With reference to SEBI's standardized format for System and Network Audits of Market Infrastructure Institutions (MIIs) introduced in April 2025, which of the following statements is/are correct?
1. It applies to entities such as stock exchanges, depositories, and clearing corporations.
2. The new framework introduces a system of assigning unique identification numbers to each audit observation to improve historical traceability.

Question

Accepted Answer

Both 1 and 2 — Statement 1 is correct as Market Infrastructure Institutions (MIIs) encompass stock exchanges, depositories, and clearing corporations. Statement 2 is correct because the April 2025 SEBI circular specifically introduced unique IDs for audit observations to streamline issue tracking and regulatory oversight.

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