New Pre‑Open Rules Go Live on 7 September 2026

SEBI is syncing the 9:00–9:15 AM pre‑open session with the CAS framework announced on 16 January 2026. Expect cleaner opening prices, smoother discovery, and reduced volatility spikes.

The Refreshed 4‑Phase Flow

Phase 1 | 9:00–9:05 AM

All order actions open — place, edit, cancel (limit + market).

Phase 2 | 9:05 AM – Random Close (9:08–9:10 AM)

Only limit orders allowed for entry, change, or cancel.
Market orders disabled.
Random closing window to curb timing‑based gaming.

Phase 3 | 9:10–9:12 AM

Auction + equilibrium‑price match.
Opening price forms at the single level where maximum quantity can trade.

Phase 4 | 9:12–9:15 AM (Buffer)

No order actions permitted.
System readies for continuous trading.
Pending unmatched limit orders move into the 9:15 AM session.