IEP
Icahn Enterprises L.P
stock NASDAQ

**The screenshot shows rapid round-trip trades in Sensex options during (or right around) the Closing Auction Session (CAS) on BSE, a new 20-minute auction window (3:15–3:35 PM) introduced in early August 2026 to set official closing prices for F&O stocks via equilibrium matching instead of the old VWAP method.**
The contract codes (e.g., SENSEX2691774500PE, SENSEX2691774400CE) are standard Sensex index options—likely weekly expiries on or near an expiry day, with strikes far out-of-the-money (low LTPs like ₹0.05). The red scribbles censor the quantities (and possibly exact order details).
Key trades visible:
- Bought/sold the same or similar PE contracts minutes apart (e.g., one at ~₹24.40, another sold at ₹71.35).
- Similar quick flips on the CE contracts (buying low around ₹32–41, selling higher, or vice versa).
- All marked “COMPLETE” with timestamps clustered around 3:25–3:27 PM.
- LTP shown is the prevailing last traded price at confirmation (e.g., ₹185 for one PE).
These are classic scalps exploiting huge short-term price swings in low-volume, illiquid options. CAS has created exactly this environment: sharp, brief spikes in the indicative equilibrium price (IEP) of Sensex (hundreds of points in seconds) as orders pile up and cancel, directly moving option premiums.
The poster’s rant about “blatant manipulation through CAS” and “low volume easy to spike” refers to real recent events. SEBI has already taken action (August 2026) against entities like Copthall Mauritius (JP Morgan affiliate) and Mansi Share & Stock Broking for allegedly placing/cancelling massive aggressive orders in Sensex constituents during CAS on expiry day to nudge the index closing level and profit from related options positions. Wrongful gains were impounded (~₹3.68 crore total) and the firms barred from CAS/market access pending investigation.
In short: the image captures someone cashing in on CAS-induced volatility in cheap options. The system was meant to improve closing price discovery but has delivered wild swings that reward (or punish) aggressive short-term trading—exactly the “utter nonsense” the OP is calling out. SEBI is watching.
Sources:
- https://www.sharekhan.com/financial-blog/blogs/closing-auction-session-cas-explained-a-comprehensive-guide
- https://www.stockgro.club/blogs/futures-and-options/how-to-trade-in-sensex-options/
- https://www.cnbctv18.com/market/sebi-cracks-down-on-alleged-sensex-closing-auction-session-cas-manipulation-19973069.htm
^([what is this?](https://redd.it/1lzgxii))

**The screenshot shows rapid round-trip trades in Sensex options during (or right around) the Closing Auction Session (CAS) on BSE, a new 20-minute auction window (3:15–3:35 PM) introduced in early August 2026 to set official closing prices for F&O stocks via equilibrium matching instead of the old VWAP method.**
The contract codes (e.g., SENSEX2691774500PE, SENSEX2691774400CE) are standard Sensex index options—likely weekly expiries on or near an expiry day, with strikes far out-of-the-money (low LTPs like ₹0.05). The red scribbles censor the quantities (and possibly exact order details).
Key trades visible:
- Bought/sold the same or similar PE contracts minutes apart (e.g., one at ~₹24.40, another sold at ₹71.35).
- Similar quick flips on the CE contracts (buying low around ₹32–41, selling higher, or vice versa).
- All marked “COMPLETE” with timestamps clustered around 3:25–3:27 PM.
- LTP shown is the prevailing last traded price at confirmation (e.g., ₹185 for one PE).
These are classic scalps exploiting huge short-term price swings in low-volume, illiquid options. CAS has created exactly this environment: sharp, brief spikes in the indicative equilibrium price (IEP) of Sensex (hundreds of points in seconds) as orders pile up and cancel, directly moving option premiums.
The poster’s rant about “blatant manipulation through CAS” and “low volume easy to spike” refers to real recent events. SEBI has already taken action (August 2026) against entities like Copthall Mauritius (JP Morgan affiliate) and Mansi Share & Stock Broking for allegedly placing/cancelling massive aggressive orders in Sensex constituents during CAS on expiry day to nudge the index closing level and profit from related options positions. Wrongful gains were impounded (~₹3.68 crore total) and the firms barred from CAS/market access pending investigation.
In short: the image captures someone cashing in on CAS-induced volatility in cheap options. The system was meant to improve closing price discovery but has delivered wild swings that reward (or punish) aggressive short-term trading—exactly the “utter nonsense” the OP is calling out. SEBI is watching.
Sources:
- https://www.sharekhan.com/financial-blog/blogs/closing-auction-session-cas-explained-a-comprehensive-guide
- https://www.stockgro.club/blogs/futures-and-options/how-to-trade-in-sensex-options/
- https://www.cnbctv18.com/market/sebi-cracks-down-on-alleged-sensex-closing-auction-session-cas-manipulation-19973069.htm
^([what is this?](https://redd.it/1lzgxii))