On June 30th, 2021 Securities and Exchange Board of India has issued a circular for relaxation in timelines for compliance with regulatory requirements to the interests of investors, promote development unregulated the securities market. The circular was issued given the situation that has arisen due to lockdown imposed by the government and representations received from the Stock Exchange, which is due to the COVID-19 pandemic. SEBI had again provided relaxations in the timelines for compliance with various regulatory requirements.

The circular is addressed to trading members, clearing corporations, clearing members through Stock Exchange, all deposit areas, depositary participants through depositories, KYC registration agencies, and all recognized stock exchanges and clearing corporations.

Securities and Exchange Board of India had previously given relaxation to depository participants, clearing members, trading members through various circulars and later issued circulars that further extended timelines for certain compliance requirements.

The following timelines for regulatory requirements by KYC registration agencies, clearing members, trading members that has been extended, which includes –
1. Maintaining call recordings of order, instructions received from a client, client funding reporting, operation of trading terminals from designated alternate locations – a current timeline that is June 30th, 2021 has been extended to propose timeline till 31st July 2021.
2. The compliance regarding know your customer application form and supporting documents of clients go to be uploaded on a system of clay is a within 10 working days – the current timeline/ period of exclusion till 30th June 2021, that stated that the documents required must be uploaded on the KRA system within 15 working days and SEBI registered intermediary will be given a 30 day after the current timeline to clear the backlog. This timeline has been extended to the proposed timeline/ period of exclusion till 31st July 2021, which stated that the documents required must be uploaded on the KRA system within 15 working days, and the SEBI register intermediary will be given 30 days after the proposed timeline to clear the backlog.
3. Relaxation is provided in the issue of the annual global statement of clients only if the client has requested a physical statement. The current timeline of 30th June 2021 has extended to July 31st, 2021.

Securities and Exchange Board of India has directed the Stock Exchange, clearing corporations, and depositories To bring it to the notice of other members and disseminate the same.
Section 11 subsection 1 of the Securities and Exchange Board of India act, 1992 and section 19 of the deposit Aries act 1996 have conferred the powers to SEBI, so as to protect the interests of investors, promote development unregulated the securities market.

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