The proposal to extend trading hours for index futures has received in-principle approval from the Association of National Exchange Members of India (ANMI), sources with knowledge of the matter told CNBC-TV18.
Sources further stated that the Brokers Industry Standards Forum (ISF) will send a formal letter to market regulator SEBI in this regard.
ANMI, Commodity Participants Association of India (CPAI) and BSE Brokers Forum (BBF) are all part of the Brokers Industry Standards Forum.
It was earlier reported in September last year that the market regulator is considering extending trading hours for the cash market after a proposal from the National Stock Exchange (NSE).
The NSE's phased plan suggests a gradual approach to extending trading hours. In the initial phase, the proposal was extending trading hours for Index F&O from 6 PM to 9 PM.
The second phase suggests Index F&O trading be extended till 11:30 PM. Finally, in the third phase, the plan is to extend cash market trading hours until 5 PM.
Proponents of the trading hour extension argue that it is necessary to align with global markets and accommodate market-moving news that often emerges in the evening hours. But there are opposing views too.
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