As per the circular dated 19 August 2022, The National Stock Exchange of India has announced that the 'revised handling of Market orders' shall be applicable to Index Futures and Stock Futures contracts with book type Regular Lot (RL)/Stop Loss (SL) Order and time condition as Day/IOC. As a result, the following changes are applicable with effect from 5th September 2022:

• Market orders shall not be allowed in a contract that has not been traded for the day (i.e., LTP is not available for the day). Market orders received in such a scenario shall be rejected by the Exchange.
• Market Orders shall be allowed to be traded only up to a certain mark up/down price above/below the Last traded Price (LTP).
• Initially, the parameters to arrive at the mark-up/down shall be set as follows:

For more details, refer to this circular.