Reserve Bank of India (RBI) released draft report of Internal Working Group (IWG) on “Comprehensive Review of Market Timings”. It has suggested calibrated extension of currency market hours, from 9 am to 9 pm for both over-the counter and exchange traded. Presently, the markets close at 5 pm.
RBI has, from time to time, been receiving requests for extension of timings for certain markets such as currency futures and Over-the-Counter (OTC) foreign exchange market. Accordingly, in August, 2018, RBI announced setting up an Internal Working Group (IWG) comprising officials of Departments of Reserve Bank. It was tasked to review the timings of various markets it regulates and associated payment and settlement infrastructure. It was also tasked to study current timings of various financial markets regulated by RBI, including instruments traded on exchanges; examine implications, including benefits and costs of revision in current timings for trading as well as for supporting payment and settlement arrangements. It was also tasked to make recommendations in respect of timings for trading, clearing and settlement arrangements as well as for any related aspect of market functioning.