The Securities and Exchange Board of India, (SEBI) on March 29, 2023, issued a notification regarding the Cyber Security and Cyber Resilience framework for Portfolio Managers
The following has been stated namely: -
• It states that with the rapid technological advancement in the securities market, there is a greater need for maintaining robust cyber security and to have a cyber-resilience framework to protect the integrity of data and guard against breaches of privacy
• The Portfolio Managers need to have robust cyber security and cyber resilience framework in order to provide essential facilities and services and perform critical functions in the securities market as Portfolio Managers.
• it states that all the Portfolio Managers with assets under management of INR 3000 crore or more, under discretionary and non-discretionary portfolio management services taken together, as on the last date of the previous calendar month shall comply with the provisions of Cyber Security and Cyber Resilience attached as Annexure-1.
• The Association of Portfolio Managers in India (APMI) shall also furnish activity-wise implementation timelines and progress in implementing provisions of this circular to SEBI on a bi-monthly basis.
• The Portfolio Managers and APMI shall take necessary steps for implementing the circular, including putting the required processes and systems in place to ensure compliance with the provisions of this circular
• The circular is available on the SEBI website at www.sebi.gov.in under the categories “Info for –Portfolio Managers” and "Legal framework –Circulars
• The guidelines annexed shall be effective from October 01, 2023
Disclaimer: refer to the document to view the Annexure
[Circular No. SEBI/HO/IMD/IMD-PoD-1/P/CIR/2023/046]
