The National Stock Exchange (NSE), on June 25, 2026, issued a circular prescribing the risk management framework for the Closing Auction Session (CAS) in the Equity Cash Segment, in continuation of its earlier circular introducing the Closing Auction Session.
The circular clarifies that orders carried forward from the Continuous Trading Session (CTS) to the Closing Auction Session (CAS) will not be subjected to margin sufficiency validation at the order level. However, where such carried-forward orders are modified during the Closing Auction Session, they will be treated as fresh orders received during CAS and will be subjected to order-level validation for margin sufficiency before acceptance.
Further, all orders received during the Closing Auction Session, including modified carried-forward CTS orders, will be validated against the applicable margin requirements to ensure sufficient available capital prior to acceptance. Orders for which the available capital is insufficient to meet the prescribed margin requirement will not be accepted during the Closing Auction Session. The revised risk management framework will come into effect from August 3, 2026.
[Circular Ref. No. 0224/2026]
