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CPAI urges Sebi to close stock markets till Mar 31

PTI
Published Mar 24, 2020, 5:25 pm IST
Updated Mar 24, 2020, 5:54 pm IST
Association of National Exchanges Members of India has also requested Sebi to close stock exchanges for at least two days
Representative Image (PTI)
 Representative Image (PTI)

New Delhi: The Commodity Participants Association of India (CPAI) has urged market regulator Sebi to close down operations at all exchanges till March 31 in case broking services cannot be classified as essentials by all the state governments.

Association of National Exchanges Members of India (Anmi) has also requested Sebi to close stock exchanges for at least two days, which will give brokerage firms time to close their entire outstanding positions.

 

The centre had on Monday requested chief secretaries of all states to exempt services of Sebi-regulated stock market entities as well as related workforce from the purview of lockdown imposed to curb spreading of coronavirus infections.

In a letter to Sebi, CPAI President Narinder Wadhwa said that measures such as lockdown, curfews and section 144 undertaken by so many state governments to contain the threat to human life from Covid-19 pandemic have also made commuting increasingly difficult; and in coming days, it might be nearly impossible for the staff to reach the office.

 

So far, only three states – Maharashtra, Gujarat and Rajasthan have declared stock broking as an essential service. Other states have not declared stock markets operations at par with essential services.

Even though the regulator and exchanges have allowed operations from locations other than declared, reaching the location of critical operations is an arduous task, Wadhwa said.

It is disadvantageous to members and lakhs of investors in all those states where it is not classified as an essential service as otherwise they are not able to access the market practically.

 

Meanwhile, a total of 32 states and union territories have declared complete lockdown so far covering 560 districts, in the wake of the coronavirus outbreak.

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Location: India, Delhi, New Delhi




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