New Delhi: Stock brokers’ association Anmi has requested markets regulator Sebi and exchanges to suspend all inspections till the end of the year or till the situation is back to normal in the wake of the coronavirus pandemic. The move comes after stock exchanges commenced inspections of brokers.
In a letter to Sebi and bourses, the Association of National Exchanges Members of India (Anmi) said exchanges have asked for humongous data, which is difficult to compile with the staff dispersed at multiple locations, co-ordination issues and absence of facilities to many brokers who are working from home.
Amid curfews and lockdowns in multiple cities to contain the spread of virus, Anmi said staff of brokers cannot come to office due to absence of public transport and fear of contracting the virus in public spaces. In fact, all the brokers are running their offices with less than 10 per cent of the staff to manage their day-to-day operations, it said.
Anmi, which represents over 900 stock brokers, said brokers have been regularly uploading and providing information on a weekly, monthly, half-yearly and yearly basis to the exchanges. This suggests there exists a good amount of information in the hands of market infrastructure institutions to analyse data and arrive at conclusions.
Accordingly, the brokers’ association has requested “to suspend all inspections till December 2020 or till such time the situation returns to normalcy.” “Please do not force the brokers and their staff to come to offices and provide information which they are finding it difficult to provide by working from home. The brokers are mainly concentrating on their basic business and bare operations to ensure sustainability in future to tide over such difficult times,” Anmi said.
It said asking for data and carrying out digital inspections is putting pressure in these torrid times on brokers which can be avoided and pushed to future when normalcy returns across the country.