India's market regulator SEBI has banned two entities and ordered them to repay ₹3.68 crore for allegedly manipulating the new Closing Auction Session (CAS). This marks SEBI's first formal action against manipulation in the recently introduced system.
₹3.68 crore
Disgorgement Amount
⏳ Time Machine
How today’s news fits into the bigger picture
January 16, 2026
SEBI Notifies CAS Framework
SEBI issued a circular detailing the framework for the new Closing Auction Session, outlining its objectives to enhance and reduce volatility at market close.
August 3, 2026
CAS Goes Live
The Closing Auction Session mechanism became effective on Indian stock exchanges, marking a significant reform in how official closing prices are determined for eligible securities.
August 13, 2026
Sensex CAS Manipulation
Alleged manipulative trades occurred during the Sensex weekly options expiry day's Closing Auction Session, causing sharp, artificial spikes in the index.
August 19, 2026
SEBI Chairman's Warning
Hours before the order, SEBI Chairman Tuhin Kanta Pandey publicly warned that any manipulation in the CAS would be met with strict and immediate regulatory action.
Today
SEBI banned two firms and ordered disgorgement for manipulating the new Closing Auction Session.
What happens next?
SEBI will continue its detailed investigation into the alleged manipulation and will monitor the CAS closely for future infractions.
The Securities and Exchange Board of India (SEBI) has taken its first-ever enforcement action against market manipulation in the new Closing Auction Session (CAS). On August 19, 2026, SEBI barred Copthall Mauritius Investment Ltd and Mansi Share and Stock Broking Pvt Ltd from the securities market and ordered them to disgorge **₹3.68 crore** in alleged wrongful gains. The manipulation occurred on August 13, 2026, during a Sensex weekly options expiry, where the entities are accused of using aggressive orders to artificially influence the index's closing price.
💭 If you're wondering…
Disgorgement is a legal remedy where a party who has profited from illegal or wrongful acts is forced to repay the ill-gotten gains. It aims to prevent wrongdoers from benefiting from their misconduct.
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