Sebi extends cybersecurity framework compliance deadline by 2 months
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
Markets regulator Sebi on Monday extended the deadline by two months till August for regulated entities to adopt and implement the cybersecurity and cyber resilience framework The framework is designed to ensure that Sebi-regulated entities (REs) maintain a robust cybersecurity posture, remain equipped with adequate cyber resiliency measures and can withstand, respond to, and recover from cyber threats, effectively.The move came after Sebi received multiple requests for extension of timelines to ensure ease of compliance for them."Therefore, it has been decided to extend the compliance timelines by two months, i.e., till August 31, 2025 to all REs, except Market Infrastructure Institutions (MIIs), KYC Registration Agencies (KRAs), and Qualified Registrars to an Issue and Share Transfer Agents (QRTAs)," Sebi said in a circular.This marks the second extension granted by the regulator.Recognising the need for robust cybersecurity measures and protection of data and IT infrastructure, Sebi issued the Cybersecurity and Cyber Resilience Framework (CSCRF) for its regulated entities in August 2024.After receiving various queries from REs seeking clarification on the framework, the Securities and Exchange Board of India (Sebi) issued a clarification in December.The CSCRF is a significant step in adapting towards evolving cyber risks and technological advancements.The regulator emphasised that the framework aims to enhance the resilience of regulated entities, enabling them to withstand and recover from cyber incidents effectively.The regulator said the stock exchanges and depositories have been directed to inform their members and participants of the updated compliance deadline and disseminate the circular on their respective websites.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
an hour ago
- Economic Times
WeWork India's plans to raise up to Rs 4,000 crore through IPO moves ahead as Sebi lifts abeyance status
WeWork India Management plans to raise up to Rs 4,000 crore through an IPO comprising solely of an offer for sale. Promoters Embassy Buildcon LLP and investor 1 Ariel Way Tenant will offload a total of 4.37 crore shares. The issue follows SEBI lifting the abeyance on the draft offer document, with the IPO now pending final regulatory observations. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads WeWork India Management Limited, a leading player in India's premium flexible workspace segment, plans to raise up to Rs 4,000 crore through an initial public offering (IPO), according to IPO, as detailed in the DOD, will be an offer for sale (OFS) comprising up to 43,753,952 equity shares. The OFS will see Embassy Buildcon LLP, the promoter selling shareholder, offload 33,458,659 shares, while 1 Ariel Way Tenant Limited, an investor selling shareholder, will offer 10,295,293 shares. No fresh issuance of shares is planned, meaning the proceeds will go directly to the selling shareholders.'The firm expects to raise anywhere between Rs 3000 crore and Rs 4000 crore and will start the road show soon considering the abeyance has been lifted,' said a person aware of the fund India did not reply to ET lifting of the abeyance status comes after a period of regulatory pause during which SEBI likely sought clarifications or additional disclosures. While SEBI did not provide detailed reasons for the earlier abeyance in the public domain, such actions are often undertaken when a company's draft documents require closer scrutiny due to operational complexity, sectoral challenges, or disclosure per the Securities and Exchange Board of India (SEBI)'s July 4, 2025 update, the company's Draft Offer Document (DOD) has been moved out of abeyance and is now pending final observations from the market regulator.'Now back on track, WeWork India awaits SEBI's final observations — the last step before it can proceed with the IPO launch and red herring prospectus filing,' said another as a joint venture between WeWork Global and Bengaluru-based Embassy Group, WeWork India has emerged as the largest co-working space operator by total revenue over the past three fiscal years, according to CBRE. WeWork India is currently operational across eight cities including Chennai, New Delhi, Gurgaon, Noida, Mumbai, Bengaluru, Pune and Hyderabad. Its portfolio includes over 100,000 desks across its 68 flexible workspace centres in these global volatility in the flexible workspace sector — especially after the bankruptcy filing of its U.S.