BSE will penalize brokers who do not submit cyber security report and deactivate terminals

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(Commercial Representative) Mumbai Ta. Wednesday, April 29, 2020

The country's leading exchange, the Bombay Stock Exchange (BSE), has set up a penalty structure to penalize its brokers if they fail to submit cyber security and cyber resilience audit reports in a timely manner and deactivate trading terminals for non-compliance.

Brokers are required to submit quarterly reports on cases of cyber attacks and threats, the BSE said in a circular. A daily penalty of Rs.500 will be levied for non-submission of report within one month from the end of the due date. In addition, in case of non-submission of report within three months from the due date, the penalty amount will be increased to Rs.500 per day.

Brokers who do not submit a report even after three months will have their trading terminals in all segments deactivated after two weeks' notice, the exchange said.

The BSE also said that the notice of inactivity issued to the member will be distributed to inform all the exchanges for information. Their terminals will be activated only after the member submits the report.

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