SEBI expands scope of term ‘auditor’; allows LLPs to audit books of Companies
- Blog|News|Company Law|
- < 1 minute
- By Taxmann
- |
- Last Updated on 9 June, 2022
Latest from Taxmann
NOTIFICATION NO. SEBI/LAD-NRO/GN/2022/84, dated 10.05.2022
The SEBI has notified the SEBI (Collective Investment Schemes) (Amendment) Regulations, 2022. Amendments have been made in Regulation 2, 9, 9A, 9B, 14, 24, 30, 31, 32, 35 and Ninth Schedule. Now, an ‘auditor’ means a firm, including a LLP, constituted under the LLP Act, 2008, who is eligible and qualified to audit the accounts of a company u/s 141 of the Companies Act, 2013.
Further, a new clause has been inserted in the Regulation 2 of the SEBI (Collective Investment Schemes) Regulations, 1999 namely as ‘designated employees’ of the Collective Investment Management Company which includes the following –
(a) chief executive officer, chief investment officer, chief risk officer, chief information security officer, chief operation officer, fund manager, compliance officer, sales head, investor relation officer, heads of other departments and dealer of the Collective Investment Management Company.
(b) persons directly reporting to the chief executive officer (excluding personal assistant/ secretary)
(c) fund management team and research team
(d) other employees as identified by Collective Investment Management Companies or trustees
Under the extant norms, ‘auditor’ means only a person qualified to audit the accounts of Companies under the Companies Act, 2013. Further, no clause related to the ‘designated employees’ was covered in the Regulation 2 of the scheme.
Click Here To Read The Full Notification
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
