The Securities and Exchange Board of India (SEBI) on 24 August introduced an IT Resilience Index (ITRI) framework for Market Infrastructure Institutions (MIIs) to assess the robustness and resilience of their IT systems.

The ITRI will measure the robustness of critical systems of MIIs and related systems across nine parameters, including availability, security, integrity, governance, reliability and monitoring, business continuity, modularity and flexibility, scalability, and incident handling.

The Industry Standards Forum will prescribe the sub-parameters and detailed criteria for measuring the ITRI by 30 November 2026. It will also prescribe baseline parameters, acceptable scores and the calculation methodology, using a system-based scoring mechanism to ensure comparability of ITRI scores across MIIs.

MIIs will calculate the ITRI every six months and submit a comparison of the two latest half-year periods, along with corrective measures taken or proposed, to their Standing Committee on Technology and Governing Board. The ITRI will be calculated automatically through their IT systems without manual intervention.

SEBI has also directed MIIs to develop an Early Warning System to identify any decline in ITRI parameters. They must establish systems for continuous monitoring of service delivery to market participants, including consolidated dashboards to track system performance and deviations or anomalies.

MIIs must implement the ITRI framework, Early Warning System and real-time monitoring of service delivery by 28 February 2027. The first ITRI calculation will cover the half-year ending 31 March 2027.

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