Mumbai:
The Reserve Bank on Wednesday said it plans to set-up an internal group to comprehensively review timings of various market segments including currency futures and foreign exchange.
The group will submit its report by end of October, Reserve Bank of India (RBI) said in its third bi-monthly policy review of the current fiscal.
RBI has been receiving, from time to time, requests for extension of timings for certain market segments such as currency futures and over-the-counter (OTC) foreign exchange market.
While the decision of market timings is best left to market participants and exchanges, RBI said it is necessary that timings across products and funding markets complement each other and avoid unanticipated frictions.
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"It is, therefore, proposed, to set up an internal group to comprehensively review the timings of various markets and the necessary payment infrastructure for supporting the recommended revisions to market timings. The proposed group will submit the report by the end of October 2018," RBI said.
Earlier in May, markets regulator, Sebi had allowed exchanges to extend the trading time in equity derivatives contracts by more than eight hours till almost midnight from October 1.
"It has been decided to permit stock exchanges to set their trading hours in the equity derivatives segment between 9:00 am and 11:55 pm," Sebi had said.
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Currently, trading is allowed from 9.15 am till 3.30 pm.
