Regulatory Update: SEBI Relaxations in compliance with Regulatory Requirements

In view of the prevailing situation due to Covid-19 pandemic, the lockdown imposed by the Government and representations received from Stock Exchanges, SEBI/HO/MIRSD/DOP/P/CIR/2021/587 dated June 30, 2021 has extended the timelines for compliance with the following regulatory requirements by the Trading Members /Clearing Members / KYC Registration Agencies (“KRA”):

S.No.

Submission/Compliance Current Timeline/Period of Exclusion Proposed Timelines/Period of Exclusion.
1. Maintaining call recordings of orders/instructions received from clients. Till June 30, 2021 Till July 31, 2021
2. Client Funding Reporting
3. Operating the trading terminals from designated alternate locations
4. KYC Application Form and supporting documents of the clients to be uploaded on the systems of KRA within ten (10) working days Till June 30, 2021, documents may be uploaded on to the system of KRA within fifteen (15) working days.

 

A thirty (30)-day time period is provided to the SEBI registered intermediary after June 30, 2021 to clear the backlog.

Till July 31, 2021, documents may be uploaded on to the system of KRA within fifteen (15) working days.

 

A thirty (30)-day time period is provided to the SEBI registered intermediary after July 31, 2021 to clear the backlog.

5. Issue of Annual Global Statement to Clients Till June 30, 2021

 

Relaxation is provided only if the client has requested for a physical statement.

Till July31, 2021

Relaxation is provided only if the client has requested for a physical statement.

Dated: July 1, 2021
Author: 

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