The Securities and Exchange Board of India (SEBI), the regulatory body overseeing market operations, has recently introduced the Investor Risk Reduction Access (IRRA) platform at the Bombay Stock Exchange (BSE). Officially inaugurated on November 20, 2023, following its initial soft launch on October 3, 2023, the IRRA platform is designed to broaden its utility for a wider range of investors.
This innovative platform, developed under the guidance of SEBI and by Market Infrastructure Institutions (MIIs), is aimed at providing investors with a solution to manage their investments during instances of technical issues at the trader’s end. It is especially relevant when there are glitches at both the Disaster Recovery and Primary sites of trading members.
The IRRA system is accessible to trading members who facilitate Internet-Based Trading (IBT) and Security Trading through Wireless Technology (STWT) for their clients. It’s important to note that the platform does not cover algorithmic trading or institutional clients.
In scenarios where trading members encounter technical difficulties, they can activate the IRRA platform. Upon activation, the platform retrieves the trade data of the trading members from all trading venues following basic verification processes. It then notifies investors engaged in IBT or STWT through SMS or email, providing a link to access the IRRA interface.
Through this link, investors can examine the current status of their investments and make informed decisions to square off or close their positions as necessary.
The introduction of the IRRA platform by SEBI is a significant step towards bolstering investor protection and reinforcing the robustness of the financial markets in India. This platform serves as a vital tool for investors, allowing them to maintain active control over their portfolios, even during unforeseen technical disruptions.
A key aspect of IRRA is its role in adding an extra layer of security for investors involved in internet-based and wireless technology-driven trading, ensuring their interests are safeguarded in a rapidly evolving market environment.
