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<h1>SEBI Updates Circuit Breaker Rules: Daily Adjustments, Pre-Open Call Auction, Effective October 1, 2013.</h1> The circular from SEBI addresses modifications to the index-based market-wide circuit breaker mechanism for stock exchanges. It mandates daily adjustments of circuit breaker limits based on the previous day's index closing levels. Post-trading halt, a fifteen-minute pre-open call auction session will be introduced, reducing the market halt duration accordingly. The reference price for dynamic price bands during the pre-open and subsequent trading sessions will be the previous day's closing price. Stock exchanges must implement these changes by October 1, 2013, amend relevant regulations, and inform their members. This circular aims to protect investor interests and regulate the securities market.