New Delhi, Nov. 4 -- Even as the Securities and Exchange Board of India (Sebi) weighs the fate of weekly index options for benchmarks such as Nifty and Sensex amid mounting retail investor losses, the country's largest brokers' forum has urged the regulator to restore weekly contracts on the Bank Nifty index.

The Association of National Exchanges Members of India (ANMI), which represents around 800 brokers across Sebi-recognized exchanges such as the National Stock Exchange and BSE, said the Bank Nifty's imminent reconstitution and its utility as a hedging tool make a case for restoration.

The appeal comes at a time when last year's clampdown by Sebi on weekly expiries-after losses to over 90% of individual traders-has reduced index opt...