Lesson 24 of 50 for advisers · Records and the RIA audit · 4 min read · Reviewed 13 Nov 2026
Within 6 months of the financial year end, by a CA, company secretary or, since 25 Mar 2026, a cost accountant. The report and any findings go to BSE, the advisers’ supervisory body, within a month and by 31 October. The adviser publishes the audit status on its website and gives the report to clients. Records are kept for 5 years.
An RIA’s compliance audit is done within 6 months of the financial year end. A member of ICAI, ICSI or, since 25 Mar 2026, ICMAI may do it.
The report and any adverse findings, with the action taken, go to BSE within a month of the report and no later than 31 October.
The adviser shows the audit status and findings on its website and gives the report to clients. The certificate on keeping advice and distribution apart is part of it.
Records are kept for 5 years, or longer if there is a dispute. Half-yearly reports for periods ending 30 Sep and 31 Mar go to BSE within 30 days.
Key idea: Since 25 Jul 2024, BSE itself supervises investment advisers; BASL’s members were moved across.
Try the short quiz on this page to check what stuck.
BSE Ltd, recognised by SEBI as the advisers’ administration and supervisory body from 25 Jul 2024, for five years.
SEBI says fees are as BSE specifies. Check BSE’s current notice; Reva hasn’t verified the amounts.
AMFI’s code requires KYC and suitability records but sets no specific period in the documents we read.
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