Frequently Asked Questions
S&P BSE SENSEX
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Frequently Asked Questions
 
1. Q. What are the stocks that will be traded in Special Pre-open session?
A. IPOs and Re-listed scrips will be traded in the Special Pre-open session only on the first day of their trading (in case of IPOs) and recommencement of trading (in case of re-listed scrips)
 
2. Q. What will be the timings of Call Auction special Pre-Open Session? When will the continuous trading session start?
A.
Session Time Action
Order Entry Period 9:00am - 9:45am Order Entry/Modification/Cancellation Allowed

Random stoppage between 9:44am - 9:45am

Dissemination of Indicative Price, Cumulative Buy & Sell quantity
Order matching and Confirmation Period 9:45am - 9:55am Order matching, trade confirmation & Opening price determination

Order Entry/Modification/Cancellation NOT Allowed

Buffer Period 9:55am - 10:00am Buffer time between Pre-Open and Continuous session to ensure that Continuous session starts at a defined time

Continuous Trading 10:00am - 3:30pm Trades occur continuously as orders match at price-time priority

 
3. Q. When will the Block deal session start?
A. Block deal session will not be held for participating scrips on first day of trading\recommencement till the day of 1st order matching & resultant price discovery. However they will be enabled for the regular block deal session, from the next trading day onwards after price discovery.
 
4. Q. How will the trading process work during the pre-open session?
A. The order entry period will last for 45 minutes during which orders can be entered, modified and cancelled. This period will close randomly during the last one minute (between 44th and 45th minute). Random stoppage will be system driven. The next step is the order matching and confirmation period which will last for 10 minutes during which the opening price will be determined and disseminated and trades will be executed. The last 5 minutes will be the buffer period before the start of the continuous trading session.
 
5. Q. What order types are accepted in this segment?
A. Only Limit orders are accepted including limit IOC orders.
 
6. Q. How will the market opening price of a stock be determined during the Special Pre-open session?
A. It would be same as existing pre-open session. Opening Price would be determined as per the Volume maximization logic.
 
7. Q. What will be the Equilibrium price if there is single price at which order imbalance is minimum for both IPOs and Re-listed scrips?
A. System will consider equilibrium price as that price at which order imbalance is minimum.
 
8. Q. What will be the Equilibrium price if there are multiple prices at which order imbalance is same (minimum) for both IPOs and Re-listed scrips?
A. System will consider price closest to the close price if there are multiple price with minimum imbalance.
 
9. Q. What happens if price is not discovered?
A.
  1. IPO : All orders entered will move to continuous session at their limit price on price-time priority
  2. Relisted stocks : All orders will be CANCELLED by the system and the scrip shall continue to trade in call auction mechanism until price is discovered
 
10. Q. In case of Re-listed scrips if price is not discovered then when new call auction session will start?
A. In case of Re-listed scrips, if price is not discovered then another special pre-open session will start. This will happen till price is not discovered.
 
11. Q. What will happen to the unmatched orders?
A. IPO scrips:
  1. All unmatched limit orders in the special pre-open session will be shifted to the order book of the continuous trading session at their limit price on price-time priority basis, irrespective of whether the equilibrium price has been discovered or not.
  2. Unmatched orders entered with IOC retention type will get rejected.
  3. In case the limit price of any unmatched order that is shifted to the continuous trading session is beyond the applicable price band for that scrip, then such outstanding orders should be returned to the respective member.
Re-listed scrips:
  1. Equilibrium price discovered: All unmatched orders entered during the special pre-open period should be moved to the continuous trading session at their limit price.
  2. Equilibrium price NOT discovered: All orders will be CANCELLED by the system at the end of the new pre-open session.
 
12. Q. Will there be any indicator on BOLT TWS for IPOs & Re-listed scrips?
A. Market depth window of BOLT TWS will have following indicator on title bar for IPO & Re-listed scrips.
  • SPOS-IPO (For IPO securities)
  • SPOS-Relist (For Relisted securities)
 
13. Q. How can a user set up the Market watch for IPO/ Re-listed Scrips on Touchline?
A. BOLT TWS will generate a SPR file in BOLTNTSBT folder at the time of downloading latest scrip master. This SPR file will contain securities for IPO & Re-listed scrips on that trading day. The BOLTNTSBT folder shall always have two files available with naming convention as mentioned below -

IPORelist_ddmmyyyy_c : For current day file
IPORelist_ddmmyyyy_p : For previous day file

Date of SPR file will be shown as date of scrip master generation. User can set up market watch by uploading that SPR file through scrip profile window to display scrips under special Pre- open session in Touchline.
 
14. Q. Are margins applicable during the pre-open session?
A. IPO:
  1. Issue size GREATER than Rs.250 cr: Order level adjustment of upfront margins as applicable, against the latest available collateral
  2. Issue size LESS than Rs.250 cr: Order level adjustment of upfront margins equivalent to 100% of the order value, against the latest available collateral.
Re-listed Scrips:
  1. Order level adjustment of upfront margins equivalent to 100% of the order value, against the latest available collateral.
 
15. Q. What are the Price bands applicable in Pre Opening Session?
A. No Price bands are applicable in the special Pre-open session.
 
16. Q. What are the Price bands applicable for IPO and Re-listed scrips in continuous session?
A.
IPO:
  1.    Issue size GREATER than Rs.250 cr. :

    • Equilibrium Price discovered - 20% of Equilibrium Price
    • Equilibrium Price NOT discovered - 20% of Issue Price

  2.    Issue size LESS than Rs.250 cr. :

    • Equilibrium Price discovered - 5% of Equilibrium Price
    • Equilibrium Price NOT discovered - 5% of Issue Price
Re-listed Scrips:
  • Equilibrium Price discovered - 5% of Equilibrium Price