# Changes to the Pre-Open Session in Equity & Equity Derivatives w.e.f. 7th Sep'26 **URL:** \ **Category:** Market Announcements πŸ“’\ **Tags:** equity, fno, cas, timing, pre-open\ **Created:** [September 4, 2026, 5:56am UTC](https://tradebetter.5paisa.com/t/changes-to-the-pre-open-session-in-equity-equity-derivatives-w-e-f-7th-sep26/967 "2026-09-04T05:56:04Z")\ **Posts on this page:** 1\ **Page:** 1
**Author:** ![Ajinkya\_Kaner](https://dub1.discourse-cdn.com/flex018/user_avatar/tradebetter.5paisa.com/ajinkya_kaner/32/47_2.png) [@Ajinkya\_Kaner](https://tradebetter.5paisa.com/u/Ajinkya_Kaner)\ **Post date:** [September 4, 2026, 5:56am UTC](https://tradebetter.5paisa.com/t/changes-to-the-pre-open-session-in-equity-equity-derivatives-w-e-f-7th-sep26/967/1 "2026-09-04T05:56:04Z")
The **Pre-Open Session framework has been modified** to align with the **Closing Auction Session (CAS) framework**. The changes are applicable to the **Equity and Equity Derivatives segments**. The overall Pre-Open Session will continue to run from **9:00 AM to 9:15 AM**. However, the **Order Entry and Order Matching phases have been revised** , with specific changes to the types of orders that can be entered, modified or cancelled during the session. **Relevant Circulars:** NSE/CMTR/74969, NSE/FAOP/74970, BSE/20260803-35, BSE/20260803-36 Here’s a detailed overview of the changes. * * * ## What is changing in the Pre-Open Session? The key changes include: - Revised **Order Entry Period** structure. - Market orders will be allowed for entry, modification and cancellation only during the initial **9:00 AM – 9:05 AM** period. - From **9:05 AM onwards** , only **Limit Orders** can be entered, modified or cancelled. - **No modification or cancellation will be allowed for Market Orders** after 9:05 AM. - The Order Entry Period will be subject to **system-driven random closure in the last 2 minutes**. - The **Order Matching & Trade Confirmation Period** will start immediately after the Order Entry Period ends. - The overall Pre-Open Session will continue to end at **9:15 AM** , followed by the Continuous Trading Session (CTS). * * * ## 1. Revised Pre-Open Session Timings The Pre-Open Session will continue to operate through a **Call Auction mechanism** for a total duration of **15 minutes, from 9:00 AM to 9:15 AM**. While the overall session timing remains unchanged, the **Order Entry and Order Matching periods have been revised**. ### Current vs. Revised Framework | Session | Current Time | Revised Time | What Changes? | | --- | --- | --- | --- | | **Order Entry Period** | **9:00 AM – 9:08 AM** \* | **9:00 AM – 9:05 AM** | Order entry, modification and cancellation allowed for **Limit & Market Orders** | | **Order Entry Period – Limit Orders** | β€” | **9:05 AM – 9:10 AM** \* | Only **Limit Orders** can be entered, modified or cancelled. **No modification/cancellation of Market Orders** | | **Order Matching & Trade Confirmation** | **9:08 AM# – 9:12 AM** | **9:10 AM# – 9:12 AM** | Opening price determination, order matching and trade confirmation | | **Buffer Period** | **9:12 AM – 9:15 AM** | **9:12 AM – 9:15 AM** | **No change** – Transition from Pre-Open to Continuous Trading Session (CTS) | \ ***System-driven random closure:** The Order Entry Period is subject to random closure in the **last 2 minutes**. #Order **matching period will start immediately after completion of order entry period.** * * * ## 2. For which securities is Pre-Open applicable in the Equity Market? The Pre-Open Session with the Call Auction mechanism is applicable to **all equity market securities** , including: - Equity securities - SME securities - Partly paid-up securities - InvITs (Infrastructure Investment Trusts) - REITs (Real Estate Investment Trusts) * * * ## 3. For which instruments is Pre-Open applicable in the Equity Derivatives Market? In the **Equity Derivatives segment** , the Pre-Open Session is applicable to: - **Single Stock Futures** - **Index Futures** The Pre-Open Session is applicable to futures contracts and not to options contracts. * * * ## 4. Which Futures Contracts are Eligible? The Pre-Open Session applies to **current-month (M1) futures** on Single Stocks and Indices. During the **last five trading days before M1 expiry** , it is also extended to **next-month (M2) futures**. ### Illustration Assume **M1 expires on 30-Dec-2025** and **M2 expires on 27-Jan-2026** : | Trading Date | M1 | M2 | Pre-Open Applicability | | --- | --- | --- | --- | | 01-Dec to 21-Dec | Yes | No | M1 only | | 22-Dec | Yes | No | M1 only | | 23-Dec | Yes | Yes | M1 & M2 | | 24-Dec | Yes | Yes | M1 & M2 | | 25-Dec | Holiday | Holiday | β€” | | 26-Dec | Yes | Yes | M1 & M2 | | 27-Dec | Holiday | Holiday | β€” | | 28-Dec | Holiday | Holiday | β€” | | 29-Dec | Yes | Yes | M1 & M2 | | 30-Dec – Expiry Day | Yes | Yes | M1 & M2 | | 31-Dec onwards | Expired | Yes | M2 becomes current month | **Note:** From 31-Dec-2025, M2 becomes the current-month contract. The next-month contract will then be the February 2026 futures contract, expiring on **24-Feb-2026**. * * * ## Key Takeaways - The **overall Pre-Open Session remains unchanged at 9:00 AM – 9:15 AM**. - The **Order Entry Period has been restructured**. - From **9:00 AM to 9:05 AM** , both Market and Limit Orders can be entered, modified and cancelled. - From **9:05 AM onwards** , only Limit Orders can be entered, modified and cancelled. - **Market Orders cannot be modified or cancelled after 9:05 AM**. - The Order Entry Period is subject to **system-driven random closure in the last 2 minutes**. - Order Matching starts immediately after the Order Entry Period ends. - The **Buffer Period remains unchanged at 9:12 AM – 9:15 AM**. - The framework applies to **Equity Market securities** , including SME securities, partly paid-up securities, InvITs and REITs. - In Equity Derivatives, it applies to **Single Stock Futures and Index Futures**. - **Current-month futures** are eligible, while **next-month futures are additionally included during the last five trading days before current-month expiry**. ###