Core functions of market infrastructure: designation of critical operations, regulatory duties, and business activities to secure market resilience. The regulations categorize the core functions of recognised stock exchanges and recognised clearing corporations into three verticals: (1) critical operations covering trading/clearing facilities, record keeping, IT infrastructure, business continuity, and cyber resilience; (2) regulatory, compliance and risk management including surveillance, member registration, compliance, inspection, enforcement, handling of defaults and investor protection; and (3) non regulatory business functions such as sales, marketing, product development and finance.