You are here: Home » Markets » News
Business Standard

No proposal to keep markets open on budget day: Sebi

Says there is no correlation between date on which market is open and day of budget announcement

BS Reporter  |  Mumbai 

U K Sinha
U K Sinha

U K Sinha, chairman of the Securities and Exchange Board of India (Sebi), on Wednesday said there was no proposal to keep exchanges open on February 28 (a Saturday), when Budget 2015-16 is to be presented.

Usually, the stock market sees some volatility when the Budget is presented, as participants price in the impact of the day’s policy announcements.

In response to a specific question on whether Sebi would keep the market open on Budget day, Sinha said, “I don’t think there is any correlation between the day on which the market is open and the day on which the Budget is presented. The market functions in its own way; it has its own momentum, its own calendar. I don’t think the two are related. The timing of the Budget is the prerogative of Parliament and the government. The market functions according to its own calendar.”

Sources at two of the three stock exchanges with equity segments said no concrete proposal in this regard had been made to the regulator yet. They added they would abide by Sebi’s decision.

An exchange official said there had been stray queries from the market on whether there would be a trading session on Budget day. So far, the exchange hasn’t received a formal representation from participants.

An official at another exchange said the matter was being discussed internally, though were no immediate plans to come up with a proposal. The regulator’s decision would be abided by, the official added.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, January 21 2015. 22:46 IST
RECOMMENDED FOR YOU