Angel One shares rallied 8% to ₹308.35 on Friday, leading capital market stocks higher after SEBI announced a comprehensive review of the Closing Auction Session (CAS) mechanism. The stock had previously ended 2.4% higher on Thursday at ₹285.95, recovering from earlier losses as investors responded to regulatory developments. The latest surge came after SEBI announced it will review the settlement price methodology for Futures & Options contracts a month after the rollout of the Closing Auction Session (CAS). The stock remains down 5% in the last one month, trimming its 2026 gains to 21%, reflecting ongoing market uncertainty around derivatives market structure changes. Over 1 crore shares were traded at 2.44 times the stock's 10-day average, indicating strong institutional and retail interest in the regulatory developments.
Angel One's client base grew 17.8% year-on-year to 39.56 million in August, while gross client additions rose 19.9% from July and 3.8% from August last year to reach 0.57 million. The company's average client funding book climbed to ₹74.21 billion, marking a 4.8% monthly increase and 40.2% jump year-on-year. Unique mutual fund SIP registrations increased 15.9% month-on-month to 7,20,680, and were 2% higher than a year earlier. The average client funding book reached another all-time high, while gross client additions and SIP registrations rose to six-month highs. However, total orders fell 18.7% month-on-month to 109.50 million and were marginally lower on a year-on-year basis, with average daily orders declining 11% from July and 9.8% from August 2025.
In its latest circular on Thursday night, SEBI announced it will review the settlement price methodology for Futures & Options contracts a month after the rollout of the Closing Auction Session (CAS). The regulator stated it received feedback and suggestions from various market participants and stakeholders from multiple channels, including social media and media platforms. Based on this feedback, SEBI may propose certain changes in the methodology for settlement prices of derivative contracts and a consultation paper for the same will be issued in about a week. BSE MD & CEO Sundararaman Ramamurthy confirmed they received feedback from dealers on CAS, which included delinking the F&O expiry and CAS, implementing CAS in a gradual manner and not allowing order modifications during CAS. The review comes after the CAS began in the equity cash segment on August 3, with the closing price determined through the auction serving as the basis for derivative contract settlement prices on expiry. Since CAS launched on August 3, the closing price used to settle expiring derivative contracts comes from a discrete auction, not a live traded price, as noted by market experts.
Despite the decline in total orders, option premium turnover-based overall ADTO jumped 55.1% month-on-month and 116.6% year-on-year to ₹3,151 billion. Cash ADTO rose 18.4% year-on-year, while commodity ADTO more than doubled, gaining 134.4% year-on-year to ₹2,956 billion. The company noted that August saw positive client acquisition trends and sustained investment-led engagement, although average daily orders and turnover market share moderated during the month. At 10:15 AM, Angel One share price was trading 5.11% higher at ₹300.55 apiece on the BSE, reflecting continued investor confidence in the platform's growth trajectory.
BSE shares surged 5% to ₹3,474, leading the broader capital market rally as investors responded to the regulatory developments. The Nifty Capital Markets index rose nearly 2% to 5,453.35, compared with the previous close of 5,357.20, with brokerage stocks including Angel One, Motilal Oswal, Emkay Global, Nuvama Wealth and Anand Rathi remaining in focus. Billionbrains Garage Ventures (Groww) share price rose nearly 3%, while Motilal Oswal Financial Services shares also saw a nearly 3% gain, and Nuvama Wealth Management shares climbed over 1%. Exchanges also modified certain norms in CAS, with the volume weighted average price (VWAP) of trades executed between 3-3:15 p.m. now being used to determine the reference price of stock and index futures. SEBI Chairman Tuhin Kanta Pandey stated last week that CAS is here to stay and that no significant changes are currently planned to the mechanism, as reported by NDTV Profit. The actual effect on Angel One would also depend on whether traders shift towards monthly derivatives, other contracts or the cash market, with the current review process providing a structured approach to addressing market concerns about the new settlement framework.
