SEBI grants further extension to timelines for compliance with regulatory requirements by Depositary Participants or Registrars to an Issue & Share Transfer Agents on account of continued impact of COVID-19

In light of the prevailing COVID-19 pandemic, the Securities and Exchange Board of India (“SEBI”) has granted further extension to the timeline for compliance with regulatory requirements by Depositary Participants (“DPs”) or Registrars to an Issue & Share Transfer Agents (RTAs) as follows:

1. Processing of the demat request form by Issuer / RTA – Period of exclusion extended from 23rd March, 2020 till 31st July, 2020. 15 days time period is allowed to DPs after 31st July, 2020 for clearing backlogs;

2. Processing of the demat request form by the Participants – Period of exclusion extended from 23rd March, 2020 till 31st July, 2020. 15 days time period is allowed to DPs after 31st July, 2020 for clearing backlogs;

3. Submission of half yearly Internal Audit Report (IAR) by DPs for half year ended on 31st March 2020 – 31st July, 2020, for half year ended on March 31, 2020;

4. Redressal of investor grievances – Period of exclusion extended from 23rd March, 2020 till 31st July, 2020. 15 days time period is allowed to DPs after 31st July, 2020 for clearing backlogs;

5. Transmission of securities – Period of exclusion extended from 23rd March, 2020 till 31st July, 2020. 15 days time period is allowed to DPs after 31st July, 2020 for clearing backlogs;

6. Closure of demat account. – Period of exclusion extended from 23rd March, 2020 till 31st July, 2020. 15 days time period is allowed to DPs after 31st July, 2020 for clearing backlogs;

SEBI has also extended the timeline for Reporting of Artificial Intelligence and Machine Learning by Trading Members (TM) / Clearing Members (CM), for the quarter ending on 30th June, 2020, till 31st July, 2020.

Background:

In view of the situation arising due to COVID-19 pandemic, lockdown imposed by the Government and  representations received from the Depositories, SEBI had earlier provided relaxations in timelines for compliance with various regulatory requirements by the depository participants(DPs) / Registrars to an Issue & Share Transfer Agents (RTAs), vide Circular no. SEBI/HO/MIRSD/DOP/CIR/P/2020/62 dated 16th April, 2020, and Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/72 dated 24th April, 2020.

SEBI had received representations from Depositories for further extension of the timelines for compliance with such regulatory requirements. Hence, SEBI issued the present Circular.

 

 

Source: Securities and Exchange Board of India

 

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