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Guidance Note on Internal Audit of Stock Brokers
About the Book:
Securities and Exchange Board of India has introduced a system of Internal Audit and authorized the professionals like Company Secretaries to carry out complete Internal Audit of Stock Brokers/Trading Members/Clearing Members on a half yearly basis.
The scope of internal audit of stock brokers is wide enough to cover interalia the existence, scope and efficiency of the internal control system, compliance with the provisions of the SEBI Act, 1992, Securities Contracts (Regulation) Act, 1956, SEBI (Stock Brokers and Sub Brokers) Regulations, 1992, circulars issued by SEBI, agreements, KYC requirements, Bye Laws of the Exchanges, data security and insurance in respect of the operations of stock brokers/clearing members.
The Institute has brought out Guidance Note on Internal Audit of Stock Brokers containing analysis of various functions, the stock brokers are required to undertake in their dealing with investors, issuers and regulators. The Guidance Note also contains a detailed checklist on Regulatory Prescriptions that the stock brokers are required to comply with. A number of appendix annexued to Guidance Note would help Company Secretaries in undertaking and completing the Internal Audit of Stock Brokers efficiently.