Ahmedabad, June 1 : Brokers with all three stock exchanges of Gujarat refrained from trading Wednesday following a recent directive from the Securities and Exchange Board of India (SEBI).

SEBI had issued a circular May 12 asking brokers of regional stock exchanges not to issue bill and contract notes to clients from June 1.

Brokers at the stock exchanges of Ahmedabad, Rajkot and Vadodara mostly refrained from trading Wednesday while opposing the SEBI move.

In the city, brokers and the Ahmedabad Stock Exchange (ASE) authorities held separate meetings and decided to abstain from trading and to seek more time from SEBI on implementing its directive.

"As many as 325 trading terminals remained closed today (Wednesday). Following the SEBI directive, we cannot trade," said Mitesh M. Sheth, former ASE president.

Market sources estimated the turnover at the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) was down by about Rs.3 billion as local brokers were acting as sub-brokers at the two leading bourses.

"We held a meeting and decided to request the SEBI to grant us a period of about six months," said V.P. Vaishnav of Rajkot-based SKSE Securities.

In Vadodara, brokers did not trade for two hours as a sign of protest and also sported black ribbons.

RSE brokers are considering approaching the Supreme Court after various high courts refused to order a stay of the SEBI directive.


(IANS)