The Securities and Exchange Board of India (SEBI), on August 24, 2026, introduced a system-driven IT Resilience Index (ITRI) framework for Market Infrastructure Institutions (MIIs), including stock exchanges, clearing corporations and depositories. The ITRI will assess the robustness and resilience of critical IT systems and related systems across nine parameters: Availability (20%), Security (20%), Integrity (10%), Governance (10%), Reliability and Monitoring (10%), Business Continuity (10%), Modularity and Flexibility (10%), Scalability (5%), and Others such as incident handling (5%).
The Industry Standards Forum (ISF) of MIIs is required to finalise the sub-parameters, measurement criteria, baseline parameters, threshold scores and SOP for calculating ITRI by November 30, 2026. MIIs shall compute the ITRI half-yearly within 60 days from the end of each half-year, undertake rolling comparative analysis of two consecutive half-years and report corrective actions to their Standing Committee on Technology and Governing Board. MIIs must also establish an Early Warning System and systems providing continuous visibility of service delivery through consolidated dashboards.
The ITRI framework, including the Early Warning System and real-time monitoring of service delivery, is to be operationalised by February 28, 2027. The detailed SOPs are to be submitted to SEBI by January 31, 2027, after review by the SCOT, and the first ITRI computation will cover the half-year ending March 31, 2027. MIIs are also required to take necessary steps, including amendments to relevant bye-laws, rules and regulations, for implementation.
[Circular No. HO/47/18/11(1)2026-MRD-TPD1/I/19509/2026]
