SEBI's IT Resilience Index (ITRI)
Economy · Wednesday, 26 August 2026
The Securities and Exchange Board of India (SEBI) has introduced the IT Resilience Index (ITRI), a pioneering quantitative technology health scorecard for Market Infrastructure Institutions (MIIs). The index aims to benchmark and monitor the cybersecurity and operational resilience of stock exchanges, clearing corporations, and depositories.
Quick highlights
- ITRI is a quantitative technology health scorecard introduced by SEBI for Market Infrastructure Institutions (MIIs).
- MIIs include stock exchanges, clearing corporations, and depositories.
- The index benchmarks cybersecurity posture, disaster recovery readiness, and operational resilience.
- ITRI represents a shift from qualitative compliance checklists to measurable, data-driven technology governance.
- The move aligns with global trends in financial technology regulation following high-profile cyber incidents in trading platforms.
Context
SEBI has introduced the IT Resilience Index (ITRI), a pioneering quantitative technology health scorecard for Market Infrastructure Institutions (MIIs). The initiative comes amid growing concerns about cybersecurity vulnerabilities in India's rapidly digitising financial markets and the increasing frequency of technology-related disruptions in trading platforms globally.
Key Facts
ITRI is a quantitative scorecard measuring the technology health and resilience of MIIs—stock exchanges, clearing corporations, and depositories. It moves beyond traditional qualitative compliance audits to provide measurable, data-driven benchmarks for cybersecurity, disaster recovery, system uptime, and operational continuity. The index is expected to be published periodically, creating transparency and accountability in MII technology governance.
Significance
ITRI strengthens investor confidence by ensuring that India's critical financial market infrastructure meets robust technology resilience standards. It creates a competitive incentive for MIIs to invest in cybersecurity and disaster recovery capabilities. The index aligns India's financial technology regulation with global best practices from bodies like IOSCO and the Basel Committee, which increasingly emphasise operational resilience alongside financial soundness.
Challenges / Way Forward
Challenges: defining standardised metrics across diverse MII architectures; ensuring real-time data accuracy without imposing excessive reporting burdens; and addressing the evolving nature of cyber threats including AI-driven attacks. Way forward: integrate ITRI with SEBI's existing cybersecurity framework; mandate third-party penetration testing; and expand the index to cover registered intermediaries and fintech platforms in subsequent phases.
Exam Angle
GS Paper III (Economy): SEBI's regulatory role, financial market infrastructure, cybersecurity in financial systems. GS Paper III (S&T): digital infrastructure resilience, cybersecurity frameworks. Prelims: SEBI, MIIs, ITRI, stock exchanges, clearing corporations, depositories. Mains: evaluate the need for technology resilience regulation in India's financial markets.
Remember this
- ITRI stands for IT Resilience Index.
- Introduced by SEBI for Market Infrastructure Institutions (MIIs).
- MIIs include stock exchanges, clearing corporations, and depositories.
- ITRI is a quantitative technology health scorecard, not a qualitative checklist.
- It benchmarks cybersecurity, disaster recovery, and operational resilience.
- SEBI is the Securities and Exchange Board of India, the capital markets regulator.
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