Why is the order getting rejected with the following reason “Reason for rejection :16448 ?
As the new circular received from the exchange “Circular Ref. No: 54/2023” - Pre-Trade risk controls Validation for Stop Loss Limit Order Entry.
Exchange has a robust risk management framework and continuously reviews and implements various pre-trade risk control measures for ensuring orderly trading, effective risk management and price discovery. In the current state of market maturity / development and to create a conducive environment for all market participants, review and enhancements are required to optimize and strengthen the pre-trade risk control measures for preventing aberrant orders.
| Instruments | Trigger price | X% | Minimum absolute Range (Rs.) |
|---|---|---|---|
| FUTIDX and FUTSTK | <=50 | - | 1.5 |
| FUTIDX and FUTSTK | >50 | 3% | - |
| OPTIDX and OPTSTK | <=50 | - | 10 |
| OPTIDX and OPTSTK | >50 | 20% | - |
• The aforesaid validation shall be applicable for SL-Limit order modification request as well. • Following error code shall be generated on rejection of order entry/order modification request: 16448 - Difference between limit price and trigger price is beyond permissible range