Trading hours extension – Brokers hail breather

Here is a verbatim transcript of the exclusive interview with ENC Palaniappan, Dharmesh Mehta and Dipan Mehta on CNBC-TV18.

Q: What will the ANMI do between now and the January 4? Are you going to try and talk to NSE and say we are not ready for it instead of deferring it to the 4th January, we need far more time to debate and discuss this?

Palaniappan: Definitely. We are having a board meeting of ANMI on the December 20, so a lot of decisions will be taken on that day. We will continue to express our concerns to the exchanges on extended hours because majority of our members are not in favour of it still. We will also take up all the infrastructure issues with the exchanges saying that what the problems are in doing this. In any case we must say that we very thankful to Securities and Exchange Board of India SEBI and the exchanges for this announcement of at least giving us time till January 4 – to come back to them, to get ready or whatever way it happens.

Q: What do you think between now and January 4 something will change. The exchanges will change their mind or it looks like a done deal?

Dharmesh Mehta: I do not think itâ€™s a done deal and at least the exchanges have moved to move this back to January 4, 2010 and that gives more time for some discussion. I think most considered view will be considered after hearing all market participants.

Q: The statement coming from exchange is that the extensions of trading hours is delayed, it will happen but brokers will get more time â€“ is this only issue that you need more time to prepare for this extended hours or you have no complaint with extended hours per se?

Dipan Mehta: We have an issue with extended trading hours because it does not make any sense by extending by 55 minutes, they donâ€™t serve any purpose except to put more stress on the system and affect the human element in the entire stock market operation and this could be the beginning of maybe a rethink or change heart on part on the exchanges because it requires more time to take appropriate action or give adequate advice or representation to Sebi and to the stock exchanges themselves. So itâ€™s a step in positive direction because once you extend the trading hours it will be regressive to reduce it so it is a good development that at least itâ€™s been postponed.

Q: Your reactions to extended trading hours delayed?

Dipan Mehta: Maybe there was just a change of thinking. I think maybe what point they have noted is short notice has been given to the community to prepare for one hour earlier opening and they have just about given adequate notice for the market participants.

Q: Is it good for India, is it good that institutional investors can get into the market one hour in advance and there is no law that everyone has to switch on the terminal?

Dipan Mehta: I donâ€™t think so, in any case offices start work at 9 am because there is preparatory activity to be taken before the market hours and that is not just at the broking houses but also the fund houses, insurance companies, banks every single participant is anyway starting his operations 30-40 minutes or one hour before the market opens.

via CNBC-TV18 – Brokers hail breather in trading hours extension.

Tags: market timings, news update

Friday, December 18th, 2009 News Updates

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