The Securities and Change Board of India (Sebi) fined Indian Clearing Company (ICCL), a totally owned subsidiary of the BSE, with a Rs 5.05 crore superb on Tuesday for allegedly violating laws regarding cyber safety and system audits.
Following an inspection between December 2022 and July 2023, the market regulator issued the show-cause discover in October 2024.
Sebi concluded that ICCL forwarded the community auditor report back to the regulator with out in search of enter from administration or the board.
The rules stipulate that the governing board of the market infrastructure establishments should be offered with the audit report and administration’s feedback. Inside a month of the audit’s completion, Sebi should obtain the board’s feedback and the identical doc.
Moreover, it was found that ICCL had an outdated stock that didn’t match the necessities. The decision identified that the findings of the report weren’t instantly addressed, even if ICCL performed yearly cyber audits.
The market regulator claims that the clearing firm failed to fulfill regulatory requirements by having a one-to-one connection between the Main Information Heart (PDC) and the catastrophe restoration web site (DRS) or close to web site (NS).
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