We resisted longer hours and others prospered using our prices to trade, says NSE CEO Ashish Chauhan

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Ashish Chauhan, CEO of the National Stock Exchange (NSE), feels that longer work hours would benefit India’s markets. Chauhan made his thoughts known at a pre-Budget round-table by the Bombay Stock Exchange Brokers' Forum, the Commodity Participants Association of India, and the Association of National Exchanges Members of India (ANMI), The Economic Times reported.

Speaking at the event, Chauhan pressed for the trade bodies to back a proposal for longer trading hours. He noted that the United States and Singapore have 16-18 hours of trading, while India works for only 6.15 hours despite still being a developing country.

“As a developing market, working for 6 hours and 15 minutes is not a great idea. We continuously resisted longer hours, and countries like Singapore prospered using our prices to trade," he said.

Presenting his argument, he noted that longer hours would benefit the entire market ecosystem. “Longer hours would provide mutual funds (MFs), banks, and insurance companies with large equity holdings to participate in hedging and providing liquidity,” he added.

At present, Indian equity stock exchanges trade from 9.15 am to 3.30 pm on weekdays; and the commodity markets allow trade between 9 am and 11.55 pm on weekdays; for equity derivatives the Securities and Exchange Board of India (SEBI) has from October 2018 allowed trading from 9 am to 11.55 pm on weekdays.