Modifications in Guidelines for Business Continuity Plan (BCP) and Disaster Recovery (DR) of Market Infrastructure Institutions (MIIs)
Summary
SEBI modifies the Business Continuity Plan and Disaster Recovery guidelines for Market Infrastructure Institutions to mandate Near Sites. The amendments require near zero or zero data loss depending on the entity type and specify replication standards between Primary Data Centers, Near Sites, and Disaster Recovery Sites. MIIs must collaborate on defining 'near zero data loss' and implement these changes within specified timelines.
Text
Apart from DRS, all Stock Exchanges shall also have a Near Site (NS) to ensure near zero data loss. For Clearing Corporations and Depositories: Apart from DRS, all Clearing Corporations and Depositories shall also have a Near Site (NS) to ensure zero data loss.
The manpower deployed at DRS shall have the same expertise as available at PDC... MIIs shall have sufficient number of trained staff at their DRS so as to have the capability of running live operations from DRS without involving staff of the PDC.
MIIs shall ensure that the Recovery Point Objective (RPO)... shall be near zero. Further, MIIs shall have a documented methodology for data reconciliation when resuming operations from DRS or any other site as applicable.
For Stock Exchanges: 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. For Clearing Corporations and Depositories: Solution architecture of PDC and DRS / NS shall ensure high availability, fault tolerance, no single point of failure, zero data loss, and data and transaction integrity.
For Stock Exchanges: Synchronous replication or appropriate replication between PDC and NS shall be implemented to ensure near zero data loss. Asynchronous replication may be implemented between PDC and DRS and between NS and DRS. For Clearing Corporations and Depositories: Synchronous replication between PDC and NS shall be implemented to ensure zero data loss. Asynchronous replication may be implemented between PDC and DRS and between NS and DRS.
MIIs are advised to collaborate in developing a standardized definition of “near zero data loss” and submit the same to SEBI after taking approval from their respective Standing Committee on Technology (SCOT).
MIIs are required to take necessary steps to put in place systems for implementation of this Circular, including necessary amendments to the relevant bye-laws, rules and regulations, if any.
The provision at para 2.2 of this Circular shall come into force with immediate effect. The remaining provisions of this Circular shall come into effect 2 months from the date of this circular.
Source: SecMarx — Modifications in Guidelines for Business Continuity Plan (BCP) and Disaster Recovery (DR) of Market Infrastructure Institutions (MIIs). Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.