SEBI & Regulation
SEBI Closing Auction Session VWAP: What It Means for Open Offer and Buyback Pricing
SEBI's final Closing Auction Session circular settles expiring derivatives on a 30-minute continuous-trading VWAP from 7 December 2026. That choice doesn't reach the 90-day, 60-day and 10-day VWAP floors for preferential issues, open offers and delistings. The closing-price tests for QIPs and buy-backs are where the auction still matters.