SEBI said on October 3, 2026, that it would quickly review public feedback on proposed changes to the Closing Auction Session (CAS) and move the process forward. The final framework and its start date had not been announced in the reporting available that day. The response count also changed: an earlier report cited more than 3,500 comments, while a later SEBI-attributed update put the tally at around 20,000 by 7 p.m. IST.
What SEBI is reviewing
The consultation covered how the Closing Auction Session operates, market timings and the settlement methodology for derivative contracts. CAS uses an auction process to determine closing prices. SEBI’s review follows its introduction in the equity cash market and concerns about the effect of auction-determined closing prices on expiry-day settlement prices for index and stock derivatives.
Reuters, in a September 24, 2026 report carried by The Economic Times, reported that CAS had been rolled out for F&O stocks from August 3 and noted concerns about expiry-day derivatives-price swings.
Why reports gave different comment counts
Business Standard/PTI reported more than 3,500 comments on October 3. A later Moneycontrol update, citing SEBI, said the count was around 20,000 by 7 p.m. IST that day; it said the 3,500 figure had been reported a few days earlier. These are time-specific reported tallies, not an independently audited final total.
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Settlement-method options described in the consultation
Moneycontrol’s October 3 summary described alternatives for calculating expiry-day derivatives settlement prices. They are consultation options, not adopted rules.
| Option | Trading periods used for settlement VWAP | When the method would apply |
|---|---|---|
| Blended VWAP | Last 30 minutes of continuous trading plus the CAS period | The summary describes this as one proposed approach; it does not establish an implementation date. |
| CTS-only VWAP, with possible later transition | Continuous trading session (CTS) only at first | The consultation summary describes a possible transition after at least a year and a review; it does not say that SEBI selected this option. |
The choice matters because the periods included in the VWAP can change how the expiry-day settlement price reflects trading before and during the closing auction. The consultation also described alternative market schedules and operational changes to CAS, including auction controls and price dissemination; the reported summary does not establish which design will be adopted.
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What SEBI said would happen next
Speaking at an event organised by the Commodity & Capital Market Participants Association of India, SEBI Chairman Tuhin Kanta Pandey said: “Today is the last date, and we will actually quickly look at all these comments and go ahead, because I think our proposals are quite clear,” Business Standard/PTI reported on October 3.
That statement signals a review of submissions, not a completed decision. The reports do not establish the final CAS design, the settlement calculation SEBI will adopt, or when any final rules would take effect. Traders and investors should treat the described alternatives as proposals until SEBI publishes a final framework or circular.
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