Sebi extends regulatory norms compliance timeline for RTAs, depository participants, brokers
New Delhi: Amid the coronavirus pandemic, regulator Sebi on Wednesday gave extension till September 30 to depository participants, share transfer agents and brokers for compliance with various regulatory requirements.
Through a circular, the regulator eased compliance requirement with regard to processing of demat request forms by issuer or registrar of share transfer agents (RTA) and depository participants (DP).
Under the norms, processing of demat request forms by issuer or RTA needs to be done within 15 days, while the same for depository participants is within seven days.
The period from March 23 till September 30 shall be excluded for computing the existing timelines for compliance, Sebi said in the circular.
Further, a 15-day period after September 30 has been allowed to registered depository participants to clear the backlog.
Sebi has also given time till September 30 to depository participants for submitting internal audit report for half-year ended March 31.
The markets watchdog has also relaxed compliance requirement pertaining to redressal of investor grievances, transmission of securities and closure of demat account.
Timeline for systems audit on annual basis for financial year ended March 31 has also been extended till September 30, as per the circular.
Through a separate circular, Sebi extended the timelines for compliance with regulatory requirements for trading members, clearing members and depository participants till September 30.
For submission of cyber security and cyber resilience audit for the year ended March 31, 2020, Sebi has given time till September 30.
Other relaxations pertain to client funding reporting, reporting for artificial intelligence and machine learning applications, risk based supervision for the year ended March 31.
In addition, internal audit report, system audit report and compliance certificate for margin trading for CM segment for half-year ended March 31 can also be submitted till September 30.
Among others, due date for net worth certificate for members as well as net worth certificates in margin trading for half-year ending March 2020 have been extended till September 30.
Under the norms, KYC (know your customer) application form and supporting documents of clients need to be uploaded on system of KRA (KYC registration agency) within 10 days.
For this, Sebi said period of exclusion will be from March 23, 2020 till September 30, 2020.
Submissions towards weekly monitoring of client funds, clients’ and fund balance data on monthly basis and daily margin trading reporting have been extended till September 30.
Sebi also gave an extension of five months from due date for updation in income tax permanent account number of key management personnel and directors, and for issuing annual global statement to clients.
The decision to extend timelines for compliance with regulatory requirements is taken in view of the prevailing situation due to COVID-19 pandemic and representation received from depositories and stock exchanges, Sebi said in the circulars.
Time relaxed till Sep 15 for filing June qtr results
New Delhi: Markets regulator Sebi on Wednesday gave relaxation of one month till September 15 to listed companies for submitting their June quarter results amid coronavirus pandemic.
The move comes after Sebi received requests for extension of time for submission of financial results for the quarter or half year ended June 30, due to the shortened time gap between the extended deadline for filing financial results for the period ended March 31 and the quarter or half year ended June 30.
“After consideration, it has been decided to extend the timeline for submission of financial results…for the quarter or half year or financial year ended June 30, 2020, to September 15, 2020,” Sebi said in a circular.
Listed entities were required to submit the financial results for the quarter or half year ended June 30, 2020 on or before August 14, 2020.
Normally, listed companies are required to file their annual results within 60 days from the end of a financial year, while in the case of quarterly results, firms are required to file it within 45 days from the end of a quarter.
In June, Sebi had given another month extension till July 31 to listed companies for submitting their fourth-quarter as well as annual results. Earlier, the deadline to submit the financial results was June 30.
The circular will come into force with immediate effect, Securities and Exchange Board of India (Sebi) said.