The Reserve Bank of India (RBI) on Thursday said the amended trading hours for the financial markets regulated by it will continue till further notice.
On April 3, the RBI first announced curtailed trading hours for the financial markets across the board to four hours, from 10 AM to 2 PM, from April 7, 2020 to April 17, 2020 as the COVID-19 outbreak related restrictions have resulted in dislocations, adversely impacting the functioning of the markets.
On April 16, the RBI said in view of the Government of India’s order that the lockdown will continue to be in force till May 3, 2020 (Sunday), the amended trading hours for various RBI regulated markets will continue to be effective till the close of business on Thursday April 30, 2020 (May 1, 2 and 3, 2020 are bank holidays).
As per a RBI statement issued on April 16, the amended trading hours were to be effective till the close of business on April 30, 2020. On Friday, RBI has further extended the curtailed hours until further notice.
The continuation of the curtailed trading hours comes in the backdrop of persisting operational dislocations and elevated levels of health risks warranting continuing restrictions on movement, work from home arrangements and business continuity plans.
The RBI said there is a likelihood of extension of lockdown in major cities like Mumbai or easing of the restrictions in a limited manner. Market trading timings will be reviewed on issuance of directions pertaining to lockdown from the Government, it added.
On April 3, the RBI first announced curtailed trading hours for the financial markets across the board to four hours (from 10 AM to 2 PM) from April 7, 2020 to April 17, 2020 as the COVID-19 outbreak related restrictions have resulted in dislocations, adversely impacting the functioning of the markets.
On April 16, the RBI said in view of the Government of India’s order that the lockdown will continue to be in force till May 3, 2020 (Sunday), the amended trading hours for various RBI regulated markets will continue to be effective till the close of business on Thursday April 30, 2020 (May 1, 2 and 3, 2020 are bank holidays).