Section 78: Accounts to be maintained by securities business person

1) A securities business person shall maintain accounts and records in such a manner as to adequately support the transactions in securities and clearly reflect the financial condition of the transactions done by him/her. While preparing the balance sheet and profit and loss account, it shall be prepared in such a manner as to reflect the actual affairs.

2) The accounts and records maintained by a securities business person pursuant to sub-section (1) shall clearly and distinctly reflect the money paid by his/her customers wishing to purchase securities for the purchase of securities and distinctly reflect the accounts of securities and records, as prescribed.

3) A securities business person shall prepare and maintain the accounts and records maintained pursuant to sub-section (1) or (2) and relevant financial statements and reports in such manner as prescribed.

4) A securities business person shall maintain the accounts and records to be maintained pursuant to this Section in such a manner so that such accounts and records can subsequently be examined or inspected easily by the Board or the inspector appointed by the Board or the auditor or the concerned stock exchange if the Board or such inspector or auditor or stock exchange desires to make such an examination or inspection.