SEBI, via circular ref. no. HO/38/44/12(3)2025-MIRSD-TPD1/I/10705/2026 dated May 07, 2026, has discontinued the Investor Risk Reduction Access (IRRA) platform with immediate effect. The platform, originally introduced on December 30, 2022 and operationalized from October 01, 2023, was designed to provide stock brokers an alternative access point for trading during service disruptions. It has been deemed structurally redundant as it was never accessed by stock brokers since inception.

Key Points

• IRRA platform is discontinued with immediate effect from May 07, 2026
• The platform was introduced in December 2022 and made operational from October 01, 2023 but was never used by any stock broker
• Stock Exchanges unanimously recommended discontinuation after informing SEBI that the platform had become structurally redundant
• Multiple alternative mechanisms now exist that adequately address the operational continuity needs IRRA was meant to serve
• Stock Exchanges are advised to disseminate this circular to stock brokers
• Stock Exchanges may review and strengthen the Contingency Pool Trading facility framework going forward

Regulatory Changes

• SEBI circular HO/38/44/12(3)2025-MIRSD-TPD1/I/10705/2026 dated May 07, 2026 formally discontinues the IRRA platform
• The IRRA framework introduced via SEBI circular dated December 30, 2022 is effectively superseded
• NSE has disseminated the SEBI circular to all trading members via circular NSE/COMP/74154 (Circular Ref. No. 43/2026)

Compliance Requirements

• Trading Members are required to take note of the discontinuation of the IRRA platform
• No active compliance action is required from brokers since IRRA was not in use
• Stock Exchanges are directed to review the Contingency Pool Trading facility to strengthen its framework as an alternative measure
• Stock Exchanges must disseminate the SEBI circular to all stock brokers

Important Dates

• December 30, 2022: IRRA platform originally introduced by SEBI
• October 01, 2023: IRRA platform operationalized
• May 07, 2026: SEBI circular issued discontinuing IRRA platform with immediate effect
• May 11, 2026: NSE circular issued to all members communicating the discontinuation

Impact Assessment

The practical market impact of this discontinuation is negligible since the IRRA platform was never utilized by stock brokers from the time of its operationalization in October 2023. The discontinuation reflects the maturation of India’s trading infrastructure through several robust alternative mechanisms:

1. BCP-DR Requirements: Operationalized business continuity and disaster recovery protocols enabling seamless transitions between primary and alternate sites
2. Enhanced Cyber Security Framework: Including implementation of Security Operations Centre for the market (M-SoC)
3. Technical Glitch Framework: Strengthened protocols for handling technical disruptions
4. Contingency Pool Trading Facility: Exchange-provided mechanism allowing brokers to square off open positions during disruptions via dedicated terminals at exchange premises — this facility has been actively used by brokers on multiple occasions

Stock brokers should ensure awareness of the discontinuation but are not required to take any remedial action. The Contingency Pool Trading facility remains the primary fallback mechanism for business continuity during disruptions.