MUMBAI / NEW DELHI, SEPTEMBER 23, 2026 — During trading on Wednesday, September 23, 2026, the Securities and Exchange Board of India (SEBI) announced active measures to alleviate market-wide concerns regarding derivative expiry settlement prices, while separate regulatory developments saw Adani Group entities clear pending disclosures.
According to regulatory filings and market reports tracked across Moneycontrol, The Economic Times, and Livemint on Tuesday, September 22, 2026, SEBI is evaluating alternative structures for derivative settlement prices—including a blended Volume Weighted Average Price (VWAP) model alongside a potential return to the previous VWAP technique. Market participants and institutional desks have leaned toward favoring the older VWAP framework for structural stability.
Key Regulatory Milestones & Timeline
| Event / Catalyst Milestone | Exact Calendar Date |
|---|---|
| SEBI Derivative Expiry Policy Update | September 22–23, 2026 |
| Adani Group Hindenburg-Linked Settlement Paid | September 22, 2026 |
| Abakkus AMC IPO Papers Filed with SEBI | September 22, 2026 |
| Spinny Confidential IPO Filing | September 22, 2026 |
Adani Settlement and Primary Market Activity
On Tuesday, September 22, 2026, five Adani Group companies completed payments totaling ₹1.5 crore to settle disclosure violation probes with SEBI following historical Hindenburg-linked inquiries. Concurrently, primary market activity accelerated as Sunil Singhania-led Abakkus AMC and used-car platform Spinny submitted IPO documents to SEBI, reflecting robust institutional deal pipelines.
Bull vs. Bear Catalysts
Growth Catalysts:
- Enhanced regulatory clarity around derivative settlement pricing reduces intraday volatility risks for index options traders.
- Closure of legacy disclosure probes removes overhang for major large-cap conglomerates.
- Continuous primary market expansion indicates strong institutional sponsorship.
Downside Risks:
- Potential friction if public feedback delays structural implementation of the VWAP models.
- Broader macroeconomic headwinds impacting derivatives volume and retail participation.
Investment Analytical Verdict
Suitable For: Active Traders & Institutional Participants
Risk Level: Medium — Regulatory shifts can induce short-term positioning adjustments.
Key Watch Point: Final SEBI circular on expiry-day VWAP calculation frameworks.
Frequently Asked Questions
What changes is SEBI proposing for derivatives expiry settlement?
SEBI is reviewing options including a blended VWAP model and reverting to older VWAP methodologies to address market participant concerns regarding expiry-day price manipulation and volatility.
How did the Adani Group resolve its SEBI investigation?
On September 22, 2026, five Adani Group companies paid ₹1.5 crore to settle disclosure violation cases with SEBI following earlier Hindenburg Research-related probes.
Which new companies have recently filed for IPOs with SEBI?
Abakkus AMC filed its initial public offering papers for an entirely Offer for Sale (OFS) issue, while Spinny submitted confidential IPO papers on September 22, 2026.
SEBI Compliance & Statutory Disclaimer
The information and analysis presented on IPO Bulletin (ipobulletin.com) are for informational and educational purposes only and do not constitute financial, investment, or legal advice. Securities market investments are subject to market risks; please read all offer documents (DRHP/RHP) thoroughly before committing capital. Grey Market Premium (GMP) figures are unofficial, unregulated street estimates. Always consult a SEBI-registered investment advisor before making financial decisions.
Sources cross-checked for this article: Moneycontrol, Livemint, The Economic Times, BSE India filings