The stock market in India is regulated by the Securities and
Exchange Board of India ("SEBI"). The
business hours for dealing in the securities in different segments
(such as equity, F&O, commodities derivatives, etc.) on the
Exchanges (BSE, NSE, MSEI, etc.) is decided by the stock exchanges
from time to time in consultation with SEBI.
Securities Law enthusiasts may analyze Section 9 of Securities
Contracts (Regulation) Act, 1956 wherein stock exchanges are
empowered to provide for the opening and closing of markets and the
regulation of the hours of the trade. The bye-laws of a stock
exchange requires prior approval of SEBI. Even though the stock
exchanges have the power to determine the trading hours, since
there are many stock exchanges such trading hours are finalized
under SEBI approval for uniformity and market efficiency.
