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News: SEBI has introduced an Information Technology Resilience Index (ITRI) for market infrastructure institutions (MIIs).
About Information Technology Resilience Index (ITRI)
- Introduced by: The Securities and Exchange Board of India (Sebi) has introduced an IT Resilience Index (ITRI) framework for market infrastructure institutions (MIIs), including stock exchanges, depositories and clearing corporations.
- Purpose: It has been introduced to monitor the robustness and resilience of their critical IT systems and strengthen the continuity of securities market operations.
- Aim: It is aimed at strengthening oversight of the resilience of IT systems and identifying emerging weaknesses at an early stage, so that timely corrective measures can be taken.
- Frequency of Computation: MIIs will compute the index on a half-yearly basis within 60 days of the end of each half-year and submit a comparative analysis of two consecutive half-years.
- Role of Industry Standards Forum: The Industry Standards Forum will formulate baseline parameters, acceptable threshold scores and Standard Operating Procedures (SOPs) for calculating the ITRI, along with an objective, system-driven scoring methodology.
- Weightage of Parameters: Under the framework, the ITRI will be computed using a uniform set of nine parameters, each carrying a specific weightage to ensure comparability across MIIs.
- Availability and security will carry the highest weightage of 20 per cent each, followed by integrity, governance, reliability and monitoring, business continuity, and modularity and flexibility at 10 per cent each.
- Scalability and other aspects, including incident handling, will account for the remaining 5 per cent each.
- MIIs will also develop an Early Warning System (EWS) to detect any deterioration in ITRI parameters that could potentially lead to performance issues, system slowness or other disruptions, and take remedial measures.
- Implementation and Monitoring: The beta version of the ITRI framework has already been implemented and will operationalize it along with the EWS and real-time monitoring of service delivery by February 28, 2027.
- First ITRI Computation: The first ITRI computation under the framework will cover the half-year ended March 31, 2027.
