Markets regulator Sebi on Wednesday extended deadlines for complying with certain regulatory requirements by stock brokers, clearing members and KYC registration agencies in view of the ongoing Covid-19 pandemic.
The deadline for maintaining call recordings of orders or instructions received from clients has been extended by one month till July 31, the Securities and Exchange Board of India (Sebi) said in a circular.
Also, the regulator has given time till July-end to brokers for operating the trading terminals from designated alternate locations. Further, the deadline has been extended till July-end for submission of client funding report.
With regard to issue of annual global statement to clients, Sebi has given relaxation till July 31. This will be applicable only if the client has requested for a physical statement.
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Earlier these relaxation were given till June 30. In view of the prevailing situation due to the pandemic and representation received from stock exchanges and depositories, Sebi said it has decided to extend the timelines for compliance with certain regulatory requirements by trading members/clearing members/KYC registration agencies.
As per the norms, KYC (Know Your Customer) application form and supporting documents of clients need to be uploaded on a system of KRA (KYC Registration Agency) within 10 days. In this regard, Sebi said "till July 31, documents may be uploaded on to the system of KRA within 15 working days".
A 30-day period after July 31 will be given to registered intermediary to clear the backlog.
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