To improve the ease of doing business, the Securities and Exchange Board of India (SEBI) announced on Friday that it has extended the deadline for depositing its offsome inspection data to the market regulator for mutual funds and portfolio manager.

The move is expected to give more flexibility to the fund house and portfolio manager, as well as regulator compliance. According to the latest circular of SEBI, now the mutual funds will now have 15 calendar days from the end of each quarter, so that they can deposit their daily data in the monthly file.

Previously, this deadline was 10 calendar day. This change will help the fund house manage its reporting processes more efficiently. Additionally, Registrar and Transfer Agents (RTA) will continue to deposit data on continuous basis.

SEBI has structured the process of depositing this data as part of its offsome inspection and monitoring mechanisms. The data helps the regulator monitor compliance with mutual fund criteria and maintain transparency in the market.

According to SEBI guidelines, mutual funds and the RTA connected to them will have to submit data in the prescribed format. Similarly, portfolio managers will also get 15 calendar days from the end of each quarter, so that they can submit their data.

They have to submit a detailed report to all customers, which will include day-wise data for categories like 'Client Folio AUM' and 'Client Holding Master'. SEBI's decision to increase the deposit deadline is based on the response received from the industry.

SEBI said, “It has been decided to increase the deadline for submission of offsome inspection data.” The move aims to reduce compliance pressure by maintaining proper regulatory monitoring of mutual funds and portfolio management services.

The market regulator said, “This decision will apply with immediate effect.” Meanwhile, according to reports, the market regulator is working on a new punishment system, which will prevent brokerage firms from imposing fines several times for the same violation.