iStockAt present, price discovery of shares happens through a call auction process.
"Call auction sessions are conducted on multiple stock exchanges. The discovered price / equilibrium price pursuant to such call auction sessions could be different on each exchange," Sebi said in a circular.
"If the difference in these discovered prices is significant, there could be a situation wherein price bands on individual exchanges are far apart from each other, giving an incorrect picture of price band to investors," it said.
The regulator said call auction sessions would continue to be conducted separately on individual exchanges and orders would be matched by respective exchanges after computation of the equilibrium price.
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