New Delhi, May 7 (IANS) Market regulator Securities and Exchange Board of India (SEBI) on Thursday discontinued the Investor Risk Reduction Access (IRRA) platform with immediate effect, citing its redundancy amid improved technological resilience in the trading ecosystem.
In a circular, SEBI said stock exchanges had informed the regulator that the IRRA platform had not been used by brokers since it became operational in October 2023.
The regulator noted that a combination of stronger regulatory measures, technological upgrades, and the availability of alternative mechanisms had rendered the platform unnecessary.
The IRRA framework was originally introduced in December 2022 to provide brokers with an alternative access point for trading in case of disruptions in their systems.
However, SEBI said subsequent developments have significantly enhanced operational continuity, reducing the need for such a backup platform.
According to the regulator, stock exchanges unanimously recommended discontinuing the platform after assessing its utility.
SEBI added that brokers now rely on improved systems, including robust business continuity and disaster recovery (BCP-DR) norms, enhanced cybersecurity and resilience frameworks, and the implementation of the Market Security Operations Centre (M-SoC).
The regulator also highlighted advancements in brokers’ trading infrastructure, such as seamless switching between primary and alternate sites, along with the emergence of independent “cold sites” that ensure uninterrupted operations during technical disruptions.
While scrapping the IRRA platform, SEBI has directed stock exchanges to review and further strengthen the Contingency Pool Trading facility, which continues to serve as an alternative mechanism during disruptions.
Meanwhile, earlier this week, the market regulator directed index providers of ‘significant indices’ to register with it within six months under the Index Provider Regulations to foster transparency and accountability in governance and administration of Indices.
However, index providers whose indices are notified by the Reserve Bank of India (RBI) as ‘significant benchmarks’ or ‘authorised benchmarks’ are exempt.
–IANS
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