The battle for the opening bell between the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) just got hotter as both now plan to start trading from 9 am beginning this Friday, December 18. 🙂
On Tuesday, the BSE had announced they would start 10 minutes earlier, from 9.45 am and this tit-for-tat has been on since then. Readers will recall that that on 23-Oct, the capital market regulator had said it would allow stock exchanges to keep their trading hours between 9 am to 5 pm (currently 9:55 am and 3:30 pm). That proposal of course is still hanging by a slender thread as in a recent survey of 418 BSE brokers, 79.4% (332 brokers) voted in favour of a status quo and keeping the timings unchanged.
However, brokers at both the exchanges said they were ok with this proposed advance in opening time to 9 am.
A lot of offices are going to be packed earlier than usual for sure now ! 😉
Update: This move to extend trading time by 55 minutes has been deferred to January 4 following strong opposition from market players, who felt they needed more time to adjust to the new timings, especially in a city like Mumbai, where their commuting routine would change. They also argued that it would be impossible to arrange for margin funds from clients if the banks weren’t open at that time.