CAS

The Indian stock market experienced notable volatility during the closing auction, marked by a steep selloff that wiped out more than Rs 8 lakh crore in market capitalization.

Sebi has revised the Closing Auction Session (CAS) framework after receiving more than 20,000 comments from stakeholders.

SEBI has revised the Closing Auction Session framework, changing market timings, order transfer rules and settlement price calculations for derivatives.

The Securities and Exchange Board of India has implemented an updated framework for closing auction sessions and derivatives settlement. Under the new guidelines, volume-weighted average prices will be used during the last half-hour of normal trading.

Sebi has announced changes to the closing auction session for the equity cash market, which will begin in December 2026. The revised session will run from 3.30 pm to 3.40 pm, with specific phases for order entry.

Sebi chairman Tuhin Kanta Pandey said the regulator expects to issue guidelines on the settlement-price mechanism for derivatives on expiry days within a week. The move follows a review of the Closing Auction Session.

Nifty surged more than 300 points in less than a minute during Tuesday’s closing auction session, briefly crossing 23,000 before paring gains.

Capital market stocks rallied after a Reuters report said Sebi may partly reverse its new Closing Auction Session rules for derivatives settlement. BSE, NSE, Groww and Angel One gained as options volumes recovered and CAS-related concerns eased.

Jefferies sees signs of recovery in India’s derivatives market as options volumes rebound after the disruption caused by the closing auction session (CAS). BSE’s cash-market share also rose, while MCX benefited from stronger energy options activity.

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Nifty's indicative price sharply dropped by 2% during the closing auction session on monthly expiry day. The index fell from 22,684 to 22,249 within two seconds at 3:20:01.

The regulator flagged three sharp Sensex spikes, including a 362-point jump in two seconds and a 405-point surge in 28 seconds, as the index’s CAS closing price moved to around 78,080 from a 3:15 pm reference of 77,829.60.