Circular No. HO/38/44/12(3)2025-MIRSD-TPD1/I/10705/2026; Dated: 07.05.2026
The Securities and Exchange Board of India (SEBI) has discontinued the Investor Risk Reduction Access (IRRA) platform with immediate effect.
1. Reason for Discontinuation
- Stock exchanges highlighted that the IRRA platform had become structurally redundant
This follows implementation of several enhanced resilience and risk management frameworks across market infrastructure.
2. Developments Leading to the Decision
SEBI noted the introduction of:
- Enhanced Business Continuity Planning and Disaster Recovery (BCP-DR) requirements
- Stronger cyber resilience frameworks
- The Market Security Operations Centre (M-SOC) framework
- Improved mechanisms for handling technical glitches and disruptions
3. Directions to Stock Exchanges
Exchanges have been advised to review and strengthen the Contingency Pool Trading facility
This is intended to ensure continued operational resilience and investor protection
4. Regulatory Objective
The move reflects SEBI’s effort to:
- Rationalise overlapping systems
- Rely on upgraded and integrated cybersecurity and continuity frameworks
- Enhance overall market infrastructure efficiency
5. Conclusion
SEBI’s discontinuation of the IRRA platform signals confidence in the strengthened resilience architecture of market infrastructure institutions, while continuing focus on robust contingency and risk management mechanisms.
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