Why did my market order get executed as a Limit order?
This happens if you place market orders in BSE or certain illiquid stocks in NSE.
The Bid-Ask spread in a lot of stocks is very high, due to which when you place a market order the execution may happen far away from the last traded price.
Due to this, as a Risk management measure, the exchanges have enabled market price protection of a certain % of the price on such select illiquid scrips in NSE (& all stocks in BSE) in order to reduce the risk.
What this means is, if you place a market order, the order will be placed as a limit order with the trigger at LTP and the price at x % from the LTP. Your order will get executed at the next best available bid/offer within x % of the LTP. The market price protection % is set by the exchange.
For example - You want to buy shares of DENABANK-BSE, whose LTP is Rs 12. If you place a market order, a limit order with market protection of 3% will be placed i.e your order will get executed at the next best offer within Rs 12.36.