Paytm Money has paid Rs 45.5 lakh to settle allegations of violating SEBI directions on technical glitch framework.
In the settlement order issued on February 13, the Securities and Exchange Board of India (SEBI) said that a showcause notice dated July 24, 2024, had been issued to the stock broker for violating the following:
1.Not setting the permissible limit of 70% for generation of timely alerts for all critical assets,
2.Not submitting the documentary evidence w.r.t peak load observed for the inspection period,
3.Not connecting all its critical systems with Log Analytics and Monitoring Application and
4.Not conducting live DR drill for half year April 2023 - September 2023.
Also read: SEBI’s settlement mechanism needs an overhaul
DR drill stands for Disaster Recovery drill.
Pending adjudication proceedings, the broker proposed to settle the proceddings without admitting or denying the findings of facts and conclusions of law through an application dated September 17, 2024.
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