Order Rejections & Reasons
TABLE OF CONTENTS
- I am unable to sell shares bought yesterday. Why?
- Why am I not able to place market orders to take Options positions in Rocket?
- Why are my orders rejected if I place huge quantity of selling or buying?
- My orders in Options are blocked. Why?
- Why am I, sometimes, blocked from taking fresh positions in same segment, even after selling for the required value?
- I have sold my existing Options Positions but unable to use the sale value to take fresh short position in Options. Why?
- Common Rejections in Rocket Plus Trading Terminal
- Common Rejections in Rocket Trading Terminal
I am unable to sell shares bought yesterday. Why?
This is possible Scrips under T2T or Trade 2 Trade generally seen as BE or T series in the market watch cannot be sold without holding them in your demat account. This implies that you need to wait till the delivery which is Trade + 2nd working day to sell them. No intraday sell them Intraday or under BTST. T2T i.e, BE series, otherwise known as Trade to Trade segment cannot be sold without holding them in the demat account. This implies that if you buy them, you need to take delivery to your demat account and if you sell them you need to give delivery for the same. failing which it will attract high penalty. Hence, due care needs to be taken to not sell them Intraday and under BTST
Why am I not able to place market orders to take Options positions in Rocket?
To protect the interest of clients', market orders are blocked while taking fresh options positions. In case of market orders, there is a high risk of trade being executed at far off price as compared to LTP due to volatility or wide bid ask spread. Due to this, only limit orders are allowed to be placed when fresh positions are initiated in Rocket.
However, this restriction will not be applicable for square off orders. The only requirement is that, you need to navigate to your Positions tab and square off the positions from there to place a market order
Why are my orders rejected if I place huge quantity of selling or buying?
There is a maximum limit on quantity up to which an order can be placed. If the orders needs to be placed beyond that quantity, it has to be placed as multiple orders and cannot be placed as a single order. This is to avoid what is called " fat finger" error. This is like placing an order to sell 100000 shares as a typo error instead of keying in 1000 shares. To avoid this Exchange has prescribed few limits up to which single order can be placed and these differs from terminal to terminal. Below given are the various limits fixed by Tradeplus to protect clients from this error
Equity Cash Segment
Single Order Quantity
Single Order Value
Total Buy Value
Total Sell Value
Single Order Quantity for Nifty
Single Order Quantity for Bank Nifty
Click here to see the quantity freeze limits set by Exchange
My orders in Options are blocked. Why?
You would have had an experience of being blocked from buying or selling few options and futures contracts and be wondering why. Here is the answer. Illiquid Options and futures are blocked as per Tradeplus’s internal Risk management policy in order to protect traders from been stuck with a position in the absence of counter parties to cover the same. For example if we allow to buy an illiquid contract, a client would be able to create a position in it by buying or selling the contract. A risk arises when the client is unable to square off the position due to non availability of counter party which is highly common in illiquid contracts. As a result of this, the client would necessarily be required to bring in additional margins failure of which would attract penalties These penalties will be on the broker for not taking due diligence to prevent trading in illiquid contracts. To avoid these we block illiquid contracts.
Illiquid Options contracts are blocked on the basis Expiry, Strike Price, Volume and Open Interest. Click here to understand options contracts that are blocked in Rocket and Rocket Plus Trading Platforms.
Why am I, sometimes, blocked from taking fresh positions in same segment, even after selling for the required value?
You could have come across a situation where you were blocked from taking fresh positions in derivatives segment, even after you had sold any or all your existing positions and have sufficient sale value in the trading terminal. This would happen in a scenario as illustrated below. Let's assume that you had an Options carry over position.
Flow of events
Value of Carry forward Options positions
Uploaded Cash Margin
Value of sale on squaring off the carried forward position
|Take fresh positions using 85000 and do multiple intraday trades|
Loss booked on the Intraday trades
System will immediately block fresh trade
Reason for blocking in spite of having a net sale credit of 75000 (5000 of Opening balance+ 85000 of Sale proceeds -15000 of M-to-M Loss)
- As per our RMS Policy, M-to-M loss of 15000 is due for payment on T date (same date of Trade)
- The sale proceeds of 85000 is however due from Exchange of T+1 date (Trade date + one Working day)
- The available balance of 5000 is insufficient to cover the M-to-M loss of 15000 .
