Mumbai, Aug. 17 -- The Closing Auction Session (CAS) is "here to stay" as a core market reform, SEBI Chairman Tuhin Kanta Pandey stated on Monday, while confirming the regulator is open to making operational tweaks to refine the mechanism, if needed.

Speaking to media on the sidelines of the Symposium on Cyber Defence at SEBI's NISM Campus in Navi Mumbai, Pandey addressed market friction and social media backlash surrounding the recent CAS rollout.

Defending the mechanism, Pandey emphasised that CAS aligns Indian equities with global benchmarks.

"Internationally, market participants have really welcomed CAS because execution at the closing price is bound to rise, replacing the earlier practice where prices were derived based on VWAP (V...