The Securities and Exchange Board of India (SEBI) in its circular dated 15th October 2019, has issued clarification on cyber security & cyber resilience framework for Stockbrokers or Depository Participants
SEBI in its earlier dated 3rd December 2019, has prescribed the framework for cyber security and cyber resilience framework for Stockbrokers or Depository Participants, in which paragraph 52 of Annexure A of the circular states that the Quarterly reports should be submitted to Stock Exchanges or Depositories. In this regard, the following guidelines are issued for submission of report or information
- A format for submitting the reports is attached as Annexure.
- For the quarter ended on September 30, 2019, quarterly reports shall be submitted by stockbrokers or depository participants not later than November 30, 2019 as per the format specified.
- Effective from quarter ending on December 31, 2019, the time period for submission of the report shall be 15 days after the end of the quarter.
- The mode of submission of such reports by the stockbrokers or depository participants may be prescribed by Stock Exchanges or Depositories.
With reference to earlier circular, paragraph 58 of Annexure 1, being modified, the qualified auditors can audit the systems of depository participants and stockbrokers to check the compliance of cyber security and cyber resilience and their periodicity shall be annual.
The periodicity of audit for the compliance with the provisions of Cyber Security and Cyber Resilience provisions for Type I and Type II stock brokers it shall be annually and for type III stock brokers it is half-yearly.
The stock exchanges and depositories were been instructed to take steps for implementing the same.
Click here to read the Notification
