NSE gets an extra work hour, to make more money
India’s premier stock exchange, the National Stock Exchange (NSE), has advanced its working hours by an hour.business Updated: Dec 17, 2009 01:08 IST
India’s premier stock exchange, the National Stock Exchange (NSE), has advanced its working hours by an hour.
Beginning Friday (December 18), trading hours will be between 9 a.m. and 3.30 p.m. instead of the current 9.55 a.m. to 3.30 p.m.
The move comes a day after the Bombay Stock Exchange advanced its opening trading hour by 10 minutes from 9.55 a.m. to 9.45 a.m., effect Friday.
The extension will help curb the outflow of trade to Hong Kong and Singapore.
Market regulator Securities and Exchange Board of India had in October permitted the exchanges to extend trading hours by two-and-a-half hours — from 9 a.m. to 5 p.m.
“This is a result of our meeting with market participants through the day, who said it was inevitable for the NSE to revise trading hours. The consensus was to bring it down to 9 a.m.,” Ravi Narain, managing director, NSE, told Hindustan Times.
The NSE has, however, decided not to extend trading hour in the afternoon session. “This is because of fund transfer issue later in the afternoon and the broker’s back office is not ready to cope with stretched hours.”