SEBI introduces closing auction session to reform equity closing prices

SEBI introduces closing auction session to reform equity closing prices


Closing Auction Session (CAS) will run from 3:15 pm to 3:35 pm in phases, initially covering stocks with derivatives. It will use an auction-based equilibrium price discovery process with defined price bands and order priorities.
| Photo Credit:
HEMANSHI KAMANI/Reuters

Markets regulator SEBI on Friday decided to introduce a closing auction session (CAS) in the equity cash segment, a new framework that will make the discovery of closing prices more transparent and robust.

The CAS will be implemented in a phased manner, SEBI said in its circular.

Currently, closing prices are determined using the volume-weighted average price (VWAP) of trades executed during the last 30 minutes of continuous trading.

Move towards global best practices

Under the new framework, SEBI will move closer to global practices where closing prices are discovered through an auction mechanism that aggregates market interest into a single pool of liquidity, improves execution efficiency for large orders, supports fair settlement of derivatives and indices, and facilitates passive funds to transact at closing prices with lower tracking error.

The CAS will be implemented in phases. Initially, it will apply only to cash market stocks that have derivative contracts. For other stocks, the existing VWAP-based method will continue to apply.

CAS timing and structure

According to SEBI, the CAS will run for 20 minutes, from 3:15 pm to 3:35 pm, on all trading days and will operate as a separate session after the continuous trading session.

It will include phases for transition from continuous trading, order entry for both market and limit orders, a limit-only order period with random closure in the last two minutes, and final order matching.

Impact on derivatives and post-close sessions

The equity derivatives segment will continue trading till 3:40 pm, while the post-close session in the cash market will run from 3:50 pm to 4:00 pm, during which trades will be executed at the closing price.

The reference price for CAS will be based on the VWAP of trades between 3:00 pm and 3:15 pm. If there are no trades during this period, the last traded price of the day will be used; if there are none, the previous trading day’s closing price will apply.

Price band norms

A price band of plus or minus 3 per cent of the reference price will apply during CAS, SEBI said.

The price bands for stock futures between 3:15 pm and 3:40 pm will be aligned with the CAS price band, and the existing dynamic price band flexing mechanism for this period will be suspended.

Only market and limit orders will be allowed during CAS, while iceberg and stop-loss orders will not be permitted.

Equilibrium price discovery process

SEBI said that all eligible orders will be used to determine the equilibrium price, which is the price at which the maximum executable volume is reached.

If multiple prices qualify, the price with the least unmatched quantity will be chosen; if ambiguity persists, the price closest to the reference price will be selected. If no equilibrium price emerges, the reference price itself will be taken as the closing price.

Order priority and carry-forward mechanism

Market orders will get execution priority over limit orders. Unexecuted limit orders from the continuous trading session will be carried forward into CAS, except for stop-loss orders, iceberg orders, and orders outside the applicable price band. These carried-forward orders will retain higher time priority unless modified during CAS.

Risk management and margin requirements

Risk management and margin requirements applicable to the cash market will continue during CAS, with certain relaxations for unmodified carried-forward limit orders.

Changes to derivatives settlement framework

Since the closing price methodology is changing, SEBI has also amended the framework for settlement prices of stock and index derivatives, which will now be based on the closing prices discovered through CAS.

Operational guidelines for exchanges

SEBI has asked stock exchanges and clearing corporations to jointly formulate standard operating procedures for settlement prices and price-band alignment within 30 days.

Alignment of pre-open auction session

In addition, SEBI has aligned the pre-open auction session with the CAS framework. The pre-open session will remain 15 minutes long, include market and limit orders, follow a similar equilibrium price mechanism with random closure, and provide greater transparency through the dissemination of indicative prices and order imbalances.

Implementation timeline

The CAS framework will be implemented from August 3, 2026, while the revised pre-open auction framework will come into effect from September 7, 2026, SEBI said.

