Will stock markets remain closed on Eid? BSE gives an update
If you are also making money in the stock market, then this news might come in handy for you. Today i.e. Monday, the Muslim community will celebrate Eid-e-Milad on the occasion of the birthday of Prophet Muhammad. It is also known as Milad-un-Nabi and Barawafat. In many places this day is a public holiday. In such a situation, the question people are asking is whether the stock markets will remain closed today. Let us know what update has been given by the BSE on this matter…
In fact, this time the Maharashtra government has postponed the festival of Eid-e-Milad in Mumbai from September 16 to September 18. In view of the immersion of Ganesh on Anant Chaturdashi on September 17, local Muslim community leaders had requested the state government in this regard and the Maharashtra government accepted their request. Hence, now the festival of Eid-e-Milad in Mumbai will be on September 18 instead of September 16.
Will there be a holiday in the stock markets on the occasion of Eid-e-Milad?
As per the list available on BSE, trading will be conducted on all days except Saturdays and Sundays in the month of September in the equity segment, equity derivatives segment, SLB segment, commodity derivatives segment and electronic gold receipt (EGR) segment. This means that trading in stocks will not stop.
As per the previous update, trading in the FX derivatives segment was mentioned to be closed on September 16 due to Eid-e-Milad. But after the latest order from the Maharashtra government, the BSE has issued a new update. It has been said that in case of FX derivatives segment, NDS-RST and tri-party repo, trading will now remain closed on September 18 instead of September 16 due to Eid-e-Milad.
NSE has also shifted the Eid-e-Milad holiday from September 16 to September 18 in the Currency Derivatives, Interest Rate Derivatives, Corporate Bonds and New Debt segments as well as the Traded Trading Reporting Platform as per the new update.
There will be no transactions or settlements on these markets.
The Reserve Bank of India also issued a statement saying that there will be no transaction or settlement in government securities, foreign exchange, money market and rupee interest rate derivatives on September 18, 2024. Settlement of all pending transactions due on September 18 will be postponed till the next business day i.e. September 19, 2024. Now, government securities, foreign exchange, money market and rupee interest rate derivatives will continue to operate on September 16.
No changes to settlement holidays
The RBI has also said that settlement of secondary market transactions in government securities, foreign exchange, money market and rupee interest rate derivatives market scheduled for September 17, 2024, will be held on the same day, i.e., September 17. On this issue, the BSE said in another update that there will be no change in the settlement holiday on September 16. Further, September 18 will also be a settlement holiday.
