Coronavirus lockdown: Brokers' body ANMI seeks closure of markets

NSE brokers' association ANMI (Association of National Stock Exchanges Members of India) has sought a complete lockdown of stock markets. The brokers' body has submitted a letter to the market regulator SEBI and appealed to allow a systematic closure of offices till the nationwide lockdown citing the 21-day country lockdown.

ANMI had written to market regulator Sebi to ask State governments to declare operations of stock market broking houses as essential services. Since Sebi is yet to ask state governments to classify the same as essential services, ANMI has sought complete closure of markets.

Except for Maharashtra, Gujarat and Rajasthan, other states are yet to declare 'stock broking and depository services' as essential services.

ANMI said brokers were not able to open offices since their skeletal staff was also facing problems in commuting due to the lockdown.

The association that represents nearly 900 brokerages, said that it has received various concerns over from members regarding their safety. As per the letter, many members have expressed their opinion for the markets to be closed in a systematic manner, giving due notice to investors.

"ANMI members and their staff are facing huge problems to reach their head office to operationalize their central server, back office functions, risk management and depository services to meet the requirements of their clients and compliance of exchanges/Sebi," ANMI said.

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By Aseem Thapliyal