- Therefore, there a shortfall of 10000 to clear the M-to-M loss on the same day
Hence, fresh positions will immediately be blocked to adhere to Regulatory norms.
Alternate Solution to take fresh positions
In this scenario, we suggest you to make a pay-in for the portion of M-to-M loss that is still not covered. In this case, it is Rupees 10000 (15000-5000). The system will immediately unblock for fresh trades
Else, you may wait for a day and then take fresh positions.
I have sold my existing Options Positions but unable to use the sale value to take fresh short position in Options. Why?
Let's assume that you had
a) an opening balance of Rupees 10,000
b) and an Option position for Rupees 1.5 lakhs and
c) you subsequently sold the Options position for 1.5 lakhs.
Now your available balance will be 10000 + 150000 = 1,60,000. With this money if you try to sell 1 lot of Bank Nifty Options (the required margin of which is 1,38,000) with this money, it will reject. This is because, sell orders in Options require SPAN + Exposure and Additional Margin and this margin needs to be provided upfront. Whereas the sale proceed of your Options position, Rupees 1,50,000, will be released by Exchange only by T+1 day. Hence, it will be rejected.
Common Rejections in Rocket Plus Trading Terminal
210 - Validation Error. [LIMIT PRICE BEYOND CIRCUIT LIMITS]
Order placed is beyond or Below the circuit price
|OEMS:[Block ASM/GSM Stock Selling From T1 Holding] Required Holding: Total Holding: for entity [Client]across [ALL|ALL|ALL]|
Scrip is restricted to trade as it is listed in GSM Or ASM category
|OEMS:[Check Holdings] Required Holding: Total Holding: for entity [Client]-across [ALL|ALL|ALL]|
Holding not available in Demat Account
OEMS:[Default Margin Check] Set Limit: Total Required Margin: Available Margin Shortfall for entity [Client]- across [ALL|ALL|ALL]
|OEMS:[RMS-Check Freeze Quantity NSEFO] Limit Exceeds. Required Limit: Set Limit for entity [Client]- across [ALL|ALL|ALL]|
Quantity Freeze set by the Exchange
OEMS: Admin Has Stop AMO Orders For Exchange Segment : MCXFO
AMO Order Stopped
|OEMS: Admin Has Stop AMO Orders For Exchange Segment : NSECM |
AMO Order Stopped
|OEMS: Admin Has Stop AMO Orders For Exchange Segment : NSEFO|
AMO Order Stopped
|OEMS:RMS Block [NONSQROFF] At Block set for Entity Type: Client Entity Id: ALL Buy/Sell: SELL Product: NRML for Scrip: NSECM-All Series-All Symbol-All Opt Type-All Strike Price-All Expiry for entity [Client]-across [ALL|ALL|ALL]||Equity Selling not allowed in NRML segment|
|OEMS:RMS-Block Illiquid FO Contracts - Illiquid Contract : Condition : Total Traded Qty - Current : 0.00 <= Set Limit : 0.00 for entity [Client]- across [ALL|ALL|ALL]|
Illiquid Scrip Blocked
OEMS:RMS-Check Options Strike Price Based On Spot Price - ITM CE options are allowed in the range for entity [Client]- across [ALL|ALL|ALL]
|Stocks and Index Options which are up to 5% ITM will be allowed to be bought|
|Stock Options which are up to 5% ITM and Index Options which are up to 10% ITM will be allowed to be sold|
OEMS:RMS-Check Options Strike Price Based On Spot Price - OTM CE options are allowed in the range for entity [Client]- across [ALL|ALL|ALL]
|Stocks and Index Options which are up to 12% OTM will be allowed to be bought|
|Stock Options which are up to 15% OTM and Index Options up to 20% OTM will be allowed to be sold|
OEMS:RMS-Reject Square-off Orders If Span Hedge Benefit Removed – Square-Off order is rejected. Margin requirement will increase for entity [Client]- across [ALL|ALL|ALL]
Un hedge will not be allowed
|'Order Price xxx is not within Option Intrinsic Value Range....'||Price at which the order is placed is less than the Intrinsic Value. Need to place above Intrinsic Value|
|1506: Client not Registered|
