The Securities and Exchange Board of India vide its notification dated 1st December 2020 has relaxed compliance requirements for depository participants, trading members, clearing corporations, and KYC registration agency with regards to the submission of reports. Due to the COVID conditions, the timelines have been extended as follows:
The Internal audit and the system audit for half year ended on September 30, 2020 has been extended till December 31, 2020.
Half-yearly net worth certificate as on September 30, 2020 has been extended till December 31, 2020 and the Cyber Security and Cyber Resilience Audit for half year ended on September 30, 2020 has been extended till January 31, 2021.
For the compliance requirements for KYC (know your customer) application form and supporting documents of the clients, the Sebi said period of exclusion will be from 23rd March, 2020 till 31st December, 2020. A 15-day time period after December 31, 2020 is allowed to Depository / DPs, to clear the backlog.
SEBI has also given time till December 31, 2020 to depository participants for submitting internal audit report for half-year ended September 30.
