‘VTT (“Valid Till Trigger”) order type’ is a feature which allows a Client to place an order when a price hits a threshold (particular price) set by the Client. Also, users can set a stop loss and target for such orders. Only Delivery template orders will be 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 the Exchanges.

VTT feature has two sub types namely, i) VTT Regular and ii) VTT OCO orders. Both types of orders are collectively herein after referred to as the VTT Feature.

 Difference between VTT Regular and VTT OCO Order 

i) VTT Regular order is for placing of a three leg order. It allows a client to place a limit trigger order for placing an initial order and simultaneously allows the client to place a target and a Stop loss order without requiring to have any holdings in demat account or existing position in derivatives segment.

ii) VTT OCO  is a 2-part order. You set a stoploss and target order at the same time as per your need. Use it to plan ahead for your current holdings and positions for up to a year in advance.

 When the Actual Order Gets placed ?

 While using the VTT feature, the actual order is placed only once the price threshold conditions set by the Client are triggered. 5Paisa Capital Limited (herein after referred to as “5Paisa” / “Company”) system stores the price threshold conditions, as set by the Client, and sends the order to the Exchange as and when the price threshold conditions are triggered.

‘VTT Feature’ is allowed on the Equity cash segment and Futures & Options segments on NSE, BSE & MCX. 

Need to Maintain sufficient cash balance and holdings / margins required for positions 

At all times while placing a VTT order, Clients are required to maintain sufficient cash balance /margins & sufficient quantity of holdings/positions of the respective scrip in Client’s respective trading account as per the order details. In case there is insufficient cash balance or insufficient quantity of holdings/positions with respect to the VTT order at any point in time in Client’s trading and/or demat 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 orders placed by Clients are pushed to Stock Exchanges.

 All such checks are done as per the rules and regulations of the Exchanges, SEBI & 5PAISA internal risk management policies and procedures.

 No Call &Trade feature at 5PAISA shall not be allowed for Clients to use VTT order. There is No limit on maximum number of VTT Orders at any particular point in time as long as the Client has fulfilled the margin requirements as set by RMS team from time to time(maintained sufficient cash balance) in his trading account with us for all his orders.

Not withstanding anything mentioned to the contrary in this document, 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 orders are met, in the below mentioned market timings/conditions:

 ● In case the Trigger Price is breached during any day (which may be caused due to a gap up or gap down opening at market opening), an order shall be placed at the limit price selected by Client and shall be cancelled at the end of such trading session; 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 delivery segment orders and after respective expiry for F&O contracts.

● Scrips falling under the Call Auction list by NSE are not to be used under the VTT order feature.

 Other Applicable Terms for VTT Regular and VTT OCO Orders 

1) A VTT Feature is a trigger which is valid for only one time, after the order is placed. Incase the order is triggered due to the condition being met or for any other reason on any particular day, but if the order is not executed on the same day, such VTT orders will be required to be placed once again.

2) Once a VTT order is triggered for a derivative contract, when the order is placed outside the contract’s execution range, it may be cancelled by the Exchange.

3) If a VTT order is triggered for an option contract that is not allowed for trading by 5PAISA, the order may be rejected.

4) If the VTT order is modified, then the day to expiry will change or the day to expiry will be calculated from the start 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 for the scrips under ASM / GSM / other categories having  additional surveillance measures prescribed by Exchange. However, based on the Exchange  guidelines from time to time the 5Paisa RMS will have discretion to limit or restrict the transactions in such scrips.

6) The Orders in the Derivative (Futures and Options) contracts shall be invalidated and / or auto cancelled / rejected for the expired contracts.

7) If you place a VTT order to sell securities held in demat account, then clients should need to authorize the holdings using CDSL TPIN. In case holdings are not authorised, or its validity has  expired, a VTT order for sale of securities held in your demat A/c will be rejected once triggered. TPIN is not required if you have submitted a valid POA.

8) The onus of checking for a pending VTT order for a scrip before placing any new order(s) for the same scrip from the order window, positions page or via any other entry points to trade lies on the Client.

9) As per the 5PAISA RMS process, onus to cancel any connected target or stop-loss order legs lies on the client in case the main leg gets cancelled. RMS may not be in a position to communicate for the squaring off of pending legs. Also our Risk Management team may at any time square off any and all open positions if the account comes under risk as per the 5Paisa RMS Policy and client using the VTT Feature shall be solely responsible for any loss he / she may incur due to such squaring off of the position by RMS and Client shall not bring any claim against 5Paisa for any such instance.

10) VTT orders for derivative contracts are only valid for the lifetime of the contract. Pending VTT orders for a contract will be invalidated one day after the expiry of the contract.

