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SEBI has released a circular on Audit Committee of Asset Management Companies on 9th February, 2022 which mandates the Asset Management Companies (AMCs) of Mutual Funds to mandatorily constitute an Audit Committee. The circular also lists down the role, responsibilities, membership and other features of the committee to be constituted for such AMCs. The mandate of this circular shall come into force from 1st August, 2022.
The Audit Committee of an AMC is responsible for the oversight of financial reporting process, company’s system of internal controls, audit process, compliance to laws and regulations and other related processes with regards to the Mutual Fund business.
Following is the role of the Audit Committee that is created for the purpose of AMCs:
Audit (both Internal and External) and Internal Controls
SEBI said that the decision to have mandatory Audit Committee for Asset Management Companies of the Mutual Funds was taken after recommendations were taken from the Mutual Fund Advisory Committee along with the feedback received from the industry. Having done that, SEBI has come out with a detailed framework of role, responsibility, membership, reporting and other features of the Audit Committee of the AMC of Mutual Funds.
Prabhat has done his BA LLB (Hons) and has been writing research papers since his law school days. His interest in content writing made him pursue a career in legal research and content writing. His core areas of interest are indirect taxes, finance and real estate.
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