Internal audit requirement: half-yearly independent audits for brokers and clearing members; exchanges must enforce compliance. Mandates a half-yearly internal audit by independent qualified Chartered Accountants for stock brokers and clearing members covering internal control effectiveness and compliance with the SEBI Act, Securities Contracts (Regulation) Act, SEBI (Stock Brokers and Sub-Brokers) Regulations, circulars, agreements, KYC requirements, exchange bye-laws, data security and insurance. First audit period: October 1, 2008 to March 31, 2009. Exchanges must ensure compliance by amending bye-laws, notifying members, publishing on websites, and reporting implementation status in the Monthly Development Report.
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Internal audit requirement: half-yearly independent audits for brokers and clearing members; exchanges must enforce compliance.
Mandates a half-yearly internal audit by independent qualified Chartered Accountants for stock brokers and clearing members covering internal control effectiveness and compliance with the SEBI Act, Securities Contracts (Regulation) Act, SEBI (Stock Brokers and Sub-Brokers) Regulations, circulars, agreements, KYC requirements, exchange bye-laws, data security and insurance. First audit period: October 1, 2008 to March 31, 2009. Exchanges must ensure compliance by amending bye-laws, notifying members, publishing on websites, and reporting implementation status in the Monthly Development Report.
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