Sunday, September 01, 2013

SEBI-Investment Advisor Guidelines.Internal Audit of Stock Broker 2008.

No registration U/S 3 of the regulation is  required for a cost accountant who delivers an Investment advice in the course of his professional service.


DEPUTY GENERAL MANAGER
MARKET REGULATION DEPARTMENT
DIVISION OF MARKET SUPERVISION
Tel : 26449261, Fax : 26449021
Email : manojk@sebi.gov.in
MRD/DMS/Cir-29/2008
October 21, 2008
The Managing Director / Executive Director
of all Stock Exchanges
Dear Sir,
Sub: Internal Audit for stock brokers/trading members/clearing
members
In partial modification of SEBI circular No. MIRSD/ DPSIII/ Cir-26/ 08 dated
August 22, 2008 on the above subject, it has now been decided that stock
brokers/trading members/clearing members shall carry out complete internal
audit on a half yearly basis by chartered accountants, company secretaries
or cost and management accountants who are in practice and who do not
have any conflict of interest.
The Stock Exchanges are advised to:
1. make necessary amendments to the relevant bye-laws, rules and
regulations for the implementation of the above decision immediately,
2. bring the provisions of this circular to the notice of the member brokers
/clearing members of the Exchange and also to disseminate the same
on the website, and
3. communicate to SEBI, the status of the implementation of the
provisions of this circular in the Monthly Development Report.
It may be noted that the other provisions of the said circular remain
unchanged.
This circular is being issued in exercise of the powers conferred by Section
11 (1) of Securities and Exchange Board of India Act, 1992 to protect the
interest of investors in securities and to promote the development of, and to
regulate, the securities market.
Yours faithfully,
MANOJ KUMAR

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