Relaxation in timelines for compliance with regulatory requirements
Summary
SEBI extends compliance timelines for trading members, clearing members, and KYC Registration Agencies due to the COVID-19 pandemic. The extension applies to specific regulatory requirements including client funding reporting, operating from alternate locations, and uploading KYC documents. This circular serves as a continuation of previous relaxations issued between 2020 and early 2021.
Text
In view of the prevailing situation due to Covid-19 pandemic and representation received from Stock Exchanges, it has been decided to extend the timelines for compliance with the following regulatory requirements by the Trading Members / Clearing Members / KYC Registration Agencies
Till June 30, 2021 Till July 31, 2021
Till June 30, 2021, documents may be uploaded on to the system of KRA within 15 working days. Till July 31, 2021, documents may be uploaded on to the system of KRA within 15 working days.
*A 30-day time period is provided to SEBI Registered Intermediary after June 30, 2021 to clear the backlog. *A 30-day time period is provided to SEBI Registered Intermediary after July 31, 2021 to clear the backlog.
Till June 30, 2021. *Relaxation is provided only if the client has requested for a physical statement. Till July 31, 2021. *Relaxation is provided only if the client has requested for a physical statement.
Stock Exchanges / Clearing Corporations and Depositories are directed to bring the provisions of this circular to the notice of their members / participants 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 and Section 19 of the Depositories Act, 1996 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.