SEBI revises the timings and framework of the Closing Auction Session

16 October 2026

The Securities and Exchange Board of India has revised the timings and operational framework of the Closing Auction Session in the equity cash market and updated the settlement methodology for stock and index derivatives. The session will run for ten minutes, from 3.30 pm to 3.40 pm on all trading days, with separate phases for calculating the reference price and for placing orders. The order entry window will close at a random time between 3.38 pm and 3.40 pm. Stock and index derivatives will trade until 3.45 pm, and the post closing session in the cash market will run from 3.50 pm to 4 pm with trades at the closing price. Most of the revised provisions take effect on 7 December 2026, while the provisions on unexecuted limit and iceberg orders take effect on 8 February 2027. Exchanges and clearing corporations must make the system and procedural changes within seven days of the circular.