What is a conditional order and how do I place it?
Conditional orders are NAV tracking orders. Similar to stocks, you can place orders to purchase funds based on NAV i.e you can purchase at particular NAV that you decide .
The conditional order feature can only be used for lump sum investments and not for SIPs.
Once you confirm the order, it will show up under ‘SIP & conditional’ as an active order.
If your mutual fund order meets the NAV condition, then the order will move from the conditional status to an open status.Now the order will remain in the open status until sufficient funds are available in your trading account and get executed or until you manually cancel the open order.
Note : The price at which the conditional order gets executed may be different from what you have put in. This is because the conditional order price is the trigger to send your order for execution. The NAV at which the units are allotted is that day's NAV on which your order gets executed and not the trigger price you put in.
Conditional orders are only processed at 11:00 AM to the exchanges. If the order fails to process, it will not be retried automatically. Visit the order history and select repeat order to retry.
You can delete the conditional order or pause execution by clicking on the delete icon or pause icon respectively. A conditional order can't be edited once placed. You will have to delete that order and place a new conditional order.