The Security and Exchange Board of India (SEBI) has notified the Relaxation in timelines for compliance with regulatory requirements due to COVID-19 pandemic.
In view of the prevailing situation due to the Covid-19 pandemic and representation received from the Stock Exchanges, it has been decided to extend the timelines for compliance with the various regulatory requirements by the trading members/clearing members.
Firstly, for internal audit for half year ended on September 30, 2020 and System Audit for half year ended on September 30, 2020, the timeline is extended till December 31, 2020.
Secondly, for the half yearly net worth certificate as on September 30, 2020 the timeline is extended till December 31, 2020.
Thirdly, for Cyber Security and Cyber Resilience Audit for the half-year ended on September 30, 2020, the timeline is extended till January 31, 2021.
In view of the request received from the Depositories, it has been decided to extend the timelines for compliance with the various regulatory requirements by depository participants (DPs).
Firstly, for Submission of half yearly Internal Audit Report by DPs for the half year ended on September 30, 2020, the timeline is extended till December 31, 2020.
Secondly, for 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 March 23, 2020 till December 31, 2020. A 15 day time period after December 31, 2020 is allowed to Depository or DPs, to clear the backlog.
Thirdly, for systems audit on an annual basis for the financial year ended March 31, 2020 the timeline is extended till December 31, 2020.
The Stock Exchanges or Clearing Corporations and Depositories are directed to bring the provisions of this circular to the notice of their members and participants respectively 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, to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets,” the SEBI said.
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