The Securities and Exchange Board of India (“SEBI”), in view of the Covid-19 pandemic and representations received from Stock Exchanges, has decided to extend timelines for compliance with regulatory requirements by trading members/ clearing members vide a circular dated December 1, 2020 (“Circular”). The following timelines have been extended:
|
S.No. |
Compliance Requirements for which timelines are extended |
Extended timeline |
|
|
Internal Audit for half year on September 30, 2020. |
December 31, 2020 |
|
|
System Audit for half year on September 30, 2020. |
December 31, 2020 |
|
|
Half year net worth certificate as on September 30, 2020. |
December 31, 2020 |
|
|
Cyber Security and Cyber Resilience Audit for half year on September 30, 2020. |
January 31, 2020 |
SEBI has also extended timelines for compliance with regulatory requirements by Depository Participants (“DPs”) for the following:
|
S.No. |
Compliance Requirements for which timelines are extended |
Extended timeline |
|
|
Submission of Internal Audit Report by DPs for the half year on September 30, 2020. |
December 31, 2020 |
|
|
KYC application form and supporting documents of the clients to be uploaded on the systems of KYC Registration Agencies within 10 (ten) 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 back log. |
|
|
Systems audit on annual basis for the financial year ended March 31, 2020. |
December 31, 2020 |
Please find a copy of the Circular here.
This update has been contributed by Suchita Ambadipudi (Partner) and Pranav Valiathan Pillai (Associate).
7A, 7th Floor, Tower C, Max House,
Okhla Industrial Area, Phase 3,
New Delhi – 110020
The rules of the Bar Council of India do not permit advocates to solicit work or advertise in any manner. This website has been created only for informational purposes and is not intended to constitute solicitation, invitation, advertisement or inducement of any sort whatsoever from us or any of our members to solicit any work in any manner. By clicking on 'Agree' below, you acknowledge and confirm the following:
a) there has been no solicitation, invitation, advertisement or inducement of any sort whatsoever from us or any of our members to solicit any work through this website;
b) you are desirous of obtaining further information about us on your own accord and for your use;
c) no information or material provided on this website is to be construed as a legal opinion and use of this website will not create any lawyer-client relationship;
d) while reasonable care has been taken in ensuring the accuracy of the contents of the website, Argus Partners shall not be responsible for the results of any actions taken on the basis of information provided in this website or for any error or omission in the website; and
e) in cases where the user has any legal issues, the user must seek independent legal advice.