The Securities and Exchange Board of India (Sebi) has returned the proposal by the National Stock Exchange (NSE) for market ☐ time extension in the derivatives segment due to a lack of consensus among the broker community.
The NSE filed a plea with the market regulator to keep the derivatives market open for three extra hours between 6 pm and 9 pm to help market participants gauge and act on global news flows in the evening.
However, not all stock brokers have been inclined to support this, owing to additional costs and technological requirements.
Ashishkumar Chauhan, managing director and chief executive officer (MD & CEO) of NSE, confirmed that the proposal had been shelved for now.
"Currently, there is no plan to extend the timings as Sebi has returned our application because the stock brokers have not provided the feedback that Sebi wanted.
So, as of now, the extended time frame (plan) is shelved," said Chauhan in an analysts' call on its earnings on Monday.
Earlier this year, the stock brokers' body Association of National Exchanges Members of India (Anmi) had approved the proposal.
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