Subject: Compliance with SEBI Circular dated March 15, 2022 and the requirement to conduct an audit thereof
To All Members/MFIs/MFDs/Payment Aggregators.
This is in reference to the SEBI circular bearing ref. no. SEBI/HO/IMD/IMD-I DOF5/P/CIR/2022/29, dated March 15, 2022, wherein SEBI has mandated conducting an third party audit to verify the compliance of the provisions of the Circular.
All the Members and their Payment Aggregators are advised to comply with the above SEBI Circular and directions issued by ICCL in this regard from time to time. Accordingly, the Members are also advised to require their Payment Aggregators to comply with the requirements prescribed by SEBI including third party audit in the manner prescribed by ICCL.
Please note that in case of non-compliance with the SEBI Circular and instructions issued by ICCL, the Members will not be able to use the services of non-compliant Payment Aggregator. In case, a Members continues to avail the services of any such non-compliant Payment Aggregators, the same would constitute non-compliance with the SEBI Circular.
Accordingly, the Members and their Payment Aggregators are advised to comply with the instructions issued by ICCL from time to time.
Further, in order to ensure that the Members do not face any difficulty, ICCL is also coordinating with the Payment Aggregators and has issued instructions to the Payment Aggregators to ensure compliance with audit requirements.
The Members are requested to contact Ms Saba on 022-22728858 latest by June 15, 2023 to know the names of non-compliant Payment Aggregators, which will enable them to take requisite steps such as changing the mandate in favour of compliant Payment Aggregators.
The Members / Payment Aggregators are requested to ensure compliance with the above.
Regards,
Mehul Parikh
Additional General Manager
Mutual Fund Settlement |