SEBI headquarters in Mumbai
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Market regulator Securities and Exchange Board of India (SEBI) has introduced an Information Technology Resilience Index (ITRI) for market infrastructure institutions (MIIs), including stock exchanges and depositories, as part of efforts to strengthen the resilience and oversight of their IT systems.
Under a circular issued on August 24, the regulator said the index would assess MIIs across nine parameters, including availability, security, integrity, governance, reliability and monitoring, business continuity, modularity and flexibility, scalability, and other relevant factors.
Availability and security would carry the highest weightage of 20% each, followed by integrity, governance, reliability and monitoring, business continuity, and modularity and flexibility at 10% each. Scalability and the remaining parameter, including incident handling, would account for the remaining 5% each.
SEBI said MIIs would 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.
“The Industry Standards Forum (ISF) of MIIs, constituted by SEBI, shall finalise the sub-parameters and detailed measurement criteria for each parameter of ITRI,” said SEBI in the circular.
MIIs would be required to calculate the index on a half-yearly basis within 60 days of the end of each half-year. They would also have to submit a comparative analysis of two consecutive half-years on a rolling basis, along with details of corrective actions taken or proposed, to their Standing Committee on Technology (SCOT) and governing boards.
According to SEBI, MIIs have already introduced beta versions of the framework. The regulator has set February 28, 2027, as the deadline for the full rollout, including EWS and real-time monitoring of service delivery.
The framework is designed as a self-operating model under which MIIs will periodically compute the ITRI and provide their governing boards with an assessment of the overall health of IT systems and areas requiring improvement.
Published – August 24, 2026 08:37 pm IST
