The Securities and Exchange Board of India (SEBI) Chairman Madhabi Puri Buch launched the Investor Risk Reduction Access (IRRA) platform at the Bombay Stock Exchange (BSE) on 20 November.
About IRRA platform
- The Investor Risk Reduction Access (IRRA) is a platform that will act as a ‘safety net’ for investors in case of technical glitches faced by a trading member or a stock broker registered with SEBI.
- It will provide investors an opportunity to close open positions and cancel pending orders in case of disruption at the stock brokers’ end.
- IRRA has been jointly developed by all the stock exchanges – BSE, NSE, NCDEX, MCX and Metropolitan Stock Exchange of India (MSE).
- It has been developed to reduce risks faced by investors in the eventuality of technical glitches at the trading member’s end at both the primary site and disaster recovery site.
- Its purpose is to provide investors with an opportunity to square off/close their open positions and cancel pending orders using the IRRA platform in case of technical glitches or unforeseen outages that render the trading member’s site inaccessible.
- The platform can be invoked by trading members when they are faced with a technical glitch at their end impacting their ability to service clients across exchanges.
- Stock exchanges can also monitor parameters like connectivity, order flow and social media posts, and suo moto initiate the enablement of the IRRA service
