SEBI Launches iSPOT Portal for Reporting Technical Glitches by Stock Exchanges and MIIs

The Securities and Exchange Board of India (SEBI) has launched a web-based platform called iSPOT (Integrated SEBI Portal for Technical Glitches) to enhance the reporting and management of technical issues by stock exchanges, clearing corporations, and depositories.

In a circular issued on Tuesday, SEBI announced that this portal will replace the existing method of Market Infrastructure Institutions (MIIs) submitting reports on technical glitches and their root cause analysis (RCA) via email.

“To streamline the reporting process of technical glitches across MIIs and establish a centralized repository, SEBI has developed a web-based platform, iSPOT, for the submission of preliminary and final RCA reports by MIIs,” the circular stated.

iSPOT will function as a centralized database, improving the quality of data, tracking of submissions, and monitoring of compliance obligations. The introduction of iSPOT is expected to enhance transparency and efficiency in reporting, making it easier for SEBI to analyze trends and address recurring technical issues.

By shifting from email-based reporting to a structured digital platform, SEBI aims to reduce delays in submissions and ensure a standardized reporting format. This will also facilitate better coordination between MIIs and SEBI, allowing for quicker resolution of technical problems that may impact market operations.

MIIs will be required to submit their preliminary and final RCA reports through iSPOT, which is integrated with the SEBI Intermediary (SI) portal, allowing users to access it with their existing login credentials. The platform will also issue automated reminders for compliance deadlines, ensuring timely submissions.

“This initiative will enhance data accuracy, enable better tracking of past submissions related to technical glitches at SEBI and MIIs, facilitate system-generated compliance monitoring, and automate notifications to MIIs for submitting RCA reports within SEBI’s stipulated timelines,” SEBI added.

The system-generated reports will also help SEBI assess the frequency and severity of technical glitches, enabling it to take proactive measures to mitigate future risks. Moreover, the centralized repository will serve as a valuable reference for regulatory audits and reviews.

The implementation of iSPOT for technical glitch reporting will take effect from February 3, 2025. SEBI has advised MIIs to familiarize themselves with the new system before the deadline to ensure a smooth transition.

Additionally, the regulator has directed MIIs to revise their bye-laws, rules, and regulations as necessary to comply with the new framework. SEBI is expected to conduct training sessions or provide guidance to MIIs to help them adapt to the new reporting mechanism.

With the launch of iSPOT, SEBI reinforces its commitment to strengthening the market’s technological infrastructure and ensuring a seamless trading environment for all stakeholders.