Sources said that the TAC assessed steps taken by MIIs for deployment of suitable technology and expressed satisfaction with various measures taken by them to adapt their operations and workforce to the current situation.
With majority of staff at various capital market infrastructure institutions working from home due to the COVID-19 lockdown, regulator Sebi on Thursday reviewed the adequacy and efficacy of the technology and network infrastructure deployed by these important organisations, including stock exchanges, sources said.
During a meeting of Sebi's Technical Advisory Committee (TAC), the panel also discussed the steps the market infrastructure institutions (MIIs) can take to further strengthen their technology infrastructure in coming weeks.
Sources said that the TAC assessed steps taken by MIIs for deployment of suitable technology and expressed satisfaction with various measures taken by them to adapt their operations and workforce to the current situation.
On account of the current challenges arising out of the COVID-19 pandemic and restrictions placed on movement of people, majority of human resource of MIIs have been working from home.
This has necessitated effective deployment of technology by MIIs, which include stock exchanges, depositories and clearing corporations.
Robust technology and networking requirements are necessary for MIIs to deal with potential cyber attacks and other disruptions.
The Securities and Exchange Board of India (Sebi) has been regularly assessing deployment of technology by MIIs towards ascertaining the efficacy of the same.
Sources said the TAC meeting was held to do a comprehensive review of the adequacy and efficacy of the technology and networking infrastructure deployed by MIIs for effective functioning of their core and other activities during such challenging times.
The committee is mandated to recommend measures for changes and improvements in market structure in view of the technological changes.It also advises Sebi to frame appropriate policies arising out of technological advancements in areas such as wireless trading, co-location, algorithmic trading, smart order routing, application programming interface, among others.
Its terms of reference also include setting standards for disaster recovery and business continuity plans of MIIs, as also for their system audits.First Anniversary Offer: Subscribe to Moneycontrol PRO’s annual plan for ₹1/- per day for the first year and claim exclusive benefits worth ₹20,000. Coupon code: PRO365
