What Are the Limits Applied to NSE Futures Orders?
NSE futures are governed by two main limit types: price and execution limits that control where orders can execute, and quantity limits that cap how many contracts you can send in a single order. These safeguards reduce fat finger errors and disorderly prints.
Price & Execution Limits
- F&O execution range: NSE maintains a live reference price for each contract and only allows trades within a dynamic execution range around it. Orders outside that range are rejected until the reference moves or the range refreshes. This is different from equity price bands.
- Bands versus execution range: Equities have daily price bands and operating range flex. Derivatives rely primarily on the execution range and protections tied to the underlying, not fixed ±10% or ±20% bands on the futures contract itself.
Quantity Limits
- Freeze quantity: NSE sets freeze limits per index and stock derivatives. If your order exceeds the limit, the exchange rejects it; brokers may also cap sizes below the exchange limit.
- Dynamic updates: Freeze limits change over time with liquidity conditions. Always check the latest circular or your broker’s contract specs.
Practical Checks Before You Place an Order
- Price validity: If a market or limit order gets rejected, compare your price to the live execution range shown in the order window or market depth.
- Size validity: If you hit a size error, split the order to stay within the current freeze quantity for that contract.
- Increments: Ensure tick size and lot size multiples are correct. Off increment prices or quantities are disallowed.
What If...
| Scenario | Solution |
|---|
| Order rejected due to price limit | Re-price within the contract’s live execution range or wait for the reference price to update. |
| Order fails due to high quantity | Break the order into smaller slices within the current freeze quantity for that contract. |
Last updated: 31 Oct 2025
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