 "Sebi")
The Securities and Exchange Board of India (Sebi) on Tuesday imposed a total penalty of Rs 5.05 crore on Indian Clearing Corporation (ICCL), a wholly owned subsidiary of BSE, for alleged violations of cyber security and system audit-related norms.
The market regulator conducted an inspection between December 2022 and July 2023, following which it sent the show-cause notice in October 2024.
Sebi's findings showed that ICCL had submitted the network auditor report to the regulator without any management or board comments.
The norms prescribe that the audit report, along with the management’s comments, be placed before the governing board of the market infrastructure institutions. The same, along with the board’s comments, must be submitted to Sebi within one month from the completion of the audit.
Further, it was observed that ICCL did not have an up-to-date inventory, as per the norms. The order noted that while ICCL conducted cyber audits biannually, the observations made in the report were not addressed in a time-bound manner.
The market regulator added that the clearing corporation did not have a one-to-one correspondence between the disaster recovery site (DRS) or near site (NS) and the Primary Data Centre (PDC), which is mandated under regulatory norms.
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