The Securities and Exchange Board of India vide its notification dated 30th September 2021 has extended the deadline for investment advisers to conduct the annual compliance audit for the financial year ended 31st March 2021 by 31st December 2021 and they shall submit the adverse findings of the audit, if any,by January 31, 2022.
Further, the date for obtaining a certificate from an auditor has been extended till December 31, 2021.
Sebi prescribed a timeline of six months from the tip of every monetary year for IAs to conduct an annual audit in respect of compliance with SEBI (Investment Advisers) Regulations, 2013 and a timeline of one month from the date of the audit report but not later than October 31stof each year was prescribed for submitting adverse findings of such audit, if any, for the previous financial year starting with the financial year ending March 31, 2021.
In addition, Sebi further specified a timeline of 6 months from the end of the financial year for the IAs to obtain an annual certificate from an auditor confirming compliance with the client level segregation requirements.
However these timelines have been extended because of the pandemic for a period of three months.
