Markets regulator Sebi on Friday prolonged timelines for compliance with sure regulatory necessities by inventory brokers, clearing members and KYC registration businesses in view of the coronavirus pandemic.
The deadline for sustaining name recordings of orders or directions obtained from shoppers has been prolonged by one month until September 30, the Securities and Alternate Board of India (Sebi) stated in a round.
The watchdog has additionally given time until December 31 to brokers for working the buying and selling terminals from designated alternate areas.
Additional, the deadline has been prolonged by a month until September-end for submission of inner audit report, system audit, and cyber safety & cyber resilience audit report for the interval ended March 2021 in addition to for risk-based supervision reporting. Earlier, the deadline was July 31.
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In view of the prevailing scenario as a result of pandemic and representations obtained from inventory exchanges and depositories, Sebi stated it has determined to increase the timelines for compliance with sure regulatory necessities by buying and selling members/ clearing members/ KYC registration businesses.
As per the norms, KYC (Know Your Buyer) software type and supporting paperwork of shoppers should be uploaded on a system of KRA (KYC Registration Company) inside 10 days.
On this regard, Sebi stated “until September 30, paperwork could also be uploaded on to the system of KRA inside 15 working days”. A 30-day interval after September 30 shall be given to registered intermediaries to clear the backlog.
(This story has not been edited by Enterprise Normal workers and is auto-generated from a syndicated feed.)