SEBI extends timelines to conduct annual compliance audits by investment advisors
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Circular No. SEBI/HO/IMD/IMD-I/DOF1/P/CIR/2021/632, Dated, 30-09-2021
SEBI has extended the timeline to conduct an annual compliance audit by investment advisors by 3 months. SEBI had earlier received representations from Investment Advisers (IAs ) seeking extensions due to the Covid -19 pandemic. For the financial year ending March 31, 2021, IAs are now required to conduct the annual compliance audit by December 31, 2021, Also, the date for obtaining a certificate from an auditor has been extended till December 31, 2021.
Earlier, vide Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/182 dated September 23, 2020, SEBI, had a prescribed timeline of six months from the end of each financial year for investment Advisers (IA) to conduct an annual audit in respect of compliance of with SEBI (Investment Advisers) Regulations, 2013. Further, a timeline of one month from the date of the audit report but no later than October 31st of each year was prescribed for submitting adverse findings of such audit, if any, for the previous financial year starting with the financial year ending March 31, 2021. The circular further specified a timeline of 6 months from the end of the financial year for the IAs to obtain an annual certificate from an auditor confirming compliance with the client level segregation requirements as specified in Regulation 22 of the IA Regulations
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