FAQs

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Valid Till Date (VTD)

• What is "VTD"?

  Valid Till Date VTD is a new facility offered through IIFL using which you can place buy and sell Limit orders in scrips of your choice specifying the period for which you want the order instruction to be valid. The period selected by you should be within the maximum validity date defined by IIFL.

• How does VTD order feature work?

  When you place a VTD order, you give an order instruction to IIFL stating that if the order is not executed for the entire quantity, IIFL is authorised to place fresh orders for the unexecuted quantity in your account on the subsequent trading days till the entire quantity is executed or till the validity expires, whichever is earlier. The feature allows you to specify the number of days during which you wish to place the orders.

  Your VTD order will remain valid but will be expired at the end of every trade date if the order remains unexecuted and if not cancelled or rejected. At the end of day, after market hours, IIFL will place overnight orders on your behalf at the same Market or Limit price and for the unexecuted quantity for the next trade date provided your validity date is less than or equal to the next trade date.

  i.e. On trade date 14-03-2011, you can place an order with VTD order validity to buy 100 shares of BHEL at a Limit price of 1800 with order validity date 16-03-2011. Hence your VTD order will be valid till 16-03-2011 if not fully executed.

• Can all clients of IIFL avail VTD facility?

  Yes. All online existing and new clients of IIFL who are eligible to trade in Equity Cash product can avail VTD facility for order placement.

• Is VTD order placement feature available for all products?

  No. The facility of having VTD order validity is available only for placing your orders in Equity Cash product and not in any other product.

• Can I place Buy and Sell orders with VTD order validity?

  Yes VTD order validity is available for both your Buy as well as Sell orders in Cash product.

• Can I place Cash orders with VTD validity by specifying a disclosed quantity?

  No. You cannot specify disclosed quantity while placing your Cash orders with VTD order validity. You can only specify the quantity to be bought or sold and the Market or Limit price at which the order needs to be placed with VTD order validity.

• Can I place Market Cash orders with VTD order validity?

  Yes. Cash orders with VTD order validity are allowed with Market Price.

• Can I place Cash orders with VTD order validity during the pre-open session?

  You can place Cash orders with VTD order validity in all scrips during the pre-open session but only orders in scrips that are pre-open enabled will be sent to exchange during the pre-open session. Orders in all other scrips not enabled for pre-open session would be treated as overnight orders and sent to exchange during normal trading session.

• Why should I place buy/sell orders with VTD validity?

  VTD facility allows you to place buy/sell orders for the unexecuted quantity of your shares as per your Market or Limit price till your specified order validity date or till the entire quantity is executed, whichever is earlier. With this facility if your order remains unexecuted on a specific trade date you are not required to login again and place the same orders again. IIFL provides you the flexibility of using this facility and providing the validity date, pursuant to which, IIFL will place the orders in your account on your behalf during the VTD order validity date.

• Do I need to allocate funds for placing orders with VTD order validity?

  Yes. Your buy orders with VTD order validity are similar to your Cash Buy orders. Prior to placing the orders, you will have to allocate necessary funds in your account.

  You will have to ensure that necessary funds are available in your allocation for IIFL to place VTD orders in your account for the unexecuted quantity of the order.

• What is meant by Order Validity Date? Please explain how does it work?

  Order Validity Date means the date chosen by you while placing Cash orders with VTD order validity. This date has to be equal to or less than the maximum validity date defined by IIFL.

  For example, if the maximum days defined by IIFL are up to 45 calendar days. If the trade date is May 23, 2012 then July 6, 2012 would be the maximum VTD order validity. In this case you can choose the VTD order validity date as less than or equal to July 6, 2012.

• How can I specify the validity date?

  You can specify the order validity date by selecting from the calendar available placed on the order placement page near the VTD order validity field.

• What happens if VTD order validity date falls on a non trading day?

  If your VTD order validity date falls on a non trading day, the order is expired by IIFL on the last trading day which falls prior to such order valid date which is a non trading day. Post the expiry, the status of VTD order is updated as Expired (Closed).

  For example:
  You have placed a VTD request first on 15-03-2012 for buying 100 shares of Reliance at a Limit price of 900 with order validity date of 17-03-2012. In this case:
  Start Date = 15-03-2012 Thursday
  Validity Date = 17-03-2012 Saturday i.e. Trading Holiday
  

  Thereby, if on 15-03-2012 your Cash order with VTD order validity date of 17-03-2012 remains unexecuted or partly executed then, IIFL will place the same order for the unexecuted quantity as overnight order at end of day of 15-03-2012 for the next trade date i.e. 20-03-2012. If on 20-03-2012 the order still remains unexecuted then IIFL will try placing the order for the next trade date i.e. 21-03-2012 but since the valid date is less than the next trade date this order would be Expired & Closed.

