The Stock Brokers Association ANMI said on April 27 that it requested authorities to extend the deadline to the mandatory compliance requirements of the broking industry by July 31, 2021, or until the lockout continues in various states.
The association has requested members of the National Exchange of India (ANMI), which includes 900 stockbrokers as of late, not to penalize the brokers for furnishing late compliance.
It stated that brokers and their employees are experiencing difficulties accessing their offices, and with the increase in COVID-19 cases, there are limited employees who are working and thus an extension will ease their stress.
The association said it has sought exemption from maintaining call recordings of orders or instructions received from customers.
In addition, it has given leeway for Artificial Intelligence (AI) and machine learning (ML) applications, client funding reporting, internal audit report submission, as well as cyber security and cyber resilience audit reports to end in 2021. , among others.
The Brokers Association stated, “Various mandatory compliance requirements are required to be met on or before June 30, 2021, this can be extended until July 31, 2021 or until a lockdown is issued”.
An ANMI official said that due to the second wave of COVID-19, nervousness in the minds of members and their families, some mandatory compliance is becoming difficult to follow.
The official said that most of the brokers made up 95 percent of the industry, where it would be extremely difficult to set up call recordings of terminals at each individual residence.
“Pandemic and extraordinary times call for a different and a practical thought process.
“At the time of such an epidemic, SEBI is required to relax such stringent guidelines to work from home and other related compliance and allow brokers to make alternative arrangements or measures that meet the intent of the regulation and are purely Roopi does not insist “recording calls on private mobile phones of officers and relatives,” the official said.