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Closing Auction Session

Category: Closing Auction Session

CAS is a special auction-based trading session introduced by SEBI for cash market securities that also have F&O contracts available (CAS-eligible securities).

Effective 03 August 2026, this session runs between 3:15 PM and 3:30 PM on all trading days.

Is Closing Auction Session (CAS) applicable to all securities in equity segment?

Will the implementation timeline for both CAS framework and revised pre-open marketsession, be effective from same date?

What is the applicability of CAS in the Equity Derivatives segment?

Is there any change in the trading hours for the Equity Derivatives segment? Will this change apply to all equity derivative instruments, including index futures and options, as well as stock futures and options?

Does exchange publish the list of securities which have derivative contracts and will this be added to the exchange file?

If a security becomes CAS eligible for an Exchange, will it be simultaneously eligible on all the Exchanges?

How is the Index value computed during CAS?

If derivatives on a security is suspended or discontinued, will CAS continue or revert to VWAP-based closing in equity segment?

Will the Exchange provide reference price to members? If yes, how will be reference price be provided by Exchange?

When will the reference price be available?

Will the reference price and upper/lower price bands for the securities be consistent across the Exchanges?

In case if no equilibrium price is discovered in CAS and the reference price becomes closing price; will such events be separately disclosed?

What is the applicable price band for stock futures during CAS?

Will the upper/lower price band limit be static during CAS? Or Will the price band be flexed during CAS?

What happens to the unexecuted orders from CTS which are ineligible for CAS in equity segment? Will it be cancelled and post cancellation will Exchange send a cancellation messagefor these orders?

What happens to the orders that are placed during the Reference Price Calculation / Transitionfrom CTS to CAS i.e. 3:15 to 3:20 pm?

Can the limit orders in CAS eligible securities be amended between 3:25-3:30* pm during the closing auction session?

Will the unexecuted orders after CAS completion automatically expire (unsolicited cancelled)in the system?

During CAS, if a buy order’s quantity is changed to a lower quantity without modifying the price, will the priority be changed?

Does exchange support Market on close (MOC) or Limit on Close (LOC) types of orders?

Will exchange include market orders on Indicative Equilibrium Price (IEP) calculations.

Is modification/cancellation of market orders allowed from 3:25pm to 3:30pm?

What is the time priority of unexecuted limit orders transitioning from CTS to CAS?

Will the orders placed outside the applicable CAS price band range be automatically rejected by the Exchange?

Will the trading for Non-F&O securities continue till 3:30 pm in equity segment?

Will security master file in equity segment have an indicator to identify securities on whichCAS will be conducted?

What are all the fields/ information disseminated during CAS?

What will be values of security wise Indicative Closing Price (ICP) in equity segment?

Will broadcast messages on session status / changes be provided during transitions frompre-open session to continuous trading session (CTS) to closing auction session (CAS)?

When stock future contracts price band will set at ±3% of the reference price computed post 3:15pm, what will happen to the unexecuted orders on stock future contracts?

What messages shall be broadcasted on NEAT trading terminals in equity derivatives segment?

Which order requests are allowed during CAS i.e. between 3:15PM to 3:30 PM?

What messages shall be broadcasted on NEAT trading terminals in equity segment?

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Finvasia Securities Private Limited

Reg. Address: #1108, Sector 21-B, Chandigarh – 160022
Head Office: Finvasia Tower, C-214, 4th Floor, Phase 8B, Sector 74, Industrial Focal Point, SAS Nagar (Mohali), Punjab – 160055
Corporate Office: Finvasia Securities Private Limited, 23rd Floor, Sunshine Tower, Plot No. 616, Senapati Bapat Marg, Dadar West, Parel, Mumbai, Maharashtra – 400013, India

NSE Clearing Member: M51912, NSE Member Code: 14846, BSE Member Code: 4043, MCX Member ID: 55135.
SEBI Reg: INZ000176037 (Cash, F&O, CDS, Commodity), AMFI ARN: 103331, CDSL DP ID: 12084300, SEBI Regn : IN-DP-317-2017
Research Analyst SEBI Regn. No. INH000011927

Smart Online Dispute Resolution | Grievances Redressal Mechanism

Attention Investors

“Prevent unauthorized transactions in your account -> Update your mobile numbers/email IDs with your stock brokers and Depository Participant. Receive information of your transactions directly from Exchange on your mobile/email at the end of the day. Issued in the interest of investors” KYC is one time exercise while dealing in securities markets – once KYC is done through a SEBI registered intermediary (Broker, DP, Mutual Fund etc. ), you need not undergo the same process again when you approach another intermediary.
“No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor’s account.”
Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 01, 2020.
Update your email id and mobile number with your stock broker / depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge.
Check your securities / MF / bonds in the consolidated account statement issued by NSDL/CDSL every month.
Smart Online Dispute Resolution: SEBI has established an Online Dispute Resolution Portal (ODR Portal) for resolving disputes in the Indian Securities Market. This circular streamlines the existing dispute resolution mechanism, offering online conciliation and arbitration, benefiting investors and listed companies.

For NSE

Please click the link to download Rights and Obligation, RDD, Guidance Note in Vernacular Language

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Procedure to file a complaint on SEBI SCORES: Register on SCORES portal. Mandatory details for filing complaints on SCORES: Name, PAN, Address, Mobile Number, E-mail ID. Benefits: Effective Communication, Speedy redressal of the grievances

Procedure to file a complaint on SEBI SCORES

Register on SCORES portal. Mandatory details for filing complaints on SCORES: Name, PAN, Address, Mobile Number, E-mail ID. Benefits: Effective Communication, Speedy redressal of the grievances

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