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
New Indian Express
4 hours ago
- New Indian Express
Digital shield for investors: Sebi to launch UPI safeguard to prevent fraud
MUMBAI: With increasing incidents of investors getting defrauded by unscrupulous elements, the regulator Sebi is developing a digital shield to protect investors, using an NPCI-verified UPI Id for each market participant and bank. The new tool called 'Valid' will be launched from October 1, which, along with the tool 'Sebi Check', will validate payment authenticity. By October 1, all market makers who number around 9,000 will have to roll out this feature on their trading platforms, Sebi chairman Tuhin Kanta Pandey told reporters here Wednesday. "We have roped in the NPCI for the tool and the corporation will be creating unique Ids for each bank, which can be verified on the Sebi Check," he added. Through Sebi's payment mechanism '@Valid', all market intermediaries will be able to use it to collect funds from clients through the UPI app, benefiting brokers, mutual funds, research analysts, investment advisers, and other market intermediaries, he added. Sebi had introduced the UPI as a mode of payment in the market for the first time in 2019. The successful experience and efficiency brought in by the UPI resulted in its inclusion in various other processes as well. Sebi has fixed an upper limit of Rs 5 lakh/day for fund transactions done through UPI. Market intermediaries will now have a unique UPI address to collect funds from clients, with Sebi unveiling the 'Valid' mechanism. The development comes after incorporating industry feedback following consultations, and after assessing the readiness of market participants.
India Gazette
4 hours ago
- India Gazette
SEBI introduced
New Delhi [India] June 11 (ANI): Securities and Exchange Board of India (SEBI) has announced launching 'SEBI check' tool to validate UPI handles and registered bank accounts for secured payments by investors. The 'Validated UPI Handles' and 'SEBI Check' will enhance Investor Protection and Combat deepfakes and cyber frauds. Investors can check on 'SEBI Sheck' whether a UPI handle or bank account is registered or not before making any payment. Investors can Verify the authenticity of UPI IDs either by scanning a QR code or by entering the UPI ID bank details, investors can confirm the bank details such as bank account number and Indian Financial System Code (IFSC) of a registered core of this new framework will be a mandatory, structured UPI address for intermediaries, composed of a username and a unique handle. Username, will be a readable name chosen by the intermediary, followed by a mandatory suffix that clearly identifies their category, for example, brk for a Stock Broker or mf for a Mutual handle will feature a unique and exclusive identifier, '@valid', combined with the name of the self-certified syndicate bank. These 'validated' handles will be exclusively allocated by the National Payments Corporation of India (NPCI) only for payment collection by SEBI-registered Check will be available to investors for use from October 1, 2025. SEBI Chairman Tuhin Kanta Pandey said, 'In recent years, unregistered entities have increasingly misled investors by collecting funds without authorization, often siphoning off these amounts for personal gain. This new framework is designed to proactively curb such fraudulent activities, enabling investors to easily identify legitimate SEBI-registered market intermediaries and make payments to them securely and efficiently.'To address cyber frauds, Deepfakes and issue of impersonation, SEBI says new tool will enhance investor confidence, as investors can now find out whether intermediaries who is asking for funds are registered or not. SEBI Chairman said, 'This innovative mechanism is set to significantly improve the safety and accessibility of financial transactions within the securities market by providing a verified and secure payment channel.'SEBI Chairman added that the regulator will work with online play stores to show only validated Apps for payments. (ANI)
Economic Times
4 hours ago
- Economic Times
Sebi to launch UPI IDs for registered entities to avoid trading frauds
SEBI will introduce UPI IDs for registered intermediaries collecting funds, enhancing payment security and transparency for investors. This initiative, effective October 1, aims to combat investor fraud by ensuring funds reach only verified entities. SEBI is also collaborating with app stores and launching a 'Sebi Check' tool to further validate registered intermediaries. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Transaction limits Market regulator Securities and Exchange Board of India Sebi ) on Wednesday said that it will issue UPI IDs for Sebi-registered intermediaries who collect funds in a bid to avoid frauds and trading new ecosystem will facilitate a secure and transparent payment system for investors to pay their money only to registered intermediaries."Keeping in view the significant advancements in payment systems and with an objective to further enhance accessibility and safety in the securities market, it has been decided to put in place a structured Unified Payment Interface (UPI) address mechanism for SEBI-registered investor-facing intermediaries to collect funds from their investors. This mechanism shall provide investors with the option to transfer funds directly to the requisite bank accounts of intermediaries that have been validated with SEBI," a Sebi circular the use of this structured UPI mechanism by investors will remain optional, it is mandatory for intermediaries to obtain and make available a structured UPI address to their investors.A UPI address or UPI ID is typically made up of a username and a handle separated by an '@' symbol. The username will be an alphanumeric ID that will be generated for the user while the handle used will be a unique identifier linked to the bank of the registered the UPI transaction have certain limits, each app and bank impose its own limits. The upper limits set by NPCI for capital market transactions is between Rs 2 lakhs and Rs 5 lakhs per market regulator in January proposed to create a unique Unified Payments Interface (UPI) address to ensure the investor money reaches only to the SEBI registered intermediaries. The move is expected to help investors identify, isolate and avoid unregistered entities with the latter not having access to this unique UPI step follows a rise in investor fraud complaints through cloning of apps and other means, Sebi Chairman Tuhin Kanta Pandey said in a media said that Sebi's circular on this will be issued shortly, and it will come into force from October market regulator has already taken steps to mitigate these frauds by whitelisting of apps, the information on which can be obtained from the exchanges, Pandey move comes after consultation with stakeholders like exchanges, banks, and payment gateways. With the new system in place, investors will be able to verify if the intermediary collecting money is said that Sebi is also working with online application stores to ensure that only verified apps are available on them. In addition to this, the regulator will also launch a 'Sebi Check' tool for investors to verify the validity of registered entities.
