The Securities and Exchange Board of India vide circular dated 15.05.2020 has issued timeline extensions for some compliances In view of the situation arising due to COVID-19 pandemic, lockdown imposed by the Government and representations received from Stock Exchanges. The extensions are in furtherance of the relaxations in timelines for compliance with various regulatory requirements by the trading members / clearing members, provided vide prior circulars.
The following are the compliances for which extension is provided:
- Timeline for submission towards weekly monitoring of client funds under the provisions of Enhanced Supervision extended till June 30, 2020.
- Timeline for submission of data on monthly basis towards clients’and fund balance under the provisions of Enhanced Supervision extended till June 30, 2020 .
- Timeline for daily margin trading reporting extended till June 30, 2020.
- Timeline for Update in Income Tax Permanent Account Number of Key Management Personnel / Directors extended two months from the due date.
- Timeline for issue of Annual Global Statement to clients extended two months from the due date.
- Timeline for KYC application form and supporting documents of the clients to be uploaded on system of KRA is 10 working days. Period of exclusion is provided from March 23, 2020 till June 30, 2020.
- Timeline for Client Funding Reporting extended from 31-May-2020 to Till June 30, 2020 for the month of April 2020.
- Reporting for Artificial Intelligence (AI) and Machine Learning (ML) applications extended from 31-May-20 Till June 30, 2020 for the quarter ended on March 31, 2020.
- Penalty for non-collection/short collection of upfront margins in cash segment extended from 17-May-2020 till June 30, 2020.
- Maintaining call recordings of orders/instructions received from clients extended from 17-May-2020 till June 30, 2020.
Click here to read the Circular.
