Introduction of call auction in Pre-open session

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....ce call auction mechanism in pre-open session. 2. To begin with, pre-open session shall be introduced on a pilot basis by BSE and NSE for the scrips forming part of Sensex and Nifty. The list of scrips is placed at annexure 'A'. In case of any change in the composition of Sensex and Nifty, pre-open session shall be introduced for such incoming scrips. Pre-open session shall also continue for the scips moving out of Sensex and Nifty, though they will not be reckoned for the computation of the index. 3. The pre-open session shall be for a duration of 15 minutes i.e. from 9:00 a.m. to 9:15 a.m., out of which 8 minutes shall be allowed for order entry, order modification and order cancellation, 4 minutes for order matching and trade confirm....

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....are closest to it, then the previous day's closing price itself shall be taken as the equilibrium price. In case of corporate action, previous day's closing price shall be the adjustable closing price or the base price. Explanation: A scenario may arise, wherein; more than one price may have same minimum imbalance quantity. Example on the same is given hereunder: Price Buy (Qty) Cum. Buy Qty Sell (Qty) Cum. Sell Qty Unmatched Quantity Vol. tradable 106 0 3000 8000 ‐8000 0 103 2000 2000 3000 5000 ‐3000 2000 96 3000 5000 1000 2000 3000 2000 94 1500 6500 1000 1000 5500 1000 92 2000 8500 0 8500 0 90 1000 9500 0 9500 0 In the said example 103 and 96 are the prices wherein, the volume t....

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....12. The current risk management system for cash market shall be applicable to pre-open session. 13. The following information shall be disseminated during pre-open session: a) Indicative equilibrium price of the scrip b) Indicative cumulative buy and sell quantity of the scrip c) Indicative Index 14. This framework for call auction shall be reviewed after 3 months from the commencement of the pre-open session. 15. The Stock Exchanges shall issue the necessary guidelines in this regard and shall put in place the necessary systems to ensure the operationalization of the above. 16. The Stock Exchanges are advised to: i) put in place the adequate systems and issue the necessary guidelines for implementing the above decision. ii)....