SECONDARY MARKET DEPARTMENT
The President/Executive Directors,
of all the Stock Exchanges.
Extension for submission of audit report by November 15
It may be recalled that the Stock Exchange Division, Department of Economic Affairs, Ministry of Finance vide its letter no. F.1/5/SE/83 dated May 31, 1984, instructed that the audit of the accounts of the members of the stock exchanges should be completed within six months of the date of closing of books of accounts. The member should submit, within 30 days of the receipt of audit report, two of the copies of the audit report to the concerned stock exchange. As per this instruction, every year the members have to submit their audit report to the stock exchange by October 31.
SEBI has been receiving request from stock exchanges to extend the time limit for filing the audit reports by its members as the different time limits of audit in accordance of the instruction issued by the Stock Exchange Division, Ministry of Finance and in respect of the Income Tax Act is causing administrative problems. Keeping in view of the problem, the stock exchanges are being permitted to allow its members to get their accounts audited as required in the instruction of Stock Exchange Division, Ministry of Finance by October 31 and to submit the audit report to the stock exchange by November 15.
All exchanges are supposed to take stringent action to ensure that the reports for the year 1993-94 are received in time. Please note that deterrent action is to be taken against the members who do not follow the deadline.
You are requested to furnish the status of submission of audit reports for the year 1993-94 by the members of your stock exchange in the enclosed format at the end of every month.
R. V. NABAR
STATUS OF SUBMISSION OF AUDIT REPORTS FOR THE YEAR 1993-94 BY THE MEMBERS OF THE ……………………STOCK EXCHANGE AT THE END OF THE MONTH OF ………………, 199…
|TOTAL NO. OF ACTIVE MEMBERS||NO. OF ACTIVE MEMBERS WHO HAVE SUBMITTED THE AUDIT REPORT FOR THE YEAR 1992-93||NO.OF ACTIVE MEMBERS WHO HAVE SUBMITTED THE AUDIT REPORT FOR THE YEAR 1993-94||NO. ACTIVE MEMBERS WHO HAVE NOT SUBMITTED THE AUDIT REPORT FOR THE YEAR 1993-94||ACTION TAKEN BY THE STOCK EXCHANGE AGAINST DEFAULTING BROKERS.|