Description

BSE releases auditor user manual for submitting System Audit Reports (SAR) via BEFS platform through Cymmetri portal, mandating physical premise visits with login/logout tracking.

Summary

BSE Limited has issued a comprehensive user manual for auditors conducting system audits of stockbrokers and trading members for the half year ended September 30, 2025. The manual outlines the procedure for submitting System Audit Reports (SAR) through the BEFS platform via the Cymmetri portal. A critical requirement mandates that auditors must log in and out of the system during each physical visit to member premises, as per SEBI circular no. SEBI/HO/MIRSD/TPD/CIR/2025/10 dated January 31, 2025.

Key Points

  • Single login provided for each auditor/audit firm to view all appointed members under one dashboard
  • Login credentials shared via email to registered email ID post-empanelment with the Exchange
  • System requirements: Microsoft Excel version 2007 and above
  • Location services must be enabled when logging in through Cymmetri (mandatory step)
  • Multi-factor authentication required for portal access
  • Auditors must click LOGIN button when arriving at member premises for physical inspection
  • Auditors must click LOGOUT button when completing each visit
  • LOGIN/LOGOUT tracking is mandatory for each premises visit as per SEBI requirements
  • SUBMIT button to be clicked only on the last day of final visit to member premises

Regulatory Changes

This circular implements the requirements of SEBI circular no. SEBI/HO/MIRSD/TPD/CIR/2025/10 dated January 31, 2025, which mandates strict tracking of auditor physical visits to member premises through the Cymmetri portal’s login/logout functionality. This represents an enhanced compliance and monitoring framework for system audits.

Compliance Requirements

For Empanelled Auditors:

  • Access Cymmetri portal using provided credentials
  • Enable location services during login (mandatory)
  • Complete multi-factor authentication
  • Navigate to BEFS > SAR Empanelment > Auditor Reporting
  • Select appropriate audit period and fetch member details
  • Verify member-entered information and modify if necessary
  • Critical: Login to the module while physically present at member premises
  • Click LOGIN button at start of each physical inspection visit
  • Click LOGOUT button at completion of each physical inspection visit
  • Repeat LOGIN/LOGOUT process for every premises visit
  • Click SUBMIT button only on the last day of final visit
  • Submit System Audit Report through BEFS platform

For Members:

  • Appoint empanelled system auditors
  • Facilitate auditor access to premises for physical inspection
  • Provide necessary infrastructure and application access for review

Important Dates

  • Audit Period: Half year ended September 30, 2025
  • Reporting Deadline: As specified in audit appointment terms
  • Physical Visits: Must be tracked via LOGIN/LOGOUT for each visit
  • Final Submission: SUBMIT button to be clicked only on last day of final visit

Impact Assessment

Market Impact: Low - Administrative procedure for audit reporting

Operational Impact: High - Significant impact on auditors and stockbrokers/trading members

Affected Entities:

  • All empanelled system auditors conducting audits for BSE members
  • All stockbrokers and trading members subject to system audit requirements
  • Audit firms with multiple member audit appointments

Key Operational Changes:

  • Enhanced tracking and compliance requirements for physical premise visits
  • Mandatory location services and multi-factor authentication
  • Real-time login/logout tracking creates audit trail of physical inspections
  • Stricter documentation and verification procedures
  • Single dashboard simplifies management for auditors with multiple member audits

Compliance Burden: The new LOGIN/LOGOUT tracking requirement for each physical visit adds a critical compliance step that must be strictly followed to meet SEBI requirements. Non-compliance could affect audit validity and member standing with the Exchange.

Impact Justification

Mandatory system audit reporting requirements for all stockbrokers and trading members with strict compliance procedures including physical premise visits and login tracking as per SEBI circular SEBI/HO/MIRSD/TPD/CIR/2025/10 dated January 31, 2025