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Mahesh

02/01/23 09:07 AM IST

Sebi asks exchanges to set up system shielding against broker's tech glitch

In News
  • The Securities and Exchange Board of India (Sebi) has asked stock exchanges to set up an Investor Risk Reduction Access (IRRA) platform to enable investors to square-off or close their open positions and cancel pending orders in case of a technical glitch at the stockbroker.
About the platform
  • The Investor Risk Reduction Access (IRRA) platform will be jointly developed by the stock exchanges to enable investors to square off their position or cancel the pending orders if there is a disruption of services provided by the trading members.
  • The market regulator has directed the stock exchanges to monitor parameters like connectivity, social media posts, order flow, and others. It also called on the stock exchanges to initiate the enablement of the service if required, irrespective of the trading member’s request.
  • The SEBI also called on the stock exchanges to put in place a detailed framework to support the reverse migration from the IRRA system to the trading member’s trading system when the trading system is revived and a request is made in this regard.
  • The stock exchanges are also required to periodically test the IRRA platform from time to time for the seamless functioning of the service.
Source- Business standard

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