NSE now limits market orders in its pre-open auction to the first five minutes
India's National Stock Exchange put its revised 15-minute pre-open auction into effect Monday, splitting the order window into two phases. The exchange's circular NSE/CMTR/74969 keeps the full session at 9:00 to 9:15 a.m.
Market and limit orders are accepted from 9:00 to 9:05. From 9:05 to 9:10, only limit orders may be entered, changed or cancelled, with a system-controlled random close during the final two minutes. Matching runs from 9:10 to 9:12, followed by a three-minute buffer before continuous trading.
Market orders entered after 9:05 are rejected. Trades completed during the pre-open session cannot be cancelled. The framework applies to all equity market securities, including SME securities, partly paid shares, infrastructure investment trusts and real estate investment trusts.
