Sebi issues new block deal window rules; minimum order size now Rs 10 cr

Market regulator Securities and Exchange Board of India (Sebi) on Thursday revised the framework for ‘block deals’ by providing two separate trading windows of 15 minutes each and increasing the minimum order size to Rs 10 crore. Under the new rules, Sebi would provide two block deal windows — morning and afternoon — of 15 minutes’ duration each. Besides, the regulator has increased the minimum order size for execution of trades in the block deal window to Rs 10 crore. Currently, block deals for shares worth Rs 5 crore through a single transaction is allowed. The morning window would operate from 8:45 am to 9:00 am and the reference price for execution of block deals in this window would be the previous day’s closing price of the stock.With regard to the afternoon window, the regulator said it would operate from 2:05 pm to 2:20 pm. The pricing would be based on the volume weighted average market price (VWAP) of the trades executed in the stock in the cash segment between 1:45 pm and 2:00 pm