The Board of Directors of the BTI is required to review these reports and record observations on deficiencies and corrective measures. These requirements supersede previous circulars and apply starting from the half-year ending March 2012.
Text
Bankers to an Issue (BTIs) are required to furnish periodical reports on quarterly and annual basis in electronic form in the prescribed format in terms of SEBI Circulars No. RBT(G I Series) Circular No. 1(95-96)) dated April 21, 1995, BTI Circular No. 3(1999-2000) dated July 09, 1999, and Cir No. MIRSD/DPS-2/BTI/Cir-15/2008 dated May 06, 2008.
In order to strengthen the compliance mechanism and role of the Boards of BTIs, it has been decided to review the norms and format for periodic reporting. The revised format as given in the annexure includes the status of regulatory compliance and investor grievances redressal.
The Board of directors of BTI shall, henceforth, review the report and record its observations on (i) the deficiencies and non-compliances, and (ii) corrective measures initiated to avoid such instances in future.
Accordingly, in supercession of the circulars mentioned in Para 1, with effect from half year ending March 2012, the Compliance Officer of the BTI shall send the report in the revised format in excel format to SEBI at bti@sebi.gov.in on half yearly basis within three months of the expiry of the half year.
Further, according to Circular no. CIR/MIRSD/11/2011 dated June 20, 2011, BTIs are required to report the changes in their status or constitution. The same information has now been incorporated in the revised format.
Source: SecMarx — Review of Regulatory Compliance and Periodic Reporting. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.