Cyber Security Breach: Reliance Securities Faces SEBI Penalty
The Securities and Exchange Board of India (SEBI) fined Reliance Securities Rs 5 lakh for multiple violations in cybersecurity and cyber resilience frameworks. A thematic inspection revealed the firm's shortcomings in capacity planning, automated software testing, and other critical cybersecurity measures.
- Country:
- India
Reliance Securities, a prominent stock broker and trading member of top Indian exchanges, has been fined Rs 5 lakh by the Securities and Exchange Board of India (SEBI) for multiple cybersecurity violations. The infractions followed a detailed inspection conducted by the regulator.
Key breaches involved Reliance Securities' failure to implement capacity planning to accommodate peak load demands. The inspection revealed that the company did not meet SEBI and NSE guidelines, and there was reliance on outdated manual software testing methods rather than automated solutions.
Additionally, the delay in implementing the Log Analytics and Monitoring Application (LAMA) system for crucial real-time reporting, alongside gaps in Business Continuity Planning and data leakage prevention protocols, led SEBI to penalize the stock broker for non-compliance with its mandated cybersecurity framework.
(With inputs from agencies.)
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