On Sep. 12, IND SEBI revised guideline to ensure near zero data loss.
IND SEBI amended Guidelines for business continuity plan (BCP) and disaster recovery (DR) of market infrastructure institutions (MIIs), under three master circulars below.
Follows IND SEBI Oct. 2023 issued master circular for stock exchanges, see #188261.
Also follows IND SEBI Oct. 2023 issued master circular for for depositories, #97698.
Follows IND SEBI Aug. 2023 revised master circular regarding derivatives, #110052
Overview of Amendments
Apart from disaster recovery site (DRS), all stock exchanges, clearing corporations (CC) as well as depositories shall have a near site (NS) to ensure near zero data loss.
Manpower deployed at DRS shall have the same expertise as available at primary data center (PDC) in terms of knowledge/awareness of various tech and procedural systems and processes re all operations that DRS can function at short notice, independently.
In addition, MIIs shall have sufficiently-trained staff at their DRS so as to have the capability of running live operations from DRS without involving staff of PDC.
MIIs shall ensure that the recovery point objective (RPO) - the maximum tolerable period for which data might be lost due to a major incident - shall be near zero.
In addition, specified that MIIs shall have a documented methodology for data reconciliation when resuming operations from DRS or any other site as applicable.
Solution architecture of PDC and DRS, NS shall ensure high availability, fault tolerance, no single point of failure, near zero data loss, and data and transaction integrity.
Synchronous replication/appropriate replication between PDC and NS shall be implemented; it may be implemented between PDC and DRS or between NS and DRS.
Action Required
MIIs shall develop a standardized definition of near zero data loss and submit to IND SEBI after taking approval from their respective Standing Committee on Technology.
MIIs shall make necessary amendments to relevant bye-laws, rules and regs (if any).
Effectiveness
Circular provision 2.2 is effective on/from Sep. 12, 2024, and the remaining provisions of this circular shall come into effect two months from that date, i.e. Nov. 12, 2024.
Regulators
IND SEBI
Entity Types
B/D; Depo; Exch
Reference
Cir SEBI/HO/MRD/TPD/P/CIR/2024/119, 9/12/2024
Functions
BCS; Compliance; HR; Legal; Operations; Reporting; Risk; Technology; Training
