SEBI extends deadline for brokers till June 30

SEBI. by .

The Securities and Exchanges Board of India (Sebi) granted an extension date to the stockbrokers, clearing members and depository participants to submit the reports.

The market regulator has extended the deadline for submitting the client funding report for April by the brokers till June 30, a circular released on Friday said. Earlier, the deadline for filing the reports due till April 8 was extended till May 17 in view of the Covid-19 induced lockdown.

Further, the deadline for reporting Artificial Intelligence and Machine Learning applications for the quarter ended March 31 has now been extended till June 30.

Sebi has also deferred the penalty on non-collection or a short collection of upfront margins in cash segment till June 30, from the previous extended due date of May 17.

The compliance norm for brokers to maintain call recordings of orders or instructions received from clients has also been extended till June 30, the circular said.

In another major relief for the depositories, brokers and stock transfer agents, the period between March 23 and June 30 will be excluded from the compliance norm of uploading KYC application forms and supporting documents of the clients on the system of KRA within 10 days. Earlier, the period between March 23 and May 17 was excluded, which now has been extended till June 30.

Sebi has also extended the timeline for submission of weekly monitoring of client funds and the data on a monthly basis towards clients’ under the provisions of ‘enhanced supervision’ till June 30, among other measures.