Date: - 28-07-2026

Subject: - Important Update: Introduction of Closing Auction Session (CAS) from 03 August 2026

Dear Customer,

Greetings from Motilal Oswal Financial Services Ltd.

We would like to inform you that NSE & BSE will introduce the Closing Auction Session (CAS) in the Equity Cash Segment with effect from 03 August 2026. This change will apply only to F&O eligible securities.

Key Changes:

·         Effective Date: 03 August 2026

·         Applicable To: F&O eligible stocks in the Equity Cash Segment

·         Closing Price: Will be determined through a Closing Auction Session (CAS) based on demand and supply, replacing the existing VWAP-based closing price methodology.

Market Timings:

·         09:15 AM – 03:15 PM: Continuous Trading

·         03:15 PM – 03:20 PM: Transition Period (No Order Entry)

·         03:20 PM – 03:25 PM: CAS Order Entry – Session 1

·         03:25 PM – Random Close (03:28 PM – 03:30 PM): CAS Order Entry – Session 2 (Only Limit Orders Allowed)

·         Equity Derivatives Trading: Continues until 03:40 PM (No change in derivative closing price methodology).

Important Points:

·         Open limit orders from the regular trading session will be carried forward to CAS.

·         Stop Loss, IOC, and Disclosed Quantity orders will not be permitted during the Closing Auction Session.

·         Market orders will be accepted only during CAS Session 1 (03:20 PM – 03:25 PM).

·         The exchange will determine the closing price through the auction process based on matched buy and sell orders.

·         Intraday Product Square-off timing in Equity Segment revised to 3.00 PM from 3.10 PM.

·         No Change in FNO Square-off Timing.

Regards,

Team MOFSL

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