look news india
The Securities and Exchange Board of India (SEBI) has rejected the National Stock Exchange's (NSE) proposal to extend market hours in the derivatives segment due to lack of consensus among the broker community.
NSE has submitted a proposal to the market regulator. In which an appeal was made that the functioning of the derivatives market should be continued for three more hours from 6 pm to 9 pm. The request said an extension of three hours is sought so that market participants can conduct and assess global news in the evening. Of course, not all stock brokers agreed with this proposal of NSE. This is because of additional costs and technical requirements.
NSE Managing Director and Chief Executive Officer (MD & CEO) Ashish Kumar Chauhan confirmed that SEBI has studied the proposal. At present there is no plan to increase working hours in the market. Since, SEBI has rejected our proposal. SEBI has rejected this request as the market regulator had sought feedback from stockbrokers on the proposal to increase working hours in the stock market. But due to brokers not giving their opinion, SEBI has rejected our application.
It is noteworthy that earlier this year, the Association of National Exchange Members of India (ANMI), an organization of stockbrokers, had approved this proposal.