Submission Of Internal Audit Report For Half Year Ended March 31, 2025, Through BSE Electronic Filing System

Mumbai: All trading members are required to conduct a comprehensive internal audit for the half-year ended March 31, 2025. The report must be submitted electronically through the BEFS (BSE Electronic Filing System) member portal.

Eligible Auditors

The audit must be performed by independent, qualified Chartered Accountants, Company Secretaries, or Cost and Management Accountants in practice. These auditors should have no conflicts of interest with the member except for the internal audit assignment.

Revised Guidelines & Empanelment

Members must comply with Exchange Notices No. 20231003-61 (October 3, 2023) and No. 20231215-55 (December 15, 2023), outlining updated eligibility criteria and auditor empanelment procedures.

The internal audit report will only be accepted if certified by an empaneled auditor as per Exchange Notice No. 20240304-60 (March 4, 2024).

Important Compliance Points

Follow SEBI Circular No. SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95 (September 26, 2016) on auditor appointment and rotation.

Changes in sampling criteria and methodology are highlighted in Annexure III.

For each "Not Complied" observation, auditors must report the number of instances verified, non-compliant instances, non-compliance percentage, and value involved.

Submission Deadline & Process

The report must be submitted by May 31, 2025, only through BEFS. The submission module is accessible via BEFS Portal under the "Internal Audit Report" section.

Required Annexures

Annexures I–VIII include formats, guidelines, procedures, and user manuals for auditors and members.

Internal Audit Certificates must include a Unique Document Identification Number (UDIN) as per Exchange Notice No. 20191004-46.

Penalties for Non-Compliance

Non-submission or late submission of the report will attract penalties as per Exchange Notice No. 20220601-52 (June 1, 2022). Incomplete reports may be treated as non-submissions.

Contact Information

For queries related to IAR processes, technical issues, or XBRL-related concerns, contact BSE at the provided phone numbers and emails.