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Introduction

The National Stock Exchange (NSE) has announced the introduction of the Investor Risk Reduction Access (IRRA) platform on October 3. This platform aims to address technical glitches and outages for trading members. However, it will not be accessible for algo trading and institutional clients.

Key Features of the IRRA Platform

The IRRA platform will be available to trading members supporting internet-based trading (IBT) and Security Trading through Wireless Technology (STWT) for their investors. It will be accessible to trading members across exchanges starting from October 3, 2023.

“To ensure seamless business continuity, trading members (TMs) are advised to maintain an updated disaster recovery (DR) site. However, if both the primary and disaster recovery sites are affected and regular business cannot be conducted, affected trading members or investors can exit or square off their outstanding positions using a common platform under the guidelines of IRRA, jointly provided by all exchanges,” the circular stated.

Trading members who are not required to maintain a disaster recovery site as per Sebi’s eligibility criteria can request access to the IRRA platform whenever their primary site is unavailable.

Enhanced functionalities on the IRRA Platform

The IRRA platform provides trading members with an admin terminal, enabling them to monitor their investors’ actions. This terminal allows members to place square-off orders, cancel pending orders, and manage proprietary accounts on behalf of their investors.

To facilitate timely decision-making and efficient order execution, the terminal requires a stable internet connection.

Importance of Updated Contact Details

The NSE emphasizes the importance of keeping clients’ contact details, such as mobile numbers and email IDs, updated in the Unique Client Code (UCC) system of the exchanges. This information used for investor login authorization on the IRRA platform.

Regulatory Requirement

In December last year, Sebi instructed stock exchanges and clearing corporations to establish a platform to assist investors in case of service disruptions caused by trading members’ systems. The regulator directed them to make the platform operational by October 1.

Conclusion

The introduction of the IRRA platform by the NSE aims to address technical glitches and outages for trading members. By providing enhanced functionalities and ensuring business continuity, this platform offers a solution to potential disruptions in the securities market. Trading members advised to maintain updated disaster recovery sites and keep contact details updated to facilitate smooth access to the IRRA platform.

Disclaimer:

The information provided in this article is based on the latest Acts, Rules, Circulars, Notifications, Provisions, Press Releases, and other applicable material available at the time of compilation. We have diligently ensured the completeness and accuracy of the material. However, it is essential for users to consult the relevant legislation for specific guidance. Please note that the data provided subject to change without prior notice and should not considered as professional advice. Estabizz Fintech holds no liability for any outcomes resulting from the use of this material.