The Securities and Exchange Board of India on 5th July 2021 has issued Standard Operating Procedure (SOP) for handling of technical glitches by Market Infrastructure Institutions (MIIs) and has laid down financial disincentives in the event of a failure in handling the technical glitches.
Technical glitch shall mean any malfunction in the systems of an MII. Malfunction in the systems of the MII shall include malfunction in its (a) hardware, or; (b) software, or; (c) any products/ services provided by the MII, whether on account of inadequate infrastructure/ systems or otherwise, which may lead to either stoppage or variance in the normal functions/ operations of systems of the MII.
All communication and information with regard to technical glitches shall be shared by the MII with SEBI through a dedicated e-mail id viz techglitch@sebi.gov.in.
In case of delay in submission or submission of incomplete/ inadequate RCA by an MII, a “financial disincentive” of Rs.1,00,000 per working day shall be paid by the MII for each working day of delay or any revised timeline specified by TAC/SEBI for submission of exact RCA.
