- SEBI introduced an IT Resilience Index (ITRI) framework for market infrastructure institutions
- ITRI measures critical systems' robustness on a 100-point scale across nine parameters
- The framework requires MIIs to report ITRI results and corrective actions biannually
The Securities and Exchange Board of India (SEBI) on Monday introduced an IT Resilience Index (ITRI) framework for market infrastructure institutions (MIIs), including stock exchanges, clearing corporations and depositories, to strengthen the resilience and reliability of their technology systems.
SEBI said IT systems form the backbone of the securities market and any disruption, degradation in performance or compromise could affect critical market operations and investor confidence. The new framework is designed to identify emerging weaknesses early and enable timely corrective action.
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The ITRI will measure the robustness of critical systems of MIIs on a 100-point scale across nine parameters. Availability and security carry the highest weight of 20 points each, followed by integrity, governance, reliability and monitoring, business continuity, and modularity and flexibility at 10 points each. Scalability and other parameters, including incident handling, carry five points each.
The framework will be system-driven, with the index automatically computed from IT systems or data extracted from them, limiting manual intervention. SEBI said this is intended to make the assessment non-discretionary and enable comparability across MIIs through standardised thresholds and scoring methodologies.
MIIs will be required to calculate the ITRI on a half-yearly basis, compare the results with the preceding half-year and report corrective measures to their Standing Committee on Technology and governing board.
The regulator has also mandated an Early Warning System to detect deterioration in ITRI parameters that could lead to performance issues or system slowness.
MIIs will additionally have to build systems providing continuous visibility into service delivery to market participants, supported by consolidated dashboards to identify deviations and anomalies.
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The Industry Standards Forum of MIIs will finalise detailed sub-parameters and measurement criteria by Nov. 30, 2026.
The ITRI framework, early warning system and real-time service monitoring are to be operational by Feb. 28, 2027, with the first ITRI submission covering the half-year ending March 31, 2027.
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