To @SEBI_updates @FinMinIndia @PMOIndia Closing Auction Session (CAS) is a violation on the following major counts. These are as per SEBI Act, 1992 and Supreme Court rulings involving SEBI. 1. SEBI v. Kanaiyalal Baldevbhai Patel, (2017) 15 SCC 1 Supreme Court while observing under SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003: “Market manipulation is normally regarded as an ‘unwarranted’ interference in the operation of ordinary market forces of supply and demand and thus undermines the ‘integrity’ and efficiency of the market.” With thin liquidity under CAS, the ordinary forces of supply and demand are not functioning, thereby undermining Market's integrity and efficiency. 2. In a SEBI order in Riddhi Siddhi Gluco Biols Limited, SEBI expressly stated: “By executing a fraudulent scheme, as has been executed by the Noticees in the instant matter, the price discovery system itself is affected. It also has an adverse impact on the fairness, integrity and transparency of the stock market.” The fraudulent scheme part can be ignored, what remains is the price discovery system. 3. Under the SEBI Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018: Regulation 7(3)(a) “the necessary infrastructure for the orderly execution of trades” Regulation 7(3)(c) “an online surveillance capability which monitors positions, prices and volumes in real time so as to ensure market integrity” With prices moving 2-3% on thin liquidity, both the sections are compromised. 4. SEBI Circular No. HO/47/11/11(3)2025-MRD-POD2/I/2765/2026, dated 16 January 2026 Title: “Introduction of Closing Auction Session (CAS) in the Equity Cash Segment and certain modifications in the Pre-Open Auction Session” Paragraph 2.1 “CAS aggregates market interest into a single pool of liquidity, thereby providing a fair and transparent closing price and improving the efficiency of execution for large orders.” Paragraph 2.2 “The significance of a fair and transparent closing price, especially since it is used as the reference for settlement in derivatives, index computation, mutual fund net asset value (NAV) determination, etc.” Paragraph 2.3 “Provides equal and transparent access to all categories of investors, ensuring that the discovered closing price reflects the collective market consensus at the close of trading hours.” The question is on fair closing price and market consensus.