MUMBAI: The BSE Brokers Forum has demanded reconsideration of the decision to open the markets at 9 a.m.

The management committee of the BSE Brokers Forum met again yesterday (23 December, 2009) to decide on the next course of action in respect of change
in market timings.

According to a release issued by the forum, the committee felt that a national debate on these issues is necessary. "This is a change which merits lot more thought and sensitivity than what has been given. Accordingly, it was decided to make further representations to the Prime Minister's Office (PMO), ministry of finance (MOF), Sebi, investor associations and other trade associations.

It was also decided to seek personal appointment with the chiefs of both the exchanges.

Both the exchanges, BSE and NSE, had decided to open trading at 9 a.m effective January 4. There was no proposal to change at closing time of 3.30 p.m.

A Churiwala, president, BSE Brokers Forum
Exchange has taken views but not implemented them
In a recent survey conducted by the forum, 79% brokerages were against the move
Survey results have been passed on to the exchanges

V V L N Sastry, Firstcall India Equity Advisor
Volumes will not increase
current timings cater to the international markets
Competition in the market, volumes have gone down
Increased working hours will add to costs and bring down revenue
Therefore not a viable proposition

NSE brokers have been fairly silent about the whole issue. If one faction, that is BSE brokers, is against it, some feel the January 4, 2010 deadline may be missed again!