Section 24 in Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015
24. [ Accounting and audit. [Substituted by Notification No. SEBI/LAD-NRO/GN/2019/40, dated 27.9.2019 (w.e.f. 15.7.2015).]
(1)An issuer shall prepare accounts in any of the manner specified in clause (b) of regulation 4:Provided that in case the Issuer is a body corporate to which the Companies Act, 2013 applies, the accounts shall be prepared in accordance with section 129 and 134 of the Companies Act, 2013 and the rules made thereunder.(2)In case of the issuer being a municipality, the accounts of the issuer shall be audited by the persons appointed by the municipal corporations, as permissible under its constitution document:Provided that in case the issuer is a body corporate to which the Companies Act, 2013 applies, the accounts of the issuer shall be audited by an auditor, in terms of section 139 of the Companies Act, 2013 and the Rules made thereunder.]
