Benchmark index Sensex surged over 1,200 points on October 15 ahead of a likely SEBI meeting on Closing Auction Session framework. Market regulator Securities and Exchange Board of India (SEBI) has called a meeting of its Secondary Market Advisory Committee (SMAC) on Thursday to discuss feedback on the closing auction session (CAS) framework, multiple sources familiar with the matter told Moneycontrol.
The meeting has a single-point agenda of discussing the feedback received on SEBI's consultation paper on CAS, the sources said. The regulator has not shared a detailed agenda.
“SEBI has not shared the exact agenda but consultation paper only. Seems the regulator does not want to reveal its mind and prefer the policy based on public and stakeholders’ inputs,” a source said.
At 11:48 am, the Sensex was up 1,205.70 points or 1.66% at 73,987.59, and the Nifty was up 345.15 points or 1.53% at 22,967.85. About 1,579 shares advanced, 2,163 shares declined, and 171 shares were unchanged.
A review of CAS would help stop the sharp swings being seen, especially on F&O expiry days, in the indices ever since the introduction of the new system, said market participants.