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TMI BlogIntroduction of call auction in Pre-open sessionX X X X Extracts X X X X X X X X Extracts X X X X ..... he recommendation of the committee and proposal received from the stock exchanges, it has been decided to introduce call auction mechanism in pre-open session. 2. To begin with, pre-open session shall be introduced on a pilot basis by BSE and NSE for the scrips forming part of Sensex and Nifty. The list of scrips is placed at annexure A . In case of any change in the composition of Sensex and Nifty, pre-open session shall be introduced for such incoming scrips. Pre-open session shall also continue for the scips moving out of Sensex and Nifty, though they will not be reckoned for the computation of the index. 3. The pre-open session shall be for a duration of 15 minutes i.e. from 9:00 a.m. to 9:15 a.m., out of which 8 minutes sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e price closest to the previous day s closing price. In case the previous day s closing price is the mid-value of a pair of prices which are closest to it, then the previous day s closing price itself shall be taken as the equilibrium price. In case of corporate action, previous day s closing price shall be the adjustable closing price or the base price. Explanation : A scenario may arise, wherein; more than one price may have same minimum imbalance quantity. Example on the same is given hereunder: Price Buy (Qty) Cum. Buy Qty Sell (Qty) Cum. Sell Qty Unmatched Quantity Vol. tradable 106 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rice in the pre-open session, at the time of order execution, limit orders shall be given priority over market orders. The sequence for executing orders is given below: a) Eligible Limit orders shall be matched with eligible limit orders. b) Residual eligible limit orders shall be matched with market orders. c) Market orders to be matched with market orders. 10. In case of pending unmatched orders in pre-open session, they shall be shifted to the order book of the normal market following time priority. Unmatched market orders will shift to the normal market order book as limit orders at a price as discovered in the pre-open session. 11. If the price is not discovered in pre-open session then the orders entered in the pre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er brokers of the Exchange and also to disseminate the same on the website. vi) communicate to SEBI, the status of the implementation of the provisions of this circular in the Monthly Development Report. vii) Stock exchange shall seek SEBI s approval after the implementation of the above steps and prior to the commencement of the pre-open session. 17. This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. Yours faithfully, Harini Balaji Deputy General Manager 022-26449372 [email protected] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 24 JAIPRAKASH ASSOCIATES LTD 25 KOTAK MAHINDRA BANK LTD 26 LARSEN TOUBRO LTD. 27 MAHINDRA MAHINDRA LTD 28 MARUTI SUZUKI INDIA LTD. 29 NTPC LTD 30 OIL AND NATURAL GAS CORP. 31 PUNJAB NATIONAL BANK 32 POWER GRID CORP. LTD. 33 RANBAXY LABS LTD 34 RELIANCE COMMUNICATIONS LTD. 35 RELIANCE CAPITAL LTD ..... X X X X Extracts X X X X X X X X Extracts X X X X
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