Sebi fines Indian Clearing Corporation Rs 5 cr. BSE arm in violation of cyber, network audit norms
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Market regulator Securities and Exchange Board of India (Sebi) on Tuesday slapped a Rs 5 crore penalty on Indian Clearing Corporation (ICCL) for non-compliance of certain norms related to network and cyber audits. Sebi had conducted an inspection of books of accounts and other records of Indian Clearing Corporation for the period between December 1, 2022 and July 31, 2023 to ascertain if it has complied with the provisions of Sebi regulations and circulars. The BSE subsidiary which was established in 2007, was found in violation for non-maintenance of correct and up-to-date inventory and absence of software assets information in inventory. The company did not comply with norms that mandate Market Infrastructure Institutions (MIIs) to identify critical assets based on their sensitivity and criticality for business operations, services and data management and maintain up-to-date inventory of its hardware and systems, software and informatio...