• Do I need to log in on every trade date to place the unexecuted Cash order having a future VTD validity date?

  Once you have placed your VTD order, IIFL will place orders for the unexecuted quantity of your VTD order for all the days during the validity period or till the quantity is fully executed or cancelled or rejected due to any reason. You need to login to your account only to see the status of such orders.

• Can I place VTD orders in any scrip?

  VTD orders can be placed in all scrips that are enabled for placing cash orders.

• In which exchanges can I place VTD orders?

  You can place VTD orders on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). Kindly note that VTD is an additional facility in the nature of a new order type, offered by IIFL to its customers and is not a product provided by Exchanges.

• Can I place VTD orders at any time during the day?

  Yes. You can place VTD orders at any time during market hours and even post market hours when the website is open for placing overnight orders.

• Can I place VTD orders through Call N Trade?

  Yes. You can place your VTD orders through Call N Trade.

• How many VTD orders can I place in a day? Is there any restriction on the number of scrips in which VTD orders can be placed?

  No, there are no such restrictions. You can place multiple VTD orders in a day. Also, orders can be placed in different scrips as well as with different valid dates in the same scrip.

• What will happen in case there is a corporate action happening in the scrip in which I have placed VTD order and order is still valid?

  If a corporate action is announced in any scrip then such scrip will be disabled by IIFL for VTD overnight order placement on your behalf from Ex Date minus 1 day till Record date. If your VTD order in such scrip is still valid then your orders in such scrips will get rejected during this period and orders will not be placed on subsequent days post rejection. This is to safeguard your interest and avoid placement of orders at unrealistic prices due to the impact of corporate action. You are thereby requested to login into your account to see the status of orders in such scrips and place fresh orders again at appropriate prices in case you wish to continue with VTD orders in such scrips after corporate action has been completed.

• When would orders for the unexecuted quantity of VTD orders be placed by IIFL?

  If your VTD order remains unexecuted and is not cancelled, nor rejected due to any reason then daily orders for the unexecuted quantity will be placed as overnight orders by IIFL during the validity period, i.e. until the order validity date is less than or equal to the next trade date.

  The orders would be placed on these dates provided they are trading days.

• Where can I view the details of VTD orders?

  You can view the details of VTD orders in your account under the Normal Equity order book.

  To view further details of orders placed by IIFL for the unexecuted quantity during the validity period, you can visit the Order placement log on the Order Book. The Log is displayed on clicking the order reference hyperlink of your respective order. The Remarks Column under the order log displays the "VTD Order" rejection remarks, if any.

• How would I know that orders for the unexecuted quantity of VTD orders will no longer be placed by IIFL?

  You can view the status of your VTD orders by visiting the order book of your Equity trading page.

  On clicking the order valid date against the respective order, if the Status column displays Rejected (Closed) or Expired (Closed) then the order would not be further placed by IIFL as the same has been closed either due to rejection or expiry of the validity period.

  If the status remains Expired under the valid date hyperlink then the order is still valid as the valid date is more than the current trade date and such expired orders would be placed by IIFL.

• How can I differentiate between VTD order validity and other cash orders?

  VTD orders have a validity date displayed under the Order Ref./Channel/Order Valid Date column in the order book.

• Can I modify VTD orders?

  Yes. You can login to your account and visit the Equity order book to modify the quantity or limit price of your VTD orders. Please note that you will be able to modify the order only when the order is in 'Ordered status' (during market hours) or 'Requested status' (after market hours).

• Can I cancel VTD orders?

  Yes. You can login to your account and visit the Equity order book to cancel your VTD orders any time when the order is in 'Ordered status' (during market hours) or 'Requested status' (after market hours).

  Once you have cancelled your VTD order, your order would stand cancelled and thereafter no orders would be placed by IIFL for the same.

• Is the brokerage rate different for normal Cash transactions and VTD orders?

  No. There is no change in the brokerage rates for your normal Cash transactions and VTD orders. The Brokerage rates and applicable charges are same for your normal Cash transactions and VTD orders.

• How will VTD orders be settled?

  The settlement for your VTD orders would be done in the same manner as normal cash transactions.