Account is suspended at MCX Exchange end and hence, orders are not allowed. Contact Support
Common Rejections in Rocket Trading Terminal
|Additional deposit of Rs. XXXXX is required to place this order [Set Deposit =XXXXX ] for the user XXXXXXXX-XXXX||You have insufficient margin to place this order. Add funds to proceed|
|Additional deposit of Rs. 999996074.00 is required to place this order [Set Deposit = -999989999.00 ] for the user||Your account is under continuos debit for more than 5 days. Clear the debit. Then you can place orders the next day.|
|Insufficient Quantity in DP||Your order quantity is higher than the quantity of stocks in your demat account. Check the qty and re-try placing the order.|
|Invalid value 0 in field OrdType||Intra-day / MIS order cannot be placed. Place under NRML|
|No access at User Level for UCC-T6341 (XXXXXX)||Segment is not active in Trading Terminal. Contact us|
|No access at User Level for UCC-T6341 in category Securities in BSE in Equity in Delivery Product for GSM0 Series/Group (XXXXXXX)||Stock is under GSM category and are not allowed to trade.|
|No access at User Level for UCC-T6341 in category Securities in BSE in Equity in Intra-Day Product for XXXXXX Series/Group (XXXXXXXX) Reason : Not eligible for Intraday||Intra-day / MIS order cannot be placed|
|No access at User Level for UCC-T6341 in category Securities in NSE in Equity in Intra-Day Product for XXXXXX EQ Series/Group (XXXXXXXX) Reason : Not eligible for Intraday||MIS/Intraday is not allowed in this stock. Place under NRML and square off before the market closes|
|No access at User Level for ONLINE-T6341 in category Securities in NSE in Options for OPTIDX BANKNIFTY STRIKE PRICE (XXXXXXXX) Reason : Illiquid Contract||Illiquid contracts are blocked from trading. Try placing order in different strikes/expiry|
|No NNF Id set for XXXXXX-T6341||Segment is not active in Trading Terminal. Contact us|
|No Trading Rights defined for profile UCC-T6341||Segment is not active in Trading Terminal. Contact us|
|Order entry not allowed in Pre-Open||It is Pre open session. Wait and place when the normal market opens|
|Order quantity exceeds quantity value limit for the user||Cumulative Order quantity exceeded the prescribed quantity for a user. Contact us|
|Order value exceeds the order limit value||Cumulative Order Value exceeded the prescribed quantity for a user. Contact us|
|QUANTITY [XXXX]: EXCEEDS TRANSACTION SIZE LIMIT [XXXX]||Order Quantity exceeded for the particular instrument. Place order for lesser quantity|
|Single Max Order Value XXXXXXXX for User UCC-T6341 in Category Securities in Exchange NSE in Derivative Market exceeds the set limit XXXXXXXX set at User Level To Be Checked for ONLINE in Securities in NSE in Derivative||Order Value exceeds the prescribed single order Value limit. Reduce the order value and place the order|
|Quantity greater than Freeze quantity||Order quantity exceeds the Exchange prescribed quantity level. Reduce the quantity and place order|
|The markets have not been opened for trading||Market is not open. Wait and place order when the market opens|
|The order has been canceled due to quantity freeze||Orders quantity is beyond the Exchange prescribed quantity level. Hence order is frozen and will be subsequently cancelled by exchange. Place for a lower quantity|
|The order has been canceled due to price freeze||Order is placed at a price beyond the Daily Price Range. Wait for the order to be unfrozen and place fresh order within the DPR|
|The trading system is not available for trading||It is not a live Market. Place in Live market|
|Client not Registered||Account is suspended at MCX Exchange end and hence, orders are not allowed. Contact Support|
Click here to to see all our RMS policies
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