SEBI Market Reform: New Closing Price Mechanism The Securities and Exchange Board of India (SEBI) is overhauling the methodology for determining daily closing prices in the equity cash market. This transition replaces the current **30-minute volume-weighted average price** with a specialized **20-minute Closing Auction Session (CAS)**. The reform is designed to improve price discovery and market transparency, bringing Indian trading infrastructure in line with established global standards. By utilizing an auction-based model, the regulator aims to mitigate volatility and ensure more accurate end-of-day valuations. Implementation will follow a phased approach, initially targeting stocks linked to the derivatives segment. The first phase of this rollout is scheduled to commence on **August 3, 2026**. Remaining securities will be integrated into the new framework following the successful stabilization of the primary phase.