The new Closing Auction Session has barely been around for a week, and SEBI is already looking into the August 3 and 4 trades for possible manipulation.
Those first few sessions were pretty wild, especially with the kind of moves we saw right at the close. CAS was supposed to make the closing price a better reflection of actual demand and supply.
But one thing I’m still wondering, if these moves were so unusual from the start, why didn’t we hear more about them earlier?
The timing is also interesting, considering traders were supposed to go on strike today over CAS.
Just wondering, how many of you actually traded today?
Was the market simply trying to figure out the new system, or was there something else happening?
SEBI is checking it now. Let’s see where this goes…
Personally, I’d like to see some more of it: 200+, 500-, 800+ etc in 15m. Now they’re just pretending like everything is normal and JS isn’t active. Take off the covers and show the real JS moves!!!
is the CAS actually required if there is already manipulation from past few years?
Why was sebi sleeping those years? & didn’t take any course of action
Now every year volatility & those unusual moves r causing more attention for others, in morning volatile, noon lazy moves, closure volatile moves like this.
Big Ps always manipulate but if they r looking for retailers to manipulate - then - how they wud do this if they r exiting? With low volumes
Sebi is testing this for decreasing the manipulation & showing real settlement prices moves
Last 6 sessions, we’ve seen some pretty crazy upside spikes. Today’s Nifty expiry with the index slipping… now I’m just curious to see what CAS does.Are we going to see something similar to 4th August, or could we see a downside move during today’s CAS?
SEBI now says it hasn’t seen any manipulation in the new Closing Auction so far, pretty much what I was expecting.
The bigger issue seems to be participation. The market is still getting used to how this whole thing works.
SEBI is taking feedback and is open to tweaking the framework if needed. The gaps we saw on Aug 3-4 have also narrowed quite a bit since then.
So now I’m curious…what exactly could they tweak?
Changes to the auction mechanism? Better visibility of indicative prices? A different auction window? Changes to order timings?
CAS was supposed to be a major market-structure upgrade. Would be interesting if the “upgrade” gets an upgrade itself.
