·
Relaxation
given under:
o
Regulation 74 (5) of SEBI
(Depositories & Participants) Regulations, 2018.
o Regulation 74 (4) of SEBI (Depositories &
Participants) Regulations, 2018
o
SEBI circular no.
MIRSD/Cir26/2011 dated December 23, 2011.
·
Overview
Securities and
Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/62
issued and publish dated 16th
April, 2020, has published Relaxation in time period for certain activities
carried out by depository participants, RTAs / issuers, KRAs, stock brokers” 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.
The Circular
is issued to :
·
Stock
Brokers through Stock Exchanges
·
Depository
Participants (DPs) through Depositories
·
Registrars
to an Issue & Share Transfer Agents (RTA)
·
KYC
Registration Agencies (KRAs)
In view of the situation arising due to COVID-19 pandemic and
extended lockdown period, based on representations received from the
Depositories regarding relaxation in compliance with the time period for the
following activities carried out by the depository participants, stock brokers,
share transfer agent / issuer, it has been decided to provide the relaxation as
under:
|
Sl. No.
|
Requirements
|
Existing timeline
|
Period of
exclusion
|
Reference SEBI
Regulation /
Circular
|
|
1
|
Processing
of the demat request form by Issuer / RTA.
|
15 days
|
From March 23, 2020 till May 17, 2020
|
Regulation
74 (5) of SEBI (Depositories & Participants) Regulations, 2018.
|
|
2
|
Processing
of the demat request form by the Participants.
|
7 days
|
Regulation
74 (4) of SEBI (Depositories & Participants) Regulations, 2018
|
|
|
3
|
KYC
application form and supporting documents of the clients to be uploaded on
system of KRA within 10 working days.
|
10 days
|
SEBI
circular no. MIRSD/Cir26/2011 dated December 23, 2011.
|
Kindly note that:
·
As
specified in the table above, the period beginning from March 23, 2020 till May
17, 2020 shall be excluded for computing the existing timelines specified in
Regulation 74 (4) and 74 (5) of SEBI (Depositories & Participants) Regulations,
1996 and the aforementioned circular dated December 23, 2011. Further, a 15-day
time period after May 17, 2020 is allowed to the SEBI registered intermediary,
to clear the back log.
Source:
Disclaimer:
IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT,
SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION
WITH THE USE OF THIS INFORMATION.
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