SEBI circular HO/38/44/12(3)2025-MIRSD-TPD1/I/10705/2026, dated May 7, 2026, discontinues the Investor Risk Reduction Access (IRRA) platform with effect from May 7, 2026.
What changed in SEBI's IRRA platform circular?
SEBI decided to discontinue IRRA because stock exchanges reported that the platform had become structurally redundant. The circular says IRRA had not been accessed by stock brokers since inception, while business continuity, cyber resilience, technical glitch, and contingency trading frameworks had improved.
Who is affected by the IRRA discontinuation?
The circular is addressed to all recognized stock exchanges. Stock brokers are indirectly affected because the exchanges must disseminate the circular to them and because the earlier IRRA fallback route is no longer available.
What should stock exchanges and brokers do now?
Stock exchanges should:
- Discontinue the IRRA platform from May 7, 2026.
- Review the Contingency Pool Trading facility to strengthen its framework.
- Disseminate the circular to stock brokers.
Stock brokers should review their business continuity and contingency trading processes against the exchange-provided facilities now relied on after IRRA's discontinuation.
What deadline or effective date applies?
The circular states that IRRA is discontinued with immediate effect and comes into effect from May 7, 2026. It also supersedes SEBI circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2022/177 dated December 30, 2022.
Where is the official SEBI source?
Read the official SEBI circular here: https://www.sebi.gov.in/legal/circulars/may-2026/discontinuation-of-investor-risk-reduction-access-irra-platform_101300.html