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SEBI Chairman Tuhin Kanta Pandey said the regulator would consider the larger public interest before deciding what action to take on its proposed Closing Auction Session (CAS). The comment, reported by Moneycontrol on October 5, 2026, is not a final ruling on whether any specific CAS provision will be retained, changed or withdrawn.
What did the SEBI chairman say?
Moneycontrol reported 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 nearly 1.35 lakh comments when counted proposal-wise across seven proposals. These figures are reported remarks, not tallies independently confirmed in an official SEBI release.
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The available account is Moneycontrol’s report, rather than an official transcript or recording. The comments therefore should be understood as a reported indication of how SEBI intends to assess the proposals—not as a published decision on their outcome.
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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteWhat is a Closing Auction Session?
A Closing Auction Session is a proposed mechanism for determining the closing price of shares in the equity cash market. In its December 2024 consultation paper, SEBI described the prevailing method as calculating a volume-weighted average price (VWAP) from trades during the final half-hour of the session. Under that method, prices are weighted by the volume traded at each price.
SEBI’s consultation material proposed bringing buy and sell interest together in an auction to determine the closing price. That is the regulator’s stated rationale; the consultation documents do not, by themselves, establish that the mechanism will produce a particular market outcome.
How did the consultation and regulatory timeline unfold?
- December 5, 2024: SEBI published an initial paper exploring a closing auction for the equity cash segment and describing the then-current last-half-hour VWAP method.
- August 22, 2025: SEBI published a revised consultation paper following stakeholder feedback and deliberations in its Secondary Market Advisory Committee. It sought views 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.
- September 12, 2025: SEBI extended the deadline for comments to September 19, 2025.
- January 16, 2026: SEBI’s official news listing recorded 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 confirms the circular’s date and title; its operative details should be taken from the circular itself.
- September 2026: SEBI’s official reports listing recorded a consultation paper reviewing certain aspects of CAS, market timings and derivative settlement methodologies. The listing alone does not establish the paper’s specific proposals or comment deadline.
- October 5, 2026: Moneycontrol reported Pandey’s remarks and the comment figures.
What the comment figures do—and do not—mean
The figures reported by Moneycontrol distinguish comments on the paper from comments counted proposal by proposal: more than 20,000 on the paper overall, and nearly 1.35 lakh across seven proposals on that counting basis. They should not be treated as two separate groups of respondents or as a verified count of unique people; the report describes comments, not individual commenters. Nor do the numbers reveal which proposals attracted support or opposition.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What remains undecided in the reported remarks?
Pandey’s reference to the larger public interest does not specify what SEBI will do with any individual proposal. The reported remarks do not announce that the regulator will retain, revise or withdraw a particular CAS provision. SEBI’s official listing confirms that a later review consultation exists, but the listing by itself is not enough to describe the changes under consideration.
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Moneycontrol also reported Pandey’s adjacent remark on the F&O consultation: “we don’t want to jump on every issue.” That comment concerns the separate futures-and-options topic and does not establish a decision about CAS.
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