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Source– This post is based on the article “What is the new Investor Risk Reduction Access platform, and how it stands to benefit investors” published in “The Indian Express” on 24th November 2023.
Why in the News?
SEBI has launched the Investor Risk Reduction Access (IRRA) platform, jointly developed by India’s stock exchanges. It will act as a ‘safety net’ for investors in case of technical glitches faced by a trading member.
What is Investor Risk Reduction Access (IRRA) Platform?
| What is it? | 1. It is a platform developed to reduce risks faced by investors in case of technical glitches at the end of trading members or stock brokers registered with SEBI. 2. It will provide investors an opportunity to close their open positions and cancel pending orders in case of technical glitches or outages which render the trading member’s site inaccessible. |
| Developed by | Jointly developed by all the stock exchanges – BSE, NSE, NCDEX, MCX and Metropolitan Stock Exchange of India (MSE) |
| Launched by | Security and Exchange Board of India (SEBI) |
| How it work? | 1. IRRA can be invoked by trading members when there’s a technical glitch at their end across exchanges from both – the primary site and disaster recovery site. 2. Even stock exchanges can suo moto initiate the service, if needed, irrespective of any such request by the trading members. |
| What is the timeline for a trading member to request migration to the IRRA platform? | A trading member can inform the stock exchange via email to migrate to the IRRA platform before the start of the market session or after the start of the market but at least 2.5 hours before the scheduled closure of market hours of the segment in which it holds an open position. |
| The reverse migration of a trading member from the IRRA platform | 1. Only one reverse migration will be allowed during a trading day. 2. The request for reverse migration needs to be submitted at least 1 hour before the scheduled closure of the market in which the trading member holds an open position. |
What is SEBI?
UPSC Syllabus- Indian Economy
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