Sebi Extends Deadline For Audited Accounts And Net Worth Certificates

The Securities and Exchange Board of India (Sebi) has extended the deadline for stock brokers and depository participants to submit their annual audited accounts and net worth certificates in a move aimed at easing compliance burdens and facilitating smoother business operations. 

The new deadline, now set for 31 October, replaces the previous 30 September deadline and takes effect immediately, according to a circular issued by Sebi on Thursday.

The markets watchdog said that the decision aligns with efforts to improve the ease of doing business. By allowing more time for the submission of these critical documents, Sebi aims to provide relief to stock brokers and depository participants, ensuring they have sufficient time to complete their financial reporting accurately.

Stock brokers are now required to furnish their annual audited accounts by 31 October, while depository participants must submit their net worth certificates for the year ending 31 March by the same date. 

Sebi has mandated that stock exchanges and depositories inform their members and participants about these changes. Additionally, these entities are required to update their bye-laws, rules, and regulations to reflect the new deadlines.

The regulator also instructed exchanges to report the status of the implementation of these provisions in their monthly development reports to Sebi. This directive ensures that the changes are effectively communicated and integrated into the operational frameworks of the relevant market participants.