As per the circular dated 11th March 2022, the National Stock Exchange of India has announced the implementation of Pre-Trade risk control measures with effect from 2nd May 2022. These measures are implemented to create a conducive environment for all market participants and avoid freak trades. The following points will be in effect from 2nd May:
1) Market orders will not be allowed in a contract that has not been traded for the day.
2) Market Orders shall be allowed to be traded only up to a certain mark-up/down price.
3) Market orders are discontinued for multi-leg orders for the F&O segment.
For more details, refer to this circular.