South Korea’s top financial watchdog has decided to extend its ban on short selling until May 2.

The Financial Services Commission(FSC) made the decision during an emergency meeting on Wednesday.

When short selling resumes from May 3, it will be limited to stocks on the Kospi 200 and Kosdaq 150 indexes.

The FSC initially placed a six-month ban on short selling last March when markets displayed volatility in the wake of the COVID-19 pandemic. The ban was extended another six months with the pandemic continuing.

Financial authorities had wanted to resume short selling this time around, but retreated in the face of protests by retail investors who complain of an “unlevel playing field” that disadvantages them.

The FSC plans to complete systemic reforms to make markets fairer to individual investors before short selling resumes in May.