SEBI has issued its final framework for the Closing Auction Session in the equity cash market.

The session will run from 3.30 pm to 3.40 pm on all trading days.

Most provisions of the new framework take effect from December 7, 2026.

The review followed sharp price swings on expiry days since the auction began on August 3.

Limit and market orders are allowed from 3.31 to 3.36 pm, then only limit orders.

The session will close randomly between 3.38 and 3.40 pm to deter gaming and spoofing.

The reference price is the volume-weighted average of the last 15 minutes of trading.

Read the full article for more details on SEBI’s closing auction rules.