The Securities and Exchange Board of India on Tuesday modified its plan to extend trading hours in derivatives market from October 1.
As per a news report by Economic Times that the agreement with brokers is yet to be signed. Presently, the Indian stock market is open for 5 days from 9.15 am to 3.30pm. In order to comply with global market Sebi earlier this year permitted the stock market to remain open till 5 pm.
Media reports claim that brokers have urged Sebi to defer extension in deadline owing financial cost in implementing the proposal. Sources told ET that brokerages had their office open till 11.55pm due to commodity trading. The anonymous source believed that extended deadline is in need of testing. Further, Brokers do not want an extension of more than 90 minutes in the deadline.
Although, a formal statement is not received yet.