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India's Market Regulator Rules Out Immediate Review of Closing Auction
India's market regulator has ruled out an immediate review of its newly introduced Closing Auction Session despite concerns over sharp swings, and instead asked large stock brokers to display indicative equilibrium prices on their trading platforms.
The Securities and Exchange Board of India (SEBI) met with brokers on Wednesday and instructed them to educate clients about the mechanism and make necessary system changes. The framework was cleared after thorough review. It's too soon to evaluate a review.
The focus is on improving understanding and ensuring a smoother transition of investors into the new mechanism, said a person aware of the discussions. Stock exchanges had also held talks with large brokers on Tuesday to address investor concerns and operational issues. The move follows two days of confusion among traders after CAS's introduction, with the Nifty 50 rising 200 points post-auction on the first day and recovering around 150 points the next day, diverging from the Sensex. On Wednesday, the Sensex rose 152 points, or 0.2%, to 78,581, while the Nifty 50 gained 10 points, or 0.04%, to 24,624.65.
উৎস: The Hindu Business