New Delhi, Feb. 25 -- In a significant regulatory move, the Securities and Exchange Board of India (Sebi) slapped a penalty of Rs.5.05 crore on the Indian Clearing Corporation Ltd. (ICCL), a subsidiary of BSE Ltd, following an inspection that revealed several instances of non-compliance concerning the clearing corporation's practices and systems.

One of the major lapses identified was ICCL's failure to maintain an up-to-date and accurate inventory of its critical IT assets. Specifically, the centralized inventory was found to be incomplete, lacking details on software assets, and missing crucial information about the criticality of these assets.

The inspection also revealed that ICCL had not fully complied with Sebi's cyber security fra...