VTT feature
‘VTT (“Valid TillTrigger”) order type’ is a feature which allows a Client to place an order whena price hits a threshold (particular price) set by the Client. Also, users canset a stop loss and target for such orders. Only Delivery template orders willbe allowed in VTT Order. Once the condition as per set price threshold is met,the order as per the price threshold set by the Client will be placed on theExchanges. VTT feature has two sub types namely, i) VTTRegular and ii) VTT OCO orders. Both types of orders are collectivelyhereinafter referred to as the VTT Feature.
Difference between VTT Regular and VTT OCO Order
i) VTT Regular order is primarily a twoleg order. It allows a client to place a target and a Stop loss order when theclient is having an existing holdings in his/her demat account or in case whereopen position held in derivatives segment.
ii) VTT OCO is for placing of a three legorder. It allows a client to place a limit trigger order for placing an initialorder and simultaneously allows the client to place a target and a Stop lossorder without requiring to have any holdings in demat account or existingposition in derivatives segment.
When the Actual Order Gets placed ?
While using theVTT feature, the actual order is placed only once the price thresholdconditions set by the Client are triggered. 5Paisa Capital Limited (hereinafterreferred to as “5Paisa” / “Company”) system stores the price thresholdconditions, as set by the Client, and sends the order to the Exchange as andwhen the price threshold conditions are triggered.
‘VTT Feature’ isallowed on the Equity cash segment and Futures & Options segments on NSE,BSE & MCX.
Need to Maintain sufficient cash balance and holdings / marginsrequired for positions
At all timeswhile placing a VTT order, Clients are required to maintain sufficient
cash balance /margins & sufficient quantity of holdings/positions of the respective scripin Client’s respective trading account as per the order details. In case thereis insufficient cash balance or insufficient quantity of holdings/positionswith respect to the VTT order at any point in time in Client’s trading and/ordemat account, the VTT order may be cancelled/failed at the sole discretion of 5PAISA& the 5PAISA Risk Management System (RMS).
Various parameters/ pre-trade checks are done by our Risk Management System (RMS) before ordersplaced by Clients are pushed to Stock Exchanges.
All such checksare done as per the rules and regulations of the Exchanges, SEBI &
5PAISA internalrisk management policies and procedures.
No Call &Trade feature at 5PAISA shall not be allowed for Clients to use VTT
order. There isNo limit on maximum number of VTT Orders at any particular point in time aslong as the Client has fulfilled the margin requirements as set by RMS teamfrom time to time(maintained sufficient cash balance) in his trading accountwith us for all his orders.
Notwithstanding anything mentioned to the contrary in thisdocument, 5PAISA shall at its sole discretion have the right to reject, cancel,execute or not place the orders even if Trigger Conditions as per VTT ordersare met, in the below mentioned market timings/conditions:
● In case theTrigger Price is breached during any day (which may be caused
due to a gap upor gap down opening at market opening), an order shall be
placed at thelimit price selected by Client and shall be cancelled at the end of
such tradingsession; in case such limit price is not met during the day;
● All VTT i.e.VTT Regular and VTT OCO orders are cancelled after 365 days for equity deliverysegment orders and after respective expiry for F&O contracts.
● Scrips fallingunder the Call Auction list by NSE are not to be used under the
VTT orderfeature.
Other ApplicableTerms for VTT Regular and VTT OCO Orders
1) A VTT Feature is a trigger which isvalid for only one time, after the order is placed. In
case the order istriggered due to the condition being metor for any other reason on any particular day, but if the order is not executedon the same day, such VTT orders will be required to be placed once again.
2) Once a VTT order is triggered for aderivative contract, when the order is placed
outside thecontract's execution range, it may be cancelled by the Exchange.
3) If a VTT order is triggered for anoption contract that is not allowed for trading by
5PAISA, the ordermay be rejected.
4) If the VTT order is modified, then theday to expiry will change or the day to expiry will be calculated from thestart of the VTT placement date – No change in expiry of the VTT order date.Expiry will be calculated from the start of the day VTT order was initiated.
5) The VTT orders may also be placed forthe scrips under ASM / GSM / other categories having additional surveillancemeasures prescribed by Exchange. However, based on the Exchange guidelines fromtime to time the 5Paisa RMS will have discretion to limit or restrict thetransactions in such scrips.
6) The Orders in the Derivative (Futuresand Options) contracts shall be invalidated and / or auto cancelled / rejectedfor the expired contracts.
7) If you place a VTT order to sellsecurities held in demat account, then clients should
need to authorizethe holdings using CDSL TPIN. In case holdings are not authorised, or itsvalidity has expired, a VTT order for sale of securities held in your demat A/cwill be rejected once triggered. TPIN is not required if you have submitted avalid PoA.
8) The onus of checking for a pending VTTorder for a scrip before placing any new
order(s) for thesame scrip from the order window, positions page or via any other entry pointsto trade lies on the Client.
9) As per the 5PAISA RMS process, onus tocancel any connected target or stop-loss order legs lies on the client in casethe main leg gets cancelled. RMS may not be in a position to communicate forthe squaring off of pending legs. Also our Risk Management team may at any timesquare off any and all open positions if the account comes under risk as perthe 5Paisa RMS Policy and client using the VTT Feature shall be solelyresponsible for any loss he / she may incur due to such squaring off of theposition by RMS and Client shall not bring any claim against 5Paisa for anysuch instance.
