Sebi comes out with composition of internal audit team for CRAs
Markets
regulator Sebi on Wednesday expanded the list of eligible professionals who can be part of the internal audit team for
Credit Rating Agencies
(CRAs), making it more inclusive. Earlier, the internal audit team for CRAs was required to include a Chartered Accountant (ACA/FCA), and a Certified Information Systems Auditor (CISA) or someone with a Diploma in Information System Audit (DISA).
With the latest update, the revised criteria now allow for either a Chartered Accountant (ACA/FCA) or a Cost Accountant (ACMA/FCMA), along with a professional holding one of the following qualifications: CISA, DISA, or DISSA (Diploma in Information System
Security
Audit from ICMAI).
"The audit team must be composed of at least a Chartered Accountant (ACA/FCA) or a Cost Accountant (ACMA/FCMA) and a Certified Information Systems Auditor/ Diploma in Information System Auditor/ Diploma in Information System Security Audit (CISA/ DISA/ DISSA)," Sebi said in its circular.
The new requirements are applicable with immediate effect.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Finance minister will chair FSDC meeting in Mumbai to review financial sector and regulatory coordination
MUMBAI: The finance minister will chair the 29th meeting of the Financial Stability and Development Council (FSDC) in Mumbai on June 10, as the economy contends with global uncertainties and slower domestic growth. The meeting will bring together key financial regulators, including RBI , SEBI, IRDAI, and PFRDA, to review financial sector developments and strengthen regulatory coordination. Formed in 2010 in response to the global financial crisis, the FSDC serves as the principal platform for dialogue between the finance ministry and financial regulators. This will be the council's first meeting since India's GDP growth slowed to 6.5% in FY25, the lowest in four years, and follows the RBI's record dividend transfer of Rs 2.7 lakh crore for the fiscal the agenda has not been formally disclosed, the council is expected to assess the resilience of the financial system, monitor capital flows, and discuss the outlook for credit growth amid global monetary tightening. The meeting may also cover risks from digital fraud, regulatory challenges posed by fintechs, and efforts to improve supervision across the financial of cross-sector misconduct, including fraud and misselling involving banks and financial intermediaries, have prompted a shift towards more integrated oversight. RBI, SEBI, and IRDAI have been working under the FSDC framework to align norms on product suitability, KYC compliance, and bancassurance practices. Efforts to streamline regulation, such as the Central KYC Registry, are likely to remain part of the broader discussion. Though technical, such initiatives aim to improve transparency, reduce compliance burdens, and protect global markets volatile and credit demand evolving, institutional coordination under the FSDC is becoming increasingly relevant to managing systemic risk and guiding India's next phase of financial and economic growth. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
an hour ago
- Time of India
UK financial regulator partners with Nvidia in AI 'sandbox'
Financial firms in Britain will be able to test artificial intelligence tools later this year in a regulatory "sandbox" launched on Monday by the country's financial watchdog, part of a broader government strategy to support innovation and economic growth. The Financial Conduct Authority (FCA) has partnered with U.S. chipmaker Nvidia to provide access to advanced computing power and bespoke AI software through what it calls a "Supercharged Sandbox." A sandbox refers to a controlled environment where companies can test new ideas such as products, services or technologies. The programme is intended to help firms in the early stages of exploring AI, offering access to technical expertise, better datasets and regulatory support, the FCA said. It is open to all financial services companies experimenting with AI. "This collaboration will help those that want to test AI ideas but who lack the capabilities to do so," Jessica Rusu, the FCA's chief data, information and intelligence officer, said. "We'll help firms harness AI to benefit our markets and consumers, while supporting economic growth." Live Events Finance minister Rachel Reeves has urged Britain's regulators to remove barriers to economic growth, describing it as an "absolute top priority" for the government. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories In April, she said she was pleased with how the FCA and the Prudential Regulation Authority, part of the Bank of England, were responding to her call to cut red tape. Nvidia said the initiative would allow firms to explore AI-powered innovations in a secure environment, using its accelerated computing platform. "AI is fundamentally reshaping the financial sector," said Jochen Papenbrock, EMEA head of financial technology at Nvidia, citing improvements in data analysis, automation and risk management. He added that the sandbox will provide firms with a "secure environment to explore AI innovations using Nvidia's full-stack accelerated computing platform, supporting industry-wide growth and efficiency." The testing is set to begin in October.
Economic Times
an hour ago
- Economic Times
Sebi floats consultation paper on FAQs related to regulatory provisions for research analysts
Markets regulator Sebi on Monday proposed to revise the existing frequently asked questions (FAQs) and introduce additional ones to incorporate consequential and regulatory changes arising from recent amendments to the Research Analysts (RA) norms. ADVERTISEMENT In this regard, Sebi has floated a consultation paper on a draft circular comprising updated FAQs related to the regulatory provisions for Research Analysts (RAs). The draft is aimed at inviting public feedback and providing further clarity on various provisions applicable to RAs in a question-and-answer format. The Sebi (Research Analysts) Regulations, 2014, which came into effect on December 1, 2014, were initially supported by FAQs published on December 9, 2014. These FAQs served as a reference point to guide RAs in complying with the regulatory following a recent review of the regulatory environment, Sebi notified the Sebi (Research Analysts) (Third Amendment) Regulations, 2024, in December 2024. To facilitate the implementation of these changes, Sebi also issued a circular in January 2025, detailing updated guidelines for Research Sebi has "proposed to make suitable changes to the existing FAQs and include additional FAQs to reflect the consequential and regulatory changes emanating from the aforesaid amendments to RA Regulations, circular (s) issued thereunder and other relevant policy decisions". The regulator has sought public comments on the draft circular until June 30. Once finalised, the consolidated FAQs will be issued in the form of an official circular. (You can now subscribe to our ETMarkets WhatsApp channel)
