The Securities and Exchange Board of India (SEBI) vide circular dated 29 July 2020, further extended the timelines for compliance with the regulatory requirements by the Depository Participants (DPs)/Registrars to an Issue & Share Transfer Agents (RTAs) and KYC Registration Agency (KRA) mentioned in the SEBI circulars.
In terms of this Circular, the following extensions will be made effective.
- The processing of Demat request form by issuer/ RTA or by Participants now carry a period of exclusion from 23rd March, 2020 till 30th September, 2020. It also applies to the requirement of updating KYC application form and supporting documents of the clients on the system of KRA within 10 working days.
- A period of 15 days, after 30th September 2020 is allowed to Depository/ DPs to clear backlogs.
- Submission of half-yearly Internal Audit Report (IAR) by DPs for the half-year ending on March 31, 2020, is extended till 30th September. 2020.
- In case of redressal of investor grievances, transmission of securities, closure of Demat account, the period of exclusion is from 23rd March, 2020 to 30th September, 2020.
- The systems audit on an annual basis, the extended timeline specified is 30th September, 2020 for the financial year ending on 31st March, 2020.
Click here to read the Circular.
