Sebi's new closing auction system for stock prices, aimed at improving market function and aligning with global practices, has caused volatility. Foreign investors support it, but domestic institutions argue India lacks deep liquidity, and retail investors find it complex. The author criticizes Sebi for the hasty implementation and insufficient prior consultation and testing. Despite its mandate to protect investors, the regulator's senior brass should have anticipated these problems, which have led to market friction and discomfited retail investors, questioning the preparedness and impact on operational ease.