BSE gives more time to brokers to submit networth certificate

BSE today extended the deadline for brokers to submit networth certificate, auditor's report and annual report for the past fiscal through electronic format till October 17.

Asia's oldest bourse had earlier asked its trading members to submit the documents by September 30.

"The last date for submission of networth certificate, computation of networth, auditor's report and audited annual accounts for the financial year ended March 31, 2016 is extended up to October 17 as the last date for filing of income-tax returns has been extended till October 17 by CBDT," BSE said in a circular.

The exchange has asked to submit complete documents by October 17 in order to avoid any penal action for late or non-submission.

BSE, last month, had said that in case a member fails to submit the details within the prescribed timeline, the exchange would impose fine and can also deactivate the trading terminals.

A fine of Rs 100 per day will be slapped till the first month from the due date and Rs 200 each day from the second month after due date and Rs 300 per day till the date of submission or date of discontinuation of margin trading facility, whichever is earlier.

If a member fails to submit the above till March 31, 2017, then in addition to fines, the terminals of the defaulting members will be deactivated with effect from April 1 next year, the exchange had said.

It had said that trading members observing the accounting year other than one ending March 31, would have to submit these information for the respective year ending within six months from end of the respective fiscal.