SEBI invites comments on its proposals to harmonize the base price for call auction in pre-open session and for setting up price bands for scrips listed on multiple stock exchanges by 2nd July 2026

The Securities and Exchange Board of India (“SEBI”) has issued a consultation paper to seek public comments on the proposals to harmonize the base price for call auction in pre-open session and for setting up price bands for scrips listed on multiple stock exchanges. The stock exchanges have implemented uniform price bands for securities trading in a coordinated manner across all exchanges. The scrip-wise price bands will apply independently on each stock exchange and will be determined based on the respective closing price of the security on that exchange.

Key Proposals:

1. In respect of a few illiquid scrips, it has been observed that non-trading of scrip on one of the exchanges and a persistent buy side pressure along with the practice of application of price band on the previous day closing price has been causing significant price divergence in the closing prices of the scrips across the exchanges. Such divergence also holds the potential of non-trading of the scrip on one of the exchanges.

2. As per the detailed deliberations of the Secondary Market Advisory Committee (“SMAC”) of SEBI:

1. If the scrip was traded at all the exchanges or there was no trading at any of the exchanges, the exchanges will consider their respective latest closing prices of the scrip for fixing the Price Band and Base Price for Pre-OpenCall Auction Session on the subsequent day.
2. If the scrip was traded only at one of the exchanges, then the other exchanges will consider the closing price of the exchange where the scrip was traded for fixing the Price Band and Base Price for the Pre-open Call Auction Session on the subsequent day.
3. If the scrip was traded on two or more exchanges on the previous day, the Price Band and Base Price for the Pre-open Call Auction Session for the stock exchange(s) where no trade happened on previous day, may be based on the closing price of the stock exchange having the maximum trading volume for that specific scrip.

The comments, if any, may be submitted latest by 2nd July 2026, through the online web-based public comment form:

https://www.sebi.gov.in/sebiweb/publiccommentv2/PublicCommentAction.do?doPublicComments=yes

In case of any technical issue is submitting your comments through the web-based public comments form, you may email your comments to yerasiv@sebi.gov.in and mrd_pod3@sebi.gov.in.

While sending the email, kindly mention the subject as, “Harmonization of Base price for Call Auction in Pre-open Session and for Price Band -For scrips listed on multiple stock exchanges”.

Source: Securities and Exchange Board of India