HDFC Securities Settles with SEBI Over Regulatory Non-compliance Allegations

HDFC Securities resolved a case with SEBI concerning claims of regulatory non-compliance by paying a Rs 65 lakh settlement. The settlement follows accusations of IT policy inadequacies and failure to conduct necessary cyber drills and training. The company settled without admitting or denying the alleged violations.

HDFC Securities settled a case with SEBI on Tuesday regarding alleged regulatory non-compliance by agreeing to pay a settlement sum of Rs 65 lakh. The decision follows an application filed by the company to settle the alleged violations without admitting or denying any findings.

The allegations pertained to shortcomings in IT policy, such as the failure to generate alerts for critical assets exceeding 70% capacity utilization. Instead, alerts were set at higher rates for tools like the Meap application and CPU usage.

Additional accusations included inadequate implementation of the LAMA system, lack of disaster recovery drills, and insufficient cyber security policy adherence, such as failing to provide regular cyber security awareness training and categorizing critical assets correctly.