Markets regulator Sebi on Thursday extended the deadline for investment advisers to conduct the annual compliance audit for the financial year ended March 31.
The timeline for compliance with the requirements has been extended by three months, Sebi said in a circular.
For the financial year ending March 31, 2021, the investment advisers (IA) are now required to conduct the annual compliance audit by December 31, 2021, and submit the adverse findings of the audit, if any, by January 31, 2022.
Further, the date for obtaining a certificate from an auditor has been extended till December 31, 2021.
Sebi prescribed a timeline of six months from the end of each financial year for IAs to conduct an annual audit in respect of compliance with Investment Advisers norms.
Also, there is a timeline of one month from the date of the audit report for submitting adverse findings of such audit, if any.
In addition, Sebi specifies a timeline of 6 months from the end of the financial year for the IAs to obtain an annual certificate from an auditor confirming compliance with the client level segregation requirements.
These timelines have been extended because of the pandemic.
"Sebi is in receipt of representations from IAs requesting for an extension of above-mentioned timelines prescribed for annual compliance audit and annual certificate confirming client level segregation due to pandemic," Sebi said.
