SEBI Imposes ₹25 Lakh Penalty on BSE for Unequal Data Access

SEBI has fined the Bombay Stock Exchange ₹25 lakh for failing to provide timely and equal access to corporate disclosures.

An inspection from February 2021–September 2022 found that BSE’s paid subscribers and its Listing Compliance Monitoring (LCM) team could access sensitive announcements before the general public, violating Regulation 39(3) of the SECC Regulations. 

The regulator also flagged BSE’s inadequate monitoring of client code changes during trades, broker modifications were frequent and unexamined, raising concerns of misuse. 

Rejecting BSE’s defence of coercive action, SEBI emphasised the exchange’s duty as a frontline regulatory and held that such regulatory failure undermines market integrity and fairness.