Description

BSE reminds members to submit their System Audit Reports (SAR) for the period ended September 30, 2025 through the BEFS portal via Cymmetri, including mandatory procedures for auditor login/logout during premises visits.

Summary

BSE has issued a reminder and user manual for auditors to submit System Audit Reports (SAR) for stock brokers for the period ended September 30, 2025. The submission must be done through the BEFS platform via Cymmetri portal. The circular provides detailed procedural guidelines for empanelled auditors, including mandatory requirements for logging in/out during physical premises visits as per SEBI circular dated January 31, 2025.

Key Points

  • Single login dashboard for auditors to view all assigned member audits
  • Login credentials provided to empanelled auditors via registered email
  • Mandatory location enablement and multi-factor authentication required
  • Auditors must click LOGIN button when entering member premises and LOGOUT when leaving
  • Login/logout tracking is mandatory per SEBI circular SEBI/HO/MIRSD/TPD/CIR/2025/10 dated January 31, 2025
  • SUBMIT button to be clicked only on the last day of final visit
  • XBRL format submission with Algo MIS template required
  • System requirements: Microsoft Excel 2007 and above

Regulatory Changes

The circular references SEBI circular no. SEBI/HO/MIRSD/TPD/CIR/2025/10 dated January 31, 2025, which mandates critical and mandatory requirements for auditors to login/logout during each physical premises visit. This tracking mechanism ensures proper documentation of on-site audit activities.

Compliance Requirements

For Auditors:

  • Access Cymmetri portal using provided credentials
  • Enable location services during login (mandatory)
  • Configure multi-factor authentication
  • Verify and confirm member-entered auditor details
  • Click LOGIN button upon arrival at member premises for physical inspection
  • Click LOGOUT button upon completion of each visit
  • Repeat LOGIN/LOGOUT for every subsequent visit (strictly mandatory)
  • Click SUBMIT only after final visit logout on last day
  • Download and complete Algo MIS template
  • Submit XBRL file with XML format through BEFS portal

Access Path: My Access > BEFS > SAR Empanelment > Auditor Reporting

Submission Path: SAR Empanelment > Auditor Submission XBRL

Important Dates

  • Audit Period End Date: September 30, 2025
  • Relevant SEBI Circular Date: January 31, 2025 (SEBI/HO/MIRSD/TPD/CIR/2025/10)
  • Specific submission deadline not mentioned in the circular content

Impact Assessment

Operational Impact:

  • Stock brokers must ensure their appointed auditors have proper access and credentials
  • Auditors face strict procedural requirements for premises visits with mandatory tracking
  • Non-compliance with login/logout procedures could result in audit report rejection
  • Enhanced oversight mechanism through location-based and time-stamped audit visits

Compliance Impact:

  • Failure to submit system audit reports may result in regulatory action
  • The mandatory tracking system increases transparency and accountability in audit processes
  • Members must coordinate with auditors to ensure timely completion of audits

Market Impact:

  • Low direct market impact, but critical for broker operational compliance
  • Ensures broker systems meet regulatory standards for trading operations

Impact Justification

Mandatory system audit reporting requirement with specific compliance procedures per SEBI circular SEBI/HO/MIRSD/TPD/CIR/2025/10. Critical for broker compliance and regulatory oversight.