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NOTICES
Notice No.   20241009-16   Notice Date   09 Oct 2024
Category   Others   Segment   General
Subject   System Audit of Stock Brokers / Trading members for the half year ended September 30, 2024
Attachments   SAR_Annexure_IV.pdf ; SAR_Annexure_II.pdf ; System Audit_TOR_III.pdf ; SAR_Annexure_III.pdf ; SAR_Annexure_I.pdf ; SAR_Annexure_V.pdf ;
Content

To All Trading Members,

This is further to SEBI circular no. CIR/MRD/DMS/34/2013 dated November 6, 2013 and Exchange notice no. 20131107-6 dated November 7, 2013 on the Annual System Audit of Stock Brokers / Trading members wherein half yearly system audit has been prescribed for stock brokers who use Algorithmic Trading or   provide their clients with the facility of Algorithmic Trading as per SEBI Circular CIR/MRD/16/2013 dated May 21, 2013 and Exchange notice no. 20230331-66 dated March 31, 2023, on Revised and Standardized Terms of Reference for System Audit of Stockbroker / Trading member across Exchanges for the period ended September 30, 2024.

The Trading Members are required to note the following timelines:

 

Sr No.

Particulars

Due Date for submission to the Exchange

1.

Preliminary Audit report

November 30, 2024

2.

Corrective Action Report

February 28, 2025

All Trading members are requested to take note that, for each non-compliance reported by the auditor, trading members are required to submit corrective action taken report as per above mentioned timelines. On review of details of corrective action submitted by trading member, the auditor shall submit the status of compliance as Compliant or Non-Compliant on BEFS. 

Submission of System Audit Report with Management comments shall be considered complete only after Member submits the report to the Exchange and receives an acknowledgment email. Saved reports/reports submitted by auditor will not be considered as final submission. Further, the auditor must provide compliance status for each TOR item as Compliant/Non-Compliant/Not Applicable and in case of any TOR item which is not applicable, auditor is required to provide justification for the non-applicability of said TOR.

 

Further, the auditor must provide compliance status for each TOR item as Compliant/Non-Compliant/Not Applicable and in case of any TOR item which is not applicable, auditor is required to provide justification for the non-applicability of said TOR.

 

The link for submission of System Audit Report will be made available from October 18, 2024.

 

Trading members are requested to take note of the Exchange circular 20231005-54 dated October 05, 2023, regarding “Revised Penalties/disciplinary action(s)/charges for System Audit Report & Cyber Security and Cyber Resilience Audit Report related submissions”. The details of Penalties/disciplinary action(s)/charges have been provided in Annexure V.

 

Stockbrokers are requested to refer to the following documents while submitting the system audit report.

Ø Auditor Selection Norms – Annexure I

Ø Audit Process – Annexure II

Ø Auditor User Manual for System Audit Report (SAR) – Annexure III

Ø Member User Manual for System Audit Report (SAR) – Annexure IV

Ø Terms of Reference (TOR) for System Audit Report III

 

It may be noted that submission of System Audit Report shall be considered complete only after Member submits the report to the Exchange and receives an acknowledgment email. Saved reports/reports submitted by auditor will not be considered as final submission to Exchange.

 

Members are requested to take note of the above and ensure compliance to avoid disincentives.

 In case of any queries/clarifications, you may contact at the following numbers as mentioned in the table 2 below.

 

Table 2: Submission Related Contacts

Purpose

Contact Nos.

Email ID

System Audit XBRL related issues

+91 9316749660

xbrl.helpdesk(at)microvistatech.com

System Audit Process related

022- 22725841

bse.msc(at)bseindia.com

 

 

For and on behalf of BSE Ltd.  

 

 

 

Devendra Kulkarni                                                       

 

Additional General Manager

 

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