-based counterpart WeWork Inc. in 2023 — WeWork India has remained relatively resilient. The company operates independently from its global namesake, with local leadership and Embassy Group ownership playing a crucial role in its financial and operational to market experts, the timing of the IPO comes amid renewed investor interest in commercial real estate-linked business models, particularly those focused on asset-light operations and scalable tech-enabled platforms.'Demand for premium, agile office solutions continues to grow among startups and enterprises alike. The recently planned public listing could further institutionalize the flex space segment and set a benchmark for other operators eyeing scale and capital. With India's Grade-A office absorption rebounding this segment is well-positioned to tap into both occupier demand and investor interest,' said Sankey Prasad, chairman & managing director, Middle East & India at IPO is being managed by a consortium of leading investment banks. JM Financial , ICICI Securities, Jefferies India, Kotak Mahindra Capital, and 360 ONE WAM are acting as Book Running Lead Managers (BRLMs) to the issue. Their role will be instrumental in marketing the IPO to institutional and retail investors SEBI's final approval, WeWork India will file its Red Herring Prospectus (RHP) and launch a roadshow to engage with potential investors. Market sources suggest the IPO could hit the markets as early as September 2025, subject to market conditions and final regulatory successful, this IPO will mark one of the largest public issues in the co-working space sector in India. It will also serve as a test for investor appetite in flexible workspace operators, especially at a time when hybrid work models continue to shape the future of commercial real estate.
Economic Times
2 hours ago
- Economic Times
Eye on trades, not curbs: How far can smart money go before it's called fraud?
Sebi's order last week, accusing Jane Street Capital of manipulating the stock market, is an acknowledgement of what some have suspected for a long time. Surging valuations of risk assets and the influx of thousands of new investors into the trading arena have propelled Indian derivatives to the top of the global volumes leaderboard. Meanwhile, vulnerabilities in a system prone to potential manipulation went unnoticed amid the euphoria of the middle class' immersion in the equity by the regulator, and details that the probe team delved into, make it the most interesting case in Sebi's three-decade history. The regulatory impounding of illegal gains of ₹4,843 cr is unprecedented, too. The magnitude of Jane Street's operations in the Indian markets and the regulatory reaction throw up questions about the state of equities market, regulations and legal provisions to deal with such practices. The loss from the punitive order is too much for anyone to let go unchallenged. Analysis and matching of derivatives trades and transactions in the cash market are sufficient to conclude the accused company's intention to profit from its simultaneous actions in both markets rather than benefiting from general market movements independent of its it manipulation, strategy or an elaborate web of fraud - or is it just that a well-funded company exploited a lack of rules specifying individual intra-day exposure in the derivatives market, and a lack of effective surveillance?There are many regulations the order cites as violations by Jane Street, but the one by which it could be hooked is Regulation 4(E) of the Prohibition of Fraudulent and Unfair Trade Practices Regulations. This clause states, 'Any act or omission amounting to manipulation of the price of a security, including influencing or manipulating the reference price or benchmark price of any securities', is a fraudulent or unfair analysis of trades reveals that there is a pattern that helped Jane Street benefit substantially by influencing stock and index prices. But the question remains: is this manipulation or a legitimate strategy?Sebi order says, 'It must be emphasised that trading profits by themselves are certainly not an indication of any illegality.' Then what? 'The scale of profits made does not form the basis of the examination's ultimate conclusions/findings - only the underlying trading patterns observed do.' While the regulator may have zeroed in on market manipulation, it probably did not have legal tools to penalise, which is reflected in its nudging of NSE to serve a 'caution letter' to Jane Street in February. To be fair to Sebi, it has been warning retail investors about how they have been losers in derivatives market. While its internal systems may have thrown up warnings from the 'Oh god, lucky' trades of big institutions, it lacked the legal ground to halt instance, Jane Street disclosed all open positions. It declared its Indian subsidiary that squared off cash market positions, which are barred for FPIs. Much of what FPI has done appears to be in line with the does the regulator prevent