Sebi Fines Anand Rathi for Cybersecurity Breaches
Sebi has fined Anand Rathi Share and Stock Brokers Rs 10 lakh for regulatory violations. Following a thematic inspection, Sebi found inadequate cybersecurity measures including poor password controls and lack of multi-factor authentication. A cyber incident was also reported late, leading to the fine.
- Country:
- India
The capital markets regulator, Sebi, has levied a penalty of Rs 10 lakh on Anand Rathi Share and Stock Brokers for breaching regulatory guidelines.
The violations emerged after a thematic inspection revealed substandard cybersecurity measures at the brokerage. The investigation covered the period between April 2023 and August 2024.
Sebi pinpointed several deficiencies, including inadequate capacity monitoring, weak password controls, and absence of essential multi-factor authentication for certain users. Additionally, a cybersecurity breach went unreported beyond the required six-hour notice window to stock exchanges, leading to the financial penalty.
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