no it is not. It is supposed to be sitting at 12 and 6 respectively.
I fitted my MOMO some time again with the appropriate boss kit and just yesterday, i replaced it back with the standard wheel because i'm selling my car. The lugs were sitting nicely @ 12 and 6 o'clock. I took it out for a drive and the hicas light stays off.
i think the problem is that you got your alignments off and mixed up because that they affect your hicas and indicators.
I guess the only wheel is by trial and error till you get the problem fixed.
When all's good, go for a 5 wheel alignment asap (including steering wheel).
hope that helps.