New Delhi, Aug. 12 -- The Securities and Exchange Board of India (Sebi) has so far not observed any wrongdoing during closing auction sessions (CAS) for stocks, a mechanism introduced to curb price manipulation and improve price discovery, its chief Tuhin Kanta Pandey said on Wednesday.

"We haven't seen it yet, but we are constantly checking our data. Mutual fund participation [in the closing auctions] was 5-7% earlier. Now it's almost 25%," Pandey said at an event in Mumbai.

India's first closing auction session for its securities market made its debut on 3 August for 208 derivative-traded stocks, replacing the long-standing volume-weighted average price (VWAP) system.

Pandey's comments come against the backdrop of criticism from mark...