The has moved to relax timelines for stock brokers offering margin trading facility (MTF) to submit net worth certificates with stock exchanges by a few months to align timelines with declaration of financial results and promote ease of doing business.
The timeline to submit a certificate from an auditor has been shifted, with immediate effect, to 45 days from the half year ended on September 30 and within 60 days from the half year ended on March 31.
Earlier, brokers had to submit a half-yearly certificate, as on 31st March and 30th September of each year, to be eligible for MTF. Such a certificate was to be submitted not later than 30th April and 31st October of every year.
This follows representations made by industry stakeholders and stock brokers to ease timelines for better compliance.