Stock exchanges to decide on timing changes: Sebi Chairman
Mumbai: Market regulator, Sebi, today distanced itself from the move of the country`s two leading stock exchanges to advance their trading time to 9 am from January 4, saying the bourses themselves should take a call in the matter.
"Change in market timings is an issue, which we have left to the stock exchanges to decide. The stock exchanges will decide...(on market timing)," Sebi Chairman, C B Bhave, told reporters here after attending the HLCC (High Level Coordination Committee) meeting on financial markets here today.
Both the Bombay Stock Exchange and National Stock Exchnage have decided to advance trading time by one hour from January 4.
"Based on the market feedback, it has been jointly decided by BSE and NSE that the market will open at 9 am with effecte from January 4, 2010. In the interim, the current market open timing of 9:55 am shall continue," the exchanges had said.
A major chunk of brokers are understood to be against the extension in trading time, fearing that this would increase their costs without any corresponding rise in returns.
Reflecting the growing competition between the two bourses, BSE was the first to announce an extension in trading time last week, which forced the NSE to advance its trading time to 9 am.
Soon, BSE also changed its timings to match NSE`s.
Both the exchanges, however, were forced to put off the changes to next month following opposition from market particpants, who were not prepared for a sudden change in the trading hours.
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