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SEBI relaxed Compliance requirements for brokers

Posted Date : 17-Apr-2020 , 09:50:37 am | Posted By CASANSAAR print Print
Markets regulator Sebi on Thursday relaxed compliance requirements for brokers with regards to submission of reports pertaining to client funding and system audit in the wake of the coronavirus pandemic.

The decision comes after receiving a representation from stock exchanges, the Securities and Exchange Board of India (Sebi) said in a circular.

The regulator has given time till May 31 to brokers for submitting reports on client funding and Artificial Intelligence (AI) and Machine Learning (ML) applications.

The due date for submitting report on client funding was April 8, while the same for AI and ML applications was April 15.

Further, the regulator has extended due date for submission of report on risk based supervision and compliance certificate for margin trading to June 30.

In view of the situation arising due to COVID-19 pandemic and extended lockdown period, based on representations received from stock exchanges, Sebi said it has decided to extend the due date for regulatory filings and compliance requirements by their trading and clearing members.

Besides, Sebi said internal audit report, net worth certificate for members, as well as net worth certificates in margin trading for half-year ending March 2020 can be submitted by June 30.

Sebi has also given relaxation of one month till July 31 for submitting report on system audit.

Further, the regulator has extended time till May 17 for not imposing penalty for non-collection or short collection of upfront margins in cash segment.

The imposition of penalty was effective from April 1 and the relaxation in this regard shall be till May 17, Sebi said.

"However... reporting of non-collection/short collection of margins in the cash segment shall continue," it added.

The relaxation in compliance requirement for maintaining call recordings of instructions received from clients will continue till May 17 with respect to trading members working from designated alternate locations.

However, trading members and the stock exchanges shall send a confirmation on the registered mobile number of the client immediately after execution of the order, it said. #casansaar (Source - PTI., Economic Times)

Category : SEBI | Comments : 0 | Hits : 186

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