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| Bulk of market against extension of trading hours: NSE |
| Press Trust of India / Mumbai Nov 18, 2009, 19:15 IST |
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The National Stock Exchange (NSE) today 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.
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