Subject : Relaxation in time period for certain activities carried out by depository participants, RTAs / issuers, KRAs, stock brokers
1. In view of the situation arising due to COVID-19 pandemic and extended lockdown period, based on representations received from the Depositories regarding relaxation in compliance with the time period for the following activities carried out by the depository participants, stock brokers, share transfer agent / issuer, it has been decided to provide the relaxation as under:
2.As specified in the table above, the period beginning from March 23, 2020 till May 17, 2020 shall be excluded for computing the existing timelines specified in Regulation 74 (4) and 74 (5) of SEBI (Depositories & Participants) Regulations, 1996 and the aforementioned circular dated December 23, 2011. Further, a 15-day time period after May 17, 2020 is allowed to the SEBI registered intermediary, to clear the back log.
3. Stock Exchanges 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 website.
| S. No. | Requirements | Existing timeline |
Period of
exclusion
|
Reference SEBI Regulation /
Circular
|
| I. |
Processing of the demat request form by Issuer / RTA
|
15 days |
From
March 23,
2020 till
May 17 2020.
|
Regulation 74 (5) of SEBI
(Depositories & Participants)
Regulations, 2018
|
| II. |
Processing of the demat request form by the Participants
|
7 days |
Regulation 74 (4) of SEBI
(Depositories & Participants)
Regulations, 2018
|
|
| III. |
KYC application form
and supporting documents of the
clients to be uploaded
on system of KRA within 10 working days
|
10 days |
SEBI circular no. MIRSD/Cir
-26/2011 dated December 23,
2011
.
|
4. 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.
- Rectification order u/s 154 quashed by High Court, CPC directed to give Foreign Tax Credit
- Prosecution u/s 276B – Trial Court directed to consider Immunity in terms of CBDT circular
- Surrender during survey on account of low GP rate not taxable to higher rate u/s 115BBE
- If assessee not liable to deduct TDS, no late fee u/s 234E can be imposed for delayed TDS return
- ITR can’t be revised by AO beyond limitation on direction of ITAT – SC
