SEBI relaxes the time period for activities carried out by the depository participants, stock brokers, share transfer agent or issuer till May 17, 2020

Apr 16, 2020 | by Avantis RegTech Legal Research Team


Industry Specific Compliance

The Securities and Exchange Board of India (SEBI) on April 16, 2020, has decided to extend the due date for the activities carried out by the depository participants, stock brokers, share transfer agent or issuer. SEBI had received various representations received from the Depositories regarding relaxation in compliance due to the current situation of COVID-19 pandemic and extended lockdown period.

Thus, the period beginning from March 23, 2020 till May 17, 2020 shall be excluded for computing the existing timelines specified in Regulation 74(4) and 74(5) of SEBI (Depositories & Participants) Regulations, 1996.

The followings are the relaxation provided:-

  • Processing of the demat request form by Issuer / RTA provided under the Regulation 74 (5) of SEBI (Depositories & Participants) Regulations, 2018, has been extended from March 23, 2020 till May 17, 2020.
  • Processing of the demat request form by the Participants provided under the Regulation 74 (4) of SEBI (Depositories & Participants) Regulations, 2018, has been extended from March 23, 2020 till May 17, 2020.
  • KYC application form and supporting documents of the clients to be uploaded on system of KRA within 10 working days referred under SEBI circular no. MIRSD/Cir26/2011 dated December 23, 2011, has been extended from March 23, 2020 till May 17, 2020.

The time period of 15 days are allowed to the SEBI registered intermediary after May 17, 2020, to clear the back log.

[SEBI Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/62]


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