SEBI again gives relaxation in timelines for compliance with regulatory requirements by trading/ clearing members, depositories participants
CIRCULAR
SEBI/HO/MIRSD/DOP/CIR/P/2020/235
December 01, 2020
To,
1. All Recognised Stock Exchanges and Clearing Corporations (including those in International Financial Services Centres)
2. All Depositories
3. Trading members / Clearing Members through Stock Exchanges/Clearing Corporations (including those in International Financial Services Centres)
4. Depository Participants through Depositories
5. KYC Registration Agency
Madam / Sir,
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, 2020and SEBI/HO/MIRSD/DOP/CIR/P/2020/191 dated October 01, 2020, 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 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
|
| I | Internal Audit for half year ended on September 30, 2020 | 31.12.2020 |
| II | System Audit for half year ended on September 30, 2020 | 31.12.2020 |
| III |
Half yearly net worth certificate as on September 30, 2020.
|
31.12.2020 |
| IV |
Cyber Security and Cyber Resilience Audit for half year ended on September 30, 2020
|
31.01.2021 |
4. In view of the request received from the Depositories, it has been decided to extend the timelines for compliance with the following regulatory requirements by depository participants (DPs), as under:
| S. No. |
Compliance requirements for which timelines are extended
|
Extended timeline /
Period of exclusion
|
| I |
Submission of half yearly Internal Audit Report by DPs for the half year ended on September 30, 2020
|
December 31, 2020 |
| 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 March 23, 2020 till December
31, 2020.
A 15-day time period after December 31, 2020 is allowed to Depository / DPs, to clear the back log
|
| III |
Systems audit on annual basis for the financial year ended March 31, 2020
|
December 31, 2020
|
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