Introduction of Closing Auction Session (CAS), Extended F&O Trading Timings & Operational Changes.
Dear Client,
Please be informed that the Exchanges are introducing the Closing Auction Session (CAS) in a phased manner for all F&O-eligible stocks (stocks with derivative contracts listed on NSE and BSE).
As part of this implementation, there will be changes to market closing activities, order handling, and trading session timings
Please review the details below to understand the revised process and timelines.
1. TRADING SESSION TIMINGS
Session | Time | Activity |
Continuous Trading Session (CTS) | Up to 3:15 PM | Normal market trading (CAS Eligible Scrips) |
Reference Price Calculation / CTS to CAS Transition | 3:15 PM - 3:20 PM | No new orders accepted |
CAS Order Entry (Limit & Market Orders) | 3:20 PM – 3:25 PM | Order entry, modification, and cancellation permitted |
CAS Order Entry (Limit Orders Only) | 3:25 PM – 3:30 PM | Only limit orders permitted. Market orders cannot be modified or cancelled |
Random Closure Window | 3:28 PM – 3:30 PM | System-driven random closure |
Order Matching & Trade Confirmation | 3:30 PM – 3:35 PM | Execution at equilibrium price |
CAS to Post-Close Transition | 3:35 PM – 3:50 PM | Transition period |
Post-Close Session | 3:50 PM – 4:00 PM | Existing post-close process continues |
2. Price Band
Price band applicable during CAS shall be +/- 3% from the reference price of the stock for CAS
3. Treatment of Existing Orders at 3:15 PM
Orders Carried Forward to CAS
· Unexecuted Limit Orders falling within CAS price bands will be carried forward to the CAS session
· Original order timestamps will be retained
Orders Not Carried Forward
The following orders will not be carried forward into CAS:
· Stop Loss (SL) Orders
· Iceberg Orders
· Disclosed Quantity (DQ) Orders
· Orders outside CAS price bands
4. CAS Order Entry Restrictions
The following order types will not be permitted during the Closing Auction Session:
· Stop Loss (SL) Orders
· Immediate or Cancel (IOC) Orders
· Disclosed Quantity (DQ) Orders
5. Market Orders
· Market Orders will be accepted only between 3:20 PM and 3:25 PM
· Market Orders entered after 3:25 PM will be rejected by the Exchange
6. Limit Orders
Limit Orders will be accepted from 3:20 PM to 3:30 PM
7. Order Matching
· All eligible orders will be matched at a single equilibrium price determined during the Closing CAS Session
· The equilibrium price discovered during CAS will become the official Closing Price of the security.
8. End-of-Session Processing
Any unexecuted CAS orders remaining after the CAS matching process will be automatically cancelled by the Exchange
Equity Derivatives Segment – Revised Market Timings
The trading hours for the Equity Derivatives Segment have been extended by 10 minutes.
Revised Trading Hours: 09:15 AM to 03:40 PM |
Additional Operational Changes
• Auto Square-Off Timings
Cash Segment | Current | Revised |
|---|---|---|
Cover Order (CO) | 3:10 PM | 3:00 PM |
Bracket Order (BO) | 3:10 PM | 3:00 PM |
MIS Square-Off | 3:15 PM | 3:05 PM |
Please Note: There will be no changes to the intraday square-off timings for any other segment.
F&O Segment | No Change |
|---|---|
Cover Order (CO) | 3:10 PM |
Bracket Order (BO) | 3:10 PM |
MIS Square-Off | 3:15 PM |
• After Market Orders (AMO)
Segment | Timings |
|---|---|
Cash Segment | 4:01 PM |
Futures Segment | 4:01 PM |
Kindly refer to the circular link below for further details:
- NSE FAQ On CAS: Click here
- NSE Circular 1: Click here
- NSE Circular 2: Click here
- SEBI Circular: Click here
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