Informist, Friday, Nov 3, 2023

--RKSV Sec settles SEBI probe into norms breach for 11.38 mln rupees

MUMBAI – RKSV Securities, which operates under the Upstox brand, has settled for 11.38 mln rupees a show-cause notice issued by the Securities and Exchange Board of India for breaching norms. The market regulator issued a settlement order today in the matter.

SEBI had in its circular dated Dec 3, 2018 specified details for a comprehensive cyber-security & cyber resilience framework for members of stock exchanges and for depository participants, and this framework became applicable from Apr 1, 2019.

SEBI had specified several new cyber-security measures that brokers and depository participants needed to comply with.

In the case of RKSV Securities, SEBI found that it had violated 10 clauses of its circular. Among the clauses that the broker was held to be in breach of was one requiring brokers to ensure that off-the-shelf products used for core business functionality bear specified certification.

Another clause pertained to brokers having to ensure adequate security monitoring systems and processes to handle unauthorised access to data of clients held in fiduciary capacity.  End

Reported by Rajesh Gajra

Edited by Ashish Shirke

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