TaxTMI 
TaxTMI 
Business Continuity for Clearing Corporations through Software as a Service (SaaS) Model
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....ss Continuity Planning (BCP) and Disaster Recovery Site (DRS) for Market Infrastructure Institutions (MIIs). While DRS is meant to ensure Business Continuity of the MIIs in case of any disaster, it may have limited utility for any major malfunction of software, as software deployed at Primary Site as well as at DRS remains identical. 2. In order to strengthen the Business Continuity framework of MIIs particularly from the perspective of handling major software malfunction, discussions were held with MIIs and it was decided that in the first phase, systems would be designed to provide additional tool for business continuity in case of issues with Risk Management Systems (RMS) of CCs. The existing interoperability arrangement between CCs, ....
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....e data from exchanges; online collateral, positions etc. from the CC(s) and depository data as required from depositories. The client CC would carry out all the functions related to online real time risk management at the SaaS-RMS. This would ensure that if the SaaS-RMS is invoked by client CC, it would be in a ready state to take over operations. ii. Responsibility of service provider CC would be to provide the functioning software for RMS and that for other associated processes to the client CC. Beyond that, it would be responsibility of the client CC to operate SaaS-RMS in normal course and on the day it is invoked. Further, client CC would put in place systems to detect latency/performance issue of SaaS-RMS to flag off such ano....
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....or collateral, positions related query, updates etc. b. Due to certain issues / malfunctioning, once CC-A decides to invoke SaaSRMS viz. designed using RMS software of CC-B, the RMS functioning to resume by CC-A through SaaS-RMS within the timelines stipulated in the instant circular. c. CMs of CC-A to login and operate through a separate interface provided by CC-A. 8. The aforesaid mechanism has been discussed with Technical Advisory Committee of SEBI and CCs have implemented a working model of SaaS-RMS. On the basis of test runs carried out by CCs, following timelines are stipulated: a. A CC to take decision to shift operations to SaaS-RMS within 30 minutes of occurrence of its inability to do online real tim....
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....ring the provisions of this circular to the notice of their members and also disseminate the same on its website; and c. Communicate to SEBI, the status of implementation of the provisions of this circular. 11. Considering the above, Stock exchange and CCs are advised to submit their revised Business Continuity Policy to SEBI within two months from the date of this circular. 12. The circular would be effective immediately and is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. Yours faithfully, Ansuman Dev Pradhan Deputy ....