What is IRRA: Investor Risk Reduction Access?
The National Stock Exchange (NSE) has rolled out a game-changing platform known as the Investor Risk Reduction Access (IRRA) on October 3rd, 2023, exclusively designed for trading members. This tool is poised to step in when the Primary or DR sites of the trading member encounter any issues or disruptions, ensuring that traders can continue their trading/investments smoothly.
The IRRA platform is introduced to Trading Members (TMs), typically comprising stockbrokers and brokerage firms that hold NSE membership. TMs have direct access to the exchange and execute trades on behalf of clients. The IRRA platform will be available to trading members supporting internet-based trading (IBT) and Security Trading through Wireless Technology (STWT) for their investors.
According to NSE’s recent announcement, if both the primary trading platform and the disaster recovery sites face challenges, causing disruptions for trading members, the IRRA platform offers an alternative. It enables traders to exit their positions or square them off using a common platform, as per IRRA guidelines, jointly provided by all exchanges.
The circular also reveals that the IRRA platform provides trading members with access to an admin terminal, enabling them to monitor their investors’ activities. This feature allows them to place square-off orders or cancel pending orders, whether for their investors or proprietary accounts.
In preparation for the launch, NSE has wisely recommended that trading members ensure their clients’ contact details are up to date in the Unique Client Code (UCC) system of the exchanges. These details will be essential for authorizing investor logins on the platform.
It’s important to clarify that the IRRA system is exclusively for individual investors and does not cater to algorithmic trading or institutional clients. Furthermore, its primary function is to facilitate the closure of positions and the cancellation of pending orders & not the initiation of new positions.
The introduction of the IRRA platform heralds a significant milestone for trading members and investors alike, offering enhanced safety and operational efficiency in case of any trading platform challenges. NSE’s move in this direction signifies a leap in risk management and position handling in case of any issues in the stock market.
How to use the IRRA platform?
You can head to the following link to try the IRRA platform: https://login.irra.live/stocks/jsp/irra/
Additionally, traders can also search IRRA on the Play Store and use the Mobile app.
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