CAS here to stay, SEBI analysing feedback for possible improvements: Pandey

SEBI Chairman Tuhin Kanta Pandey affirmed on Monday that the recently launched Closing Auction Session (CAS) framework is set to remain permanently in place, stating that the capital markets regulator is carefully evaluating stakeholder feedback to identify potential enhancements to address concerns raised by participants. The CAS, which commenced on August 3 this year, has elicited some criticisms on social media platforms, particularly regarding specific shortcomings.

During a cybersecurity event held at SEBI's National Institute of Securities Markets, Pandey emphasized that SEBI cannot react to every suggestion or critique, maintaining that the new framework is a significant reform in the markets. He acknowledged that SEBI has received numerous suggestions, including those from social media, and stated that their teams are discussing these with the participants.

Pandey also highlighted that many concerns could be resolved as participation in CAS increases, and expressed concern that some market participants may not have invested the necessary effort to grasp the new framework. Additionally, he questioned whether participants did not exert sufficient energy to learn the new system, comparing it to other countries that have frameworks similar to CAS and labeling India as a late adapter.