The pre-open session for cancellation of orders with GTC/ GTD validity will commence 15 minutes before the start of the trade, MCX has said.
India’s commodity markets – the Multi Commodity Exchange and the Indian Commodity Exchange (ICEX)--will curtail their trading hours for the duration of the 21-day nationwide lockdown.
The commodity exchanges will open at the usual time of 9 am but will close at 5 pm, six hours earlier. The new timings kick in from March 30.
"In view of the novel COVID-19 virus pandemic outbreak and the nation-wide lockdown of 21 days in the country and pursuant to discussions with SEBI, it has been decided to revise trading timings, from Monday, March 30, 2020, to Tuesday, April 14, 2020," the Multi Commodity Exchange (MCX) said in a circular.
The exchange further said that pre-open session for cancellation of orders with GTC/ GTD validity would commence 15 minutes prior to trade start time.
Also there would be no evening session (trading session) available on April 2, 6 and 14, it added.
"Further, there will be no change in the staggered delivery tender period for any commodity," the exchange said.
"The recent step by SEBI to keep commodity markets open only till 5 pm would have bought great relief to brokers and exchanges as they can now shut their offices by 5 pm, although brokers associations are calling for a complete shutdown of the exchanges till the lockdown," Ravindra Rao, VP- Head Commodity Research at Kotak Securities told Moneycontrol.
He said it was extremely difficult for them to keep offices open till midnight due to the current virus outbreak and a lockdown situation in the entire country. "For the betterment of their employees this step was required."Prime Minister Narendra Modi on March 24 announced a nationwide lockdown to limit the fast-spreading coronavirus. India has, so far, reported 649 cases and 13 deaths.
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