MUMBAI: BSE Ltd has successfully implemented the Closing Auction Session (CAS) mechanism, a key milestone in strengthening the market closing process in line with the Securities and Exchange Board of India (SEBI) guidelines and exchange standard operating procedures.
The exchange said the rollout witnessed active participation from more than 400 trading members across over 200 scrips, with the system functioning smoothly and the market remaining stable throughout the session.
According to BSE, the CAS commenced at the scheduled time of 3:15 pm, followed by order entry at 3:20 pm.
The auction closed randomly between 3:28 pm and 3:30 pm and the final closing reference price was disseminated to the market at 3:32 pm.
This was followed by a post-closing session from 3:50 pm to 4 pm, which was completed successfully.
As per the revised schedule, trading in the derivatives segment concluded at 3:40 pm.
The exchange said all key features of the new mechanism operated seamlessly, including the acceptance and processing of limit-price and market-price orders as well as order matching based on the prescribed equilibrium price methodology.
The exchange further noted that the benchmark Sensex recorded a marginal decline of 0.048 per cent from the reference price derived at 3:15 pm.
“The successful implementation of the Closing Auction Session is expected to improve the efficiency and robustness of market-closing processes,” it added.
BSE also said that participation in the auction mechanism is likely to increase in the coming days as market participants become more familiar with the newly introduced functionality.
Shares of BSE on Tuesday traded higher at Rs 3,590.60. The stock has touched a 52-week high of Rs 4,446.80 and a 52-week low of Rs 2,021.50, according to the NSE.
