Internal Audit Report Submission, ICCL Sets May 31 Deadline For Clearing Members

Mumbai: Indian Clearing Corporation Ltd. (ICCL) has announced that all Clearing Members who carried out clearing activities for other brokers or custodial participants between October 1, 2024, and March 31, 2025, must submit their Half-Yearly Internal Audit Report (IAR) by May 31, 2025.

Submission Process – Only Through IEFS

Reports must be uploaded online via ICCL’s Electronic Filing System (IEFS) at https://iefs.bseindia.in. The user manual for guidance is also provided.

Audit Guidelines and Important Points

- Auditors must follow sampling rules in Annexure III and get data from Clearing Members.

- Every "Not Complied" point must include the number of instances and value involved.

- "Not Applicable" responses must have justifying comments.

- Sample details like dates and data must be shared as per Annexure IV.

- Annexure I (Audit Certificate) must be digitally signed.

- Annexure II (Audit Report) must be signed digitally by both the auditor and Clearing Member, with management remarks.

Compliance with SEBI Rules

Auditor appointment and rotation must follow SEBI’s guidelines (SEBI Circular dated September 26, 2016). Only auditors empanelled with any stock exchange are eligible.

Late Submission Penalty

Delays or non-submission will attract penalties as per ICCL notices dated March 22, 2024, and December 29, 2023.

Helpdesk Support

For any help, members can contact ICCL at iccl.membership@icclindia.com or call 022-22725825/5671/8365.

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