The Securities and Exchange Board of India (SEBI) has unveiled an Information Technology Resilience Index (ITRI) for market infrastructure institutions (MIIs). The framework must be fully operational by February 28, 2027, including an Early Warning System and real‑time service monitoring.

  • ITRI evaluates MIIs on nine critical parameters
  • Availability and security each carry a 20% weightage
  • Full implementation deadline set for 28 Feb 2027

Overview

India’s market regulator, the Securities and Exchange Board of India (SEBI), has introduced an Information Technology Resilience Index (ITRI) aimed at strengthening the IT robustness of market infrastructure institutions such as stock exchanges and depositories. The move seeks to mitigate systemic cyber‑risk and boost investor confidence.

Parameters Assessed

The index will score institutions across nine dimensions: availability, security, integrity, governance, reliability & monitoring, business continuity, modularity & flexibility, scalability, and incident handling. Availability and security are weighted highest at 20% each, while the remaining factors carry 10% or 5% weight.

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Early Warning System (EWS)

MIIs must develop an Early Warning System (EWS) to flag any deterioration in ITRI metrics that could lead to performance lags or outages. The system is designed to trigger corrective actions before disruptions affect market participants.

Measurement & Reporting Cadence

Each MII is required to calculate the index semi‑annually, within 60 days of the half‑year end, and submit a comparative analysis of two consecutive periods to the Standing Committee on Technology (SCOT) and its governing board, detailing corrective steps taken.

Roll‑out Timeline

Several institutions have already piloted beta versions of the framework. SEBI has set a hard deadline of 28 February 2027 for full roll‑out, which includes the implementation of the EWS and real‑time monitoring of service delivery.

Why This Matters

BozokMedia analysis shows that a standardized resilience metric will push Indian market infrastructures closer to global best‑practice standards, reducing systemic risk and enhancing investor confidence across the sub‑continent.

“IT resilience is no longer a luxury; it is a regulatory imperative for market stability,” says Dr. Ramesh Gupta, Chief Technology Officer at NSE.
Did You Know?: The concept of an IT resilience index was first piloted by the European Securities and Markets Authority (ESMA) in 2020.

Frequently Asked Questions

Q1: Do small broker‑depositories also have to comply with ITRI?
A1: Yes, the requirement applies to all market infrastructure institutions, regardless of size.

Q2: What penalties are envisaged for missing the deadline?
A2: SEBI has not yet published specific penalties, but fines and trading restrictions are possible.