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SEBI chairman Tuhin Kanta Pandey said the regulator would weigh the larger public interest before taking action on its proposed Closing Auction Session (CAS). His remarks, reported by Moneycontrol on October 5, 2026, do not announce a final decision to retain, change or withdraw any specific proposal.
What did the SEBI chairman say?
Moneycontrol reported on October 5, 2026, that Pandey said any action on the CAS proposals would be taken “in consonance with the interest of the larger public”. The report also quoted him saying SEBI had received “over 20,000 comments on the paper” and, counting proposal-wise, “nearly 1.35 lakh comments on the seven proposals.”
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Those figures are attributed to Moneycontrol’s account of Pandey’s remarks; they have not been independently confirmed here through an official SEBI release. The report is the available source for the quotations, so they should be understood as reported remarks rather than independently verified against a transcript or recording. Moneycontrol’s October 5 report.
What is the Closing Auction Session?
CAS stands for Closing Auction Session. SEBI’s consultation papers describe it as a proposed auction mechanism to determine the closing price in the equity cash market. Under the method SEBI described as prevailing in its December 2024 paper, the closing price was based on the volume-weighted average price (VWAP) during the final half-hour of trading. VWAP gives greater weight to prices at which more shares traded.
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SEBI presented the auction as a way to bring buy and sell interest together in a closing-price mechanism. That is the regulator’s stated rationale, not evidence by itself that an auction will produce a particular market outcome. SEBI’s December 2024 consultation paper.
How the CAS process has progressed
- December 5, 2024: SEBI published an initial consultation paper exploring a closing auction in the equity cash segment.
- August 22, 2025: SEBI issued a revised consultation paper following stakeholder feedback and deliberations in its Secondary Market Advisory Committee. It sought feedback on the revised design and on allowing passive mutual funds to borrow overnight to meet liquidity needs arising from net negative cash balances on CAS trades. SEBI’s revised CAS consultation paper.
- September 12, 2025: SEBI extended the comment deadline to September 19, 2025. SEBI’s deadline extension.
- January 16, 2026: SEBI’s official news listing records a circular titled “Introduction of Closing Auction Session (CAS) in the Equity Cash Segment and certain modifications in the Pre-Open Auction Session.” The listing establishes the circular’s date and title; its operative provisions are in the circular itself. SEBI official news listing.
- September 2026: SEBI’s reports listing records a consultation paper reviewing certain aspects of CAS, market timings and derivative settlement methodologies. The listing alone does not establish the review paper’s proposed changes or comment deadline. SEBI reports listing.
What the comment count does—and does not—show
The two reported totals use different counting descriptions: more than 20,000 comments on the paper, and nearly 1.35 lakh when counted proposal-wise across seven proposals. The second figure is not presented as a count of unique commenters; a proposal-wise tally can count submissions against individual proposals. The report does not establish how SEBI will resolve the comments or which provisions, if any, will change.
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Why the consultation raised passive-fund questions
SEBI’s August 2025 revised paper connected the CAS design to liquidity and index-tracking considerations for passive funds. It asked for feedback on overnight borrowing by passive mutual funds to meet liquidity requirements when CAS trades result in net negative cash balances. In that paper, SEBI cited passive-fund assets invested by foreign portfolio investors of ₹20.5 lakh crore as of July 31, 2025, and domestic mutual-fund passive assets of ₹9.18 lakh crore. It also said Indian stocks accounted for weights of 17% to 30% in major global indices, including FTSE and MSCI. These are figures stated in SEBI’s 2025 consultation paper, not newly verified 2026 market statistics. SEBI’s revised consultation paper.
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What investors should take away
- Pandey’s reported public-interest comment signals that SEBI says it will consider the broader impact; it does not reveal the regulator’s final position on a specific CAS provision.
- The reported comment tally is substantial, but it should not be read as a measure of unique respondents or as a prediction of the outcome.
- SEBI’s records show consultation, a January 2026 circular, and a later review-paper listing. The listing of a review does not, on its own, tell investors what changes SEBI proposed.
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