MUMBAI: The Metropolitan Stock Exchange of India (MSEI) will extend the trading hours in equity segment till 5 pm from July 7. Presently, the trading commences on the exchange at 9.15 am and closes at 3.30 pm.
"The members and custodians are requested to take note of the revised timelines for various activities in capital market segment with effect from July 7, 2017," MSEI said in a circular issued last evening.
Commenting on the move, MSEI's Chief Operating Officer Abhijit Chakraborty said, "The extension of normal market trading hours till 5 pm shall provide greater opportunity and efficiency for the market participants."
"The market participants shall be able to react to domestic and international events during the same day which could reduce gap up or gap down openings next day otherwise," he said.
The MSEI, earlier known as MCX-SX, was set up by Jignesh Shah-led Financial Technologies (India) Ltd (FTIL) and it commenced operations in the currency derivatives segment in October 2008. It began operating as a full-fledged bourse with the launch of equity trading in February 2013. While the MCX-SX had witnessed a strong performance in the initial period of its launch, the turnover saw a sharp plunge amid a payment crisis at the National Spot Exchange Limited (NSEL), which was also promoted by Jignesh Shah.