The Securities and Exchange Board of India in its notification dated 16th April 2020 given extension in due date for the regulatory filings and compliance requirements for trading members or clearing members to relax the burden of COVID-19 pandemic and extended lockdown period.
SEBI has given time till May 31 to brokers for submitting reports on client funding and Artificial Intelligence (AI) and Machine Learning (ML) applications. The due date for submission of Compliance certificate for Margin Trading and report on risk-based supervision has been extended till 30th June 2020. The Internal audit report, net worth certificate for all members and worth certificates in margin trading for half-year ending March 2020, shall be submitted by June 30. SEBI has also given relaxation of one month till 31st July 2020 for submitting report on system audit.
Further, the penalty for non-collection/short collection of upfront margins in cash has been extended till 17th May 2020 and Maintaining call recordings of orders/instructions received from clients has been extended till May 17, 2020. The relaxation will be effective from March 23, 2020, till May 17, 2020, with respect to trading members working from designated alternate locations.
Click here to read the Circular.
