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HDFC Securities Pays ₹65 Lakh to Settle SEBI’s IT and Cybersecurity Violations.

Expert Analysis :

Settlement Payment: HDFC Securities paid Rs65 lakh to SEBI for multiple IT, disaster recovery, and cybersecurity violations.
Regulatory Breaches: SEBI’s 8 August 2024 notice cited HDFC Securities for failing to generate 70% capacity alerts and missing LAMA on 47/52 servers.
Compliance Failures: HDFC Securities missed quarterly disaster recovery drills, had weak cybersecurity policies, and categorized critical and non-critical assets incompletely.
Settlement Proposal: HDFC Securities filed a settlement application on 8 August 2024, and SEBI’s IC recommended a Rs65 lakh settlement, later communicated to the company.
Approval & Payment: HDFC Securities’ revised terms matched IC recommendations; HPAC was reviewed on 24 Dec 2024, WTMs were approved on 5 Feb 2025, and payment was made on 4 March 2025.
Future Liability: SEBI reserves the right to take further action if HDFC Securities fails in disclosures, undertakings, or settlement terms.

HDFC Securities Pays Rs65 Lakh to Settle SEBI Case on Failure in Critical IT Systems, DR and Cybersecurity Policies

Expert Analysis