New Delhi, Aug. 19 -- The Securities and Exchange Board of India (Sebi) has asked stockbrokers to update their system to accept trade orders during the initial few minutes of the closing auction session (CAS), two people aware of the development told Mint.

"Starting September, we will begin accepting aftermarket orders between 3:15 and 3:20 pm. The move is expected to improve price discovery and liquidity in CAS," said Dhiraj Relli, managing director and chief executive officer at HDFC Securities.

The initial 5 minutes of the 20-minute-long CAS are dedicated to the calculation of the reference price and the transition to the auction system. CAS begins at 3:15pm and ends at 3:35pm.

The acceptance of after-market orders will help discove...