MUMBAI: Day traders have started an online campaign to boycott trading for a day in the stock market on Aug 12, in protest against the recently introduced Closing Auction Session (CAS). They feel the new system is working against them and in favour of large institutions. The protest is also against ‘frequent rule changes’ by the regulator, and ‘high taxes’, several social media posts said.“No trade day on Aug 12. Against STT (securities transaction tax). Against CAS,” said a trader on X (formerly Twitter) with nearly 1.5 lakh followers. “One day trading boycott against regulations and rising taxes impacting retail traders,” said another post with over 15,000 followers.The recently introduced CAS, a mechanism to determine the closing price of about 200 stocks that are also traded in the derivatives segments of the bourses, has led to wide divergence between the two leading indices, Nifty and sensex. Closing prices of some of these stocks have also shown divergence. Traders have alleged that due to this they have suffered substantial losses.
