Policy on Handling of Good Till Triggered (GTT) Orders

Document Control

Document title	Policy on Handling of Good Till Triggered (GTT) Orders
Entity	Choice Equity Broking Private Limited (CEBPL)
Policy owner	Risk Management / Compliance, CEBPL
Version	2.0
Reviewed / approved by Board	22.04.2026 (previous review: 21.04.2025)
Effective date	01.05.2026
Regulatory basis	NSE/INSP/62528 dated 21.06.2024; BSE Notice 20240622-2 dated 22.06.2024 (issued in consultation with SEBI and the Brokers’ Industry Standards Forum); read with the SEBI (Stock Brokers) Regulations, 2026 (broker conduct and risk-management obligations)
Next review due	Annually, or earlier upon any SEBI / exchange circular affecting this policy

1. Introduction & Overview

This document sets out the policy of Choice Equity Broking Private Limited (“CEBPL”) on the handling of Good Till Triggered (GTT) orders offered to its clients. CEBPL earlier offered a Good Till Cancelled (GTC) facility; that facility has since been discontinued, and CEBPL now offers only the GTT facility.

It is framed in compliance with NSE Circular NSE/INSP/62528 dated June 21, 2024 and the corresponding BSE Notice No. 20240622-2 dated June 22, 2024, issued in consultation with SEBI and the Brokers’ Industry Standards Forum, under which trading members offering Good Till Triggered orders (or orders of similar type) are required to formulate and publish a policy governing such orders. The policy ensures transparency, orderly operation and risk mitigation in the handling of GTT orders, particularly in the context of corporate actions, where such orders could otherwise result in unintended or absurd trades.

This policy forms part of CEBPL’s broader Risk Management framework and of the Account Opening Kit / Policy and Procedures document made available to clients (see Section 5).

2. Definitions

Good Till Triggered (GTT) order: a conditional, resting instruction placed by a client with a predefined trigger price. The order is held at CEBPL’s end and is submitted to the exchange as a live order only when the market price of the security reaches the specified trigger price. Until then, the order is not submitted to the exchange. A GTT order remains valid until it is triggered, cancelled, or its validity date is reached, whichever is earlier, subject to the maximum validity period in Section 4.1.

Trigger price: the pre-defined price which, when reached by the market price of the security, causes the GTT order to be released to the exchange.

Validity period: the fixed period for which a GTT order remains active awaiting trigger, being 365 days from the date of placement of the order. The client does not select the validity date.

Corporate action: any event such as a dividend, bonus, split, rights issue, merger or similar event that affects the price or quantity of a security.

Ex-date: the date from which a security trades without the benefit of a declared corporate action.

3. Objective & Scope of Policy

The objective of this policy is to provide a clear framework for the placement, triggering, execution, modification, cancellation and management of GTT orders by CEBPL clients.

The scope of this policy covers:

Guidelines for the placement, modification and cancellation of GTT orders;
The trigger mechanism, validity, pricing and operational rules governing GTT orders;
Integration with risk management practices and the handling of corporate actions;
Applicable brokerage and settlement processes for GTT transactions; and
Disclosure of this policy to, and its availability for, clients.

This policy applies to all new and existing clients of CEBPL who are eligible to place GTT orders in the segments specified in Section 4.2.

4. Details of Policy

4.1 GTT Order Facility

GTT orders allow a client to set, in advance, a trigger price for a buy or sell order. The order rests at CEBPL’s end and is released to the exchange only when the market price of the security reaches the trigger price. Every GTT order carries a fixed validity of 365 days from the date of placement of the order; the client does not select the validity date. The order remains active awaiting trigger until it is triggered, cancelled, or the 365-day validity period expires, whichever is earlier.

4.2 Eligibility & Segments

The GTT facility is available to all new and existing clients of CEBPL who are eligible to trade in the relevant segment. GTT orders are offered in the Equity Cash segment and the Equity Derivatives (F&O) segment of the exchanges (NSE and BSE, as applicable). GTT orders are not available in the currency derivatives or commodity derivatives segments.

