Extension of timeline for annual audit compliances for Investment Advisers
PUBLISHED ON: 01-10-2021
Due to the ongoing pandemic of COVID-19 in India, SEBI has extended the timelines for certain audit related compliances prescribed under the Guidelines for Investment Advisers (“Guidelines”) issued on September 23, 2020 (available here):
- Investment Advisers (IAs) are permitted to complete the annual audit for the FY 20-21 by December 31, 2021, which was required to be completed by September 30, 2021, as per the Guidelines.
- Adverse findings of the audit, if any, along with action taken thereof duly approved by the individual IA/management of the non-individual IA, is required to be reported to the respective SEBI office (based on the registered address of IA) by January 31, 2022, which was required to be done by October 31, 2021, as per the Guidelines.
- IAs are permitted to obtain the annual certificate from auditor (in case of individual IA) and its statutory auditor (in case of a non-individual IA) confirming compliance with the client level segregation by December 31, 2021, which was required to be obtained by September 30, 2021, as per the Guidelines.
The aforementioned changes were notified vide circular dated September 30, 2021 (available here)
