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Outsourcing of activities, Business Continuity Plan (BCP) and Disaster Recovery (DR) and Cyber Security and Cyber Resilience framework - Limited Purpose Clearing Corporation (LPCC) - SEBI - SEBI/HO/MRD2/DCAP/CIR/P/227

Extract

..... ce has been prescribed vide Circular CIR/MRD/DP/13/2015 dated July 06, 2015 and Circular CIR/MRD/CSC/148/2018 dated December 07, 2018. 3. SEBI Board in its meeting held on September 29, 2020 permitted setting up of a Limited Purpose Clearing Corporation (LPCC) for clearing and settling repo transactions in debt securities and accordingly Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020, have been notified on October 08, 2020 (SECC Amendment Regulations 2020). 4. Further, the LPCC has been permitted to enter into outsourcing agreements with existing Clearing Corporations for the purpose of using their core and critical IT support infrastructure / activities for running the core activ .....

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Outsourcing of activities, Business Continuity Plan (BCP) and Disaster Recovery (DR) and Cyber Security and Cyber Resilience framework - Limited Purpose Clearing Corporation (LPCC) - SEBI

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..... 2018 and Circular SEBI/HO/MRD/DMS1/CIR/P/2019/43 dated March 26, 2019, stand modified to the extent as mentioned above. 11. This circular is available on SEBI website at www.sebi.gov.in under the categories “Legal Framework” à“Circulars”. 12. This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. Yours faithfully, Amit Kapoor General Manager Market Regulation Department +91-22-2644 9374 amitk@sebi.gov.in Annexure I 1. The LPCC is permitted to enter into outsourcing agreements with existing Clearing Corpo .....

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Outsourcing of activities, Business Continuity Plan (BCP) and Disaster Recovery (DR) and Cyber Security and Cyber Resilience framework - Limited Purpose Clearing Corporation (LPCC) - SEBI

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..... capacity to handle volume ii. Experience of staff iii. Compliance with cyber security requirements iv. Speed of implementation with ability to adapt the existing segments / modules in place v. Ability to undertake software enhancement and customization as per LPCC requirements vi. Ongoing support b. Fees & Charges: In determining the charges, amongst others, the following type of charges, shall be taken into account: i. Customization of systems - based on time and material ii. Dedicated team for operations - based on time and material iii. Platform fee - based on negotiation and subject to SEBI approval Further, the existing transfer pricing between Stock Exchanges and CCs and interoperability charges shall also be taken into considera .....

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Outsourcing of activities, Business Continuity Plan (BCP) and Disaster Recovery (DR) and Cyber Security and Cyber Resilience framework - Limited Purpose Clearing Corporation (LPCC) - SEBI

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..... n before the competent authorities. viii. There shall be no dilution in access of the regulator to the LPCC and its SPs in monitoring and inspecting the regulatory compliance by the LPCC and the SPs. For any violation of SEBI regulations the LPCC shall remain liable. 5. The LPCC shall handle the functions relating to risk management, rule setting viz. byelaws, rules, regulations and for the process of clearing and settlement, maintenance of SGF, decision making, default process, disciplinary proceedings, etc. Annexure II 1. In order to ensure compliance with the guidelines for Business Continuity Plan (BCP) and Disaster Recovery (DR), prescribed vide Circular SEBI/HO/MRD/DMS1/CIR/P/2019/43 dated March 26, 2019, LPCC is permitted to have arr .....

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Outsourcing of activities, Business Continuity Plan (BCP) and Disaster Recovery (DR) and Cyber Security and Cyber Resilience framework - Limited Purpose Clearing Corporation (LPCC) - SEBI

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