Relaxation in timelines for compliance with regulatory requirements

Last updated: 18 May 2020

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The Securities and Exchange Board of India (SEBI) has extended the deadlines for various regulatory compliance requirements for trading members, clearing members, and depository participants. This extension is a response to the ongoing COVID-19 pandemic and its impact. The new timelines, detailed in the circular, generally extend deadlines to June 30, 2020, or provide a two-month extension from the original due date for certain requirements.

Securities and Exchange Board of India

CIRCULAR

SEBI/HO/MIRSD/DOP/CIR/P/2020/82

May 15, 2020

To,

1. All Recognised Stock Exchanges and Clearing Corporations (including those in International Financial Services Centres)

2. All Depositories

3. Trading members / Clearing Members through Stock Exchanges and Clearing Corporations (including those in International Financial Services Centres)

4. Depository Participants through Depositories

5. KYC Registration Agencies

Madam / Sir,

Subject: Relaxation in timelines for compliance with regulatory requirements

1. In view of the situation arising due to COVID-19 pandemic, lockdown imposed by the Government and representations received from Stock Exchanges, SEBI had earlier provided relaxations in timelines for compliance with various regulatory requirements by the trading members/clearing members, vide circular nos. SEBI/HO/MIRSD/DOP/CIR/P/2020/61 dated April 16,2020, SEBI/HO/MIRSD/DOP/CIR/P/2020/62 dated April 16, 2020, and SEBI/HO/MIRSD/DOP/CIR/P/2020/68 dated April 21, 2020.

2. In view of the prevailing situation and representations received from the Stock Exchanges, 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 aforesaid SEBI circulars, as under:

SEBI Circular	S. Nos. for which timeline is exten-ded	Extended timeline/ Period of exclusion
SEBI/HO/MIRSD/DOP/CIR/P/2020/61 dated April 16, 2020.	I	Till June 30, 2020 for the month of April 2020.
	II	Till June 30, 2020 for the quarter ended on March 31, 2020.
	X and XI	Till June 30, 2020.
SEBI/HO/MIRSD/DOP/CIR/P/2020/62 dated April 16, 2020.	III	Period of exclusion shall be from March 23, 2020 till June 30, 2020.
SEBI/HO/MIRSD/DOP/CIR/P/2020/68 dated April 21, 2020.	I, II and III	Till June 30, 2020.
SEBI/HO/MIRSD/DOP/CIR/P/2020/68 dated April 21, 2020.	IV and V	Two months from the due date.

3. All other conditions specified in the aforementioned circulars shall continue to remain applicable.

4. Stock Exchanges, Clearing Corporations and Depositories are directed to bring the provisions of this circular to the notice of their members / participants and also disseminate the same on their websites.

5. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, and Section 19 of the Depositories Act, 1996 to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets.

Yours faithfully

D Rajesh Kumar
General Manager
Market Intermediaries Regulation and Supervision Department

FAQ :

SEBI has extended the compliance timelines due to the situation arising from the COVID-19 pandemic, the imposed lockdown, and representations received from Stock Exchanges.

The relaxation applies to trading members, clearing members, and depository participants.

For SEBI/HO/MIRSD/DOP/CIR/P/2020/61, the timelines are extended till June 30, 2020, for the month of April 2020, for the quarter ended March 31, 2020, and for specific clauses X and XI.

For SEBI/HO/MIRSD/DOP/CIR/P/2020/62, the period of exclusion is from March 23, 2020, till June 30, 2020.

No, all other conditions specified in the aforementioned circulars shall continue to remain applicable.

Notification No : SEBI/HO/MIRSD/DOP/CIR/P/2020/82
Source : https://www.sebi.gov.in/legal/circulars/may-2020/relaxation-in-timelines-for-compliance-with-regulatory-requirements_46674.html

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