Description

BSE reminds members and auditors about the mandatory submission of System Audit Reports (SAR) through the BEFS platform via Cymmetri portal, including detailed submission procedures.

Summary

BSE has issued a reminder for the submission of System Audit Reports (SAR) for the period ended September 30, 2025. The circular provides a comprehensive user manual for auditors to submit SAR through the BEFS platform via the Cymmetri portal. The process includes mandatory physical verification requirements at member premises as per SEBI guidelines.

Key Points

  • Single login credentials provided to each auditor/audit firm for accessing all appointed member details
  • Mandatory location enablement required when logging into Cymmetri portal
  • Multi-factor authentication (MFA) required for access
  • Physical inspection at member premises is mandatory with LOGIN/LOGOUT tracking
  • Auditors must use XBRL format and Algo MIS template for report submission
  • System requires Microsoft Excel version 2007 and above
  • All submissions to be made through BEFS platform accessed via Cymmetri

Regulatory Changes

The circular references SEBI circular no. SEBI/HO/MIRSD/TPD/CIR/2025/10 dated January 31, 2025, which mandates:

  • Physical inspection/review at member premises is critical and mandatory
  • Auditors must login to the module through Cymmetri while on member premises
  • LOGIN and LOGOUT buttons must be clicked for each visit to member premises
  • Strict tracking of auditor visits through the system

Compliance Requirements

For Auditors:

  1. Access Cymmetri portal using credentials received via registered email
  2. Enable location services during login (mandatory step)
  3. Complete multi-factor authentication setup
  4. Verify and confirm auditor details entered by members
  5. Conduct physical inspection at member premises
  6. Click LOGIN button upon arrival at member premises for each visit
  7. Click LOGOUT button upon completion of each visit
  8. Click SUBMIT button only on the last day of final visit
  9. Download and complete Algo MIS template in XBRL format
  10. Upload XML file for final submission

For Members:

  • Ensure auditor details are correctly entered in the system
  • Facilitate physical inspection by appointed auditors

Important Dates

  • Audit Period End Date: September 30, 2025
  • Report Submission Deadline: As per BSE requirements (reminder issued December 3, 2025)

Impact Assessment

Operational Impact:

  • High: Affects all BSE trading members and empaneled system auditors
  • Requires strict adherence to new physical verification tracking procedures
  • Auditors must ensure compliance with visit logging requirements to avoid non-compliance

Technology Requirements:

  • Auditors need location-enabled devices for Cymmetri access
  • Microsoft Excel 2007 or above required for XBRL template processing
  • Multi-factor authentication setup mandatory

Compliance Impact:

  • Non-submission or improper submission may result in regulatory action
  • Physical visit tracking creates audit trail for SEBI compliance
  • Enhanced oversight through mandatory LOGIN/LOGOUT tracking system

Process Changes:

  • Introduction of granular visit tracking through LOGIN/LOGOUT mechanism
  • Centralized dashboard for auditors managing multiple member audits
  • Standardized XBRL-based reporting format for consistency

Impact Justification

Mandatory regulatory compliance requirement for all stock brokers and empaneled auditors with specific procedural requirements and SEBI mandates