Description

BSE reminds members to submit their System Audit Reports for the period ended September 30, 2025, through the BEFS portal via Cymmetri, with mandatory login/logout tracking during premises visits.

Summary

BSE has issued a reminder and detailed user manual for auditors to submit System Audit Reports (SAR) for the period ended September 30, 2025, through the BEFS (BSE Electronic Filing System) portal via Cymmetri. The circular provides comprehensive step-by-step procedures for empaneled auditors to access the system, conduct physical premises inspections with mandatory login/logout tracking, and submit XBRL-formatted audit reports along with Algo MIS templates.

Key Points

  • Single consolidated login for each auditor/audit firm to view all appointed members
  • Mandatory location enablement and multi-factor authentication when logging into Cymmetri
  • Critical requirement: Auditors must click LOGIN button when arriving at member premises and LOGOUT when departing for each visit
  • Physical premises visit tracking is mandatory as per SEBI circular SEBI/HO/MIRSD/TPD/CIR/2025/10 dated January 31, 2025
  • SUBMIT button should only be clicked on the last day of the final visit after logout
  • Audit reports must be submitted in XBRL format with Algo MIS template
  • System requires Microsoft Excel 2007 or above
  • Auditors receive login credentials via email after empanelment with BSE

Regulatory Changes

This circular reinforces the mandatory requirement introduced by SEBI circular SEBI/HO/MIRSD/TPD/CIR/2025/10 dated January 31, 2025, which mandates that auditors must track their physical presence at member premises during system audits through the LOGIN/LOGOUT functionality in the Cymmetri portal. This adds a layer of verification to ensure auditors are physically present during inspections.

Compliance Requirements

For Auditors:

  • Access Cymmetri portal using credentials provided post-empanelment
  • Enable location services during login (mandatory)
  • Complete multi-factor authentication
  • Select audit period and fetch member details
  • Verify and confirm auditor details entered by members
  • During each premises visit: Login to the module while on-site and logout when departing
  • Download and complete the Algo MIS template with required information
  • Generate and upload XML file for XBRL submission
  • Click SUBMIT only after the final visit and logout

For Members:

  • Ensure empaneled auditor has correct details in the system
  • Facilitate auditor’s physical inspection and system access during visits

Important Dates

  • Audit Period Covered: Period ended September 30, 2025
  • Submission Deadline: Not explicitly stated in the circular (reminder nature suggests deadline is approaching)
  • Reference Date for Regulatory Requirement: SEBI circular dated January 31, 2025

Impact Assessment

Operational Impact:

  • Auditors must strictly follow the LOGIN/LOGOUT procedure during each premises visit, adding administrative overhead
  • The mandatory physical presence tracking ensures audit quality and prevents remote-only audits
  • Members and auditors need to coordinate schedules to ensure proper system access during on-site visits

Compliance Impact:

  • High importance for all BSE members who have appointed system auditors
  • Non-compliance or improper submission could result in regulatory issues
  • The detailed procedural requirements reduce the risk of submission errors

Technology Impact:

  • Requires auditors to be familiar with Cymmetri portal, XBRL format, and Algo MIS templates
  • Location services must be enabled, which may raise privacy considerations
  • System requires Microsoft Excel 2007 or above for template completion

Impact Justification

Mandatory regulatory compliance requirement for all BSE members to submit System Audit Reports with strict procedural requirements including physical premises visit tracking as per SEBI circular SEBI/HO/MIRSD/TPD/CIR/2025/10.