Sebi Penal Indian Clearing Corporation Rs. 5 crores. BSE Arm in violation of Cyber, Network Audit DIT’s standards

Market Regulator Securities and Exchange Board India (SEBI) on Tuesday paid Rs. A fine of Rs 5 crore was slapped.

Sebi conducted an observation of accounts books and other records of Indian Clearing Corporation for the period between December 1, 2022 and July 31, 2023 to check if SEBI has complied with the provisions of the SEBI rules and circulars.

The BSE subsidiary, which was established in 2007, was found in the maintenance of true and advanced inventory and in the inventory for the absence of Software Fatware Property Information. The company has not complied with the standards of mandate market infrastructure organizations (MII), to identify crucial assets based on their sensitivity and criticism for business operations, services and data management, and maintain advanced inventory of its hardware and systems, Software Ftware and information.

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The SEBI circular of July 2015 has suggested standards on the Cyber ​​Security for MIIS.

The regulator also discovered the ICCL to fail to close observations in the two-year cyber audit dit.

“From the Cyber ​​Audit DIT report submitted during the inspection, it was found that according to the SEBI circular, the cyber audit dit is being carried out on a two-year basis; however, the observations made in the above Audit Dit report are not time-bound. , According to the Cyber ​​Audit Dit Report for the period of 2022 March 2022, an inspection WRT, which updates the asset inventory ie ‘Asset’ The register lacks perfection and is not up to date ‘did not close inside the deadline (October 31, 2023) is given by the ITOR Deter, “said in the 37-Pana order.

In his defense, the ICCL said that Sebi has failed to appreciate the findings of ITOR Ditter on closed reports of November 6, 2023.

The order also noted the ICCL’s failure to get comments from the Management and Board of Director before submitting the network audit report to SEBI.

The ICCL submitted that no comments were guaranteed by the board in the report which was rejected by SEBI.