How is P&L calculated if I hold the same stock in both MTF and CNC?

If you hold the same stock in both MTF and CNC, the Profit and Loss (P&L) is calculated using the FIFO (First In, First Out) method. This applies irrespective of the product type used to buy the shares.

Under FIFO, the shares bought first are treated as sold first when you close a position. So, even if you sell shares from your MTF holding, the system will first match the sale against the earliest purchase of that stock.

FIFO works for CNC and MTF holdings as follows:

FIFO means the earliest buy transaction for a stock is considered first when a sell transaction happens, regardless of whether the shares were bought under CNC or MTF.

Example of P&L calculation:

Suppose you buy the same stock in the following order:

Buy ABC under CNC at ₹100
Later, buy ABC under MTF at ₹150
Then sell the stock in MTF at ₹200

Since the CNC shares were purchased first, the system will consider those shares as sold first for P&L calculation. P&L per share = ₹200 - ₹100 = ₹100 profit

The product type does not change the FIFO sequence. The sale is always matched against the earliest buy transaction of that stock.

What If?

Situation	What happens
You sell shares thinking only your MTF holding will be closed	The P&L is still calculated using FIFO. The system will match the sale against the earliest available buy transaction for that stock, even if that purchase was under CNC.
You expect CNC and MTF holdings to be treated separately for P&L	They are not treated separately for FIFO-based P&L matching. The calculation is done based on the chronological order of all buy trades in that stock.
You are reviewing your trade history after the sell transaction	Check the sequence of buy transactions carefully. The earliest purchase price will determine the P&L for the quantity sold first.
You are unsure why the realised P&L does not match the latest buy price	This usually happens because the latest buy price is not necessarily the first one considered. Under FIFO, the oldest purchase is matched first when shares are sold.

Last updated: 06 Apr 2026