BSE asks brokers to submit internal audit report by June 30

Leading stock exchange BSE today directed brokers to submit internal audit report for the half year ended March 31, 2017 by June 30 in electronic form.

Non-submission of the report within the cut-off period will attract penalty.

All brokers and clearing members are required to carry out complete internal audit on a half-yearly basis by independent chartered accountants or company secretaries who do not have any conflict of interest.

"All trading members/clearing members are directed to submit the internal audit report for half year ended March 31, 2017 to the exchange on or before June 30, 2017," BSE said in a circular.

The documents will not be accepted in physical form, it said.

Non-submission or delay in submitting the report by June 30 will be treated as non-compliance.

"Stock brokers are reminded to submit the internal audit report electronically ... before the due date in order to avoid non-delay submission charges and any disciplinary action against them for the non-submission of the report," the exchange said.

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