Mumbai: The National Stock Exchange on Wednesday
said a majority of market-players were against extension of
trading hours and that a consensus was needed among all if
trading hours were to be extended.
"They will now come to the exchanges and we will evolve
some sort of consensus...initial sense is that some segments
in the market are interested in longer hours but the bulk of
the market seems to be interested in retaining the hours as it
is," NSE Managing Director Ravi Narain told reporters on the
sidelines of a conference here.
Recently, market regulator Sebi had permitted Indian
bourses to extend their trading hours to 9.30 am to 5 pm from
the present 9.55 am to 3.30 pm.
Sebi Chairman C B Bhave, however, last week said the
regulator was not extending market hours but only allowing the
bourses to choose any hours between 9 am and 5 pm.
"We have told the exchanges that they can choose any
hours between 9 am and 5 pm for trading. Now the exchanges
have to decide what is practical for them. We don't have any
regulatory concerns," Bhave said.
Narain said market players, including exchanges, had met
the regulator to discuss the issue and consultations were
still on.
"If there continues to be different views in the
market, some people want it and some don't, then why do we
have to rush into it," Narain said.
On the proposed mutual fund trading platform from Sebi,
Narain said, this would make the industry more vibrant and
would help investors.
"It is a wonderful initiative. Anything which adds to the
distribution clout of the mutual fund industry will help both
the industry and the investors," Narain said.
Bureau Report
First Published: Wednesday, November 18, 2009, 21:42