**Summary:**
This circular, issued by the Securities and Exchange Board of India (SEBI) on May 15, 2020, addresses the relaxation of timelines for compliance with regulatory requirements for various market participants due to the ongoing COVID-19 pandemic and the associated lockdown. The circular extends the relief previously granted via circulars SEBI/HO/MIRSD/DOP/CIR/P/2020/61 dated April 16, 2020, SEBI/HO/MIRSD/DOP/CIR/P/2020/62 dated April 16, 2020, and SEBI/HO/MIRSD/DOP/CIR/P/2020/68 dated April 21, 2020.
The extension applies to trading members, clearing members, depository participants, and KYC Registration Agencies. Specifically, the timelines outlined in the aforementioned circulars are extended as follows:
* **SEBI/HO/MIRSD/DOP/CIR/P/2020/61:** Items I, II, X, and XI are extended until June 30, 2020, for the month of April 2020 and the quarter ended March 31, 2020.
* **SEBI/HO/MIRSD/DOP/CIR/P/2020/62:** Item III is extended, with the period of exclusion now spanning from March 23, 2020, to June 30, 2020.
* **SEBI/HO/MIRSD/DOP/CIR/P/2020/68:** Items I, II, and III are extended until June 30, 2020. Items IV and V are extended by two months from the original due date.
All other conditions specified in the original circulars remain applicable. Stock Exchanges, Clearing Corporations, and Depositories are directed to inform their members/participants and disseminate the circular's contents on their websites.
This circular is issued under the powers conferred by Section 11(1) of the Securities and Exchange Board of India Act, 1992, and Section 19 of the Depositories Act, 1996, to protect investor interests, promote market development, and regulate securities markets.
For further information, contact D. Rajesh Kumar, General Manager, Market Intermediaries Regulation and Supervision Department, SEBI.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): The regulatory body that issued the circular and is responsible for regulating the securities markets in India.
Stock Exchanges: Recognised Stock Exchanges, including those in International Financial Services Centres, which are addressees of the circular.
Clearing Corporations: Clearing Corporations, including those in International Financial Services Centres, which are addressees of the circular.
Depositories: Entities that hold securities, which are addressees of the circular.
Depositories Act, 1996: A law that empowers SEBI.
COVID-19 pandemic: The global health crisis that prompted SEBI to provide relaxations in timelines.
Securities and Exchange Board of India Act, 1992: A law that empowers SEBI.
KYC Registration Agencies: Entities involved in Know Your Customer (KYC) registration, which are addressees of the circular.
CIRCULAR
SEBI/HO/MIRSD/DOP/CIR/P/2020/82 May 15, 2020
To,
1. All Recognised Stock Exchanges and Clearing Corporations (including those in
International Financial Services Centres)
2. All Depositories
3. Trading members / Clearing Members through Stock Exchanges and Clearing
Corporations (including those in International Financial Services Centres)
4. Depository Participants through Depositories
5. KYC Registration Agencies
Madam / Sir,
Subject: Relaxation in timelines for compliance with regulatory requirements
1. In view of the situation arising due to COVID-19 pandemic, lockdown imposed by the
Government and representations received from Stock Exchanges, SEBI had earlier
provided relaxations in timelines for compliance with various regulatory requirements by
the trading members / clearing members, vide circular nos.
SEBI/HO/MIRSD/DOP/CIR/P/2020/61 dated April 16, 2020,
SEBI/HO/MIRSD/DOP/CIR/P/2020/62 dated April 16, 2020, and
SEBI/HO/MIRSD/DOP/CIR/P/2020/68 dated April 21, 2020.
2. In view of the prevailing situation and representations received from the Stock Exchanges,
it has been decided to further extend the timelines for compliance with the regulatory
requirements, by the trading members / clearing members / depository participants,
mentioned in the aforesaid SEBI circulars, as under:
SEBI Circular S. Nos. for Extended timeline / Period of
which timeline exclusion
is extended
SEBI/HO/MIRSD/DOP/CIR/P/2020/61 I Till June 30, 2020 for the month
dated April 16, 2020. of April 2020.
II Till June 30, 2020 for the quarter
ended on March 31, 2020.
X and XI Till June 30, 2020.
SEBI/HO/MIRSD/DOP/CIR/P/2020/62 III Period of exclusion shall be from
dated April 16, 2020. March 23, 2020 till June 30,
2020.
SEBI/HO/MIRSD/DOP/CIR/P/2020/68 I, II and III Till June 30, 2020.
dated April 21, 2020. IV and V Two months from the due date.
Page 1 of 23. All other conditions specified in the aforementioned circulars shall continue to remain
applicable.
4. Stock Exchanges, Clearing Corporations and Depositories are directed to bring the
provisions of this circular to the notice of their members / participants and also disseminate
the same on their websites.
5. 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, 1996 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
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