The Securities ⁠and Exchange Board of India ​has not observed any manipulation in the ‌newly introduced closing auction session that determines ​closing price levels, its chairman said on Wednesday. The closing auction is a big market ‌structure reform in line with global standards, Tuhin Kanta Pandey ‌said at an event in Mumbai. “We ‌are ⁠considering all inputs to increase ⁠participation,” Pandey said, adding that any new system requires time to settle and attract more participation. The ​closing auction is ‌a separate 20-minute session introduced last week in which exchanges collect buy and sell orders to determine a stock’s ‌closing price at a level ​where the maximum volume can be executed. Mutual funds’ participation in ​the new system has risen from around 5%-6% on the first ⁠day to about 20%-25% since then, ⁠the regulator said.