SEBI has issued a consultation paper proposing comprehensive rationalization and consolidation of regulations governing trading software, technology, and common IT-related provisions applicable to Stock Exchanges, Clearing Corporations, and Depositories (MIIs). The key changes include strengthening cybersecurity norms through updated encryption, mandatory two-factor authentication, enhanced firewall practices, and improved protection of sensitive authentication data. The paper also proposes removing outdated Wireless Application Protocol (WAP) provisions, streamlining Internet- Based Trading (IBT) and Securities Trading using Wireless Technology (STWT) requirements, expanding Direct Market Access (DMA) eligibility to more client categories, simplifying audit and record-keeping requirements, mandating robust backup systems, and consolidating IT provisions into unified circulars for Market Infrastructure Institutions.