The Indian stock market will launch the Investor Risk Reduction Access (IRRA) portal for trading members in an effort to combat technical difficulties or interruptions. According to the SEBI circular, trading members will have access to IRRA across exchanges starting on October 3rd, 2023.
The TMs enabling Internet-based trading (IBT) and security trading via wireless technology (STWT) for their investors will have access to the IRRA platform. Institutional and Algo Trading clients won’t have access to IRRA.
Rules for Trading Participants – The Indian stock market.
Affected Trading Members’ investors can exit or square off their outstanding positions using a common platform in accordance with the rules of Investor Risk Reduction Access (IRRA), which is jointly provided by all Exchanges, if both the Primary and DR sites are impacted and regular business cannot be conducted.
Following this arrangement:
- After the invocation process is complete and the affected TM requests or meets the requirements for IRRA invocation, the IRRA platform will send SMS and email notifications to all of the affected Trading Member’s UCCs informing the investors about the IRRA platform’s accessibility for closing out or squaring off open positions.
- Exchanges’ websites will each include a link to the web-based trading platform and the IRRA mobile application download.
- The SMS transmission will also contain a URL to access the web-based trading platform and a link to download the IRRA mobile application, allowing investors to log in to the IRRA platform.
- Using their UCC or PAN and the OTP provided to their registered email address and mobile number, investors can log in.
- Once logged in, investors can use the “Order book,” “Net position screen,” and other tools to keep track of, cancel pending orders, and close out open positions.
- Square off open positions and cancel pending orders using the IRRA platform. The IRRA platform is not able to accept new positions or orders.
- Trading Members are still liable for all of their clients’ IRRA platform actions, including clearing, settlement, and margin commitments.
- In a similar vein, the Clearing Member (CM) of the impacted TM will continue to be in charge of all client activities on the IRRA platform, including clearing & settlement and margin needs.
Trading Members can place square-off orders or cancel pending orders on behalf of their investors or for a proprietary account using the Admin Terminal. An internet connection to the IRRA platform is necessary for this terminal.