Published on January 17, 2026



Source link

तीसरी तिमाही में 2.7 प्रतिशत बढ़ा रिलायंस रिटेल का मुनाफा, राजस्व 97600 करोड़ के पार

तीसरी तिमाही में 2.7 प्रतिशत बढ़ा रिलायंस रिटेल का मुनाफा, राजस्व 97600 करोड़ के पार


Reliance Retail Q3 Results: दिग्गज उद्योगपति मुकेश अंबानी की अगुवाई वाली रिलायंस रिटेल वेंचर्स लिमिटेड (RRVL) ने दिसंबर तिमाही में मजबूत प्रदर्शन किया है. कंपनी का शुद्ध लाभ सालाना आधार पर 2.7 प्रतिशत बढ़कर 3,551 करोड़ रुपये हो गया, जबकि कुल राजस्व 8.1 प्रतिशत की बढ़त के साथ 97,605 करोड़ रुपये पर पहुंच गया.

रिलायंस इंडस्ट्रीज लिमिटेड (RIL) द्वारा शेयर बाजार को दी गई जानकारी के अनुसार, एक साल पहले इसी तिमाही में आरआरवीएल का शुद्ध लाभ 3,458 करोड़ रुपये और कुल आय 90,333 करोड़ रुपये थी.

परिचालन प्रदर्शन मजबूत

दिसंबर तिमाही में कंपनी का परिचालन राजस्व 9.2 प्रतिशत बढ़कर 86,951 करोड़ रुपये रहा, जो पिछले वर्ष की समान तिमाही में 79,595 करोड़ रुपये था. वहीं, कर-पूर्व लाभ (EBITDA) में मामूली बढ़त दर्ज हुई और यह 1.3 प्रतिशत बढ़कर 6,915 करोड़ रुपये रहा.

स्टोर नेटवर्क और ग्राहक आधार में विस्तार

देश की सबसे बड़ी खुदरा विक्रेता कंपनी ने विस्तार की रणनीति को जारी रखते हुए तिमाही के दौरान 431 नए स्टोर खोले. इसके साथ ही कंपनी के कुल स्टोरों की संख्या बढ़कर 19,979 हो गई.

आरआरवीएल का कुल पंजीकृत ग्राहक आधार 37.8 करोड़ तक पहुंच गया, जबकि लेनदेन की संख्या सालाना आधार पर 47 प्रतिशत बढ़कर 52.4 करोड़ से अधिक हो गई.

FMCG कारोबार का पुनर्गठन

इस तिमाही के दौरान कंपनी ने अपने एफएमसीजी कारोबार रिलायंस कंज्यूमर प्रोडक्ट्स लिमिटेड (RCPL) के विभाजन की प्रक्रिया पूरी की. अब यह आरआईएल की सीधी अनुषंगी कंपनी बन गई है, जिससे इस कारोबार को स्वतंत्र और केंद्रित ढांचे के तहत आगे बढ़ने में मदद मिलेगी.

इलेक्ट्रॉनिक्स और ई-कॉमर्स में तेज ग्रोथ

  1. कंपनी के अनुसार, त्योहारी सीजन का फायदा किराना और उपभोक्ता इलेक्ट्रॉनिक्स कारोबार को मिला.
  2. लैपटॉप की बिक्री में 46%
  3. मोबाइल की बिक्री में 38%
  4. टीवी की बिक्री में 25% की बढ़ोतरी दर्ज की गई.
  5. ई-कॉमर्स प्लेटफॉर्म अजियो और शिन ने भी इस तिमाही में निरंतर ग्रोथ दिखाई.

रिलायंस इंडस्ट्रीज के चेयरमैन और प्रबंध निदेशक मुकेश अंबानी ने कहा कि यह तिमाही खुदरा कारोबार के लिए काफी अहम रही और नए ब्रांड व उत्पादों के जुड़ने से पोर्टफोलियो और मजबूत हुआ है.

वहीं, आरआरवीएल की कार्यकारी निदेशक ईशा एम अंबानी ने कहा कि कंपनी नवाचार और उत्कृष्टता के जरिए भारतीय खुदरा बाजार के स्वरूप को बदलने के अपने विजन पर लगातार आगे बढ़ रही है.

