Order types and conditions Time Conditions
DAY – A Day order, as the name suggests, is an order, which is valid for the day on which it is entered. If the order is not matched during the day, the order gets cancelled automatically at the end of the trading day.
GTC – A Good Till Cancelled (GTC) order is an order that remains in the system until the client cancels it. It will therefore be able to span trading days if it does not get matched. The maximum number of days a GTC order can remain in the system is notified by the Exchange from time to time.
GTD – A Good Till Days/Date (GTD) order allows the Trading Member to specify the days/date up to which the order should stay in the system. At the end of this period the order will get flushed from the system. Each day/date counted is a calendar day and inclusive of holidays. The days/date counted are inclusive of the day/date on which the order is placed. The Exchange notifies the maximum number of days a GTD order can remain in the system from time to time.
IOC – An Immediate or Cancel (IOC) order allows a Trading Member to buy or sell a security as soon as the order is released into the market, failing which the order will be removed from the market. Partial match is possible for the order, and the unmatched portion of the order is cancelled immediately.
Limit Price/Order – An order that allows the price to be specified while entering the order into the system.
Market Price/Order – An order to buy or sell securities at the best price obtainable at the time of entering the order.
Stop Loss (SL) Price/Order – Order gets activated only when the market price of the relevant security reaches or crosses a threshold price. Until then the order does not enter the market.
A sell order in the Stop Loss book gets triggered when the last traded price in the normal market reaches or falls below the trigger price of the order. A buy order in the Stop Loss book gets triggered when the last traded price in the normal market reaches or exceeds the trigger price of the order.
E.g. If for stop loss buy order, the trigger is 93.00, the limit price is 95.00 and the market (last traded) price is 90.00, then this order is released into the system once the market price reaches or exceeds 93.00. This order is added to the regular lot book with time of triggering as the time stamp, as a limit order of 95.00
Though orders are usually routed to the marketplace within seconds, certain orders, at Share khan’s sole discretion, may be subject to manual review and entry, which may cause delays in the processing of your orders. You also understand that you will receive the price at which your order executes in the marketplace, which may be different from the price at which the Scrip or option is trading when your order is entered into our system.
You also understand that market orders may get executed at a price significantly unfavorable to you, depending upon market fluctuations.
2L and 3L order placement allow you to place more than one order in one go. Maximum 3 orders can be placed in one attempt. All orders placed through this system are IOC orders. All orders must satisfy the risk criteria on individual basis. If any of the order fails in risk validation, none of the order will be accepted by the system.
Orders can be placed in the same underlying contract or different underlying contracts as well. The execution of orders takes place in the same ratio in which the order was placed.
All orders placed on Achiievers Equities Ltd will be pre-validated against your Trading Limit before placing them on the exchange. The validation rules are subject to change from time to time by Achiievers Equities Ltd. If trading limit is insufficient to process the orders, then the order will be rejected.
After Achiievers Equities Ltd validates the order; it is placed on the exchange. The Exchange may accept or reject the order, based upon its internal rules and regulations.
Achiievers Equities Ltd has provided the facility to modify (price and quantity) or cancel un-executed orders. You can see the status or your orders through the order tracker (from getting started guide). However, between the submission of modify/cancel request and placing the same on the exchange all or some part of the pending order may get executed. And modification or cancellation can be applied only on the yet un-executed part of the order.
If full funds are not available in the Account and an order is processed, your payment via internet banking, personal cheque or demand draft payable to Achiievers Equities Ltd. must be promptly submitted to assure that such payment will be received on or prior to settlement date. If payment is not received by settlement date, or as market conditions warrant, your Account may be liquidated, without prior notification. In the event your Account is liquidated, you will be liable for any resulting losses and all associated costs incurred by Achiievers Equities Ltd.