SEBI Updates Relaxation in timelines for compliance with regulatory requirements

It has been decided to further extend the timelines for compliance with the regulatory requirements by the Trading Members / Clearing Members / Depository Participants, mentioned in the SEBI circulars, as under:

Compliance requirements for which timelines were extended vide SEBI circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/61 dated April 16, 2020.S. No. in circular for which timeline is extended furtherExtended timeline / Period of exclusion
Client Funding ReportingITill July 31, 2020 for the months of April, May and June 2020.
Reporting for Artificial Intelligence (AI) and Machine Learning (ML) applications.IITill July 31, 2020 for the quarter ended on March 31, 2020.
Compliance certificate for Margin Trading for CM Segment.IIITill July 31, 2020
Risk based supervisionIV
Internal Audit Report for half year ending (HYE) March 31, 2020VTill July 31, 2020 for the half year ended on March 31, 2020.
Net worth certificates in Margin Trading for CM Segment for HYE March 31, 2020VIII
Net worth certificates for all members for HYE March 2020IX
Penalty for non-collection / short collection of upfront margins in cash segment.XTill July 31, 2020.
Maintaining call recordings of orders/instructions received from clientsXI
Compliance requirements for which timelines were extended vide SEBI circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/62 dated April 16, 2020.S. No. in circular for which timeline is extended furtherExtended timeline / Period of exclusion
KYC application form and supporting documents of the clients to be uploaded on system of KRA within 10 working days.IIIPeriod of exclusion shall be from March 23, 2020 till July 31, 2020.
Compliance requirements for which timelines were extended vide SEBI circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/68 dated April 21, 2020.S. No. in circular for which timeline is extended furtherExtended timeline / Period of exclusion
Submission towards weekly monitoring of client funds under the provisions of Enhanced SupervisionITill July 31, 2020
Submission of data on monthly basis towards clients’ and fund balance under the provisions of Enhanced SupervisionII
Daily margin trading reportingIII
Update in Income Tax Permanent Account Number of Key Management Personnel / DirectorsIVThree months from the due date.
Issue of Annual Global Statement to clientsV

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