According to a panel set up (in 2010) under the chairmanship of former Reserve Bank of India Governor Bimal Jalan, the term ‘market infrastructure’ denotes such fundamental facilities and systems serving this capital market.
Market infrastructure institutions helps in optimal use of money in the economy and fostered economic development.
SEBI recently mandated a compulsory comprehensive cyber audit of market infrastructure institutions (stock exchanges, depositories, clearing corporations) at least twice during the financial year.
It also directed all MIIs to submit a declaration from MDs/CEOs “certifying compliance by the MII with all SEBI Circulars and advisories related to Cyber security issued from time to time.”
Vulnerability assessment and penetration testing (VAPT) is to be conducted at least once in a financial year. However, for MIIs, whose systems have been identified as “protected system” by National Critical Information Infrastructure Protection Centre (NCIIPC), VAPT shall be conducted at least twice in a financial year.