ये भी पढ़ें: नए लेबर कोड का असर, विप्रो की तीसरी तिमाही नतीजे में 7 प्रतिशत गिरा मुनाफा



Source link

Trump threatens tariffs over Greenland control

Trump threatens tariffs over Greenland control


US President Donald Trump suggested imposing tariffs on countries that do not support the US controlling Greenland, citing national security concerns
| Photo Credit:
NATHAN HOWARD/Reuters

US President Donald Trump suggested Friday that he may punish countries with tariffs if they don’t back the US controlling Greenland, a message that came as a bipartisan Congressional delegation sought to lower tensions in the Danish capital.

Trump for months has insisted that the US should control Greenland, a semiautonomous territory of NATO ally Denmark, and said earlier this week that anything less than the Arctic island being in US hands would be “unacceptable.” During an unrelated event at the White House about rural health care, he recounted Friday how he had threatened European allies with tariffs on pharmaceuticals.

“I may do that for Greenland too,” Trump said. “I may put a tariff on countries if they don’t go along with Greenland, because we need Greenland for national security. So I may do that,” he said.

He had not previously mentioned using tariffs to try to force the issue.

Earlier this week, the foreign ministers of Denmark and Greenland met in Washington this week with US Vice President JD Vance and Secretary of State Marco Rubio.

That encounter didn’t resolve the deep differences, but did produce an agreement to set up a working group — on whose purpose Denmark and the White House then offered sharply diverging public views.

European leaders have insisted that is only for Denmark and Greenland to decide on matters concerning the territory, and Denmark said this week that it was increasing its military presence in Greenland in cooperation with allies.

A relationship that we need to ‘nurture’

In Copenhagen, a group of senators and members of the House of Representatives met Friday with Danish and Greenlandic lawmakers, and with leaders including Danish Prime Minister Mette Frederiksen.

Delegation leader Sen. Chris Coons, a Delaware Democrat, thanked the group’s hosts for “225 years of being a good and trusted ally and partner” and said that “we had a strong and robust dialog about how we extend that into the future.” Sen. Lisa Murkowski, an Alaska Republican, said after meeting lawmakers that the visit reflected a strong relationship over decades and “it is one that we need to nurture.” She told reporters that “Greenland needs to be viewed as our ally, not as an asset, and I think that’s what you’re hearing with this delegation.”

The tone contrasted with that emanating from the White House. Trump has sought to justify his calls for a US takeover by repeatedly claiming that China and Russia have their own designs on Greenland, which holds vast untapped reserves of critical minerals. The White House hasn’t ruled out taking the territory by force.

“We have heard so many lies, to be honest and so much exaggeration on the threats towards Greenland,” said Aaja Chemnitz, a Greenlandic politician and member of the Danish parliament who took part in Friday’s meetings. “And mostly, I would say the threats that we’re seeing right now is from the US side.” Murkowski emphasised the role of Congress in spending and in conveying messages from constituents.

“I think it is important to underscore that when you ask the American people whether or not they think it is a good idea for the United States to acquire Greenland, the vast majority, some 75 per cent, will say, we do not think that that is a good idea,” she said.

Along with Sen. Jeanne Shaheen, a New Hampshire Democrat, Murkowski has introduced bipartisan legislation that would prohibit the use of US Defence or State department funds to annex or take control of Greenland or the sovereign territory of any NATO member state without that ally’s consent or authorization from the North Atlantic Council.

Inuit council criticises White House statements

The dispute is looming large in the lives of Greenlanders. Greenland’s prime minister, Jens-Frederik Nielsen, said on Tuesday that “if we have to choose between the United States and Denmark here and now, we choose Denmark. We choose NATO. We choose the Kingdom of Denmark. We choose the EU.”

”The chair of the Nuuk, Greenland-based Inuit Circumpolar Council, which represents around 180,000 Inuit from Alaska, Canada, Greenland, and Russia’s Chukotka region on international issues, said persistent statements from the White House that the US must own Greenland offer “a clear picture of how the US administration views the people of Greenland, how the US administration views Indigenous peoples, and peoples that are few in numbers.” Sara Olsvig told The Associated Press in Nuuk that the issue is “how one of the biggest powers in the world views other peoples that are less powerful than them. And that really is concerning.” Indigenous Inuit in Greenland do not want to be colonized again, she said.

