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July 1, 2021

Relaxation in timelines for compliance with regulatory requirements

by CA Shivam Jaiswal in SEBI

Relaxation in timelines for compliance with regulatory requirements

Securities and Exchange Board of India

CIRCULAR

SEBI/HO/MIRSD/DOP/P/CIR/2021/587       June 30, 2021

To,

  1. All Recognised Stock Exchanges and Clearing Corporations
  2. All Depositories
  3. Trading members / Clearing Members through Stock Exchanges / Clearing Corporations
  4. Depository Participants through Depositories
  5. KYC Registration Agencies

Madam / Sir,

Subject: Relaxation in timelines for compliance with regulatory requirements

  1. 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, vide circular nos. SEBI/HO/MIRSD/DOP/CIR/P/2020/61 dated April 16, 2020, SEBI/HO/MIRSD/DOP/CIR/P/2020/62 dated April 16, 2020, SEBI/HO/MIRSD/DOP/CIR/P/2020/68 dated April 21, 2020 and SEBI/HO/MIRSD/DOP/CIR/P/2020/72 dated April 24, 2020.
  2. Later, vide circular nos. SEBI/HO/MIRSD/DOP/CIR/P/2020/82 dated May 15, 2020, SEBI/HO/MIRSD/DOP/CIR/P/2020/101 dated June 19, 2020, SEBI/HO/MIRSD/DOP/CIR/P/2020/112 dated June 30, 2020, SEBI/HO/MIRSD/DOP/CIR/P/2020/141 dated July 29, 2020, SEBI/HO/MIRSD/DOP/CIR/P/2020/142 dated July 29, 2020, SEBI/HO/MIRSD/DOP/CIR/P/2020/191 dated October 01, 2020, SEBI/HO/MIRSD/DOP/CIR/P/2020/235 dated December 01, 2020, SEBI/HO/MIRSD/DOP/CIR/P/2020/255 dated December 31, 2020 and SEBI/HO/MIRSD/DOP/P/CIR/2021/559 dated April 29, 2021, timelines / period of exclusion were further extended for certain compliance requirements.

3. 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, as under:

Sr. No.  Submission/ComplianceCurrent timeline / Period  of exclusionProposed timeline / Period of exclusion
1Maintaining call recordings of orders/ instructions received from clientsTill June 30, 2021Till July 31, 2021
2Client Funding ReportingTill June 30, 2021Till July 31, 2021
3To     operate      the     trading terminals     from    designated alternate locationsTill June 30, 2021Till July 31, 2021
4KYC application   form   and supporting documents of the clients to be uploaded on system of KRA within 10 working daysTill June 30, 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.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 July    31,    2021    to clear the backlog.
  5Issue     of     Annual     Global Statement to clientsTill 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.
  1. 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.

5. 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.

Yours faithfully
Narendra Rawat
General Manager
Market Intermediaries Regulation and Supervision Department

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