SEBI grants relaxation in timelines for compliance with regulatory requirements

May 15, 2020 | by Avantis RegTech Legal Research Team


Industry Specific Compliance

The Securities and Exchange Board of India (SEBI) on May 15, 2020 has granted relaxations for the following compliances with various regulatory requirements by the trading members, clearing members and depository participants:-

1. Client Funding Reporting - Till June 30, 2020 for the month of April 2020.

2. Reporting for Artificial Intelligence (AI) and Machine Learning (ML) applications - Till June 30, 2020 for the quarter ended on March 31, 2020.

3. Penalty for non-collection or short collection of upfront margins in cash segment - Till June 30, 2020.

4. Maintaining call recordings of orders/instructions received from clients - Till June 30, 2020.

5. KYC application form and supporting documents of the clients to be uploaded on system of KRA within 10 working days - Period of exclusion shall be from March 23, 2020 till June 30, 2020.

6. Submission towards weekly monitoring of client funds under the provisions of Enhanced Supervision- Till June 30, 2020.

7. Submission of data on monthly basis towards clients’ and fund balance under the provisions of Enhanced Supervision - Till June 30, 2020.

8. Daily margin trading reporting - Till June 30, 2020.

9. Update in Income Tax Permanent Account Number of Key Management Personnel or Directors - Two months from the due date.

10. Issue of Annual Global Statement to clients - Two months from the due date.

[SEBI Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/82]


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