ICICI, Groww, Angel One to display CAS closing prices by Aug 14; mutual fund participation jumps to 25% as SEBI touts transparency. Retail derivative losses fall to ₹97,000 crore.
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ICICI Securities and Groww will display indicative closing prices on their websites by August 14, SEBI Chairperson Tuhin Kanta Pandey said Monday. Angel One will follow the same timeline. Zerodha and Upstox have already added the feature on their websites and plan to bring it to their mobile apps, Pandey told reporters.
Pandey called the four brokerages "important Qualified Stock Brokers" and said the move would boost adoption of the closing auction session, or CAS. The session replaced the old volume-weighted average price method on August 3.
CAS runs a 20-minute auction from 3:15 pm to 3:35 pm. The exchange matches buy and sell orders to find a single equilibrium price, rather than averaging recent trades. On the first day, buyers struggled to find sellers. Trading volumes dropped and index prices jumped in the final minutes of the regular session. Pandey said algorithms and systems built for the old VWAP method were still adjusting.
Mutual fund participation in CAS has already jumped to 25% from 5-7% earlier, Pandey said. He expects participation to keep rising as the method is transparent. Most global markets, including the New York Stock Exchange and the London Stock Exchange, already use similar auction mechanisms.
On retail derivative trading losses, Pandey said they had shrunk to ₹97,000 crore this year from ₹1 lakh crore last year. A study reviewing the impact of SEBI's recent curbs on retail derivative trading will be released within eight to ten days, he said.
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