Allow Sensex, Nifty to commerce on all exchanges: Brokers foyer

by akoloy


NEW DELHI: The Association of National Exchanges Members of India (Anmi) has known as for buying and selling of Nifty and Sensex indices, that are the most well-liked amongst merchants, on all exchanges and never simply their native ones.

“Nifty and Sensex indices should be allowed to be traded on all the exchanges in future. If there is uniformity of products across the exchanges, the problem noticed today would have got automatically resolved due to the interoperability feature,” mentioned V Raghavendra Prasad, CEO of Anmi, in a letter to Sebi.

The brokers foyer additionally demanded that NSE ought to contemplate waiving the penalty provisions of all open by-product positions due to the delayed full system for Wednesday and Thursday.

Anmi additionally known as in the marketplace regulator to border a effectively outlined coverage and course of to deal with such emergency occasions to keep away from panic and distressed actions to handle excellent positions.

Prasad accused NSE of failing to correctly talk and disregarding merchants’ curiosity. He mentioned whilst most programs had been working, the alternate shut its operations with none warning and knowledgeable of resumption of commerce a bit too late.

“We believe that the exchange had knowledge of the situation at the initial trading hour when the position remained at peak level, however, no steps were taken by exchange to minimise the damage of loss to investors,” mentioned Anmi.

Many sellers and merchants have additionally blamed the alternate for lack of well timed communication. They accused NSE of shutting the system with none discover. Moreover, NSE knowledgeable the media of reopening of buying and selling solely at 3:28 pm, and tweeted about the identical effectively after buying and selling resumed.

By the time NSE knowledgeable of the decision of the problem and prolonged commerce timing, most brokers had squared off open leveraged positions of their shoppers, which is a ordinary observe, which means merchants had been left with no positions when the buying and selling resumed and the market rallied sharply. This resulted in losses for a lot of merchants.

“All this happened due to lack of clarification from NSE on trading restart timing. They informed only after all cash positions were cross settled at abnormally high discounts and premiums on BSE,” mentioned Prasad.





Source link

You may also like

Leave a Reply

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

We are happy to introduce our Youtube Channel

Subscribe to get curated news from various unbias news channels
0 Shares
Share via
Copy link
Powered by Social Snap