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Corporate Laws Central Ministry of Finance Securities Contracts (Regulation) Act, 1956

Introduction of Closing Auction Session (CAS) in the Equity Cash Segment and certain modifications in the Pre-Open Auction Session

16-Jan-2026 | HO/47/11/11(3)2025-MRD-POD2/I/2765/2026

SEBI has issued a circular regarding the introduction of the Closing Auction Session (CAS) in the Equity Cash Segment and certain modifications in the Pre-Open Auction Session. Key Highlights are as follows: 1. Closing Auction Session (CAS) is a well-defined, short trading period at the end of the day where market participants submit buy or sell orders to determine a single, fair closing price for a security. 2. CAS shall be implemented as a separate session of 20 minutes from 3:15 pm to 3:35 pm on all trading days. 3. Reference price of a stock in CAS in the cash segment is determined based on the VWAP (Volume-Weighted Average Price) of the trades executed in the stock during the period 3:00 p.m. to 3:15 p.m. 4. The Framework for CAS shall be implemented and rolled out with effect from 03rd August, 2026. Kindly refer to the attached document for more information.

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