SEBI Imposes Rs 5.05 Cr Fine On ICCL

Mumbai: The Securities and Exchange Board of India (SEBI) on Tuesday imposed a penalty of Rs 5.05 crore on the Indian Clearing Corporation (ICCL), a subsidiary of the Bombay Stock Exchange (BSE), for failing to comply with cyber security and system audit-related rules. The SEBI conducted an inspection of the ICCL between December 2022 and July 2023 and later issued a show-cause notice in October 2024. After reviewing the findings, the market regulator found several violations in the ICCL’s operations. One of the key issues was that the ICCL submitted its network audit report to the SEBI without any comments from its management or board.