Comment on On the Karvy Issue
commented on
26 Nov 2019, 08:39 PM
Piyush, since you’ve placed a market order, it is sent as such to the exchange. There is no price associated with a market order. It simply hits the exchange orderbook as a market order and gets executed at the best available price. In the case of pe-market orders, there isn’t a “best bid” or “best order” as such. The price discovery happens during this session and orders can be filled at any price. The mechanism of the pre-market session is explained in this presentation by NSE.
As I’ve said in my previous comment, the broker has no control over what price an order gets filled at. If you place a limit order, the order is filled at the limit price or a better price. If you place a market order, the order can be filled at any price within the circuit limits for the stock.