COVID-19: Sebi extends regulatory compliance timelines for depositories, depository participants

In view of the situation arising out of the COVID-19 pandemic, markets regulator Sebi on Friday extended timelines for depositories and depository participants to comply with regulatory requirements.

For submitting BO (beneficial ownership) grievances report to depositories, the timeline for depository participants (DPs) has been extended till May 18 for March and April reports, Sebi said in a circular.

The half-yearly internal audit report by DPs for the half year ended March 31, which was due for submission on May 15, can now be submitted till June 30.

Systems audit done on annual basis can be completed by July 31 for the financial year ended March 31, the circular added.

Further, reporting for artificial intelligence and machine learning applications has now been allowed till May 31 for the quarter ended March 2020.

Additionally, date for risk-based supervision has been extended till June 30 for the half year ended March.

Also, compliance norms have also been eased with regard to redressal of investor grievances, transmission of securities and closure of demat accounts.

A 15-day time period after May 17 has been given to depository and depository participants to clear the back log of redressal of investor grievances, transmission of securities and closure of demat account.