The Securities and Exchange Board of India extended the deadline for submitting annual audited accounts and net worth certificates by stock brokers and depository participants to Oct. 31.
According to a circular issued by SEBI, the market regulator revised the submission deadline from Sept. 30 to Oct. 31 of the relevant year. This change aims to ease the compliance burden and smoothen business operations.
"As a step towards ease of doing business, it has been decided to revise the timeline to Oct. 31," SEBI stated in the circular. The provisions of this circular will come into force with immediate effect.
The circular addressed key provisions for stock brokers and depository participants, specifying that stock brokers must now furnish their annual audited accounts by Oct. 31. Additionally, depositories are required to submit their net worth certificates for the year ending March by Oct. 31.
SEBI has directed stock exchanges and depositories to notify their members and participants about the changes. They were also instructed to update their bye-laws, rules, and regulations to implement the decision.
Further, SEBI directed exchanges to report the status of the implementation of the provisions of this circular in their monthly development reports.
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