The Securities and Exchange Board of India (“SEBI”) through a Circular dated 31st December, 2020 has provided further relaxation in timelines for compliance with regulatory requirements in view of the prevailing situation due to Covid-19 pandemic and representation received from the Stock Exchanges.
The timelines for compliance with the following regulatory requirements by the trading members / clearing members has been extended as mentioned below:
1. Maintaining call recordings of orders/ instructions received from clients : February 28, 2021.
2. For uploading KYC application form and supporting documents of the clients to be uploaded on system of KRA within 10 working days : The period of exclusion will be from January 01, 2021 till February 28, 2021. Additionally, a 15-day time period after February 28, 2021, is allowed to clear the back log.
With regard to uploading KYC application form and supporting documents of the clients on system of KRA by the members, for which relaxation has been provided till December 31, 2020 vide circular no. SEBI/HO/MIRSD/DOP/CIR/P/2020/191 dated October 01, 2020 , the Stock Exchanges / Clearing Corporation must direct their members to clear the backlog, if any, by January 31, 2021.
Background:
Owing to the pandemic, various relaxations have been granted by SEBI since April, 2020. In continuation to the previous Circulars, the present extension of timeline has been issued.
Source: Securities and Exchange Board of India
