Regulation 25 IFSCA (Capital Market Intermediaries) Regulations, 2025 inter alia, requires CMIs to conduct an annual audit and submit a copy of such compliance audit report to the IFSCA. Further, Regulation 27, provides that CMIs, including broker dealers, desirous of dealing in securities in foreign jurisdictions, shall comply with the norms and requirements specified by the IFSCA. Vide this circular, IFSCA specified the Annual Compliance Audit Report (“ACAR”) Format for CMIs and the Annual Compliance Audit Checklist (“ACAC”) Format for CMIs. Regulation 25(1) of CMI Regulations inter alia, provides that the annual audit in respect of compliance with CMI Regulations shall be conducted by a member of the ICSI, ICAI or ICMAI or any person authorized to conduct audit in a Foreign Jurisdiction. In this regard, it is clarified that the member of ICAI / ICSI / ICMAI conducting such audit must be peer-reviewed member.
For detail : CLICK HERE
