SEBI CONSULTATION PAPER – KEY PROPOSALS ON CLOSING AUCTION SESSION (CAS)
• DERIVATIVES SETTLEMENT: SEBI proposes two options for expiry-day settlement. Option 1 – Blended VWAP: use trades from the last 30 minutes of CTS + 10 minutes of CAS, with weights based on actual traded value. Option 2 – CTS VWAP: continue using only the last 30 minutes of CTS initially, with a possible shift to Blended VWAP after at least one year. Final Consultation Paper September 12, 2026.pdf
• IEP / IIV: Security-level IEPs would continue to be disseminated, but SEBI proposes stopping the dissemination of the IEP-derived Indicative Index Value (IIV) during CAS because it can be mistaken for an actual traded index level.
• MARKET TIMINGS – OPTION A: CTS for CAS stocks until 3:30 PM, CAS from 3:31–3:40 PM, and F&O trading until 3:45 PM. Final Consultation Paper September 12, 2026.pdf
• MARKET TIMINGS – OPTION B: CTS for CAS stocks remains until 3:15 PM, CAS runs 3:15–3:25 PM, and F&O trading ends at 3:30 PM. Final Consultation Paper September 12, 2026.pdf
• TRANSITION PERIOD: SEBI proposes cutting the CTS-to-CAS transition period from 5 minutes to up to 1 minute. Final Consultation Paper September 12, 2026.pdf
• POST-CAS F&O WINDOW: The derivatives trading window after CAS would be reduced from 10 minutes to 5 minutes. Final Consultation Paper September 12, 2026.pdf
• CAS ORDERS: The existing ±3% price band would remain. However, orders placed beyond ±1% of the reference price could not be cancelled during CAS; only price-improving modifications would be permitted. Final Consultation Paper September 12, 2026.pdf
• ICEBERG ORDERS: Unexecuted Iceberg quantities at the end of CTS could be converted into normal limit orders and the entire pending quantity disclosed in the CAS order book. Final Consultation Paper September 12, 2026.pdf
BOTTOM LINE: SEBI is seeking to make CAS more reliable and transparent, reduce the influence of indicative prices on derivatives trading, improve continuity between CTS and CAS, and provide greater certainty around expiry-day settlement. Public comments are invited until October 3, 2026. Final Consultation Paper September 12, 2026.pdf
🇮🇳 PM MODI’S OPENING REMARKS AT 18th BRICS SUMMIT | NEW DELHI
🗣️ Prime Minister Narendra Modi addressed the opening session on “Inclusive Global Governance and Strengthening Multilateralism” at Bharat Mandapam.
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As BRICS marks 20 years, Modi called for transforming the grouping from consensus to concrete outcomes.
🔹Global Governance: The existing system is a “pyramid of privilege.” Modi called for transforming it into a “platform of partnership.”
🔹Global South: Countries of the Global South must move from “rule-takers” to “rule-shapers.”
🔹🇺🇳 UNSC Reform: Reform can “no longer be delayed”, with time-bound negotiations and clear outcomes.
🔹💰 Financial Institutions: Voting power, leadership and priorities must reflect today’s economic realities.
🔹⚙️ BRICS Implementation: India proposed a Troika-based continuity mechanism and a secure digital repository to track decisions and implementation.
🔹🚢 Seafarers: Proposed a BRICS Seafarers’ Emergency Support Network.
🇮🇳BRICS India 2026: Key Outcomes & Initiatives
From resilience and innovation to deeper cooperation and sustainability, India’s BRICS Chairship puts forward a broad roadmap for a stronger, more inclusive and sustainable future.
#BRICS2026 #BRICSIndia2026 #India #GlobalSouth
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