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of <h1>Closing Auction Session for derivative-listed equity securities established with 20-minute CAS determining closing prices from Aug 3, 2026</h1> SEBI mandates introduction of a Closing Auction Session (CAS) in the equity cash segment, initially applicable to securities with listed derivatives and preserving VWAP-based closing for others; effect: closing prices for derivative-listed stocks will be determined via CAS from August 03, 2026. CAS is prescribed as a 20-minute separate session (3:15-3:35 pm) with specified sub-periods, random order-entry close, allowable order types (limit and market; no iceberg or stop-loss), equilibrium-price matching rules, +/-3% price band from a VWAP/LTP-based reference price, carry-forward of CTS limit orders (subject to modification rules), order-level margining, dissemination requirements and existing cash-market risk controls; effect: uniform transparent price discovery and execution mechanics at market close. The Pre-Open Auction Session framework is aligned with CAS mechanics (timings, order priority, dissemination); effect: revised pre-open rules effective September 07, 2026. Stock Exchanges and Clearing Corporations must jointly formulate SOPs within 30 days.
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