Why in news
- SEBI introduced an IT Resilience Index to assess and measure cybersecurity and operational readiness for Market Infrastructure Institutions (MIIs).
What are Market Infrastructure Institutions (MIIs)?
- MIIs include stock exchanges, depositories, and clearing corporations that form the core technology backbone of capital markets.
- They are regulated by SEBI to ensure uninterrupted trading, settlement, and systemic risk containment.
Key Mandates under the New Framework
- Mandates real-time service delivery monitoring and Early Warning Systems (EWS) to detect technical glitches.
- Sets a strict compliance deadline of February 28, 2027, for the full rollout of the index across all MIIs.
- Requires quantitative scoring of business continuity, cyber-resilience, and disaster recovery readiness.
Why it Matters
- Prevents market disruptions caused by software failures, hardware downtime, or cyber-attacks.
- Standardises IT audit protocols across stock exchanges and central clearing bodies.
Key terms
Market Infrastructure Institutions
Key institutions providing essential infrastructure for the operation and clearing of financial markets.
Early Warning System (EWS)
An automated system designed to detect impending operational or cyber failures before service disruption occurs.
Prelims facts
- Market Infrastructure Institutions (MIIs) encompass stock exchanges, depositories, and clearing houses.
Mains discussion
- Discuss the significance of SEBI's operational resilience framework in safeguarding capital markets against systemic technical risks.
Source: The Hindu
Same topic · past papers
UPSC has asked this before
These previous-year questions sit on the same topic. Open one to practise the earlier ask.
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