BSE Brokers to approach PM, Sebi on market hours extension

The Bombay Stock Exchange (BSE) brokers plan to take up extending trading hours with the Prime Minister and market regulator Sebi.

The BSE Brokers Forum, which is opposed to the decision of advancing trading hours to 9 am and has a membership of over 550, plans to submit its representation to the Prime Minister's Office, the Ministry of Finance, Sebi, investor associations and other trade associations, the Forum said today.

"The idea of doing this is just to keep them (government and regulator) informed about the worries of the brokers (if the decision to extend the market hours materialises)," BSE Brokers' Forum Chairman Bhanubhai Fozdar told PTI.

Early this week, the Forum had demanded that both the BSE and the National Stock Exchange reconsider their decisions to commence trading from 9 am, citing practical problems that could arise on account of early opening.

The Forum would also meet the chiefs of both the bourses in a bid to convince them that the move has no clear benefit for market participants and retail investors.

Intense rivalry between the two leading bourses prompted both of them to advance their market opening to 9 am from January 4.

The Forum, citing a November survey of brokers, said nearly 80 per cent of the trading members of the BSE are against extension of trading hours.

"A national debate on these issues is necessary. This is a change which merits lot more thought and sensitivity than what has been given," the Forum said.