Market regulator SEBI on Thursday closed the Investor Risk Reduction Access (IRRA) platform for stock brokers with immediate effect, saying the system has become redundant due to lack of robust cyber security, disaster recovery and business continuity mechanisms in the securities market, PTI reported.The IRRA platform, launched on October 1, 2023, was introduced to provide brokers with an alternative access route for trading during disruption in their trading services.However, Sebi said that several technology-driven reforms implemented in recent years have significantly improved the operational flexibility of stock brokers.These include improving Business Continuity Planning and Disaster Recovery (BCP-DR) norms, strengthened cyber security and cyber resilience frameworks, implementation of Market Security Operations Center (M-SOC) and technical disruption management framework.According to the regulator, brokers have also adopted advanced technological systems to enable the emergence of independent cold sites for business continuity as well as smooth transition between primary and alternate operational sites during disruptions.SEBI further said that stock exchanges already provide a backup mechanism through the Contingency Pool Trading Facility, which allows brokers to close open positions of clients during operational disruption through dedicated exchange-connected terminals.The regulator said the exchanges informed Sebi that the IRRA platform has become “structurally redundant” as brokers have not used it since its launch.“Since its inception, the platform has not been accessed by stock brokers, mainly due to the implementation of strong regulatory measures, significant technological innovations within the trading operations and availability of contingent pool trading facility,” Sebi said in its circular.“Accordingly, based on the feedback from stakeholders and the above factors, it has been decided to shut down the IRRA platform with immediate effect,” it said.SEBI has also advised stock exchanges to review and strengthen the contingent pool trading framework.