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What is the disclosed quantity feature and how to use it?

Disclosed quantity feature while placing equity orders allows only a part of the total order quantity to be disclosed to the market as shown in the market depth. Once a part of the order is executed, the next part is disclosed to the market. This feature can be used while placing large orders to reduce impact cost and to get a better execution by disclosing only a portion of the large order in the best bids and offers in the market depth.

Impact cost

Impact cost represents the difference in the actual traded price as compared to the price of the instrument when the order was placed. For example, if a market order to buy 1000 shares was placed when the stock was trading at ₹100, and if the actual execution price was ₹100.5, this ₹0.5 x 1000 = ₹500 would be the impact cost for the order. Similarly, if a limit order to buy 1000 shares was placed at ₹100 when the stock was trading at ₹100 and later modified to 100.3 to get a fill, 0.3 x 1000 = ₹300 is technically the impact cost.

As the size of the order increases, the impact cost also increases. Traders with large order values end up losing a lot more money to impact costs as compared to all other charges combined (STT, Brokerage, exchange transaction, etc.).

How to use the disclosed quantity feature?

  1. Click on More on the order window.
  2. Enter the quantity in the Disclosed qty window.

Example scenario

A buy order for ITC for 25000 quantity with a disclosed quantity of 5000 will mean that only 5000 quantity will be displayed in the market depth and the next 5000 will get placed only after the execution of the first 5000.


Exchanges follow a "price-time priority" principle for orders. So this means that in the above example, once the first 5000 is executed, the next 5000 will be placed based on price-time priority and orders placed before this will have priority.

Did you know?

  • Disclosed quantity can’t be used when trading futures & options, but Iceberg orders can be placed instead. To learn more about Iceberg orders, see What are Iceberg orders, and how to use them?
  • Different exchanges have different minimum disclosed quantity criteria:
    • NSE/BSE (Equity): Disclosed quantity cannot be less than 10% of the order.
    • CDS/BCD (Currency): Disclosed quantity cannot be less than 10% of the order.
    • MCX (Commodity): Disclosed quantity cannot be less than 25% of the order.

The conditions for disclosed quantity can be found on the NSE website (WEB) under Order Conditions.