Mumbai: BSE Brokers Forum, a prominent body of stock brokers, on Tuesday demanded that both the Bombay Stock Exchange and National Stock Exchange reconsider their decision to commence trading from 9 am.
"The BSE Brokers Forum represents to both the exchanges to take into consideration the ill-effects of the early opening at 9 am on the market participants and investors at large and appeals to reconsider their decision," the Forum said in a statement here.
Following opposition from the broker fraternity, both the leading bourses, last week, had put-off their decision to advance trading timing to January 4.
The 550-strong Forum, citing a November survey of brokers, said 79 per cent of the trading members of BSE are against extension of trading hours.
"There is no clear benefit to any of the market participants and retail investors due to the said move. This will result in a lot of practical problems in our operations," Forum`s Chairman, Bhanubhai Fozdar, told PTI.
Reflecting the growing competition between the two bourses, BSE last week announced that trading would commence at 9.45 am against 9.55 am. The NSE reacted by advancing its trading time to 9 am. Immediately, the BSE too followed suit and matched its time with that of NSE.
Sebi Chairman, C B Bhave, had yesterday said that the bourses themselves should take a call in the matter (timing).
"Change in market timings is an issue which we have left to the stock exchanges to decide. The stock exchanges will decide (on whether to change the timing)," Bhave said.
A major chunk of brokers are understood to be against the extension in trading time, fearing that this would increase their costs without guaranteeing equivalent returns.
The Brokers Forum said no section of the market has demanded extension of market hours and also that there was no consensus on the issue.
"The Forum encourages the Stock Exchanges to be conscious of their socio-economic responsibilities as public bodies and keep in mind the interest of other stakeholders of the capital market and the investing community at large," it said.