Exchanges namely NSE and BSE have been exempted from the partial lockdown ordered by the Maharashtra government. However, other exchanges like NCDEX, MCX, MSE; depositories namely CDSL and NSDL and broking services do not enjoy the same privilege.
Taking this into account, Association of National Exchanges Members of India (ANMI), the largest pan-India organisation comprising of over 900 stockbrokers, stated, “Since NSE and BSE are permitted to work, the intermediaries are also required to keep their offices open. Hence, we request the government to add stock brokers in the category of essential services to ensure they can provide services to their clients.”
Explaining it further, ANMI stated stock broking is an integral part of financial services and should be allowed to remain functional with full capacity, just like the Government companies related to electricity, water and banking and other financial services have been allowed to remain functional.
The association stated that the staff of the stock brokers’ offices in Mumbai are required to commute between their offices to home till late at night. “Further, trading hours of Commodity Brokers are permitted by SEBI up to 11 pm. Hence, the office is required to be kept open till the market is open. By the time the staff leaves the office after completing his work, it is 12.00 midnight,” an ANMI official.
The Maharashtra government has imposed partial lockdown as a precautionary measure from April 5 to April 30, 2021.