SEBI Relaxations to
Depository and depository participants.
§ Relaxation
in timelines for compliance with regulatory requirements by Depository and
depository participants.
Overview
Securities and
Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/72 issued and publish dated 24th April, 2020, has published Relaxation in
timelines for compliance with regulatory requirements by Depository and depository
participants.” 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 has been issued to:
·
All Depositories
·
Depository Participants (DPs)
through Depositories
Relaxation Provided:
based on
representation received from the Depositories regarding relaxation in timelines
for compliance with regulatory requirements by Depositories and depository
participants, it has been decided to provide relaxation in timelines as under:
|
S. No.
|
Compliance Requirements
|
Existing
Timelines / Due Date
|
Extended
Timelines / Due Date
|
SEBI Circular Reference
|
|
I.
|
Submission of BO Grievances
Report to Depositories.
|
10th of the following month
i.e. 10th
April for the month of March 2020.
|
May 18, 2020 for the month of March 2020 and April 2020.
|
SEBI/HO/MIRSD/MIRSD 2/CIR/P/2016/95 dated September 26, 2016.
|
|
II.
|
Submission of half
yearly Internal Audit Report (IAR) by DPs for half year ended 31st
March 2020.
|
15th May 2020 for half
year ending March 2020.
|
June 30, 2020, for half year ended March 2020.
|
SEBI/HO/MIRSD/MIRSD 2/CIR/P/2016/95 dated September 26, 2016.
|
|
III.
|
Redressal of investor grievances.
|
Within 15 days of the date of receipt of the complaint through
SCORES & within 30 days of the date of receipt of the Complaint other than received through SCORES.
|
Period of exclusion shall be from March 23, 2020 till May 17, 2020.
|
SEBI/HO/MIRSD/MIRSD 6/CIR/P/2017/20 dated March 10, 2017
& Regulation 36 (f) of SEBI (Depositories & Participants)
Regulations, 2018.
|
|
IV.
|
Transmission of securities.
|
Within 7 days, after
receipt of all requisite documents.
|
Period of exclusion shall
be from March 23, 2020 till May 17,
2020.
|
CIR/MIRSD/10/2013 dated October 28, 2013.
|
|
V.
|
Closure of Demat account
|
Within a period of 30 days.
|
Period of exclusion shall
be from March 23, 2020 till May 17,
2020.
|
CIR/MIRSD/12/2013 dated December 4, 2013.
|
|
VI.
|
Systems audit on annual basis.
|
Within three months of
the end of the financial year.
|
July 31, 2020 for the financial year ended March 31, 2020.
|
SEBI/HO/MIRSD/CIR/PB /2018/147 dated December 3, 2018.
|
|
VII.
|
Reporting for Artificial Intelligence (AI) and Machine Learning (ML)
applications.
|
Within 15 calendar days
of the expiry of the quarter.
|
May 31, 2020 for quarter ended March 2020.
|
SEBI/HO/MIRSD/DOS2/CIR/P/2019/10 January 04, 2019.
|
|
VIII.
|
Risk Based
Supervision
|
15th May for half year ended March 31, 2020.
|
June 30, 2020 for half year ended March 2020.
|
|
Kindly note :
·
Depositories are directed to bring the provisions of this
circular to the notice of their participants and also disseminate the same on
their website.
·
For compliance requirements at S. Nos. III, IV and V above, a
15-day time period after May 17, 2020 is allowed to Depository / depository
participants, 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.
About Author:
CS Lalit
Rajput (PARTNER AT Xcede
Consultech LLP) AND CAN BE REACHED AT consultech@xcede.in / +91 8802581290
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