SEBI is updating the pre-open auction session (9:00 AM – 9:15 AM) to optimize price discovery and align market opening mechanics with the closing auction session. In addition to revised phase timings, Gold and Silver ETFs will now participate in the pre-open session to accurately reflect overnight global price movements before regular trading begins.

Current vs. New Structure

Feature / PhaseCurrent Structure(Till Sept 6, 2026)New Structure (From Sept 7, 2026)
Order Entry Window9:00 AM – 9:08 AM
Traders can place, modify, or cancel both market and limit orders.		9:00 AM – 9:05 AM
Traders can place, modify, or cancel both market and limit orders.
Limit-Order-Only WindowNot Applicable
9:05 AM – 9:10 AM
Only limit orders can be placed, modified, or cancelled.
Random Order Placement Halt9:07 AM to 9:08 AM
Order placement halts randomly any time during this window		9:08 AM to 9:10 AM
Order placement halts randomly any time during this window
Blackout Window & Price Discovery9:08 AM – 9:12 AM
The exchange matches orders at the equilibrium price and determines the opening price.		9:10 AM – 9:12 AM
The exchange matches orders at the equilibrium price and determines the opening price.
Buffer Period9:12 AM – 9:15 AM
Transition phase into continuous trading.		9:12 AM – 9:15 AM
Transition phase into continuous trading.

Key ETF Inclusion Update

  • Gold & Silver ETFs: Included in the pre-open session starting September 7, 2026. Because gold and silver continue trading internationally while Indian exchanges are closed, pre-open order collection ensures fairer price discovery before regular trading.
  • Other ETF Categories: Equity, Debt, Liquid, and Overnight ETFs do not participate in pre-open and will continue to open at 9:15 AM.

What This Means for Your Trading

  • Eligible Order Types: Limit and Market orders are permitted during the pre-open session as per the above time window. Stop-loss and Disclosed Quantity orders continue to be prohibited.
  • Tightened Market Order Window: Market orders can be placed, modified, or cancelled only in the first 5 minutes (9:00 AM to 9:05 AM).
  • Market Order Lock-In: From 9:05 AM onward, existing Market orders are frozen and cannot be edited or cancelled. Because Market orders receive priority during price matching, early entry is crucial for managing price slippage. New Limit orders remain active until closure.
  • System-Driven Random Close: To deter last-second price manipulation, order entry halts automatically at an unannounced point between 9:08 AM and 9:10 AM.
  • Unmatched Order Carry-Forward: Unmatched Limit orders within price bands will automatically transition to continuous trading at 9:15 AM with original time priority. Unmatched Market orders will be assigned the equilibrium open price and carried forward as Limit orders.