Member's attention is drawn to SEBI circular SEBI/HO/MIRSD/DOP/CIR/P/2020/ 101 dated June 19, 2020, on the subject “Relaxation in timelines for compliance with regulatory requirements”, wherein further relaxations have been given to Members with respect to certain regulatory submissions/ requirements. The copy of the said SEBI circular is enclosed as Annexure 1 your reference.
As per the above-mentioned SEBI circular, the revised due dates for submitting the below mentioned compliance requirement are as under:
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Sr. No.
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Submission/Compliance
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Extended timeline / Period of exclusion
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1
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Client Funding Reporting for the month of April, May and June 2020.
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Till July 31, 2020
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2
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Reporting for Artificial Intelligence (AI) and Machine Learning (ML) applications for the quarter ended on March 31, 2020.
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Till July 31, 2020
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3
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Compliance certificate for Margin Trading for CM Segment for half year ending (HYE) March 31, 2020
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Till July 31, 2020
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4
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Risk based supervision for the year ended March 31, 2020
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Till July 31, 2020
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5
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Internal Audit Report for HYE March 31, 2020.
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Till July 31, 2020
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6
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Net worth certificate in Margin Trading for CM Segment for HYE March 31, 2020
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Till July 31, 2020
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7
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Net worth certificate for all members for HYE March 31, 2020
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Till July 31, 2020
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8
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Penalty for non- collection / short collection of upfront margins in cash segment
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Till July 31, 2020
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9
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Maintaining call recordings of orders/ instructions received from clients
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Till July 31, 2020
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10
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KYC application form and supporting documents of the clients to be uploaded on system of KRA within 10 working days.
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Period of exclusion shall be from March 23, 2020 till July 31, 2020
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11
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Submission towards weekly monitoring of client funds under the provisions of Enhanced Supervision.
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Till July 31, 2020
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12
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Submission of data on monthly basis towards clients’ and fund balance under the provisions of Enhanced Supervision
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Till July 31, 2020
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13
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Daily margin trading reporting
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Till July 31, 2020
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14
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Update in Income Tax Permanent Account Number of Key Management Personnel / Directors
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Three months from the due date.
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15
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Issue of Annual Global Statement to clients
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Three months from the due date.
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16
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NISM certifications which are expiring during the period, March 15, 2020 to September 29, 2020 have been extended till September 30, 2020*
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Till September 30, 2020
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*As per NISM website
https://www.nism.ac.in/index.php?option=com_content&view=article&layout=edit&id=1571
Further, based on the representations received from the Members, Exchanges, in joint consultation, have decided to grant the following additional relaxations due to the extended lock-down period:
- Trading members shall be permitted to operate the trading terminals from designated alternate locations, till July 31, 2020, subject to the conditions specified in the Exchange notice 20200320-59 dated March 20, 2020.
- No penal action will be taken in case of any late or delayed submission of ‘Client Level Cash & Cash Equivalent Balances’ and ‘Bank Account Balances’ till July 31, 2020. Submissions starting from the week ending August 01, 2020 shall be made as per the stipulated timelines i.e. on or before the next 4 working days of the subsequent week. Details of disciplinary action on account of late/non submission will be communicated in due course.
All Members are advised to take note of the above and comply.
For and on behalf of BSE Ltd.
Kiran Sawant
Asst. General Manager
(Brokers’ Supervision) |