New Delhi: Market regulator SEBI on Thursday extended the deadline for investment advisers to conduct an annual compliance audit for the financial year ending March 31. And the timeline for complying with the requirements has been extended by three months, Sebi said in a circular.

For the fiscal year ending March 31, 2021, Investment Advisers (IA) must now conduct an annual compliance audit by December 31, 2021 and submit negative audit results, if any, by January 31, 2022.

In addition, the deadline for obtaining an auditor's certificate has been extended to December 31, 2021.

SEBI prescribed a timeline of six-month from the end of each financial year for IAs to conduct an annual audit of compliance with the Investment Adviser norms.

In addition, there is a one-month schedule from the date of the audit report for the presentation of the negative findings of said audit, if applicable.

In addition, Sebi specifies a 6-month timeline from the end of the implementing agencies' fiscal year until they obtain annual certification from an auditor confirming compliance with the client level segregation requirements.

These timelines have been extended because of the pandemic.

"SEBI is in receipt of representations from IAs requesting the extension of the established and mentioned annual compliance review schedules and the annual certification confirming client level segregation due to pandemic," Sebi said.

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