{
  "id": 5572328,
  "title": "SEBI’s WTM Kamlesh Varshney likely to get extension amid CAS challenges",
  "url": "https://urgent.news/2026/09/04/sebis-wtm-kamlesh-varshney-likely-to-get-extension-amid-cas-challenges",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-04T13:54:18.000Z",
  "source": {
    "name": "Hindu BusinessLine",
    "slug": "hindu-businessline",
    "url": "https://www.thehindubusinessline.com/markets/sebis-wtm-kamlesh-varshney-likely-to-get-extension-amid-cas-challenges/article71428528.ece"
  },
  "original_language": "en",
  "account": "The Government is expected to extend the tenure of SEBI's Whole-Time Member, Kamlesh Chandra Varshney, by six months to a year as the market regulator grapples with challenges arising from the recently introduced Closing Auction Session (CAS), according to sources in the finance ministry. The sources noted that continuous operation would be crucial for SEBI at this juncture due to the issues witnessed with CAS. Another Whole-Time Member, Amarjeet Singh, whose term concludes this month, is not anticipated to receive an extension. The official confirmation is anticipated within a week. Initially, in June, the Department of Economic Affairs had invited applications for two WTM positions at SEBI as Varshney and Singh's three-year terms approached expiration. Varshney commenced his role as SEBI's WTM on September 20, 2023, while Singh joined on September 1, 2023. Both were eligible for reappointment, contingent on meeting the age criteria. Varshney's potential reappointment is significant as SEBI is currently reassessing the methodology for calculating settlement prices of derivative contracts following feedback from market participants post-CAS implementation. The regulator announced on Thursday that a consultation paper on the proposed modifications could be released within a week. This review follows the heightened volatility and price fluctuations observed during the 20-minute auction, particularly on expiry days. CAS, which supplanted the earlier volume-weighted average-based price discovery, matches buy and sell orders after continuous trading ceases at 3:15 pm and establishes the closing price for shares and, consequently, for derivative contracts. Previously, SEBI cited the auction's irregularities were due to inadequate market participant participation, and increased liquidity could address the concerns. CAS was introduced on August 3 aimed at promoting transparency in closing price discovery, resolving passive fund issues, and aligning India with global practices. On August 19, SEBI issued an interim order excluding Copthall Mauritius Investment, a JPMorgan entity, and Mansi Share and Stock Broking from the market due to alleged manipulative trades during the August 13 Sensex expiry session. Varshney authored the order. Varshney, an Indian Revenue Service officer from the 1990 batch and former Joint Secretary in the Department of Revenue, currently oversees several key areas at SEBI, including surveillance, legal affairs, and enforcement-related functions.",
  "summary": "The government may retain SEBI WTM for up to a year; an official announcement is expected next week",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}