Thu Jun 26 06:00:12 UTC 2025: Here’s a summary of the text and a rewritten version as a news article:

**Summary:**

The Securities and Exchange Board of India (SEBI) has penalized the Bombay Stock Exchange (BSE) ₹25 lakh for failing to provide equal access to corporate disclosures to all stakeholders. An inspection revealed that BSE’s system allowed privileged access to corporate announcements to paid clients and its internal team before public release, breaching regulations. SEBI also cited shortcomings in BSE’s monitoring of client code modifications and failure to take action against brokers with frequent modifications, raising concerns about potential misuse. As a result, BSE shares declined in morning trading.

**News Article:**

**SEBI Fines BSE ₹25 Lakh for Unequal Access to Corporate Disclosures**

**New Delhi, June 26, 2025** – The Securities and Exchange Board of India (SEBI) has slapped a ₹25 lakh penalty on the Bombay Stock Exchange (BSE) for failing to ensure fair and transparent access to corporate disclosures for all stakeholders. The action, announced today, sent BSE shares down over 1% in morning trading.

The penalty stems from an inspection conducted by SEBI between February 2021 and September 2022. The regulator found that BSE’s system architecture gave preferential access to corporate announcements to paid clients and its internal listing compliance monitoring (LCM) team, before the information was publicly disseminated on the exchange’s website. SEBI deemed this a violation of Regulation 39(3) of the Securities Contracts (Regulation) SECC (Stock Exchange and Clearing Corporations) Regulations, 2018, which mandates equal access to all users.

SEBI’s order also highlighted the lack of a really simple syndication (RSS) feed, which could have mitigated the risk of unequal access. While BSE later implemented a time gap to address the issue, SEBI noted that this corrective action was only taken after the inspection uncovered the lapses.

In addition to unequal access, SEBI raised concerns about BSE’s monitoring of client code modifications. The regulator found that BSE failed to initiate disciplinary action against brokers with frequent modifications and did not adequately monitor “error accounts,” raising concerns about potential misuse and a lack of due diligence in trades between unrelated institutional clients.

The 45-page order, issued on Wednesday, detailed SEBI’s findings. The regulator emphasized the importance of simultaneous and equal access to information for maintaining market integrity and preventing unfair advantages.

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