Brokers are required to submit the auditor’s certificate within 45 days for the half year ending September 30, and within 60 days for the half year ending March 31.
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The Securities and Exchange Board of India (Sebi) on Tuesday extended the deadline for stock brokers to submit net worth certificates required for providing margin trading facilities. The move is aimed at making compliance easier and promoting ease of doing business, reports PTI. Under the current rules, brokers are required to submit auditor’s certificates confirming their net worth as on March 31 and September 30 every year twice in six months. These were to be submitted to stock exchanges by April 30 and October 31, respectively.
This will be the new deadline now
According to the news, however, SEBI received several requests from market participants to extend the deadline. Keeping these in mind, SEBI has decided to coordinate the deadline for submission of net worth certificate with the announcement of financial results, which is under LODR (Listing Obligation and Disclosure Requirement) rules. Now, brokers will have to submit the auditor’s certificate within 45 days for the half-year ending on September 30 and within 60 days for the half-year ending on March 31.
This means that the new deadlines will now be November 15 and May 31, which were earlier October 31 and April 30. This new rule has come into effect immediately. SEBI has directed the stock exchanges to make necessary amendments in their bye-laws, rules and regulations and inform their members about this change.
SEBI is considering amendments in the draft of bulk deal
Market regulator SEBI has recently proposed to increase the minimum order size for bulk deals from the current Rs 10 crore to Rs 25 crore. The current limit is in force since 2017. Bulk deals have a large share in the total turnover of the stock market. These deals take place between the buyer and the seller in the stock market through a single transaction. It can be done only during the 15-minute special window opened by the stock market only twice a day. SEBI said in its consultation paper that the minimum order size for bulk deals will be Rs 25 crore.
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