BSE brokers to approach PM, SEBI on trading hours extension

The BSE Brokers Forum, which does not see any benefit to any market participant, stakeholder, institution or retail investor due to the move to advance market opening to 9am, plans to take up the issue with the prime minister

Brokers from the Bombay Stock Exchange (BSE) plan to take up the issue of extending trading hours with the prime minister, and the market regulator Securities and Exchange Board of India (SEBI).

The BSE Brokers Forum, which has a membership of over 550 brokers, has opposed the decision of advancing trading hours to 9am. The Forum is planning to submit its representation to the prime minister's office, the ministry of finance, SEBI, investor associations and other trade associations, it said in a release.

"The idea of doing this is just to keep them (government and regulator) informed about the worries of the brokers (if the decision to extend the market hours materialises)," BSE Brokers Forum chairman Bhanubhai Fozdar told PTI.

Early this week, the Forum had demanded that both the BSE and the National Stock Exchange (NSE) reconsider their decisions to commence trading from 9am, citing practical problems that could arise on account of early opening of these bourses.

The Forum would also meet the chiefs of both the bourses in a bid to convince them that the move has no clear benefit for market participants and retail investors.

Intense rivalry between the two leading bourses prompted both of them to advance their market opening to 9am from 4th January.

The Forum, citing a November survey of brokers, said that nearly 80% of the trading members of the BSE are against extension of trading hours.

"A national debate on these issues is necessary. This is a change which merits lot more thought and sensitivity than what has been given," the Forum said.
 

  • Like this story? Get our top stories by email.

    User 

    COMMENTS

    pandharinath prabhu

    1 decade ago

    How do the BSE brokers know that there will be no benefit by extending the trading hours? First it should be introduced tested and then decided . Why should pmo should interfere in such petty matters?

    We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    28 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 4 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)