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Market to remain open on Budget day

Following a directive from market regulator Securities and Exchange Board of India (Sebi), exchanges BSE and NSE confirmed the development late evening today, saying a live session would be held as per regular trading hours.

The News International Team

After much uncertainty, stock markets may indeed remain open on Saturday, February 28, when Finance Minister Arun Jaitley presents the Union Budget.

Following a directive from market regulator Securities and Exchange Board of India (Sebi), exchanges BSE and NSE confirmed the development late evening today, saying a live session would be held as per regular trading hours.

Sebi chief UK Sinha had earlier in the day indicated that the regulator may decide to keep markets open.

Markets have traditionally remained open when the Budget speech is read in the Parliament. Even prior to 2000, when the event would take place at 5 pm in the evening, exchanges used to re-open markets for a special trading session.

“I am glad good sense is prevailing,” BSE broker and veteran investor Ramesh Damani told CNBC-TV18. “It is important because otherwise volatility could have been very extreme [on Monday].”

“Having a Budget session without the markets open is like having a Diwali without diyas or a pizza without cheese. It could be a bit frivolous,” he added.

For full interview go to next page 

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