In line with SEBI’s circular on enhancing trading efficiency and risk controls, a Pre-Open Session will now be conducted in the Equity Derivatives (F&O) segment across NSE and BSE. This aims to improve price discovery and ensure a more stable market open for index and stock futures.
If you place F&O orders before the market opens, this session will affect when and how your orders are processed.
Pre-Open Session Schedule
| Session | Time | Details |
|---|---|---|
| Order Entry | 9:00 AM to 9:07/08 AM | You can place, modify, or cancel Limit and Market Orders. The system will randomly close the order window between the 7th and 8th minute. The equity and derivatives sessions will close independently. |
| Order Matching & Trade Confirmation | 9:08 AM to 9:12 AM | Orders are matched at a single price based on maximum tradable volume. Matching begins immediately after the order entry ends. No further changes are allowed. |
| Buffer Period | 9:12 AM to 9:15 AM | Transition period from Pre-Open to the regular trading session. No order activity is allowed. |
Note: The order entry window may close any time after the 7th minute. It is recommended to place your orders early.
Contracts Covered
Current-month futures on stocks and indices
Next-month futures during the last five trading days before expiry
(Example: If December expiry is on 30 December 2025, January contracts become eligible from 23 December 2025)
Contracts Not Covered
Options contracts
Calendar spread futures
Far-month futures
Futures undergoing corporate actions on the ex-date
Order Rules
Only Limit and Market Orders are allowed
Stop-Loss, IOC, and special orders are not permitted
Orders must meet margin requirements at the time of entry
No modifications or cancellations are allowed after matching begins
Unmatched Orders
Unmatched Limit Orders will carry forward to the regular session with the original timestamp
Unmatched Market Orders will convert to Limit Orders at the discovered price
If no price is discovered, the first trade in the normal market will determine the opening price
Risk Controls
MPP and LPP protections will use the discovered Pre-Open price as the reference at market open
Trade cancellations will not be permitted after matching begins
This session directly impacts early-day traders placing futures orders before 9:15 AM. Ensure you're aware of these changes while placing orders during this window.
For full details, refer to the NSE Circular.
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