SEBI relaxes timeline for compliance with regulatory requirements by Depository and depository participants

Apr 24, 2020 | by Avantis RegTech Legal Research Team


Industry Specific Compliance

The Securities and Exchange Board of India (SEBI) on April 24, 2020, has issued relaxation in timelines for compliance with regulatory requirements by Depository and depository participants due to COVID-19 pandemic.

The followings are the compliances:-

 Submission of BO Grievances Report to Depositories has been extended till May 18, 2020 for the month of March 2020 and April 2020.

 Submission of half yearly Internal Audit Report (IAR) by DPs for half year ended March 2020 has been extended till June 30, 2020, for half year ended March 2020.

 For redressal of investor grievances, transmission of securities and closure of demat account, the period of exclusion shall be from March 23, 2020 till May 17, 2020 and 15 days time period after May 17, 2020 is allowed to Depository / depository participants to clear the back log.

 The systems audit on annual basis has been extended till July 31, 2020 for the financial year ended March 31, 2020.

 The reporting for Artificial Intelligence (AI) and Machine Learning (ML) applications has been extended till May 31, 2020 for quarter ended March 2020.

 Risk Based Supervision has been extended till June 30, 2020 for half year ended March 2020.

[SEBI Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/72]


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