BSE brokers to approach PMO, Sebi

The 700-member Bombay Stock Exchange (BSE) Brokers Forum may approach the Prime Minister’s Office (PMO), the ministry of finance, the Securities and Exchange Board of India (Sebi), investor associations and other trade associations against the move to extend trading hours.

Last week, intense rivalry between the bourses had prompted them to shift trading hours from the current 9.55 am to 9 am. This move, to be implemented from January 4, has met with stiff resistance from market participants. They felt that market infrastructure was not in place to support this move.

However, the Association of NSE Members of India (ANMI), with a membership of 1,000 brokers, has been silent on the issue as its statements were making NSE uncomfortable. At the meeting of ANMI’s western region members on December 23, brokers expressed strong opposition against extending trading hours. “We do not understand why the ANMI board wants to hold closed-door meeting and not talk about the opposition witnessed at the meeting, against the extension of trading hours,” said a broker present at the meeting.