Why are Stoploss Market (SL-M) orders blocked on BSE?
Stoploss Market (SL-M) orders are blocked for all the instruments traded on BSE in the equity, equity derivatives (BFO), currency derivatives (BCD), and commodity derivatives segment as they have been discontinued by the exchange (WEB).
This change is implemented to safeguard against the placement of erroneous orders, i.e., to prevent orders from being executed far away from the current market price. However, Stoploss Limit (SL) orders can be used as Stoploss Market (SL-M) orders. To know how, see How to use Stoploss-limit(SL) order like a Stoploss-Market(SLM) order?
SL-M orders placed on BSE are rejected with the following error: