NSE CEO dismisses trading hours extension, Sebi turns down proposal

Extra trading hours: Ashishkumar Chauhan, MD & CEO of the National Stock Exchange (NSE), disclosed during an analyst call that the Securities and Exchange Board of India (SEBI) has declined the exchange's proposal to extend trading hours.

According to a Business Standard report, SEBI has turned down the proposal by the National Stock Exchange (NSE) to extend the trading hours in the derivatives segment due to a lack of consensus among the stockbroker community in the country. 

Chauhan's remarks came following reports indicating that the proposal to lengthen trading hours for index futures had received tentative approval from the Association of National Exchange Members of India (ANMI) and the Brokers Industry Standards Forum (ISF), who were poised to formally address SEBI on the matter.

Last September, news surfaced regarding SEBI's contemplation of extending trading hours for the cash market subsequent to a proposal from NSE. The proposal, structured as a phased approach, outlined plans to progressively extend trading hours. The initial phase aimed to extend trading hours for index F&O from 6 PM to 9 PM, with subsequent phases suggesting extensions until 11:30 PM and, ultimately, extending cash market trading hours until 5 PM.

However, Chauhan highlighted that stock brokers appeared not to have provided the feedback sought by the regulator regarding the proposed extension.

"As of now, the extended timeframe for trading is shelved," he remarked.