SEBI has proposed a new framework for the Closing Auction Session (CAS) in the equity cash market, starting with highly liquid derivative stocks to determine the closing prices of shares. The CAS would be applied in a phased manner, beginning with stocks available in the derivatives segment, those with sufficient liquidity, and later extended to all stocks based on experience gained. The session will be held separately for 20 minutes, from 3:15 pm to 3:35 pm. To maintain orderly trading, CAS will operate within a 3% up or down band of the reference price, determined using VWAP of trades between 3 pm and 3:15 pm. The comments/ feedback from stakeholders are invited.