Angel One shares jumped over 7% on Friday, hitting a day high of Rs 308.35, after SEBI announced a review of derivative settlement rules.

The stock opened strong and kept climbing through the morning session, pulling other brokerage and exchange names along with it.

The trigger was a late Thursday announcement from the Securities and Exchange Board of India, which said it plans to relook at how settlement prices are calculated for derivative contracts.

This ties back to the Closing Auction Session, or CAS, a new mechanism that started in the equity cash segment on 3 August.

Under CAS, the closing price set through the auction also decides the settlement price for derivative contracts on their expiry day.

SEBI said the review follows feedback from market participants during the system’s first month of operation, and a consultation paper with more details is expected within about a week.

Angel One also released its business performance update for August, which added more context to the day’s stock move.

The company’s client base grew 1.4% from July to reach 39.56 million users. Gross client additions rose to 0.57 million, up from 0.47 million the month before, and SIP registrations touched a six-month high.

Not every number moved in the same direction, though. Average daily orders fell 11% during the month to 5.21 million.

On the other hand, the average client funding book rose 4.8% to reach Rs 7,421 crore, its highest level yet, and was also 40.2% higher compared to the same period last year.

At 9:53 am, Angel One shares were trading at Rs 302.30 on the NSE, up 5.70% or Rs 16.30 from the previous close of Rs 286. The stock has now gained more than 20% since the start of the year.

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