Description
User manual for stock exchange members detailing the procedure for submitting Internal Audit Reports through BSE Electronic Filing System (BEFS) for the half year ended September 30, 2025.
Summary
BSE has issued a detailed user manual for members to submit Internal Audit Reports (IAR) for the half year ended September 30, 2025 through the BSE Electronic Filing System (BEFS). The circular provides step-by-step instructions for both members and auditors to complete the submission process using XBRL format files.
Key Points
- Members must submit Internal Audit Reports through BEFS for half year ended September 30, 2025
- Submission requires Microsoft Excel 2007 or above and file compression software
- Members must select and appoint auditors through the BEFS platform
- Two undertakings are mandatory: appointment of auditor and declaration of penalty
- Auditor receives login credentials via email after member generates their access
- Members can only modify ‘General Information’ and ‘Annexure II’ sheets in the XBRL file
- Final submission requires uploading XBRL sheet which converts to PDF format
- PDF must be printed on member’s letterhead with scanned signatures
- Internet Explorer is required for accessing BEFS
Regulatory Changes
No new regulatory changes introduced. This circular provides procedural guidance for existing internal audit reporting requirements.
Compliance Requirements
For Members:
- Login to BEFS using Internet Explorer
- Select auditor through Internal Audit Reporting Module > Auditor Selection
- Fill ‘IAR Auditor Member Details’ screen
- Upload undertaking for declaration of penalty
- Tick both undertaking checkboxes (appointment of auditor and penalty declaration)
- Generate login ID for appointed auditor
- Review auditor-submitted XBRL file
- Add management comments in Annexure II section
- Upload completed IAR XBRL sheet for the respective submission period
- Download generated PDF and print on company letterhead
- Submit scanned copy with signatures
For Auditors:
- Receive login credentials from member
- Complete and submit IAR XBRL sheet (detailed steps referenced in separate ‘User Manual for Auditors’)
System Requirements:
- Microsoft Excel version 2007 or above
- File compression software (WinZip or WinRAR)
- Internet Explorer browser
Important Dates
- Reporting Period: Half year ended September 30, 2025
- Submission Deadline: Not specified in this circular (members should refer to BSE’s regulatory calendar)
Impact Assessment
Operational Impact:
- All BSE trading members must complete the internal audit submission process
- Members need to coordinate with appointed auditors for timely completion
- Technical requirements (specific Excel version, Internet Explorer) may require system updates
- Process involves multiple validation steps and document uploads
Compliance Impact:
- Mandatory requirement for all BSE members
- Non-submission or delayed submission may attract penalties as per BSE regulations
- Members must ensure both undertakings are properly executed and uploaded
- Management comments in Annexure II are required, ensuring member review of audit findings
Market Impact:
- Ensures transparency and accountability in member operations
- Strengthens regulatory oversight of trading member activities
- No direct impact on trading or market operations
Impact Justification
Mandatory compliance requirement for all BSE members to submit internal audit reports for half year ended September 30, 2025. Non-compliance may result in penalties and regulatory action.