The Securities and Exchange Board of India (SEBI) has imposed a fine of ₹5.05 crore on Indian Clearing Corporation Ltd (ICCL), a wholly owned subsidiary of BSE Ltd, for multiple regulatory violations. The penalty follows an inspection conducted by SEBI for the period between December 1, 2022, and July 31, 2023, which identified lapses in key areas, particularly in cybersecurity and disaster recovery measures.
Among the major violations, ICCL was found to have submitted its Network Audit Report to SEBI without the required comments from its Governing Board. Additionally, the company failed to maintain an accurate and updated asset inventory and incorrectly classified certain mission-critical servers.
SEBI’s Quasi-Judicial Authority, G Ramar, referenced the Dr. Bimal Jalan Committee’s 2010 report on the “Review of Ownership and Governance of Market Infrastructure Institutions (MIIs)” while issuing the order on February 25.
The regulatory body emphasized that clearing corporations play a crucial role in ensuring the integrity and stability of the financial markets. Any shortcomings in compliance with regulatory provisions can pose risks to market operations. The fine imposed on ICCL underscores SEBI’s commitment to maintaining stringent oversight and enforcing accountability within market infrastructure institutions.
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