Amid rising concerns over the closing auction sessions, Securities and Exchange Board of India (Sebi) Chairman Tuhin Kanta Pandey said the regulator has not observed any manipulation in the new closing auction sessions so far, but is continuously monitoring the data.
The closing auction session (CAS), which was introduced on August 3, determines closing price levels. Pandey described the change as a major microstructure reform, noting that several global markets, including Japan, Hong Kong, the US, Germany, Europe and Australia, have already implemented similar mechanisms.
