The National Stock Exchange (NSE) had proposed an extension of trading hours for index futures. However, the Securities and Exchange Board of India (SEBI) has rejected the proposal. 

The reason for the rejection is a lack of consensus among the broker community. The NSE CEO said that the stock brokers did not provide feedback to SEBI about extending trading hours. He further added that the extended timeframe for trading is shelved for now. 

The NSE had planned to extend the trading hours for equity derivatives in a phased manner. The first phase would see evening sessions between 6 p.m. IST and 9 p.m. IST, in addition to the regular trading hours of 9:15 a.m. to 3:30 p.m. 

In the second phase, index derivatives trading would be extended till 11:30 PM. Finally, in the third phase, the plan is to extend cash market trading hours until 5 PM.

Last year, the NSE made this proposal after receiving representations from various stakeholders. In February, the Association of National Exchange Members of India (ANMI) gave its in-principle approval for the proposal to extend trading hours for index futures.

However, the lack of consensus among the broker community has now led to the rejection of the proposal.