Description

BSE requires trading members to submit Corrective Action Reports (CAR) for non-compliances identified in System Audit Reports for the period ended September 30, 2025, with a deadline of March 31, 2026.

Summary

BSE has issued a notice requiring all trading members to submit Corrective Action Reports (CAR) for non-compliances identified in System Audit Reports for the audit period ended September 30, 2025. The submission must be made electronically through the BEFS (BSE Electronic Filing System) portal by March 31, 2026. This follows earlier notices issued in October and November 2025.

Key Points

  • Trading members must take corrective action for each non-compliance reported by auditors in the System Audit Report for the period ended September 30, 2025
  • Corrective Action Reports (CAR) must be submitted for all identified non-compliances (if applicable)
  • After reviewing the CAR, auditors will mark compliance status as either Compliant or Non-Compliant via the BEFS Portal
  • Submission must be made only in electronic form through the BEFS portal
  • Revised penalties and disciplinary actions apply as per Exchange Notice No. 20251010-20 dated October 10, 2025

Regulatory Changes

No new regulatory changes introduced. This notice enforces existing requirements under:

  • Exchange Notice No. 20251017-29 dated October 17, 2025
  • Exchange Notice No. 20251127-2 dated November 27, 2025
  • Exchange Notice No. 20251010-20 dated October 10, 2025 (Revised Penalties for System Audit and Cyber Security Audit submissions)

Compliance Requirements

  • All trading members must review non-compliances flagged in their System Audit Report for the period ended September 30, 2025
  • Submit the Corrective Action Report (CAR) through the BEFS portal: http://befs.bseindia.com > System Audit Report > Corrective Action Report (TOR III CAR)
  • Auditors must submit compliance status (Compliant/Non-Compliant) through the BEFS portal within the stipulated timeline
  • Members should be aware of revised penalties for non-submission as per Notice 20251010-20

Important Dates

  • March 31, 2026: Deadline for submission of Corrective Action Report (CAR) for System Audit Report for the period ending September 30, 2025

Impact Assessment

This circular impacts all BSE trading members who received non-compliance observations in their System Audit Reports for the half-year ended September 30, 2025. Non-submission or late submission of the CAR may attract revised penalties and disciplinary actions as outlined in the October 2025 notice. The requirement is administrative and operational in nature with no direct impact on market trading or specific securities.

Impact Justification

Routine compliance deadline reminder for trading members to submit CARs via BEFS portal; affects all trading members with non-compliances in system audit but does not impact broader market operations or specific securities.