New Delhi, Aug. 27 -- Retail investors deterred by weak liquidity, unpredictable prices and a lack of clear incentives may not flock to the new market closing auction session (CAS) anytime soon, stock brokers said, despite the market regulator's efforts to bring more of them into the new framework.

Brokers offered varying estimates of retail participation in the new system, but all of them pegged it at below 10% of total participation. They also expect this share to have moved only marginally since CAS debuted on 3 August.

"Retail participation in CAS is unlikely to increase substantially since the segment is not of particular interest to them. A retail participant has six hours to trade during the day. There is no particular reason why...