such instances? It appears that the stock market, despite growing, may still be shallow for someone with a big wallet. The instant reaction would be to curb 'speculation' and 'fraud' with tougher rules. Calling for restrictions is immature in a market that has become the biggest and is budgeted to contribute ₹78,000 cr in securities transaction tax this year. Sebi can address issues that it found to have helped Jane Street. It may have been early in warning about risks of derivatives market but waited until media reports on a legal dispute in the US between Jane Street and its former staff to begin investigations. There is an urgency to react.A surveillance system may only be as good as rules permit it to act on abnormal activities. Sebi and stock exchanges must frame rules that limit concentrated trades by individuals or a few acting together - as in the case of Jane Street, where it constituted nearly a fifth of trades at certain says, 'They were aware, therefore, that the stock and BANKNIFTY prices were being held artificially up for a short period of time by their own aggressive actions in the underlying cash and futures markets.'It may be a valid interpretation of trades, but can it legally amount to manipulation, fraud or just an unfair trade practice?There is some noise calling for a bifurcation of retail and institutional markets, but that could dry up liquidity. What is needed is improved surveillance, not Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. As GenAI puts traditional BPO on life support, survival demands a makeover India Inc is ditching dollar loans. Waning appetite for debt or rising faith in rupee? Is gold always the best bet? Think again Do bank stress tests continue to serve their intended purpose? Darkness at noon: Can this reform succeed after failing four times? Stock Radar: Havells India showing signs of recovery after 25% drop from highs; time to buy or stay put? Consumption green shoots: Time to look at FMCG stocks again, but very selectively; 4 FMCG stocks with upside potential of up to 31% Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
The Hindu
2 hours ago
- The Hindu
Jane Street row: Congress says ₹44,000 crore of ordinary investors siphoned off to U.S. under government's nose
The Congress on Tuesday (July 8, 2025) alleged that the New York-based hedge fund Jane Street has siphoned off ₹44,000 crore of 'unsuspecting small investors' by manipulating the Futures and Options (F&O) market, and questioned how the Modi government allowed this scam to go on for so long. Addressing a press conference at the All India Congress Committee (AICC) headquarters, Supriya Shrinate, party spokesperson and chairperson of the social and digital media department, claimed that Jane Street, an American algorithm trading firm, looted unsuspecting small investors of Indian markets for five continuous years, while the Securities and Exchange Board of India (SEBI) and all other regulatory institutions 'remained in deep slumber'. Ms. Shrinate said that SEBI's own findings on Jane Street show that the firm made a humongous profit of ₹44,000 crore between January 2023 and March 2025 and repatriated all that money to the U.S. 'Were the agencies sleeping?' 'The total profits must be much more than this amount as these were the profits for just two-year period while Jane Street has been doing business in India for almost five years,' she said, adding, 'Were the investigation agencies such as Enforcement Directorate (ED) and Income Tax sleeping?' Ms. Shrinate noted that Leader of the Opposition Rahul Gandhi had repeatedly and regularly cautioned the government about protecting the interests of the small investors in the F&O market, and still institutions such as SEBI and the National Stock Exchange (NSE), which are supposed to protect their interests, were caught napping as the 'looting' continued. Alleging gross negligence by SEBI, Ms. Shrinate said, 'Five months ago, it had issued a mild warning to Jane Street but did not take any action and allowed it to trade till July.' 'What were PM, other Ministers doing?' Claiming that details about Jane Street's working were in public domain, the Congress leader said that the hedge fund, during a court hearing in the U.S., had openly admitted that it had been making huge profits in India because of the 'inefficiencies here and still SEBI failed to take note'. 'Interestingly, this was the same Madhabi Puri Buch era of the SEBI that saw many other such scandals,' she said. Ms. Shrinate asked what were the Prime Minister, Home Minister, Finance Minister and the SEBI doing while Jane Street 'was robbing the Indian investors'. 'Who allowed Jane Street to repatriate such a huge amount of money to the U.S. and how does the government of India plan to get this money back,' she asked.
