The Secondary Market Advisory Committee will be meeting to discuss ways for a direct payout of funds and securities in a client account.
If market regulator Sebi has its way, the role of stockbrokers would soon be limited in handling client money. The move should be beneficial to thousands of retail investors, as per a BusinessLine report.
The Secondary Market Advisory Committee (SMAC) will be meeting today to discuss ways for a direct payout of funds and securities in a client account, thereby restricting the role of stockbrokers to just trade execution.
“It will be the most effective step for retail investors if implemented properly,” JN Gupta, former ED, Sebi was quoted as saying.
In another development, Sebi’s advisory panel is expected to discuss a proposal for extending stock market trading hours. The stock market in India currently opens at 9 am and closes at 3.30 pm, but the proposal is to extend the trade hours till up to 7.30 pm.
The idea is to better align domestic trading with global markets, a PTI report said. However, several brokers are of the view that any such move would increase cost and logistics burden for them.
Source: BusinessLine, PTI