Context
Recently, the Securities and Exchange Board of India (SEBI) introduced an Information Technology Resilience Index (ITRI) to assess and strengthen the technological resilience of Market Infrastructure Institutions (MIIs) such as stock exchanges and depositories.
Explanation
- Market Infrastructure Institutions (MIIs) provide the critical infrastructure necessary for the functioning of securities markets and include stock exchanges, clearing corporations and depositories.
- In India, MIIs operate within the regulatory framework of SEBI, a statutory body established under the SEBI Act, 1992.
- The ITRI measures the ability of an MII’s information-technology systems to remain secure, reliable and operational, including during disruptions.
- It assesses nine broad parameters, including availability, security, integrity, governance, reliability and monitoring, business continuity, modularity and flexibility, and scalability.
- Business continuity refers to an institution’s ability to maintain or quickly restore critical operations following technological failures or disruptions.
- MIIs must establish an Early Warning System (EWS) to identify deterioration in ITRI parameters before it causes system slowdown, performance problems or disruptions.
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IT Resilience Index: Strengthening India’s Market Infrastructure