We have been operating in India for a while. People do not take security, processes, etc., seriously in India. At least most of the organizations do not. Most likely, a human error caused the incident, and guardrails could have prevented it.
The sad part is that even after a major incident like this, the org is probably not going to invest in tools and processes to improve their posture. They will only do what is necessary to meet compliance. This is just the nature of a market driven by low margins and low-quality vendors.
There is no malice here by the org; it is just unfortunate.
[1]: https://www.nseindia.com/static/products-services/equity-mar...
It looks like them explaining that certs are only a small part of their business did not fly with shareholders.
If I had to battle 2 hours of Indian traffic just to reach office, while I am also stressed about things I have to do with the city office to get my apartment approved, while also having to deal with all the plumbers etc who just call at random times, and while also thinking of having to fix my car, and none of this is easy. Everything is fucking hard, I would have no mental concentration to do these ceremonies properly as well.
I look at some of my friends in India, there's just so much daily work just to get by. Easily 4-5 hours lost everyday just for useless mandatory stuff. On top of 9 hour of sleep and 6 hours of eating, cooking, washing stuff, exercise, bathroom, you are left with 4 hours of actual work you can do per day.
So most Indian employees are unfortunately only able to work at 50% productivity. And then it is not surprising that they make mistakes.