Accounts and audit require portfolio managers to keep separate client accounts and permit independent chartered accountant audits and client inspections. Portfolio managers must maintain separate client-wise accounts recording all receipts, investments, disinvestments, credits, debits and tax deducted at ... Summary
Accounts and audit require portfolio managers to keep separate client accounts and permit independent chartered accountant audits and client inspections.
Portfolio managers must maintain separate client-wise accounts recording all receipts, investments, disinvestments, credits, debits and tax deducted at source. Annual audits of the books are required by a qualified auditor to confirm proper accounting and legal compliance, with a certificate possibly submitted to the Board. Portfolio accounts must also be audited annually by an independent chartered accountant with the certificate given to the client, and clients may appoint a chartered accountant to audit their transactions, with the portfolio manager obliged to cooperate.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.