The Securities and Exchange Board of India (SEBI) has extended the duration for the relaxation of compliance norms of foreign portfolio investors (FPI) regarding the processing of documents.
In March, among other relaxations, the securities market regulator had temporarily allowed scanned copies of documents for renewing registration in view of the coronavirus pandemic. Initially, the relaxations were effective till June 30.
“In view of the prevailing situation due to Covid-19 pandemic and representations received from various stakeholders, it has been decided that the temporary relaxations shall be extended to August 31, 2020,” the SEBI circular said on Tuesday.
The SEBI, in its circular in March, had asked depository participants and custodians to process the request for registration, continuance, KYC and any other material change on the basis of scanned version of the signed document. This could have been received from e-mail IDs of their global custodians or existing clients where these details are already captured in records or e-mail IDs of new clients received from domains which are duly encrypted. This relaxation has now been extended till August.
The regulator on Tuesday, asked the depository participants and custodians to bring the contents of this circular to the notice of their FPI clients.