Published on January 17, 2026



Source link

Mohan Lal Mittal, father of Lakshmi Mittal, dies at 99

Mohan Lal Mittal, father of Lakshmi Mittal, dies at 99


Prime Minister Narendra Modi tweeted this picture, condoling the demise of Industrialist Mohan Lal Mittal, in New Delhi on Friday.
| Photo Credit:
@narendramodiX/ANI Photo

Industrialist Lakshmi Mittal’s father, Mohan Lal Mittal, 99, passed away in London on Thursday.

Lakshmi Mittal, Executive Chairman, ArcelorMittal, in a statement said, “it is with great sadness that we announce the passing of my beloved father Mohan Lal Mittal, who died peacefully on January 15 in London, surrounded by his family.” He was 99, an incredible age and only some months short of reaching his 100th birthday, he said.

Roots in Rajasthan

“My father was an extraordinary man, whose strong religious belief and work ethic stayed with him his whole life. He was born into a loving and modest family in a small village Rajgarh, Rajasthan,” he said.

Entrepreneurial vision

“He was a natural entrepreneur, with a vision that was in many ways well ahead of his time. He inspired us to be bold and extend our horizons beyond what was safe. Throughout my life I would seek his counsel and wisdom and even till his last days as his mental strength never wavered. I never stopped discussing business issues and challenges with him – he always encouraged me to be bold and ahead of time,” said Lakshmi Mittal.

“For all his business success, he was a great friend to me all the time, remembering cherishing and celebrating all the important milestones in our lives,” said Lakshmi Mittal in a statement.

Family he leaves behind

Mohanlal Mittal is survived by 5 children and their spouses, 11 grandchildren and their spouses, and 22 great-grandchildren.

Values and integrity

ArcelorMittal, in a statement, said Mohan Lal Mittal deeply believed in building businesses with integrity, purpose, and a responsibility to society. Beyond his achievements in business, he was a devoted family man, cherished by those closest to him and admired for his humility, wisdom, and compassion, it said.

Prime Minister’s tribute

Prime Minister Narendra Modi, in a tweet, said Mohan Lal Mittal Ji distinguished himself in the world of industry. At the same time, he was very passionate about Indian culture. He supported various philanthropic efforts, reflecting his passion for societal progress. Pained by his passing. “I will cherish our various interactions,” he said.

Goyal pays tribute

Piyush Goyal, Minister of Commerce and Industry, in a tweet, said saddened by the demise of Mohan Lal Mittal ji. A distinguished industrialist, he made notable contributions to the world of enterprise by laying the foundation of a powerful business legacy.

His resilience and philanthropic activities will continue to inspire generations, he said.

Published on January 17, 2026



Source link

Algorithmic trading market to reach .55 billion by 2033

Algorithmic trading market to reach $1.55 billion by 2033


Regulators have introduced frameworks to enable retail participation while ensuring safeguards, including broker accountability, algorithm registration, and performance verification, aimed at improving transparency and investor protection.

Algorithmic trading in the equity market has been expanding rapidly, reaching $1.55 billion by 2033, driven by supportive policy measures from the market regulator, SEBI, and improvements in cloud infrastructure.

Algo trading already accounts for most of the activity on exchanges. As per the recent NSE report, algo trades accounted for 54 per cent of the cash market in this fiscal till November and about 67 per cent in the futures and options segment.

Strong growth projections

According to market research from the IMARC Group, algo trading will increase from about $562 million in 2024 to $1.27 billion by 2033.

AI-led momentum

The study forecasts a compound annual growth rate of 9.5 per cent in algo trading between 2025 and 2033, supported by AI/ML-based strategies.

Regulatory safeguards

Recognizing the growth of automated trading, regulators have sought to provide safeguards and level the playing field for retail participants.

Retail access framework

Last February, Sebi introduced a framework allowing retail clients to access algorithmic trading through their brokers while placing compliance responsibilities on intermediaries.

