Description
User manual and guidelines for BSE members to submit Internal Audit Reports for half year ended September 30, 2025 through the BSE Electronic Filing System (BEFS).
Summary
BSE has issued a comprehensive 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 the entire submission process, including auditor selection, XBRL file handling, and management comments.
Key Points
- Members must submit Internal Audit Reports for H1 FY2025-26 (half year ended September 30, 2025)
- Submission must be done through BEFS (BSE Electronic Filing System)
- Process involves auditor selection, XBRL file upload, and management comments
- Members can only edit ‘General Information’ and ‘Annexure II’ sheets in the auditor-uploaded XBRL file
- Two undertakings are mandatory: appointment of auditor and declaration of penalty
- System generates auditor login credentials automatically via email
- Final submission requires scanned signed copy on member’s letterhead
Regulatory Changes
No new regulatory changes introduced. This circular provides operational guidelines for existing internal audit reporting requirements.
Compliance Requirements
System Requirements:
- Microsoft Excel 2007 or above
- File compression software (WinZip or WinRAR)
- Internet Explorer for BEFS access
Submission Process:
- Login to BEFS with member credentials
- Select Internal Audit Reporting Module > Auditor Selection
- Fill IAR Auditor Member Details and upload undertaking for declaration of penalty
- Tick both undertaking checkboxes (auditor appointment and penalty declaration)
- Generate login ID for auditor
- Auditor submits IAR XBRL Sheet
- Member reviews auditor’s submission and downloads XBRL file
- Member fills management comments in ‘Annexure II’ sheet only
- Member can modify ‘General Information’ and ‘Annexure II’ sheets
- Validate all sheets before upload
- Upload completed IAR XBRL Sheet to BEFS
- Download generated PDF and print on member’s letterhead
- Submit scanned signed copy through BEFS
Important Notes:
- Members can deactivate auditor login and reassign to new auditor if needed
- XBRL file automatically converts to PDF after upload
- IAR History Screen shows all submitted documents
Important Dates
- Reporting Period: Half year ended September 30, 2025
- Submission Deadline: Not explicitly mentioned in this circular (members should refer to earlier notifications)
Impact Assessment
Impact on Members:
- All BSE trading members must complete this mandatory half-yearly compliance
- Process requires coordination between member and appointed auditor
- Members have limited editing rights (only General Information and Annexure II)
- Non-compliance may result in penalties as per undertaking
Operational Impact:
- Structured XBRL-based submission ensures standardized reporting
- Electronic filing through BEFS streamlines audit report submission
- System-generated auditor credentials improve security and access control
- PDF conversion feature provides standardized output format
Market Impact:
- Low direct market impact as this is routine compliance requirement
- Enhances transparency and regulatory oversight of member operations
- Strengthens internal control framework for BSE members
Impact Justification
Mandatory compliance requirement for BSE members to submit internal audit reports through BEFS system. Affects all trading members but is a routine half-yearly submission with established procedures.