Mumbai, Dec 24: The brokers at Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) have opposed the decision to advance the trading time to 9 am from Jan 4, 2010.
BSE Brokers Forum (BSEBF) released a statement expressing the brokers' discontent over the proposed changes in market timings stating that there was no clear benefit for traders, stockholders, institutions and retail investors.
"It is noteworthy that no sections of the markets have demanded any such move and there is no consensus on this matter," said forum president Bhanubhai Fozdar.
BSEBF is also planning on submitting a memorandum to the Prime Minister and Finance Minister, along with seeking meetings with the heads of both BSE and NSE to address their concerns.
Both the premier stock exchanges had postponed the implementation of the change in trading hours after the brokers expressed dissatisfaction over it.
Fozdar revealed that brokers believed extending the morning trading hours would not accrue any benefits for the Indian capital markets in terms of getting volumes of the Asian markets or a trend of the US markets.
A survey conducted in Nov 2009 showed that a vast majority of 79 per cent of the 418 brokers surveyed wanted the BSE to continue the current 9:55 am to 3:30 pm trading timing.