You can use the disclosed quantity feature to show only a portion of your large equity order in the market depth. Once part of your order executes, the next portion appears automatically. This helps you reduce impact cost and achieve better execution for large orders.
What is impact cost?
Impact cost represents the difference between your actual traded price and the instrument's price when you placed the order.
Example: If you place a market order to buy 1000 shares when the stock trades at ₹100, but your actual execution price is ₹100.5, your impact cost equals ₹0.5 × 1000 = ₹500.
As your order size increases, your impact cost also increases. You can lose more money to impact costs than all other charges combined (STT, brokerage, exchange transaction charges).
How to use disclosed quantity
- Click on More in the order window.
- Enter the quantity in the Disclosed qty field.
Example scenario
You place a buy order for ITC with 25,000 total quantity and set disclosed quantity to 5,000:
- Only 5,000 shares appear in the market depth initially.
- After the first 5,000 shares are executed, the next 5,000 shares get placed automatically.
- Exchanges follow "price-time priority", so your next 5,000 shares will be prioritised based on when you originally placed the order.
Important limitations
You cannot use disclosed quantity for NSE F&O and BSE F&O. Use Iceberg orders instead.
Minimum disclosed quantity requirements:
- NSE/BSE (Equity): Disclosed quantity cannot be less than 10% of your total order
- CDS/BCD (Currency): Disclosed quantity cannot be less than 10% of your total order
- MCX (Commodity): Disclosed quantity cannot be less than 25% of your total order
You can find complete order conditions on the NSE website under Order Conditions.
