SEBI vide Notification No. SEBI/HO/MRD1/ICC1/CIR/P/2020/03 dated 07thJanuary, 2020 it provided,
- Framework to conduct Annual System Audit of Market Infrastructure Institutions and
- Terms of Reference (TOR) for System Audit Program
- MIIs are also advised to maintain a list of all the relevant SEBI circulars/ directions/ advice, etc. pertaining to technology and compliance thereof, as per format enclosed in the Circular,
- MIIs are advised to submit information with regard to exceptional major Non-Compliances (NCs)/ minor NCs observed in the System Audit as per format enclosed in the circular and also advised to categorically highlight those observations/NCs/ suggestions pointed out in the System Audit (current and previous) which remain open.