Mumbai, Aug. 19 -- Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey has warned market participants against attempts to manipulate the cash market through the new Closing Auction Session (CAS), saying the regulator's ability to detect such activity is stronger than under the earlier VWAP system.

Speaking to the media on the sidelines of the 23rd FICCI Capital Markets Conference 2026 in Mumbai on Wednesday, Pandey said participation in the CAS is improving and is expected to increase further.

"I think participation in the CAS is improving and will improve further. We are looking at the constraints around participation," the SEBI Chairman said.

He said mutual funds have increased their participation in the cash ma...