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What is the penalty for non-submission/delayed submission of Internal audit reports?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 preetham asked over 2 years ago

What is the penalty for non-submission/delayed submission of Internal audit reports?

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4 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 acharya answered over 2 years ago

Following penalties shall be levied on members for late submission / non submission of Internal Audit Reports:Delay upto 3 months (from July 1, 2015 to September 30, 2015) Rs. 100/- per day Rs. 200/- per day Delay beyond 3 months upto 6 months (from October 1, 2015 to December 31, 2015) Rs. 1000/- per day

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Open uri20170510 32134 1uwcnoc?1494421631 Shubhangi Jain answered over 2 years ago

> Penalty structure for late submission and non-submission of > half-yearly net-worth certificate & internal audit report and annual > audit report Trading members of the Exchange are hereby informed that the Disciplinary Action Committee of the Exchange has approved the new penalty structure for late submission and non-submission of half-yearly net-worth certificate & internal audit report and annual audit report as under: **Sl No.**: 1 **Documents to be submitted**: Net worth Certificate **Approved Policy**: ₹100/- per day of delay for 1st Month after due date, Rs.150/- per day of delay for 2nd Month after due date. ₹250 per day of delay from 3rd month till the date of submission or date of deactivation whichever is earlier. Failure to submit within three months from due date will lead to deactivation of member’s terminal. **Sl No.**: 2 **Documents to be submitted**: Internal Audit Report **Approved Policy**: ₹100/- per day after due date till the last day of 3rd month or date of submission of report ₹500/- per day from the end of 3 months from the due date till the date of submission of report If not submitted beyond 6 months trading terminals to be de-activated **Sl No.**: 3 **Documents to be submitted**: Annual Accounts **Approved Policy**: ₹100/- per day of delay for 1st Month after due date, Rs.150/- per day of delay for 2nd Month after due date. ₹250 per day of delay from 3rd month till the date of submission or date of deactivation whichever is earlier. Failure to submit within three months from the due date will lead to deactivation of member’s terminal. For the benefit of ready information, trading members may note that various dues dates for submission of the above is as under: - For Net-worth as on 31st March of a financial year – 30th September is the due date - For Net-worth as on 30th September of a financial year – 31st March is the due date - For submission of Internal Audit Report for the first six months of the financial year – 30th June is the due date - For submission of Internal Audit Report for the next six months of the financial year – 31st December is the due date - For submission of Annual Audit Report – 30th September is the due date. Members may also note that the above revised penalty structure would be applicable for the due dates falling in the financial year starting from April 2014. In view of the above, members are advised to take note of the above and comply with the requirements well within the due dates mentioned above.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CA Sandeep Bohra answered over 2 years ago

Dear Friend, As per exchange Circular No. NSE/INSP/23196, dated April 11, 2013, following shall apply in case of non submission/late submission of Internal Audit Reports by due date. 1. Non submission of internal audit report to the Exchange within 3 month from the due date of submission of the report -Charges of Rs.100/- per day after the due date till the last day of 3rd month or date of submission of report, whichever is earlier. 2.Non submission of internal audit report to the Exchange for more than 3 months from the due date of submission of the report -Charges of Rs.1000/- per day from the end of 3 months from the due date till the date of submission of report. 3.Non submission of Internal Audit Report to the Exchange beyond 6 months from the due date of submission of the report -Disciplinary action as may be decided by the relevant authority which may also include withdrawal of trading facility.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 lochan answered over 2 years ago

Following penalties shall be levied on members for late submission / non submission of Internal Audit Reports:Delay upto 3 months (from July 1, 2015 to September 30, 2015) Rs. 100/- per day Rs. 200/- per day Delay beyond 3 months upto 6 months (from October 1, 2015 to December 31, 2015) Rs. 1000/- per day Thanks

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