This notice is for information purposes only. Exchange rules and circulars shall prevail.
Pragya Securities Private Limited
Important Communication for Clients / APs / Dealers
Closing Auction Session (CAS)
Effective Date
Pursuant to the applicable SEBI framework and exchange operational circulars, a Closing Auction Session (CAS) will be introduced in the Equity Cash Segment for eligible securities. CAS will determine the official closing price through an auction process.
Who is covered?
In the initial phase, Eligible Securities are cash-market stocks on which derivative contracts are available (F&O-Eligible Stocks), as notified by NSE and/or BSE. For all Other Securities, existing trading timings will remain unchanged until further communication from the regulator or the exchanges.
Revised timings for Eligible Securities
| Session | Timing |
|---|---|
| Continuous Trading Session | 09:15 AM – 03:15 PM |
| Reference price calculation / transition (no fresh orders allowed) | 03:15 PM – 03:20 PM |
| CAS: Order Entry / Modification / Cancellation (Limit & Market Orders) | 03:20 PM – 03:25 PM |
| CAS: Order Entry / Modification / Cancellation (Limit Orders Only*) | 03:25 PM – 03:30 PM* |
| Cooling-off / order matching period (no order changes) | 03:30 PM – 03:35 PM |
| Transition from CAS to post closing session | 03:35 PM – 03:50 PM |
| Post Close Session | 03:50 PM – 04:00 PM |
* The order-entry session closes randomly anytime between 03:28 PM and 03:30 PM.
Key changes
- Continuous trading for eligible securities will conclude at 03:15 PM.
- Pending Limit Orders that are within the permitted CAS Price band (±3% of the reference price) are automatically carried forward into CAS order book.
- Orders during CAS will participate in an auction and may execute only if matched.
- The official closing price will be based on the auction outcome.
- Executed auction trades will settle in the normal settlement cycle.
- Post Closing Session for Eligible and Non-Eligible Securities will start at 03:50 PM only.
Important points for Clients / APs / Dealers
- CAS order acceptance does not guarantee immediate execution.
- During the Closing Auction Session, the applicable price band will be ±3% from the reference price.
- During 03:25 PM – 03:30 PM, market orders cannot be modified or cancelled; only Limit Orders will be accepted.
- Unmatched orders will be dealt with as per the applicable exchange mechanism of cancellation.
- Please place orders in advance and consult your dealer for assistance.