The National Stock Exchange (NSE) is set to launch the Investor Risk Reduction Access (IRRA) platform from October 3, 2023, offering a solution for trading members to manage technical glitches or outages. The platform is designed to enhance business continuity during disruptions and will be accessible to trading members supporting internet-based trading (IBT) and Security Trading through Wireless Technology (STWT).
Key details about the IRRA platform include:
- Exclusivity: While the IRRA platform is being introduced to address technical issues, it will not be accessible for algo trading and institutional clients.
- Availability: The platform will be available to trading members across exchanges, providing them with a common means to manage disruptions effectively.
- Disaster Recovery (DR) Site: To ensure seamless business continuity, trading members are advised to maintain an updated disaster recovery (DR) site. In situations where both the primary and DR sites are affected, affected trading members and investors can use the IRRA platform to exit or square off outstanding positions, jointly provided by all exchanges.
- Request-Based Access: Trading members who do not meet Sebi’s eligibility criteria for maintaining a disaster recovery site can request access to the IRRA platform whenever their primary site becomes unavailable.
- Client Contact Information: The NSE recommends that trading members keep their clients’ contact details, including mobile numbers and email IDs, updated in the unique client code (UCC) system of the exchanges. This information will be used for investor login authorization on the IRRA platform.
- Admin Terminal: The platform offers members access to an admin terminal, allowing them to monitor their investors’ actions. This feature enables trading members to place square-off orders or cancel pending orders on behalf of their investors or proprietary accounts.
- Stable Internet Connection: The IRRA platform requires a stable internet connection to access. This ensures that brokers can make timely decisions and execute orders efficiently.
The introduction of the IRRA platform aligns with regulatory requirements set by the Securities and Exchange Board of India (Sebi). Sebi had mandated stock exchanges and clearing corporations to establish such a platform to assist investors in the event of service disruptions caused by trading members’ systems. The platform aims to facilitate smoother operations during technical disruptions and outages, enhancing the resilience of the Indian stock market.
The NSE’s IRRA platform offers trading members a vital tool to manage technical glitches and disruptions, ensuring a more robust and reliable trading environment for investors in India’s stock market.