SEBI has relaxed the Compliance Norms till 03rd May, 2020 for depository participants, stock brokers and share transfer agents w.r.t processing of demat request and KYC application due to coronavirus outbreak. Under the norms the following decision has been taken:
1. Processing of the demat request form by issuer or RTA needs to be done within 15 days, while the same for depository participants within seven days.
2. Relaxing the guidelines for KYC (Know Your Client) application form and supporting documents of the client that need to be uploaded on the system of KRA (KYC registration agency) within 10 working days.
3. Period from March 23 till May 17 shall not be considered for computing the existing timelines for compliance.
4. 15-day time period after May 17 has been allowed to registered intermediary, to clear the backlog.
For more details, Click here- SEBI Circular dated 16.04.2020 https://www.carahulgupta.in/profsindia/01_Apr_2020/16042020_SEBI.pdf
Source: THE HINDU