India, Aug. 13 -- SEBI chairman Tuhin Kanta Pandey on Wednesday said that the capital markets regulator has not observed any manipulations in the newly introduced closing auction sessions system.

Speaking on the sidelines of an event here, Pandey urged the broader ecosystem to understand the new system and adopt it. He said a lot of markets, including those in Australia, Europe, the US and Japan, have adopted a similar system for over two years and India is behind its counterparts.

He said such a system, which was started on August 3, is useful for passive investors, generation of the correct net asset values for mutual funds and index investors. The earlier system had the risk of manipulation with late trades, he added. When asked if t...