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ANMI seeks extension of timeline for compliance filings by brokers

An ANMI official said due to the second wave of COVID-19, the panic in minds of members and their families, it is becoming difficult to observe some of the mandatory compliances.

April 27, 2021 / 10:22 PM IST
Representative image.
 (PTI Photo by Swapan Mahapatra)

Representative image. (PTI Photo by Swapan Mahapatra)

Stock brokers' association ANMI on April 27 said it has requested authorities to extend timelines for mandatory compliance requirements of the broking industry to up to July 31, 2021, or till such time lockdown is continued across various states.

Also, it has requested for not penalising brokers for submitting compliances late, the Association of National Exchanges Members of India (ANMI), which comprises over 900 stockbrokers, said in a statement.

It further said brokers and their staff are facing difficulties reaching their offices, and with the rise in COVID-19 cases, there are limited employees who are working and thus an extension will lessen their strain.

The association said it has sought relaxation in maintaining call recordings of orders or instructions received from clients.

In addition, it has sought relaxation in reporting for Artificial Intelligence (AI) and Machine Learning (ML) applications, client funding reporting, submission of the internal audit report as well as cybersecurity and cyber resilience audit report for the half-year ended March 2021, among others.

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The brokers' association said, "various mandatory compliance requirements that are required to be completed on or before June 30, 2021, be extended up to July 31, 2021, or till such time lockdown is continued".

An ANMI official said due to the second wave of COVID-19, the panic in minds of members and their families, it is becoming difficult to observe some of the mandatory compliances.

The official said a majority of brokers, constituting 95 percent of the industry, would find it extremely difficult to replicate the set up of call recording at each individual residence where the terminals are located.

"Pandemic and extraordinary times call for a separate and a practical thought process.

"In such pandemic times, there is a need by Sebi to relax such stringent guidelines for working from home and other related compliances and allow brokers to make alternative arrangements or measures which meet the spirit of the intent of the regulation and not purely insist on the recording of calls on personal mobile phones of dealers and relationship managers," the official added.
PTI
TAGS: #ANMI
first published: Apr 27, 2021 10:22 pm

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