SEBI asks bourses, clearing corporations to set up Investor Risk Reduction Access platform by October next
The Hindu
‘Aim is to help investors in case there is a disruption of services caused by systems beloging to trading members’
Markets watchdog SEBI on Friday asked stock exchanges and clearing corporations to put in place a platform to help investors in case there is a disruption of services caused by systems beloging to trading members.
After extensive consultations, the regulator has decided to introduce the Investor Risk Reduction Access (IRRA) platform and time has been given till October 1 next year to make the platform operational.
The move comes against the backdrop of a rise in instances of glitches in Trading Members' (TMs) systems. In such cases, investors with open positions are at risk of the non-availability of avenues to close their positions, particularly if markets are volatile.
A joint platform to provide IRRA service will be developed by the exchanges to provide the investors with an opportunity to square off/close the open positions and/or cancel pending orders in case of disruption of trading services provided by the TM.
In a circular on Friday, SEBI said the IRRA service would support multiple segments across multiple exchanges.
"TMs, upon facing technical glitches, which lead to disruption of trading services, can request for enablement of the IRRA service as per the procedures specified by the stock exchanges from time to time and IRRA shall be enabled on receipt of such requests," it said.
According to the regulator, exchanges should enable the service suo-moto only if there was disruption of the trading services of a TM across all the exchanges, where the TM is a member.
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