Relaxation in timelines for compliance with regulatory requirements

                                                                                                          Dated 1st January, 2021

N O T I C E

All Entities are hereby informed that the Exchange has received a Circular from SEBI Vide Ref. No. SEBI/HO/MIRSD/DOP/CIR/P/2020/255dated December 31, 2020 regarding Relaxation in timelines for compliance with regulatory requirements. The contents of the said circular are reproduced hereunder for your information.

Quote:                                                        CIRCULAR

 

SEBI/HO/MIRSD/DOP/CIR/P/2020/255                                                  December 31, 2020

 

To,

  1. All Recognised Stock Exchanges and Clearing Corporations
    1. Trading members / Clearing Members through Stock Exchanges / Clearing Corporations
    2. KYC Registration Agency

 

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.

 

  1. 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

and

SEBI/HO/MIRSD/DOP/CIR/P/2020/235 dated December 01, 2020, timelines / period of exclusion were further extended for certain compliance requirements.

 

  1. In view of the prevailing situation due to Covid-19 pandemic and representation received from the Stock Exchanges, it has been decided to extend the timelines for compliance with the following regulatory requirements by the trading members / clearing members, as under:

 

 

 

 

 

S. No.

Compliance requirements for which timelines are

extended

Extended timeline /

Period of exclusion

I

Maintaining    call recordings of orders/ instructions

received from clients.

February 28, 2021.

 

S. No.

Compliance requirements for which timelines are

extended

Extended timeline /

Period of exclusion

II

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 January 01, 2021 till February

28, 2021.

 

A 15-day time period after February 28, 2021, is allowed to clear the back log.

 

  1. With regard to KYC application form and supporting documents of the clients to be uploaded on system of KRA by the members, for which relaxation has been provided till December 31, 2020 vide circular no. SEBI/HO/MIRSD/DOP/CIR/P/2020/191 dated October 01, 2020, Stock Exchanges / Clearing Corporation shall direct their members to clear the backlog, if any, by January 31, 2021.

 

  1. 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.

 

  1. 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.

 

Yours faithfully

 

Narendra Rawat

General Manager

Market Intermediaries Regulation and Supervision Department

 

 

Unquote: -

 

All Entities are requested to take note of the aforesaid guidelines of SEBI and act accordingly. 

 

 

 

Dhiraj Chakraborty

Compliance Officer