Discontinuation of Investor Risk Reduction Access (IRRA) platform

Securities and Exchange Board of India, vide Circular No. HO/38/44/12(3)2025-MIRSD-TPD1/I/10705/2026 dated May 07, 2026, has announced an important update regarding discontinuation of the Investor Risk Reduction Access (IRRA) platform.

Key Details of the Update –
• SEBI has decided to discontinue the Investor Risk Reduction Access (IRRA) platform with immediate effect.

• Applicability: The circular is addressed to all recognized Stock Exchanges and impacts Stock brokers using or relying on the IRRA platform.

• The IRRA platform was introduced by SEBI circular dated December 30, 2022 to provide Stock brokers an alternative access point for trading during disruption of their trading services.

• The IRRA platform was operationalized with effect from October 01, 2023.

• SEBI noted that multiple technology-driven measures have since strengthened business continuity requirements for Stock brokers, including BCP-DR requirements, enhanced Cyber Security and Cyber Resilience framework, Market Security Operations Centre (M-SoC), and strengthening of the technical glitch framework.

• Stock Exchanges also provide the Contingency Pool Trading facility, enabling Stock brokers to square off outstanding open positions for clients during business disruptions through dedicated terminals connected to the Stock Exchange trading platform.

• Stock Exchanges informed SEBI that the IRRA platform has become structurally redundant, as it has not been accessed by Stock brokers since inception.

• Key Changes: The IRRA platform stands discontinued, and the earlier SEBI circular introducing the IRRA platform stands superseded.

• Effective Date: The circular shall come into effect from May 07, 2026.

Actions if Any –
• Stock Exchanges may review the Contingency Pool Trading facility to strengthen its framework.

• Stock Exchanges are advised to disseminate the circular to Stock brokers.

Compliance Deadline –
May 07, 2026, for discontinuation of the IRRA platform and effectiveness of the circular; no separate deadline is prescribed for review or dissemination by Stock Exchanges.