SEBI has revised Closing Auction Session rules to curb expiry-day volatility. From December 7, 2026, the auction will run from 3:30–3:40 p.m., with reference prices based on the final 15 minutes’ VWAP; index derivatives expiring that day will stop trading at 3:30 p.m. Jefferies says steadier markets may benefit brokers more than exchanges and reiterates its “Buy” rating on Groww.