# Sebi gets over 20,000 responses on CAS review, traders back VWAP status quo 2026-10-04T04:17:08+00:00 | Governance | Indian Opinion Desk Corroboration: 2 independent outlets The Securities and Exchange Board of India (Sebi) has received over 20,000 comments on its consultation paper on the closing auction session (CAS), market timings and derivatives settlement methodology. The unusually high response came after the regulator reviewed the CAS mechanism introduced for stocks with derivatives contracts from August 3, following a decline in trading volumes in futures and options and alleged instances of manipulation in the window. Traders, brokers and the Futures Industry Association (FIA) have favoured retaining the existing 30-minute continuous trading session volume-weighted average price (VWAP) method before any shift to a blended framework. FIA submitted on October 3 that the immediate adoption of blended VWAP would create difficulties in tracking the settlement price. It also backed Sebi's proposal to extend continuous trading in CAS stocks to 3:30 pm but opposed stopping dissemination of the indicative index value during CAS. Sebi Chairman Tuhin Kanta Pandey on Saturday, 3 October said the regulator is examining concerns around the settlement price framework for derivatives on expiry days. With the consultation now closed, Sebi is expected to examine the feedback before finalising the revised CAS framework. ## Indian Opinion Analysis Business Standard and The Hans India present uniform straight reporting of Sebi's CAS review, differing only in lead: Business Standard leads with the 20,000-plus responses and trader resistance to the VWAP shift, while The Hans India leads with the chairman's statement at a convention. Both attribute the same proposals and feedback accurately. The Hans India adds a separate note on Sebi examining position limits for non-agricultural commodity derivatives, a distinct issue not covered by Business Standard. The combined reading shows a regulator facing heavy industry pushback on a change it floated to address manipulation concerns, with the next step being Sebi's internal examination of the feedback before a final framework is published. ## Coverage Coverage: 2 sources, 2 neutral - business-standard.com (neutral report) Leads with response volume and trader views, no editorialising. - thehansindia.com (neutral report) Leads with chairman's speech, adds commodity markets note. This brief was synthesised by AI from the 2 sources linked above, so one read covers every framing they carry. Tags: CPAI, FIA, SEBI, Tuhin Kanta Pandey Canonical: https://indianopinion.org/sebi-gets-over-20000-responses-on-cas-review-traders-back-vwap-status-quo/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/sebi-gets-over-20000-responses-on-cas-review-traders-back-vwap-status-quo/#story-in-brief How this brief was made: an AI model read the reports linked above and wrote this summary and analysis, which were published automatically. Published briefs are sampled every hour by an automated quality check; the editor verifies its findings and approves corrections, and corrected briefs carry a dated correction line. Stance labels are editorial classifications of how each outlet framed this story, assigned by the same model, not ratings of the outlets. We do no original reporting. Methodology: https://indianopinion.org/ai-use-policy/