14.
Secure electronic record.
Where any security procedure has been applied to an
electronic record at a specific point of time. then such record shall be deemed
to be a secure electronic record from such point of time to the time of
verification.
15. Secure digital signature.
If, by application of a security procedure agreed to by the parties concerned,
it can be verified that a digital signature, at the time it was affixed, was-
- (a) unique to the subscriber affixing it;
(b)capable of identifying such subscriber;
(c) created in a manner or using a means under the exclusive control of
the subscriber and is linked to the electronic record to which it relates in
such a manner that if the electronic record was altered the digital
signature would be invalidated,
then such digital signature shall be deemed to be a secure digital signature.
16. Security procedure.
The Central Government shall for the purposes of this Act
prescribe the security procedure having regard to commercial circumstances
prevailing at the time when the procedure was used, including—
(a) the nature of the transaction;
(b) the level of sophistication of the parties with reference
to their technological capacity;
(c) the volume of similar transactions engaged in by other
parties;
(d) the availability of alternatives offered to but rejected
by any party;
(e) the cost of alternative procedures; and
(f) the procedures in general use for similar types of
transactions or communications.