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Assocham seeks extension of trade timings

india Updated: May 29, 2009 19:27 IST

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Industry body Assocham on Friday asked market regulator SEBI to extend the trading hours of currency futures till 11:30 pm as it poses difficulty for traders who might take pricing decision in the late evening hours when other currencies are traded and Indian Rupee is not.

At present, currency futures are traded between 9 am to 5 pm.

"The trade timing till 5 pm in the evening is restrictive for importers, exporters and other stakeholders who may have to take pricing decision in the late evening hours," industry body Assocham Secretary General D S Rawat said in a letter to SEBI Chairman C B Bhave.

Such restrictive regime poses a difficulty to traders as other currencies are traded at a time when the Indian Rupee is not, Assocham said.

"Hence, we humbly request you to extend the trade timing of the currency futures till 11.30 pm," Assocham said.

The other industry bodies which have made a request to the market regulator include-- The Delhi Bullion and Jewellers Welfare Association, Bombay Bullion Association, Clothing Manufacturing Association of India (CMAI), Bombay Metal Exchange and Telecom Equipment Manufacturers Association of India (TEMA).