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.