The Securities and Exchange Board of India (SEBI) has clarified that members of the Institute of Cost Accountants of India are eligible to conduct the annual audit of Investment Advisers. This clarification addresses potential ambiguities regarding the professional qualifications required for performing these audits, ensuring a consistent standard for regulatory oversight.

Investment Advisers and their auditors should note this clarification to ensure compliance with SEBI's auditing requirements. While this is a clarification and not a new obligation, it confirms the acceptance of Cost Accountants for this role, potentially impacting the pool of eligible auditors. No specific action is required if the current auditing practices align with this clarification.