Sebi tackles tech glitches with new online monitoring mechanism for system audits of brokers
Sebi has proposed an online monitoring mechanism for system audits of stock brokers to cut down on technical glitches.
In a consultation paper released on Tuesday for public comments, Sebi said it aims to address gaps in the current audit processes, including poor quality, lack of physical site visits by auditors, and inadequate sampling techniques.
The proposed framework will require stock exchanges to develop a web-based portal to oversee the entire audit process. This includes monitoring the appointment of auditors, their physical visits to stock brokers’ premises, and the submission of audit evidence.
The online mechanism will ensure that the auditor has verified the required IT infrastructure personally and also the systems before submitting the audit report.
It is also proposed that geo-location tracking of auditors and secure login systems will ensure the integrity of the audit process.
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