Sebi gets over 3,000 comments in closing auction review, chairman says

India's markets regulator has received about 3,500 responses to proposed changes in the closing auction session framework, its chairman Tuhin Kanta Pandey said on Thursday.

A short auction at the end of the trading day helps determine the closing price of a stock under the CAS framework, introduced on August 3 for stocks with futures and options contracts. However, the new process has led to sharp swings in derivatives prices on expiry days, prompting a review.

The Securities and Exchange Board of India proposed a review earlier this month of how settlement prices for index and stock derivatives are determined on expiry day, inviting public comments by October 3.


The regulator wants to enforce the changes as fast as possible, the SEBI chief said.