SEBI issued relaxation in adherence to prescribed timelines due to COVID-19

Apr 13, 2020 | by Avantis RegTech Legal Research Team


Industry Specific Compliance

The Securities and Exchange Board of India (SEBI) on April 13, 2020, has issued relaxation in adherence to prescribed timelines due to COVID-19 pandemic. Due to nationwide lock down, SEBI has extended the timelines for processing of various investor requests pertaining to physical securities and Compliance and disclosures to be made under SEBI Regulations. These directions are being issued for Registrars to an Issue (RTI) and Share Transfer Agents (STA) or Issuer Companies, holding SEBI registration under Category 1 or Category 2 of RTI/STA.

The relaxation is hereby being given to intermediaries, market participants for equal number of extended days in lockdown declared by Government of India that is 21 days for the following prescribed time limits for activities, investor requests and compliances:-

1. Processing of Remat Requests

2. Processing of Transmission Requests

3. Processing of request for Issue of Duplicate Share Certificates

4. Processing of Requests for Name Deletion/ Name Change/ Transposition/ Pending Share Transfers

5. Processing of Requests for Consolidation / Split / Replacement of Share Certificates / Amalgamation of Folios

6. Handling Investor Correspondence / Grievances / SCORES complaint

7. Submission of Half Yearly Report

8. Compulsory Internal Audit of RTAs by CA / CS / CMA holding Certificate of Practice and Certified Information Systems Auditor (CISA) / Diploma Information Systems Auditor (DISA)

9. Submission of Audit Report by CISA / CISM qualified or equivalent auditor by QRTAs to SEBI

10. Submission of Compliance Report by QRTAs duly reviewed by the Board of Directors of the QRTA to SEBI on Enhanced monitoring of QRTAs

11. Surrender of certificate of security under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018.

12. Submission of audit report on quarterly basis under the Regulation 76 of the SEBI (Depositories and Participants) Regulations, 2018.

[SEBI Circular No. SEBI/HO/MIRSD/RTAMB/CIR/P/2020/59]


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