Frequently Asked Questions

The order that is placed for creating the position is called First leg order.

No, First leg order is always a market order.

The First leg order as defined above will help you take a position. Assuming you have taken a buy position, your cover will naturally be a sell order. This is a Stop loss Limit order.

A Stop loss Limit order allows the client to place an order, which gets triggered only when the market price of the relevant security reaches or crosses a trigger price specified by the investor in the form of 'Stop Loss Limit Price'.

'Mr. A' buys Reliance at 325 in expectation that the price will rise. However, in the event the price falls, 'A' would like to limit his losses. 'Mr. A' may place a limit sell order specifying a Stop loss trigger price of 305 and a limit price of 300. The stop loss trigger price has to be between the limit price and the last traded price at the time of placing the stop loss order. Once the last traded price touches or crosses 305, the order gets converted into a limit sell order at 300.

No, Stop loss Limit order cannot be cancelled.

Yes, one can modify the Stop loss Limit order. The price and order type (limit to market) can be modified in Stop loss Limit order.

The max quantity that can be submitted for fresh orders is the total of best 5 Bid/offer quantities that is available in the best bids and offers. If the quantity that one input is greater than the quantity available in the best 5 bids and offers then the order will not go through.

Assuming that one wants to place a buy order for 500 shares @ 50 in ABC Scrip, and the first 5 offer quantity available for the buy order is as under:

In the above scenario, the first 5 Offer quantity available is 375 and since the buy order quantity placed is 500 which exceeds the best 5 offer quantity, it would be rejected by the system.

Similar would be the case in Sell order, wherein if the total sell qty is greater that the first 5 Bid price it would be rejected. The maximum order qty to place should be equal to the first 5 bid/offer quantity available at that point of time.

The price of First leg order would be calculated as the weighted average price of the best 5 bids and offers available for sell and buy order respectively.

Assuming that one wants to place a buy order for 500 shares @ 50 in ABC Scrip, and the first 5 offer quantity available for the buy order is as under:

Calculation of Buy price 

Weighted average price would be 48.95

Margin will be calculated basis VAR + ELM + adhoc margin. The adhoc margins will be additional margins being charged and / or the stop loss difference for the said transaction.

Yes, at the time of order placement the current market price at that point of time is considered. It may happen that execution happens at a different price than the one at which limits have been blocked.

Yes, it is recalculated and excess amount if any will be released or additional margin needed will be blocked if one changes the limit.

• For stocks which are part of Nifty50 the minimum stop loss trigger price should be of 0.50% from the market price and the stop loss limit price should be minimum 1% from the trigger price 

• For other eligible stocks apart of Nifty50 the minimum stop loss trigger price should be of 1% from the market price and the stop loss limit price should be minimum 2% from the trigger price

Yes. One can convert open cover position into E-margin position or convert to delivery before 3:00 PM after brining necessary addition fund/collateral. For converting the cover position one need to click on cover position tab under the order book section.

Partial conversation of open cover position is not allowed. However partially pending second leg order can be converted.

Yes, one can cancel the second leg pending cover order at the time of conversion. However if one does not wish to cancel the same, he/she needs to untick (do you wish to cancel the second leg pending order) the option available in the cover position panel. By default the said option will be also be ticked.

Cover order needs to be squared off or converted to E-margin position or convert to delivery by 3:00 PM, otherwise the same will be squared off by HDFC Securities Limited.

In case second leg of Cover Order gets rejected for any reason , then HSL reserves the right to Square-off the open position in respect of the first leg market order anytime before the scheduled square off time for Cover Product.