Brokers want status quo on market timings

Brokers want status quo on market timings
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First Published: Wed, Dec 30 2009. 10 06 PM IST
Updated: Wed, Dec 30 2009. 10 06 PM IST
Mumbai: Association of National Exchanges’ Members of India (ANMI) on Wednesday said it has asked the exchanges to reconsider their move to extend trading hours and maintain “status quo” until banking and other infrastructure is ready.
Both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) earlier this month announced they would extend trading hours to commence at 9am from 9.55am, beginning 18 December.
The move evoked protests from almost all the affected parties, prompting market regulator Securities and Exchange Board of India (Sebi) to step in and broker a pact wherein the new timing would become applicable from 4 January so as to give market participants time to prepare their systems.
E.M.C. Palaniappan, president of ANMI, said on Wednesday in Mumbai that the association has asked exchanges to wait. “We are in continuous deliberations with the finance ministry, Sebi and the exchanges. We have not received any positive response yet,” he said.
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BSE shares change hands at Rs340
Mumbai: An unidentified broker of the Bombay Stock Exchange (BSE) on Wednesday bought 26,663 shares of the exchange that were put up for sale by public sector lender Bank of India in a public tender. The shares were bought for Rs340 each, an official with knowledge of the transaction said, while the minimum bid offer price had been Rs275.
The Rs90 lakh transaction values the exchange at Rs3,570 crore.
Earlier this month, BSE managing director and chief executive officer Madhu Kannan had told Mint that foreign institutions were said to be buying BSE stock. “There is no way for us to verify, but I also hear shares of the exchange are currently selling for around Rs300 each,” he had said at the time.
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First Published: Wed, Dec 30 2009. 10 06 PM IST
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