homeeconomy NewsSebi, RBI likely to give nod for extending forex trade time by three hours

Sebi, RBI likely to give nod for extending forex trade time by three hours

Sebi, RBI likely to give nod for extending forex trade time by three hours
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By CNBC-TV18 May 10, 2018 1:08:34 PM IST (Published)

Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI) are likely to extend the close time by three hours for currency derivatives to 8 PM, Moneycontrol reported.

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For almost a decade, the exchanges were seeking longer trading hours and now, the sources told the news website on Wednesday, that the two regulators are convinced.
Last week, Sebi had allowed the exchanges to offer trading in equity futures and options (F&O) till 11:55 pm. The order was to keep a check on the migration of derivatives volumes to other international exchanges.
This move has been guiding the central bank, "RBI is now convinced about increasing (trading) timings for currency derivatives to stop migration of currency derivative volumes to overseas exchanges,” sources told the news website.
The RBI was hesitant to extending the currency derivative timings as it can increase volatility in the rupee-dollar contract.
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