SEBI issued a circular for relaxation of Timelines for Complying with Regulatory requirements

SEBI issued a circular for relaxation of Timelines for Complying with Regulatory requirements

The Security and Exchange Board of India (SEBI) issued a circular on 31 December 2020 for relaxing the timelines for compliance with regulatory requirements due to the COVID-19 pandemic

The SEBI extended the timelines for trading members/clearing members for compliance with the various regulatory requirements. The circular issued on 31 December 2020 by the SEBI contained several guidelines for relaxation in compliance with the regulatory requirements.

The internal audit for the half-year ended on 30 September 2020 was extended till 31 December 2020.

System Audit for the half-year ended on 30 September 2020 was extended till 31 December 2020.

The half-yearly net worth certificate on 30 September 2020 granted extension till 31 December 2020.

Cyber Security and Cyber Resilience Audit for half-year that was ended on 30 September 2020 granted an extension till 31 January 2021.

The circular also contained an extension of timelines for compliance by depository participants (DPs). It includes an extension for submission of half-yearly Internal Audit Report by DPs for the half-year that ended on 30 September 2020 was extended till 31 December 2020.

The regulatory requirements related to Know Your Customer (KYC) application form and supporting documents of the clients that were to be uploaded on the system within a timeline of 10 working days have been extended from 23 March 2020 till 31 December 2020.

An extension of 15 days is granted to DPs for clearing the backlogs after 31 December 2020. Systems audit on annual basis for the financial year ended 31 March 2020 was given an extension till 31 December 2020.