Clear accountability norms

Brokers are considered principals for API based orders; algorithm providers act as agents. Each order must carry a unique identifier; retail-developed algorithms must be registered with the exchange through their broker; exchanges will maintain lists of approved algorithm providers; and brokers must perform due diligence before onboarding them.

Performance verification push

SEBI further launched the Past Risk and Return Verification Agency to verify the performance claims made by investment advisers, research analysts, and algorithmic strategy providers.

Credibility assurance

The agency’s role is to audit and validate performance statistics before they are marketed, adding an extra layer of credibility to test results and historical returns.

Learning and infrastructure

Nitesh Khandelwal, Co-Founder of interactive learning platform QuantInsti, said mainstream adoption of systematic strategies will depend not just on regulation but also on the availability of learning tools and infrastructure.

Transparency boost

Exchange-led empanelment of algorithm providers, coupled with mandatory registration of strategies, should enhance transparency and investor protection by clarifying the roles of strategy creators, execution platforms, and brokers, he said.

Published on January 16, 2026



Source link

BJP breaks Thackeray stronghold, takes control of BMC in Maharashtra civic sweep

BJP breaks Thackeray stronghold, takes control of BMC in Maharashtra civic sweep


Maharashtra Chief Minister Devendra Fadnavis and Maharashtra BJP President Ravindra Chavan celebrate after the municipal elections results at the Maharashtra BJP Headquarters in Mumbai
| Photo Credit:
EMMANUAL YOGINI

The Bharatiya Janata Party (BJP) delivered a sweeping victory in Maharashtra’s municipal corporation elections, winning a majority in 25 of the 29 civic bodies that went to the polls, and bringing to an end the over two-decade-long rule of Uddhav Thackeray’s Shiv Sena in Mumbai’s Brihanmumbai Municipal Corporation (BMC), Asia’s richest civic body.

In Mumbai, the BJP emerged as the single largest party. At 9pm as counting still continued, BJP’s had won 88 seats, while its ally, the Shiv Sena (Eknath Shinde faction), secured 28 seats, together crossing the majority mark of 114 in the 227-member House.

The Shiv Sena (Uddhav Balasaheb Thackeray faction) won 66 seats, while its ally, the Maharashtra Navnirman Sena (MNS) led by Raj Thackeray, secured six seats. The Congress won 24 seats in Mumbai.

While early counting trends pointed to a decisive BJP sweep, the contest tightened by evening, with the Thackeray-led Sena recovering some ground and the Congress improving its tally in parts of the city.

Thackeray Era Ends in Mumbai

The Thackeray family has controlled the BMC since 1997, making this the first time the BJP will stake claim to the mayor’s post in Mumbai. As many as 1,700 candidates contested across 227 wards for control of the civic body, whose Budget Estimates for 2025-26 stand at ₹74,427.41 crore, larger than the annual budgets of several Indian states.

This election was also notable for the first-ever alliance between the estranged Thackeray cousins in an attempt to reclaim Mumbai.

Hindutva and Development Pitch

Reacting to the results, Chief Minister Devendra Fadnavis said that Hindutva remains the soul of the BJP and was central to the party’s success in the civic polls.

“Hindutva is the soul of the BJP. It has taken the party to the people and led us to victory,” Fadnavis said while addressing party workers in Mumbai. Emphasising the party’s ideological and governance approach, he added, “Hindutva and development are two sides of the same coin.”

Prime Minister Narendra Modi thanked the people of Maharashtra in a post on X, saying the results reflected growing public support for the NDA’s agenda of pro-people governance and development. The vote has added momentum to progress.

BJP’s Statewide March

Across Maharashtra, the BJP registered decisive victories, winning 25 municipal corporations, including landslide wins in Pune, Pimpri-Chinchwad, Nagpur, Solapur and Nanded, reinforcing its dominance in urban local bodies and reshaping the state’s civic political landscape.

Sharad Pawar’s NCP was completely decimated in the polls and the party was not even able to open its account in many cities, while Ajit Pawar’s NCP failed to win in any of the civic body. The Congress emerged victorious in Latur and Chandrapur.

Published on January 16, 2026



Source link

YouTube
Instagram
WhatsApp