Your intraday (MIS or CO) order is not allowed because the order quantity exceeds the maximum exposure limit set for that specific stock.
As per Zerodha’s internal risk policy, you cannot hold an intraday position that is greater than 1% of a stock's free float. This restriction applies only to stocks and ETFs with a free float market capitalisation of less than ₹5,000 crores.
If you place an order that exceeds this 1% limit, it will be rejected with an error message similar to this:
How to resolve this
- Reduce your order quantity: Place a new order with a quantity lower than the limit specified in the error message.
- Change the product type: If you have sufficient margin in your account, you can place the order as Longterm (CNC) instead of an intraday order.