On December 26, 2022, the Securities and Exchange Board of India (SEBI) expanded its High Powered Steering Committee on Cyber Security (HPSC-CS) and Information Systems Security Committee (ISSC) to strengthen cyber security frameworks and cyber resilience requirements:
High Powered Steering Committee on Cyber Security (HPSC-CS)
This committee has been expanded to 8 members from 6 members. It will continue to be chaired by Navin Kumar Singh, Director General (DG) at National Critical Information Infrastructure Protection Centre (NCIIPC).
Note: The last rejig of the HPSC-CS panel was done in September 2022.
New Members:
i.G Padmanabhan, Ex-Executive Director, Reserve Bank of India (RBI)
ii.Sushil Kumar Nehra, Additional Director, Cyber Security Division, MeitY
Other Members:
iii.Sanjay Bahl, Director General, CERT-In (Indian Computer Emergency Response Team)
iv.Prof H Krishnamurthy, Chief Research Scientist (Retired), IISc (Indian Institute of Science), Bengaluru (Karnataka)
v.Prof Sandeep Shukla, Professor, Department of Computer Science and Engineering, IIT (Indian Institute of Technology), Kanpur (Uttar Pradesh)
vi.Prof Debdeep Mukhopadhyay, Professor, Department of Computer Science and Engineering, IIT Kharagpur (West Bengal)
vii.Prof Sugata Gangopadhyay, Head of Department of Computer Science and Engineering, IIT Roorkee (Uttarakhand)
Responsibility:
i.The committee will oversees and provides guidance on cyber security initiatives to SEBI at par with global best practices, and in accordance with the need of Indian capital market structure.
ii.The panel will also review the mandate and functioning of security operations centres, provide recommendations for cyber security audit, study major cyber-attack incidents, and identify gaps in the existing framework.
iii.It also works on identifying measures to improve business continuity and disaster recovery process in the Indian securities market.
Information Systems Security Committee (ISSC)
SEBI also expanded its panel on Information Systems Security Committee (ISSC) to 7 members which will continue to be chaired by Prof H. Krishnamurthy, IISc, Bengaluru.
Members:
i.Dr. G. Sivakumar, Professor, IIT Bombay
ii.Manojan Karayi, CGM-IT, SEBI
iii.Avneesh Pandey, CISO(Chief Information Security Officer), SEBI
iv.Nandkumar Saravade, Ex-CEO, Reserve Bank Information Technology Private Limited (ReBIT)
v.Krishna Sastry Pendyala, Partner, Ernst & Young
vi.G. Padmanabhan, Ex-Executive Director, RBI
Responsibility:
This panel approves Information Security Policies, suggests amendments in the existing ones, and provides inputs and suggestions to take urgent actions on cyber security incidents of SEBI regulated entities.
Recent Related News:
i.SEBI issued norms regarding the standardization of rating scales used by Credit Rating Agencies (CRAs) which will be applicable from January 1, 2023.
ii.SEBI introduced a regulatory framework to facilitate online bond platforms providers that are selling listed debt securities w.e.f. November 9, 2022. In this regard, SEBI has amended NCS (Issue and Listing of Non-Convertible Securities) Regulations, 2021.
About Securities and Exchange Board of India (SEBI):
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
DeceEstablishment– 1992
