New Delhi: Capital markets regulator SEBI has rejected the National Stock Exchange's (NSE) proposal to extend trading hours in the equity derivatives segment, citing lack of response from the stock broker community.
"There is no plan to extend the time as of now as SEBI has returned your application as the stock brokers have not given the feedback that SEBI wanted, hence the deadline has been extended for the time being," NSE MD and CE said. plan) has been postponed," Ashishkumar Chauhan said in the post-earnings analysts call.
This came after NSE had urged SEBI to extend trading hours in the equity derivatives segment in a phased manner. The aim was to potentially reduce overnight risk arising from global information flows.NSE Chief Business Development Officer Sriram Krishnan had said in September that the exchange was planning a 6 pm to 9 pm session after the regular session was closed from 9.15 am to 3.30 pm. Based on the response, it was proposed to gradually extend the market timings to 11.55 pm on the lines of commodity derivatives.
To begin with, it was proposed that only index derivatives would be available in Phase 1, followed by single stock options and others.
In 2018, the Securities and Exchange Board of India (SEBI) allowed stock exchanges to set their trading hours in the equity derivatives segment between 11:50 am to 11:50 pm. This was similar to the trading hours for the commodity derivatives segment.Which are currently scheduled from 10 am to 11.55 pm. The move was part of SEBI's efforts to enable integration of stock and commodity trading on a single exchange.
Regarding NSE's IPO, Chauhan said that the conditions remain the same. Last month he had said that NSE was waiting for approval from SEBI to start the initial public offering process. NSE's listing plans have been put on hold amid SEBI's investigation against the exchange and some of its top officials.
During the fourth quarter ended March 2024, NSE reported a 20 per cent year-on-year increase in consolidated net profit at Rs 2,488 crore.Furthermore, the consolidated operating revenues for the January-March quarter of the financial year 2023-24 stood at. , Rs 4,625 crore, showing a growth of 34 per cent year-on-year. Apart from trading, the total revenue was also supported by other revenue lines including listing, index services, data services and co-location facility.
"There is no plan to extend the time as of now as SEBI has returned your application as the stock brokers have not given the feedback that SEBI wanted, hence the deadline has been extended for the time being," NSE MD and CE said. plan) has been postponed," Ashishkumar Chauhan said in the post-earnings analysts call.
This came after NSE had urged SEBI to extend trading hours in the equity derivatives segment in a phased manner. The aim was to potentially reduce overnight risk arising from global information flows.NSE Chief Business Development Officer Sriram Krishnan had said in September that the exchange was planning a 6 pm to 9 pm session after the regular session was closed from 9.15 am to 3.30 pm. Based on the response, it was proposed to gradually extend the market timings to 11.55 pm on the lines of commodity derivatives.
To begin with, it was proposed that only index derivatives would be available in Phase 1, followed by single stock options and others.
In 2018, the Securities and Exchange Board of India (SEBI) allowed stock exchanges to set their trading hours in the equity derivatives segment between 11:50 am to 11:50 pm. This was similar to the trading hours for the commodity derivatives segment.Which are currently scheduled from 10 am to 11.55 pm. The move was part of SEBI's efforts to enable integration of stock and commodity trading on a single exchange.
Regarding NSE's IPO, Chauhan said that the conditions remain the same. Last month he had said that NSE was waiting for approval from SEBI to start the initial public offering process. NSE's listing plans have been put on hold amid SEBI's investigation against the exchange and some of its top officials.
During the fourth quarter ended March 2024, NSE reported a 20 per cent year-on-year increase in consolidated net profit at Rs 2,488 crore.Furthermore, the consolidated operating revenues for the January-March quarter of the financial year 2023-24 stood at. , Rs 4,625 crore, showing a growth of 34 per cent year-on-year. Apart from trading, the total revenue was also supported by other revenue lines including listing, index services, data services and co-location facility.
