COVID-19 update | Classify stock, commodity broking under essential services: CPAI tells Maharashtra govt

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In the wake of fresh COVID-related restrictions in Maharashtra, the Commodity Participants Association of India (CPAI) on Monday urged the state government to issue necessary clarifications to exempt employees working in broking offices from being subject to any curbs on their movements. In a letter to the Maharashtra government, CPAI — the apex association of stock and commodity brokers — requested the government to classify stock and commodity broking under "essential services."

This would ensure smooth operations and functioning of the broking offices as without the support of the broking industry, exchanges cannot operate, CPAI President Narinder Wadhwa said. This request is particularly in view that the government has allowed leading stock exchanges — NSE and BSE — to remain operational and to ensure smooth functioning of the exchanges, CPAI said, adding that undisrupted broking services must also be facilitated.

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Recognising the importance of capital markets in ensuring the nation's economic stability, Maharashtra was amongst the first states to have brought stock broking, along with depositories and mutual funds, under essential services during the nation-wide lockdown imposed in March 2020. The association urged the state government to provide similar reliefs during the fresh round of restrictions in the state.

On Sunday, the Maharashtra government announced a weekend lockdown and night curfew during weekdays from April 5 to April 30 in a bid to curb the growing numbers of COVID cases in the state. The weekend lockdown will start from 8 pm on Fridays and last till 7 am on Mondays.

In addition, various other restrictions like the closure of private offices, theatres and salons have been announced. However, offices involved in banking, exchanges among others can remain open.