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Published on 5 April 2025

SEBI's iSPOT: A New Portal for Reporting Technical Glitches in MIIs

Introduction

The Securities and Exchange Board of India (SEBI) has introduced iSPOT (Integrated SEBI Portal for Technical Glitches), a web-based platform designed for Market Infrastructure Institutions (MIIs) like Stock Exchanges, Clearing Corporations, and Depositories to report technical issues. This new system, effective February 3, 2025, enhances reporting efficiency and fosters improved compliance monitoring.

Implementation of iSPOT

  • Transition from Email to Portal:
    • Starting February 3, 2025, MIIs will need to submit preliminary and final Root Cause Analysis (RCA) reports through iSPOT instead of using the previous email method.
  • Benefits of iSPOT:
    • Enhances data quality and traceability of historical reports regarding technical glitches.
    • Generates system reports for better compliance monitoring.
    • Automates notifications to MIIs for RCA submissions according to SEBI’s timelines.
    • Integrated with SEBI’s Intermediary (SI) portal for seamless access.

Required Amendments

  • Regulatory Changes:
    • Amendments will be required to relevant bye-laws, rules, and regulations to ensure compliance with the new reporting process as per the following:
      • Annexure XI, Chapter 2 of SEBI Master Circular dated December 30, 2024 (for Stock Exchanges and Clearing Corporations).
      • Clause 4.70.5.A of the SEBI Master Circular for Depositories dated December 3, 2024.
      • Annexure-ZE of the SEBI Master Circular for Commodity Derivatives Segment dated August 4, 2023.

Details of the Circular

The SEBI circular (No. SEBI/HO/MRD/TPD/CIR/P/2025/08) dated January 28, 2025, outlines the implementation details:

  1. Subject: Development of iSPOT for the reporting of technical glitches.
  2. Directive: MIIs must report technical glitches and submit RCA reports via iSPOT.
  3. Effective Date: The provisions of this Circular will be in effect from February 3, 2025.
  4. Compliance: MIIs are mandated to establish necessary systems to facilitate this transition.
  5. Legal Authority: This initiative is authorized under:
    • Section 11(1) of the Securities and Exchange Board of India Act, 1992.
    • Regulation 51 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018.
    • Section 19 of the Depositories Act, 1996.
    • Regulation 97 of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018.

Conclusion

The introduction of iSPOT marks a significant advancement in SEBI’s efforts to regulate the securities market effectively and safeguard investor interests. MIIs are strongly encouraged to prepare for these changes by making the necessary adjustments to their policies and practices ahead of the effective date.

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