The Securities and Exchange Board of India, a market watchdog, has asked banks for updates on how the Cybersecurity and Cyber Resilience Framework (CSCRF) is being implemented.

According to executives aware of the developments, banks have been required to disclose the number of CSCRF controls or standards they have implemented as well as to identify any lingering issues with guaranteeing complete and timely compliance.

"The information will be submitted before the end of this month. Before complete implementation becomes required, the regulator wants to identify the obstacles and take the necessary steps," a bank executive who asked to remain anonymous stated.

A certificate of conformity with CSCRF regarding the cybersecurity standards provided by RBI (Reserve Bank of India) must be submitted to Sebi by bankers to an issue (BTI) and self-certified syndicate banks. When Sebi published the framework in a circular in August 2024, it said, "Wherever the bank is a listed entity, the above-mentioned certificate of compliance shall also be intimated to stock exchanges.

The deadline has been extended twice since it was first requested that banks comply by January 1, 2025: once to April 1, 2025, and again to June 30.

Self-certified syndicate banks are those that have received Sebi certification to provide their clients with the Application Supported by Blocked Amount service. When an investor applies for an IPO or other stock issue under this arrangement, the application funds stay in the investor's bank account until the share allocation is completed.

BTI refers to banks that are registered under Sebi requirements to handle issues such as processing refunds, handling dividend or interest payments, and accepting application and allocation money.

Also Read: Is Starlink Bringing an Internet Revolution to India?

The regulator has said unequivocally that there will be no more extensions and requests input from all parties involved in order to prevent future delays in implementation.