4.3 Order Placement Guidelines

Trigger and limit price: a GTT order is placed with a pre-defined trigger price and the limit price for the resulting order; the order is released to the exchange only on the trigger being reached.
Funds / margin requirement: the client is responsible for ensuring sufficient funds / margin availability so that the order can be placed and executed when triggered. Adequacy is assessed at the time the order is triggered and released to the exchange.
GTT orders may be placed both during market hours and post-market hours.

4.4 Order Limits & Modifications

There is no cap on the number of GTT orders that a client may place, whether per scrip or across scrips. Clients may modify the trigger price, quantity or limit price of a GTT order while it is in a pending (untriggered) status.

4.5 Order Trigger, Execution & Validity

Trigger-based submission: a GTT order is submitted to the exchange only when the market price reaches the trigger price. It is not submitted to the exchange on a daily basis; until triggered, the order simply rests at CEBPL’s end.
On trigger: the order is released to the exchange as a regular order and is subject to normal execution, funds / margin and risk-management rules. Execution is not guaranteed and depends on market conditions and the availability of the price / quantity.
A GTT order remains valid until triggered, cancelled, or until the expiry of its 365-day validity period (reckoned from the date of placement), whichever is earlier.
All GTT orders are cancellable at the client’s discretion while untriggered.
If a client’s account moves to an inactive state, all pending GTT orders of that client will be cancelled on the same day on which the account becomes inactive.

4.6 Handling of Corporate Actions

In line with the regulatory requirement, CEBPL’s chosen treatment of unexecuted GTT orders affected by a corporate action is as follows:

Where a corporate action (e.g. dividend, bonus, split, rights, merger) affects a security underlying an unexecuted GTT order, the order will be cancelled one trading day prior to the ex-date of the corporate action;
CEBPL will intimate the affected client of the upcoming corporate action and the consequent cancellation no later than one day prior to the ex-date, and will also send a confirmatory notification after the corporate action; and
Clients are advised to review and, where required, re-place such orders after the corporate action, taking the revised price / quantity into account.

4.7 Brokerage & Settlement

Brokerage rates and charges for GTT orders are the same as those applicable to normal transactions in the respective segment; and
GTT orders, once triggered and executed, are cleared and settled in the same manner as regular transactions in that segment.

5. Client Disclosure, Availability & Communication

In accordance with the exchange circulars referred to in Section 1, CEBPL shall ensure the following:

This policy is made part of the Account Opening Form / Kit under the heading “Policy on Handling of Good Till Triggered Orders of Client” within the Policy and Procedures document;
This policy is made available to clients by displaying it on CEBPL’s website and trading application;
This policy is communicated to existing clients via email or another suitable mechanism capable of being preserved, and where any such communication is bounced or undelivered, it is sent through an alternate channel; and
Where SMS or electronic instant messaging is used, CEBPL adheres to the safeguards prescribed under NSE Circular NSE/INSP/52604 dated June 10, 2022 on issuance of Electronic Contract Notes through SMS / electronic messaging services.

6. Integration with Risk Management

This policy forms part of CEBPL’s overall Risk Management framework. The risk controls applicable to ordinary orders — including funds / margin adequacy and surveillance — apply to GTT orders on trigger, with the corporate-action handling in Section 4.6 acting as a specific safeguard against unintended execution.

This framework also supports CEBPL’s obligations under the SEBI (Stock Brokers) Regulations, 2026 (notified 7 January 2026), including the duty to take reasonable steps to promptly execute client orders in accordance with client instructions and to keep clients informed of execution or non-execution (Regulation 37), and the requirement to maintain an institutional mechanism for the prevention, detection and reporting of fraud or market abuse (Regulation 21).

7. Review & Amendment

This policy shall be reviewed at least annually, and additionally whenever SEBI or the exchanges issue an updated circular or guidance affecting the handling of GTT orders. Risk Management and Compliance are jointly responsible for keeping this policy current and for placing material changes before the Board for approval.

8. Grievances & Clarifications

In case of any query or grievance regarding GTT orders or this policy, clients may contact CEBPL’s customer support / Compliance Officer through the contact details published on CEBPL’s website. Unresolved grievances may be escalated through the prescribed exchange and SEBI SCORES mechanisms.