CAS was introduced on August 3 as a new mechanism for determining closing prices of eligible stocks. He said the CAS mechanism is not a "black box" because indicative prices are available during the auction. Pandey also highlighted the random closing mechanism, which is designed to prevent a last-minute trade from having an undue influence on the final price. The SEBI chief said the focus now is on increasing participation in the closing auction and helping investors and brokers understand the new mechanism. Pandey said the fundamental objective of CAS is to increase participation and establish a transparent and reliable closing price.