Within a day of announcing the extension of trading hours up to 5 pm, the Metropolitan Stock Exchange of India (MSEI) today withdrew the circular on the same. The exchange had yesterday issued a notice announcing the extension of trading hours till 5 pm from Friday (July 7). In a revised circular today, the MSE said, “It is hereby informed that the implementation of the revised schedule of trading hours…has been postponed”.
“A circular mentioning the revised date of implementation will be issued separately,” it added. Currently, the trading commences on the bourse at 9.15 am and closes at 3.30 pm.
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 Ltd (NSEL), which was also promoted by Shah.
The exchange is aiming to make market presence as it is currently witnessing near-zero trade volumes in the equity segment. The bourse is planning to launch new products in currency derivative, interest rate futures, equity and debt during 2017-18 to boost its trades.