Charges for Usage of VTT Feature type

5PAISA will not charge any extra cost apart from the regular tariff structure as applicable on regular trades.

Risk disclaimers including the risks of Non-execution & Applicable law

This ‘VTT Feature’ does not assure execution of an order and includes/involves all risks with respect to Internet Based Trading, and risks with respect to trading will extend to trading using the ‘VTT orders’ as well. If you place market order you may incur slippage on the price.

Orders placed using VTT Feature will be triggered on the live last traded price it is tracking on a particular Exchange. When using VTT Feature with a specified price, there is no guaranteed execution as the LTP could have changed when the order is placed post trigger. In case the Trigger Price is breached anytime during the day (which may be caused due to a gap up or gap down opening at market opening), an order shall be placed at the limit price selected by you and shall be cancelled at the end of such trading session; in case such limit price is not met during the day.

Orders placed using VTT Feature will be triggered after being matched for the condition set with the last traded price received from the exchange during a live trading session. Clients are advised to regularly read and understand the terms, conditions, and points under the Equity Annexure& Risk Disclosure Document, which Clients have already agreed to, while opening a trading account with 5PAISA. All prices entered by Client for Trigger Price shall be tracked against the Last Traded Price (LTP) of the stock/scrip/contract. There is no condition from 5Paisa Product feature perspective w.r.t. the price selected by Client as a Trigger Price, for stocks/scrips/contracts, need to be certain specific percentage away from the current market price of the stock. However, at all times such price shall be within the Exchange provided Range.

All rules and regulations prescribed by SEBI and the Exchanges would have to be strictly followed by all the Clients while placing instructions through 5PAISA. All other laws and regulations as per the Republic of India would be applicable.

No Liability for Any Non-Execution or Any Lost Opportunity

5PAISA, at all times, bears no liability towards the Clients for any reason whatsoever with respect to using the ‘VTT order’ feature; including but not limited to, non-execution of any order using the ‘VTT order’ feature/either leg of the order, any opportunity loss for non-execution of such orders/trades, any cancellation or non-placement of any orders and any such other claims which may arise from Clients with respect to using the ‘VTT order’ feature.

All Terms are Subject to Change as per the discretion of 5Paisa.

These Terms of Usage and the Services of 5PAISA placing orders under the ‘VTT Feature’ may be removed/modified/replaced at any point of time without providing any prior notification to  Clients. It is Clients’ responsibility to review these Terms& Conditions every time Clients use the ‘VTT feature’. By using the VTT feature you agree to keep yourself updated about the latest updated terms available on 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 at below link:

 https://www.nseindia.com/products/content/equities/equities/trading_system.htm

As per NSE, a Limit Order shall mean “an order that allows the price to be  specified while entering the order into the system.”

● ‘Last Traded Price’ or ‘LTP’ is the last traded price at which a stock/scrip was traded on the Exchange. 

● ‘RMS’ or ‘Risk Management System’ is the system in place at 5PAISA which monitors  all positions of 5PAISA Clients on a real-time basis and ensure that Clients maintain margins with  respect to all positions/positional trades & that 5PAISA maintains margins at a broker/trading member level with the clearing corporation The RMS also constantly vets each order, on a pre-trade basis, to  ensure the order is as per 5PAISA’s risk management policies and procedures and at the same ensuring client has sufficient cash balances, holdings and as per the rules set by 5PAISA and the Exchanges. The RMS continuously enforces 5PAISA’s terms, policies & procedures by enforcing limits of margins/squaring off positions with respect to each Client, as per the risk management policies followed by 5PAISA. Clients are required to always be updated with 5PAISA’srisk management policies, terms, and procedures. 

● ‘Trigger Condition’ shall mean the criteria and conditions entered by the Client, which if met, the corresponding limit order entered by the Client will be placed on the respective Exchange. The below set of conditions, not being limited to, are required to be selected by the Client: 

o A Limit Price: the price selected by the Client, which places a limit order at the price 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 order and place it on the Exchange while using the ‘VTT Feature’ feature. This price selected by the Client may either be:

o The price used to trigger a buy order in case it is being placed for stock/scrips that are not in Client’s current existing holdings;

o The price used to trigger a target order in case it is being placed at a higher price than the current market price, for stock/scrips that are already existing in Client’s current holdings;

o The price used to trigger stop-loss order in case it is being placed at a lower price than the current market price, for stock/scrips that are already existing in Client’s current holdings.

● ‘Client’, means the constituent, having a trading and demat account i.e. a Client ID, with 5PAISA and using the ‘VTT order’ feature placement services from his/her 5PAISA trading account terminal through either Web or the 5PAISA Mobile Application.