The Securities and Exchange Board of India (SEBI) on December 30, 2022, introduced the Investor Risk Reduction Access (IRRA) platform in case of disruption of trading services provided by the Trading Member (TM). The following have been stated regarding the platform:
- A joint platform to provide Investor Risk Reduction Access (IRRA) service shall be developed by the exchanges to provide the investors an opportunity to square off/close the open positions and/or cancel pending orders in case of disruption of trading services provided by the Trading Member.
- The Trading Members, upon facing technical glitches which lead to disruption of trading services, can request for enablement of the IRRA service as per the procedures specified by the stock exchanges from time to time and IRRA shall be enabled on receipt of such requests.
- Once the service is enabled, all the investors of the TM shall be informed by the exchange of the availability of the service through email/SMS and public notice on the website of the exchange. The TMs shall also communicate the same by displaying it on their website.
- Investors can log in to the service using either the Unique Client Code (UCC) or the PAN number and they shall be authorized by a One Time Password (OTP) to be sent to their registered mobile numbers and email ids.
- Once successfully authorized, the investors can square off/close the open positions across segments and exchange/s and/or cancel the orders across segments that are pending at the exchange/s.
The Stock exchanges and CCs shall put in place appropriate systems to ensure compliance with the provisions of this circular on or before October 01, 2023.