Home Economy Brokers oppose change in trading timings

Brokers oppose change in trading timings


Mumbai : Brokers at the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) Thursday demanded that the two apex exchanges reconsider advancing the daily trading sessions to 9 a.m. from Jan 4.

In a statement issued here, the BSE Brokers Forum (BSEBF) said it opposed the proposed changes in market timings as there was no clear benefit for traders, stockholders, institutions and retail investors.

The forum said it will submit a memorandum to the prime minister and finance minister and seek meetings with the heads of both BSE and NSE to address their concerns.

“It is noteworthy that no sections of the markets have demanded any such move and there is no consensus on this matter,” said forum president Bhanubhai Fozdar.

Fozdar said a survey conducted among brokers found around 79 percent of respondents opposing any change in timing, 7 percent supporting extending the morning session, five percent backing extending the evening session and 8 percent favouring extending both the sessions.

He said the brokers believed extending the morning trading hours would not accrue any benefits for the Indian capital markets in terms of getting volumes of the Asian markets or a trend of the US markets.

BSE and NSE had earlier twice postponed proposed extension of trading hours and now intend to implement it from Jan 4.