In light of the coronavirus pandemic in the country, the Securities and Exchange Board of India (Sebi) on Thursday extended compliance deadlines for debenture trustees, trading and clearing members. The retention periods for records of calls for orders or instructions received from customers have now been extended until February 28, 2021.
In accordance with the standards, the KYC (Know Your Customer) application form and supporting documents from customers must be uploaded to a KRA (KYC Registration Agency) system within 10 days. In this regard, the market regulator said the exclusion period will run from January 1, 2021 to February 28, 2021. A period of 15 days after February 28 will be granted to clear the backlog.
“The exchanges and the clearinghouse have been urged to request their members to clear the backlog, if any, by January 31, 2021, with respect to the KYC application form and supporting documents from clients to uploaded to the KRA system by members, ”Sebi said.
The new due diligence requirements for debenture trustees relating to the creation of security when issuing listed debt securities will now apply from April 1, 2021, the regulator said.
Sebi also extended the implementation date for uniformity in the applicability of the NAV to the realization of funds to February 1, 2021. Previously, the compliance date was January 1.
The decision to extend the deadlines for compliance with regulatory requirements was made due to the current situation due to the COVID-19 pandemic and the representation received from the exchanges, Sebi said in a circular.