New Delhi: BSE Monday directed brokers to submit internal audit report for the first half of the current financial year in electronic form by December 31.
Non-submission of the report within the cut-off period will attract penalty.
All brokers and clearing members are required to carry out complete internal audit on a half-yearly basis by independent chartered accountants or company secretaries who do not have any conflict of interest.
"The current half yearly internal audit is required to be carried out for the period from April 1, 2016 to September 30, 2016 and the internal audit report is required to be submitted on or before December 31, 2016 only in electronic form through BEFS (BSE Electronic Filing System)," the exchange said in a circular.
The documents will not be accepted in physical form, it added.
The exchange said non-submission or delay in submitting the report by December 31 will be treated as non-compliance.
Brokers complying with the direction between January 1, 201 and March 31, next year will have to pay Rs 100 a day. Between April 1 and June 30, it stands at Rs 1,000 per day.
"In case internal audit report is not submitted by June 30, 2017, the trading terminals shall be deactivated from July 1, 2017 onwards," it warned.