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Updated: December 30, 2009 19:40 IST

Extended trading: Brokers for status-quo, but won’t boycott

PTI
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A stock broker in Mumbai reacts after the market went up all-time high at the Bombay Stock Exchange. File photo: Paul Noronha.
The Hindu A stock broker in Mumbai reacts after the market went up all-time high at the Bombay Stock Exchange. File photo: Paul Noronha.

Stock brokers today demanded both the Bombay Stock Exchange and National Stock Exchange to maintain the status-quo in their trading hours, until adequate infrastructure is in place.

However, the traders will not boycott trading even if the bourses go ahead with their decision to start trading at 9a.m. from January 4, as announced in the middle of this month, the Association of National Exchange Members of India (ANMI) said here today.

The brokers’ body, which claims support of 850 members, has approached the bourses, the Sebi and Government to look into the extension of trading hours until adequate banking infrastructure is in place.

“The association is of the view that it is necessary to maintain the status—quo on the timing, till adequate infrastructure is in place. There should not be any hurry to extend the market timing,” ANMI president E.M.C. Palaniappan, told reporters.

He, however, added that even if trading starts at 9a.m. on Monday, the ANMI will monitor the efficiency and performance of the trading continuously and provide feedback to its members.

The BSE Brokers Forum, a prominent body of the brokers of Asia’s oldest bourse, also demanded status—quo on the trading hours till a consensus emerge amongst various market participants.

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