Mumbai: In a significant development, the Securities and Exchange Board of India (SEBI) has officially launched the Investor Risk Reduction Access (IRRA) platform at the Bombay Stock Exchange (BSE). The innovative platform, conceived and executed by Market Infrastructure Institutions (MIIs), is set to revolutionize the investor experience by proactively addressing potential risks stemming from technical glitches at Trading Member ends.
According to a press release from the Bombay Stock Exchange (BSE), the soft launch of IRRA occurred on October 3, 2023, with its official inauguration signaling its availability for a wider investor base. SEBI Chairperson, Madhabi Puri Buch, presided over the launch, underscoring the crucial need to establish layers of protection for investors, especially during unforeseen technical challenges.
IRRA is tailor-made for investors engaged in Internet-based trading and Security Trading through Wireless Technology, excluding algo trading and institutional clients. The platform serves as a recourse mechanism for Trading Members facing technical glitches that impact their ability to serve clients across exchanges at both the Primary and Disaster Recovery sites.
Upon invocation, the platform conducts basic checks and downloads trades of Trading Members from all trading venues. Investors relying on internet trading or wireless technology receive timely SMS/email notifications containing a link to access the IRRA platform. Through this link, investors can gain insights into the status of their investments, existing orders, and can place orders to square off or close positions.
The launch of IRRA marks a strategic move by SEBI to bolster investor protection and enhance the overall resilience of financial markets. The platform acts as a crucial lifeline for investors, ensuring they can actively manage their portfolios even in the face of unexpected technical disruptions. Notably, IRRA adds an extra layer of safeguarding for investors engaged in internet-based and wireless technology-driven trading.
Madhabi Puri Buch, SEBI Chief, expressed pride in India’s technological advancements, highlighting the nation’s role as a global leader in setting best practices. She emphasized how technologies like IRRA position India on the global stage for innovation and investor protection.
Buch stated, “As a nation, there has never been a time that we have been more proud of not only what we have created but of what lies ahead. It’s not just about the potential of India, but the manifestation of the immense amount of potential that India has.”
The IRRA platform signifies India’s commitment to fostering a robust and investor-friendly financial ecosystem. As technology continues to reshape the financial markets, initiatives like IRRA underscore SEBI’s dedication to staying ahead of the curve and ensuring a secure environment for investors. The platform’s user-friendly interface and real-time functionality contribute to a seamless experience for investors navigating unexpected technical challenges.
SEBI’s IRRA platform emerges not only as a technological marvel but also as a pivotal tool empowering investors and reinforcing India’s standing as a trailblazer in financial technology.