Description

NSE issues comprehensive user manual and operational guidelines for members to submit annual returns for FY 2024-25 through the new NCL Member Portal.

Summary

NSE has issued operational guidelines for submission of Annual Returns for the financial year 2024-2025 through the new NCL Member Portal. The circular provides a detailed user manual for members to submit their annual returns electronically, including requirements for audited financial statements, networth certificates, and director/partner details based on constitution type. All members must comply with specific file naming conventions and upload requirements.

Key Points

  • Members must access the NCL Member Portal at https://ims.connect2nsccl.com/NCLMemberPortal/ for annual return submission
  • Different submission modules are available based on constitution type: Corporate/LLP, Partnership Firm, or Individual
  • Mandatory documents include Audited Balance Sheet, Profit & Loss Account, Schedule & Notes to Account, Auditor’s Report, and Directors Report (where applicable)
  • All documents must be uploaded as PDFs following specific nomenclature guidelines
  • Networth certificate computation must be duly certified by a Chartered Accountant
  • Members must select applicable financial statement format: IGAAP, IndAS, or NBFC
  • Changes in Statutory Auditor must be declared with reasons for resignation or change
  • Reference number is generated upon saving the form, but submission to NCL is a separate step

Regulatory Changes

The circular introduces a new digital submission process through the NCL Member Portal, replacing previous methods of annual return submission. Members must now use the online platform with standardized file naming conventions and structured data entry across multiple tabs.

Compliance Requirements

For Corporate/LLP Members:

  • Submit Annual Accounts Tab
  • Submit Networth Tab
  • Provide Directors Details Tab
  • Provide Shareholding Details Tab
  • Designate Compliance Officer
  • Complete final submission to NCL

For Partnership Firms:

  • Submit Annual Accounts Tab
  • Submit Networth Tab
  • Provide Partners Details Tab
  • Provide Partnership Sharing Details Tab
  • Designate Compliance Officer
  • Complete final submission to NCL

For Individual Members:

  • Submit Annual Accounts Tab
  • Submit Networth Tab
  • Designate Compliance Officer
  • Complete final submission to NCL

File Naming Convention Requirements:

  • Audited Balance Sheet: XXXXXAuditedBalanceSheet31MarYYYY
  • Profit & Loss Account: XXXXXPLAccount31MarYYYY
  • Schedule & Notes: XXXXXScheduleNotesAcc31MarYYYY
  • Auditor’s Report: XXXXXAuditorsReport31MarYYYY
  • Directors Report: XXXXXDirectorsReport31MarYYYY
  • Networth Certificate: XXXXXNetworth31MarYYYY

(XXXXX = Five digit member code, YYYY = 2025 for FY 2024-25)

Networth Computation Methods:

  • Schedule VI of SEBI (Stockbrokers) Regulations, 1992
  • RBI Method
  • Members must comply with higher of Base Networth or Variable Networth as per SEBI Gazette Notification

Important Dates

  • Financial Year: 2024-2025
  • Year-end date for financial statements: March 31, 2025
  • Members should select year 2025 for submission in the portal

Impact Assessment

This circular has high operational impact on all NSE members as it mandates a new digital submission process for annual compliance. Members must familiarize themselves with the new portal interface, ensure all required documents are prepared in the correct format with proper naming conventions, and complete submissions through multiple tabs. Non-compliance with annual return requirements can result in regulatory action. The structured submission process aims to improve data quality and streamline regulatory oversight of member financial health and governance standards.

Impact Justification

Mandatory annual compliance requirement for all NSE members with specific submission procedures and documentation requirements for FY 2024-25