The Securities and Exchange Board of India (SEBI), on May 7, 2026, issued a circular discontinuing the Investor Risk Reduction Access (IRRA) platform with immediate effect. The IRRA platform was originally introduced through a SEBI circular dated December 30, 2022, to provide stock brokers with an alternative access mechanism for trading during disruptions in their primary trading systems.
SEBI stated that since the launch of the IRRA platform in October 2023, several technology-driven regulatory measures have significantly strengthened the operational resilience of stock brokers. These measures include enhanced Business Continuity Planning and Disaster Recovery (BCP-DR) frameworks, cyber security and cyber resilience requirements, implementation of Market Security Operations Centres (M-SoC), and strengthened technical glitch management systems. Stock Exchanges also continue to provide a Contingency Pool Trading facility to help brokers square off client positions during operational disruptions.
Based on stakeholder feedback and recommendations from Stock Exchanges, SEBI observed that the IRRA platform had become structurally redundant and remained largely unused due to the availability of more robust continuity mechanisms. Accordingly, the regulator has withdrawn the framework and directed Stock Exchanges to review and strengthen the existing Contingency Pool Trading facility. The circular also supersedes SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2022/177 dated December 30, 2022.
[Circular No. HO/38/44/12(3)2025-MIRSD-TPD1/I/10705/2026]
