Frequently Asked Questions
 
1. Q. What are the stocks that will be traded in Special Pre-open session?
A. IPOs and Re-listed Securities 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 Securities)
 
2. Q. What will be the timings of Call Auction special Pre-Open Session? When will the continuous trading session start?
A. Special Pre-open session shall comprise of two sessions viz.
  • Order Entry period.
  • Order Matching period.

    After order matching period there are buffer period to facilitate transition between preopen and continuous session
Order Entry Period

  • The order entry period is defined as the timing of Special preopen session. 9.45* minutes shall be provided for order entry, modification and cancellation. (* - System driven random stoppage between 9.44th and 9.45th minute)
  • Only Limit order will be allowed.
  • Dissemination of indicative equilibrium price, indicative match-able quantity & indicative index values

Order Matching Period

  • Order matching period will start immediately after completion of order entry period.
       • No Order Addition/Modification/Cancellation
  • Opening price determination and trade confirmation.
 
3. Q. When will the Block deal session start?
A. For New listing i.e. for IPO securities the afternoon block deal window shall be applicable and for Relist security, the afternoon block deal window shall be applicable, subject to price discovery in the special pre-open session (SPOS).

The Block Reference price for afternoon window i.e. VWAP of trades between 1.45 pm to 2.00 pm shall be applicable for new listing and Relist securities. If no trades are executed between 01:45 PM to 02:00 PM then the reference price shall be the discovered price at which the security was listed/relisted.
 
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 Securities?
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 Securities?
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 Security shall continue to trade in call auction mechanism until price is discovered
 
10. Q. In case of Re-listed Securities if price is not discovered then when new call auction session will start?
A. In case of Re-listed Securities , 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 Securities :
  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 Security, then such outstanding orders should be returned to the respective member.
Re-listed Securities:
  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 Securities?
A. Market depth window of BOLT TWS will have following indicator on title bar for IPO & Re-listed Securities.
  • 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 Securities on Touchline?
A. BOLT TWS will generate a SPR file in BOLTNTSBT folder at the time of downloading latest Security master. This SPR file will contain securities for IPO & Re-listed Securities 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 Security master generation. User can set up market watch by uploading that SPR file through Security profile window to display Securities 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 Securities:
  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 Securities 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 Securities:
  • Equilibrium Price discovered - 5% of Equilibrium Price