10) VTT orders for derivative contractsare only valid for the lifetime of the contract. Pending VTT orders for acontract will be invalidated one day after the expiry of the contract.
Charges for Usage of VTT Feature type
5PAISA will notcharge any extra cost apart from the regular tariff structure as
applicable onregular trades.
Risk disclaimers including the risksof Non-execution & Applicable law
This ‘VTT Feature’does not assure execution of an order and includes/involves all risks withrespect to Internet Based Trading, and risks with respect to trading will extendto trading using the ‘VTT orders’ as well. Ifyou place market order you may incur slippage on the price.
Orders placedusing VTT Feature will be triggered on the live last traded price it istracking on a particular Exchange. When using VTT Feature with aspecifiedprice, there is no guaranteed execution as the LTP could have changed when theorder is placed post trigger. In case the Trigger Price is breached anytimeduring the day (which may be caused due to a gap up or gap down opening atmarket opening), an order shall be placed at the limit price selected by youand shall be cancelled at the end of such trading session; in case such limitprice is not met during the day.
Orders placedusing VTT Feature will be triggered after being matched for the condition set with the last traded price received fromthe exchange during a live trading session. Clients are advised to regularlyread and understand the terms, conditions, and points under the Equity Annexure& Risk Disclosure Document, which Clients have already agreed to, whileopening a trading account with 5PAISA. All prices entered by Client for TriggerPrice shall be tracked against the Last Traded Price (LTP) of thestock/scrip/contract. There is no condition from 5Paisa Product featureperspective w.r.t. the price selected by Client as a Trigger Price, forstocks/scrips/contracts, need to be certain specific percentage away from thecurrent market price of the stock. However, at all times such price shall be withinthe Exchange provided Range.
All rules andregulations prescribed by SEBI and the Exchanges would have to be strictlyfollowed by all the Clients while placing instructions through 5PAISA. All otherlaws and regulations as per the Republic of India would be applicable.
No Liability for Any Non-Execution orAny Lost Opportunity
5PAISA, at alltimes, bears no liability towards the Clients for any reason whatsoever withrespect to using the ‘VTT order’ feature; including but not limited to, non-executionof any order using the ‘VTT order’ feature/either leg of the order, any opportunityloss for non-execution of such orders/trades, any cancellation or non-placementof any orders and any such other claims which may arise from Clients withrespect to using the ‘VTT order’ feature.
All Terms are Subject to Change as perthe discretion of 5Paisa.
These Terms ofUsage and the Services of 5PAISA placing orders under the ‘VTT
Feature’ may beremoved/modified/replaced at any point of time without
providing anyprior notification to Clients. It is Clients’ responsibility to review these Terms& Conditions every time Clients use the ‘VTT feature’. By using the VTTfeature you agree to keep yourself updated about the latest updated terms availableon 5Paisa mobile app and website.
Definitions
● ‘VTT Feature’shall be as defined above.
● ‘Limit Order’shall be defined as per the NSE ‘Order Conditions’ which are
available atbelow link:
https://www.nseindia.com/products/content/equities/equities/trading_system.htm
As per NSE, aLimit Order shall mean “an order that allows the price to be
specified whileentering the order into the system.”
● ‘Last TradedPrice’ or ‘LTP’ is the last traded price at which a stock/scrip was
traded on theExchange.
● ‘RMS’ or ‘RiskManagement System’ is the system in place at 5PAISA which
monitors allpositions of 5PAISA Clients on a real-time basis and ensure that
Clients maintainmargins with respect to all positions/positional trades & that
5PAISA maintainsmargins at a broker/trading member level with the clearing
corporation TheRMS also constantly vets each order, on a pre-trade basis, to
ensure the orderis as per 5PAISA’s risk management policies and procedures
and at the sameensuring client has sufficient cash balances, holdings and as
per the rules setby 5PAISA and the Exchanges. The RMS continuously
enforces 5PAISA’sterms, policies & procedures by enforcing limits of
margins/squaringoff positions with respect to each Client, as per the risk
managementpolicies followed by 5PAISA. Clients are required to always be
updated with 5PAISA’srisk management policies, terms, and procedures.
● ‘TriggerCondition’ shall mean the criteria and conditions entered by the Client,
which if met, thecorresponding limit order entered by the Client will be placed on
the respectiveExchange. The below set of conditions, not being limited to, are
required to beselected by the Client:
o A Limit Price:the price selected by the Client, which places a limit
order at theprice selected by the Client after the Trigger Price is met or
breached.
● ‘Trigger Price’shall mean the price entered by the Client to
trigger an orderand place it on the Exchange while using the ‘VTT Feature’
feature. Thisprice selected by the Client may either be:
o The price usedto trigger a buy order in case it is being placed for
stock/scrips thatare not in Client’s current existing holdings;
o The price usedto trigger a target order in case it is being placed
at a higher pricethan the current market price, for stock/scrips that are
already existingin Client’s current holdings;
o The price usedto trigger stop-loss order in case it is being
placed at a lowerprice than the current market price, for stock/scrips
that are alreadyexisting in Client’s current holdings.
● ‘Client’, meansthe Constituent, having a trading and demat account i.e. a Client ID, with 5PAISAand using the ‘VTT order’ feature placement services from his/her 5PAISAtrading account terminal through either Web or the 5PAISA MobileApplication.