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    Everything You Need to Know About CAS Before August 3, 2026
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    General Queries

    What is Periodic Call Auction (PCA), and how does it work?

    When a stock is under Periodic Call Auction (PCA), it means the stock is classified as illiquid by the exchange due to its low trading volume and limited investor interest. Instead of real-time continuous trading, these stocks are traded through scheduled auction sessions. This mechanism is designed by SEBI to curb price manipulation, enable better price discovery, and protect investor interests.

    How it Works:

    In a PCA (Periodic Call Auction), buy and sell orders are gathered over a set period of time and matched all at once at the same price. This batch process helps keep prices stable and reduces big price swings.

    PCA Trading Timings & Slots:

    • PCA sessions are conducted every hour during market hours (9:30 AM to 3:30 PM).
    • Each session is 60 minutes long and consists of:
    • Order Entry Period – 45 minutes
    • Order Matching & Trade Confirmation – 8 minutes
    • Buffer Period – 7 minutes (used for closing the session and preparing for the next)
    Session No. Start Time- Order Placement Order matching Buffer period
    1 09:30 AM - 10:15 AM 10:15 AM - 10:23 AM 10:24 AM to 10:30 AM
    2 10:30 AM - 11:15 AM 11:15 AM - 11:23 AM 11:24 AM to 11:30 AM
    3 11:30 AM - 12:15 PM 12:15 PM - 12:23 PM 12:24 PM to 12:30 PM
    4 12:30 PM - 01:15 PM 01:15 PM - 1:23 PM 01:24 PM to 01:30 PM
    5 01:30 PM - 02:15 PM 02:15 PM - 2:23 PM 02:24 PM to 02:30 PM
    6 02:30 PM - 03:15 PM 03:15 PM - 3:23 PM 03:24 PM to 03:30 PM

    What You Can Do:

    • You can place limit orders only on PCA stocks. Market orders are disabled.
    • Orders will be executed only during the matching window of the next PCA slot.
    • If no match is found in that slot, the order stays pending or may expire at end of day (if not modified or cancelled).
    • You’ll see a clear notification or message on ICICI Direct if a stock falls under PCA before you place the order.

    Key Points to Remember:

    • PCA is applicable only to stocks marked illiquid by the exchange (NSE/BSE).
    • Trading in PCA stocks involves delayed execution, limited liquidity, and potentially wider price spreads.
    • Stocks can move in and out of PCA based on their liquidity profile as reviewed by the exchanges periodically.
    What is Reverse Trade Cancellation Mechanism (RTCM)? When are funds credited to customers account? Can we do trading in BSE – Derivatives from ICICIdirect mobile apps? How do I protect myself against financial fraud (Investor alert – Unauthorised use of ICICI Securities brand name)? By when the profit will be credited to my bank account? Why Periodic Call Auctions (PCA) for Illiquid Stocks? What is the impact of the Settlement Holiday? Can a client trade in all scrips during Pre- Opening session?
    What steps do I need to complete on MF Central? What is CUSPA? (Client Unpaid Securities Pledgee Account) What actions does ICICI Securities take to liquidate CUSPA shares if I do not fulfil my outstanding payment obligations? How will my shares be released from CUSPA? Why am I unable to place certain orders when that stocks are present under CUSPA holdings?
    An important update enhancing the securities payout process for Margin Trading Facility (MTF) positions.
    What is Tax Loss Harvesting? What do you mean by capital gains? What is short term capital gain tax? How is it calculated? What is long term capital gain tax? How is it calculated? Help me understand the Tax Loss Harvesting Tool on ICICI Direct Website. How is dividend income taxed?
    Important Changes to Pay-In and Payout Processing effective 14th November 2024 Why haven't I received proceeds after sale of shares? Why am I getting frequent messages from NSE regarding funds and securities balance? (ICICI SECURITIES LIMITED on DD-MM-YY reported your Fund bal Rs. 0 & Securities bal 0. This excludes your Bank, DP & PMS bal with the broker - NSE.) Why am I receiving an SMS saying fund balance Rs. 0 sent by NSE? Update in Funds Payout & Margin Adjustment Process for Equity and F&O Trades How the fund payout process works for stocks and F&O? Why my payout amount is different from sales proceed / MTM profits ? How can I clear my outstanding amount in my ICICI Direct trading account?
    Settlement Holiday on account of Chhatrapati Shivaji Maharaj Jayanti on February 19, 2026 Settlement Holiday on account of Gudhi Padwa on March 19, 2026
    What is the deadline to clear outstanding obligations? What is the purpose of the SPOT product? What is considered an outstanding obligation?
    When will I get limits for my sell transactions in delivery? Why is Early pay-in of securities done? Is this EPI benefit allowed for all demat accounts? I have NSDL Demat Account, when will the cash sell trade value be released to my limits? Is this facility available for both Resident Individual and Non-Resident Individual clients who have NSDL Demat account? Is this facility available for CDSL Demat account holders? Are there any additional scenarios where limits from sale of securities will be withheld? What are Demat Charges for Early-pay in of securities?
    All you need to know about Infosys Buyback
    How does SEBI’s “SEBI Check” tool help verify UPI IDs? Who issues validated UPI IDs? Are there transaction limits for UPI in the capital market? How can investors ensure they don’t fall for fake UPI IDs? By when will old UPI IDs be phased out? Why are new @valid UPI IDs being introduced by SEBI? Do I (as an investor) have to use these validated UPI IDs? What happens to payments made using old UPI IDs? How do I know if a UPI ID is valid? What should I do if a payment fails with the validated UPI ID? Can an intermediary (broker) have more than one validated UPI ID? Do I always have to scan a QR code to transfer funds via UPI? How can I add funds to my ICICI Direct trading account via UPI?
    What is the meaning of the EBA entries in my bank statement?
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    Everything you need to know about Electronic Gold Receipts (EGRs)
    Closing Auction Session (CAS): A Step-by-Step Guide
    How are mutual funds taxed? How are delisted shares taxed? Can I carry forward my capital losses? Can I offset short-term loss against long-term gain? What happens if I don’t report my losses? How are bonus shares taxed? How are stock splits reflected in capital gains? What is the difference between realized and unrealized gains? What documents should I keep before filing my ITR? What if I traded through multiple brokers? Why are pledged shares not shown in my capital gains report? How do I report foreign shares or ETFs in my ITR? What is Short-Term Capital Gain (STCG)? What is Long-Term Capital Gain (LTCG)? How are capital gains calculated? Why is my capital gain different from my actual profit? How are ETFs taxed? Are sovereign gold bonds taxable? How are REITs and InvITs taxed? What documents are required to report income/loss from derivative trades in ITR? Does brokerage get deducted while calculating capital gains? Where can I view my dividend income Why is the dividend amount in my bank different from the report? Has TDS been deducted from my income? Is dividend income taxable? Where can I check TDS deducted? Which ITR form should I file? Which income should I report while filing ITR? Can I revise my ITR if I entered incorrect capital gains? Is intraday trading treated as capital gain? How is Futures & Options (F&O) income taxed? Is STT deductible? How is inheritance of shares taxed? How are rights issues treated for tax purposes? How are ESOPs taxed? How is gift of shares taxed? What happens if I sell shares bought through IPO? What is the holding period for different asset classes?