To enhance market infrastructure and streamline the reporting of technical glitches, the Securities and Exchange Board of India (“SEBI”) vide circular dated January 28, 2025 has introduced the Integrated SEBI Portal for Technical Glitches (“iSPOT”). This web-based platform is designed to centralize and standardize the submission of technical glitch reports by Market Infrastructure Institutions (“MIIs”), including Stock Exchanges, Clearing Corporations, and Depositories.
Key Highlights of the Initiative
Objective
To ensure efficient reporting, monitoring, and resolution of technical glitches in the securities market through a centralized and automated system.
Transition from Email-Based Reporting
Previously, MIIs were required to submit Root Cause Analysis (“RCA”) reports via email to SEBI. With the launch of iSPOT, all submissions, including preliminary and final RCA reports, must be made exclusively through the portal.
Seamless Integration with Existing Systems
iSPOT is integrated with the SEBI Intermediary Portal, allowing MIIs to access it using their existing login credentials.
The portal enhances data quality, ensures traceability of past submissions, and automates compliance monitoring.
Automated Compliance Tracking
System-generated notifications will remind MIIs of upcoming deadlines for RCA submission.
Automated alerts will ensure adherence to SEBI-mandated reporting timelines.
Regulatory Modifications
SEBI has amended relevant clauses in the Master Circulars governing Stock Exchanges, Clearing Corporations, and Depositories to mandate the use of iSPOT for glitch reporting.
These changes take effect from February 3, 2025.
Implementation Requirements
MIIs must update their internal policies and procedures to comply with the new reporting framework.
Necessary amendments to relevant bye-laws, rules, and regulations must be undertaken to align with SEBI’s directive.
This initiative underscores SEBI’s commitment to enhancing transparency and efficiency in handling technical disruptions. By streamlining the reporting process, iSPOT will contribute to a more robust and resilient securities market ecosystem.
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