Relaxation in timelines for compliance with regulatory requirements by Depository and depository participants. - SEBI - SEBI/HO/MIRSD/DOP/CIR/P/2020/72

CIRCULAR SEBI/HO/MIRSD/DOP/CIR/P/2020/72 April 24, 2020 To, 1. All Depositories 2. Depository Participants (DPs) through Depositories Madam / Sir, Subject: Relaxation in timelines for compliance with regulatory requirements by Depository and depository participants. 1. In view of the situation arising due to COVID-19 pandemic, extended lockdown period and based on representation received from the Depositories regarding relaxation in timelines for compliance with regulatory requirements by Depositories and depository participants, it has been decided to provide relaxation in timelines as under: S. No. Compliance Requirements Existing Timelines / Due Date Extended Timelines / Due Date SEBI Circular Reference I. Submission of BO Grievances Report to Depositories. 10 th of the following month i.e. 10 th April for the month of March 2020. May 18, 2020 for the month of March 2020 and April 2020. SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95 dated September 26, 2016. II. Submission of half yearly Internal Audit Report (IAR) by DPs for half year ended 31st March 2020. 15th May 2020 for half year ending March 2020. June 30, 2020, for half year ended March 2020. SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95 dated September 26, 2016. III. Redressal of investor grievances. Within 15 days of the date of receipt of the complaint through SCORES within 30 days of the date of receipt of the complaint other than received through SCORES. Period of exclusion shall be from March 23, 2020 till May 17, 2020. SEBI/HO/MIRSD/MIRSD6/CIR/P/2017/20 dated March 10, 2017 Regulation 36 (f) of SEBI (Depositories Participants) Regulations, 2018. IV. Transmission of securities. Within 7 days, after receipt of all requisite documents. Period of exclusion shall be from March 23, 2020 till May 17, 2020. CIR/MIRSD/10/2013 dated October 28, 2013. V. Closure of demat account Within a period of 30 days. Period of exclusion shall be from March 23, 2020 till May 17, 2020. CIR/MIRSD/12/2013 dated December 4, 2013. VI. Systems audit on annual basis. Within three months of the end of the financial year. July 31, 2020 for the financial year ended March 31, 2020. SEBI/HO/MIRSD/CIR/PB/2018/147 dated December 3, 2018. VII. Reporting for Artificial Intelligence (AI) and Machine Learning (ML) applications. Within 15 calendar days of the expiry of the quarter. May 31, 2020 for quarter ended March 2020. SEBI/HO/MIRSD/DOS2/CIR/P/2019/10 January 04, 2019. VIII. Risk Based Supervision 15th May for half year ended March 31, 2020. June 30, 2020 for half year ended March 2020. 2. For compliance requirements at S. Nos. III, IV and V above, a 15-day time period after May 17, 2020 is allowed to Depository / depository participants, to clear the back log. 3. Depositories are directed to bring the provisions of this circular to the notice of their participants and also disseminate the same on their website. 4. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Section 19 of the Depositories Act , to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets. Yours faithfully D Rajesh Kumar General Manager Market Intermediaries Regulation and Supervision Department