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Sebi gives more time to brokers, clearing members to comply with certain rules

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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.

Markets regulator Sebi on Friday extended timelines for compliance with certain regulatory requirements by stock brokers, clearing members and KYC registration agencies in view of the coronavirus pandemic.

The deadline for maintaining call recordings of orders or instructions received from clients has been extended by one month till September 30, the Securities and Exchange Board of India (Sebi) said in a circular.

The watchdog has also given time till December 31 to brokers for operating the trading terminals from designated alternate locations.

Further, the deadline has been extended by a month till September-end for submission of internal audit report, system audit, and cyber security & cyber resilience audit report for the period ended March 2021 as well as for risk-based supervision reporting. Earlier, the deadline was July 31.

In view of the prevailing situation due to the pandemic and representations 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 September 30, documents may be uploaded on to the system of KRA within 15 working days”.

A 30-day period after September 30 will be given to registered intermediaries to clear the backlog.

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