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MSEI says to extend trading hours to 5pm from Friday

LiveMint logoLiveMint 04-07-2017 Ami Shah

Mumbai: Metropolitan Stock Exchange of India (MSEI) Ltd. said on Tuesday it has extended market hours for trading on the exchange to 5pm effective Friday, in what seemed to be an effort to garner market share from the larger peers BSE and National Stock Exchange, as it drags far behind them.

The Securities and Exchange Board of India (Sebi) had permitted the stock exchanges to set the trading hours — in the equity and derivatives segments — between 9am and 5pm, in a circular on 23 October 2009.

Currently, MSEI which was formerly known as MCX-SX, has an insignificant market share in these segments as compared to its larger peers BSE and NSE.

Udai Kumar, managing director and chief executive officer of MSEI could not be reached for a comment.

It remains to be seen if these larger peers will also follow suit, and how would the brokerage firms react to this development.

An email sent to BSE was not yet replied to, but brokerages were of the opinion that the two dominant exchanges may not act as yet.

“MSEI is having very low volumes,” said Deena Mehta, managing director of Asit C. Mehta Investment Intermediates Ltd,

“I don’t think they (BSE & NSE) would take so much cognizance of the fact that MSEI has extended time,’ said Mehta, adding that the current timings were also long, and additional extension would mean more pressure on the brokerages. Others agreed.

“In the past, we have seen that extending timing does not really boost volumes, I don’t think the other exchanges will act on this,” said Deven Choksey, group managing director at K.R. Choksey Investment Managers Pvt. Ltd.

NSE declined to comment.

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