31 December 2020

The Government has been issuing numerous advisories, notifications and relaxations to enable companies to face the hardships caused by the spread of COVID-19 and equip them to better handle the situation. The Courts have also been very proactive in granting various reliefs. In this section, we give you ready access to some of the key Government notifications, advisories, court orders and notices released this week.

SEBI extends various relaxations in timeline for compliance with regulatory requirements

In view of the situation arising due to COVID-19 pandemic, SEBI had earlier provided relaxations in timelines for compliance with various regulatory requirements by the depository participants (DPs) / trading members/ clearing members which were further extended from time to time.

In view of the prevailing situation due to COVID-19 pandemic, SEBI has decided to further extend the following timelines for compliance with the regulatory requirements by trading members/ clearing members, mentioned in the SEBI circulars, as under:

S No.

Compliance requirements for which timelines are extended

Extended timeline / Period of exclusion

I

Maintaining call recordings of orders/ instructions received from clients.

28 February 2021

II

KYC application form and supporting documents of the clients to be uploaded on system of KRA within 10 working days

Period of exclusion shall be from 1 January 2021 till 28 February 2021

A 15-day time period after 28 February 2021, is allowed to clear the back log.

With regard to KYC application form and supporting documents of the clients to be uploaded on system of KRA by the members, for which relaxation has been provided till 31 December 2020, Stock Exchanges / Clearing Corporation shall direct their members to clear the backlog, if any, by 31 January 2021.

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