BSE brokers express reservations on timing

The strong 700-member Bombay Stock Exchange (BSE) brokers forum yet again expressed its reservation against the extension of trade timing by both the BSE and the National Stock Exchange (NSE) from January 4. Last week, both the bourses had to postpone their decision to open markets by 9 am after a sharp outcry against the decision from market participants.

However, the Association of NSE Members of India (ANMI), which was most vocal in expressing its reservations against the move has gone silent on the issue after it conducted its board meeting on December 20, as its statements were causing huge embarrassment to the NSE.

The management committee of the BSE brokers forum met on December 21 to discuss the issue. "The committee unanimously reiterated its stated position, as also submitted to the regulator in April 2009, of strong reservations in advancing market opening time to 9 am. The move has no clear benefit to market participants and this has been reaffirmed by 79 per cent of trading members of the BSE in a survey conducted earlier this year. It is noteworthy that no section of the market has demanded any such move and there is no consensus on the matter," the forum said in a statement issued today.

However, the NSE had maintained that it was meeting market players. Meanwhile, its circular that markets would open at 9 am from January 4 still remains.

Apart from this, some of the top stock brokers, including Edelweiss, India Infoline and ICICI Securities among others met NSE top brass and put forward their suggestion. Big brokers have suggested that exchange should consider allowing the Index Futures to trade from 9 am to 5 pm to align domestic markets with its global peers.