Mumbai, Oct. 28 -- The Securities and Exchange Board of India's (Sebi's) decision to revise its closing auction session (CAS) framework has raised hopes of a recovery in derivatives trading and brokerage revenues, offering relief to brokers suffering from a sharp slowdown in key income streams. "The pre-CAS levels on volumes and revenue seen in Q1 FY27 will be a good indicator of where we are headed once the circular comes into action. However, one may not be able to replicate revenues from earlier since broader market factors also have an effect," a broking official told Mint on the condition of anonymity. Introduced on August 3, CAS determined closing prices for 213 F&O-traded stocks through an auction that established a single equilibriu...