What does the error “16316 : The trigger price is not a multiple of tick size” mean?
16316: The trigger price is not a multiple of tick size.
If the trigger price entered in Stop-Loss [SL] & Stop Loss market [SL-M] orders aren’t in multiples of 5 paise, the order gets rejected & the above error is displayed.
Note:
However, in order to increase the liquidity and enable the market participants to put orders at finer rates, BSE has reduced the tick size from 5 paise to 1 paise in case of units of mutual funds, securities traded in "F" group and equity shares having closing price up to Rs. 15 on the last trading day of the calendar month.
Accordingly,
the tick size in various Securities quoting up to Rs.15 is revised to 1 paise
on the first trading day of the month. The tick size so revised on the first trading day of the month remains unchanged during the month even if the price of Securities undergoes a change.
Refer
this link
for more information.
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