Circuit limits

Indian cash equities trade inside exchange-assigned percentage bands around a reference price; bands exchanges commonly assign (such as those published in circulars, including examples like 2%, 5%, 10%, or 20%) are subject to change.

Stocks in the derivatives segment often receive different band treatment from purely cash names.

When a band is hit, trading continues only at or within the band and pending orders can queue at the limit.

Surveillance frameworks such as ASM, GSM, or trade-to-trade can tighten bands further.