The Securities and Trade Board of India (SEBI) has written to all State governments to make sure the protection of people working with capital market intermediaries to allow the sleek functioning of the markets.
This comes on the again of an enormous clamour for closure of capital markets with each, fairness and commodity market members, knocking on the regulator’s doorways to hunt a evaluation of its determination to maintain the markets open whilst the entire nation has gone into lockdown mode.
“[The] stock market operations are to be in line with the orders of Government of India and State governments and SEBI notifications. Today, SEBI has written to chief secretaries/administrators of all states/UTs, requesting them to facilitate the functioning and movement of personnel of entities notified by SEBI for the smooth operation of the capital markets,” mentioned SEBI in an announcement issued on Wednesday.
By the way, Cupboard Secretary Rajiv Gauba, on March 23, wrote an identical letter to all States to make sure that important staffers of capital market intermediaries have been allowed to commute amid the lockdown.
In the meantime, the Affiliation of Nationwide Exchanges Members of India (ANMI), the umbrella physique representing round 900 brokers, has mentioned that native authorities on the bottom have made it troublesome for the workers to succeed in workplace with some staffers even complaining about manhandling by the police.
But to be sensitised
“We would like to point out that the law enforcement agencies at grassroots level are still not sensitised about the SEBI directive. This has led to several instances of manhandling the staff of broking firms while travelling to offices,” mentioned Vijay Bhushan, president, ANMI.
“We have received several requests to suspend broking services on humanitarian grounds considering the growing instances of spreading COVID-19,” mentioned Mr. Bhushan.
Commodity market members additionally really feel that if market closure is just not an possibility then, no less than, buying and selling hours must be curtailed because the commodity derivatives phase has for much longer buying and selling hours in contrast with fairness.
“These are exceptional and unprecedented circumstances when the regulators need to take into consideration the safety of the people engaged in these services and their families and take bold and unprecedented steps to at least curtail time of market,” mentioned Narinder Wadhwa, president, Commodity Individuals Affiliation of India (CPAI).
“In view of the apprehensions expressed by members at large on account of health and safety concerns, ANMI appeals to your good offices to allow a systematic closure till the nation-wide lockdown remains in force,” said ANMI in a letter despatched to SEBI, inventory exchanges and depositories on Wednesday.