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...

Last updated: 31 Oct 2025