Sebi tweaks CAS framework, restores 30-minute VWAP for expiry settlements

What happened: Sebi issued a circular saying derivatives settlement prices will be based on the volume-weighted average price (VWAP) of underlying stocks during the last 30 minutes of normal trading. Why it matters: Ravi Varanasi of SPRV Consultants said Sebi recognised the importance of separating derivatives settlement from CAS, calling the retention of the 30-minute VWAP methodology while preserving CAS for cash market price discovery a pragmatic decision. Sebi had sought public comments after market participant protests.

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