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 Order Execution Cycle
Order placed by the investor through desktop, mobile or web based interfaces are first evaluated at brokerís end. Broker records the order and verifies the margin and cash requirements. If order is within the defined limits it is forwarded to Exchange, otherwise, order is rejected and a rejection message is sent back to client. If order is pushed to stock exchange, it queues the order in respective security book and send a confirmation of receiving the order. The order confirmation is recorded in the brokerís database and forwarded to the investorís terminal (in case of web terminal, investor may need to refresh his page to view the order confirmation). Only when confirmation from exchange is received, it appears in Outstanding order view as a pending orders.

If order is get traded in stock exchange, an execution confirmation is sent to broker. Broker record the execution and forwards it to investorís terminal as well. On receiving the execution confirmation, a trade record appears in the transaction list and outstanding volume of the pending order is reduced by the trade volume.

If order is completely executed it is removed from the outstanding orders window.

If the link between investor machine and broker servers or the link between brokerís server and stock exchange is broken, the order or execution confirmation may not be received at the terminal. In most of such cases reconnecting the terminal and refreshing the order book and trade book updates the client position, otherwise, the investor should call to brokers call center for verification.

In case of system failure, orders may be cancelled by calling the help desk.


Disclaimer: Investors are advised in their own interest to carefully read the contents of the account opening form, in particular the risk factors mentioned in Para 3(ii), 3(ii) and 6 and Warnings in Para 24 (iv) before making any investment decision.