- Transition to Auction: Continuous order matching stops at 3:15 PM for F&O-eligible cash stocks.
- Buffer Window (3:15 - 3:20 PM): No new orders or modifications are accepted while the exchange calculates the reference price.
- Strict Price Bands: Auction entries between 3:20 and 3:25 PM require limit orders within a strict ±3% range of the reference price.
- Matching Phase (3:30 - 3:35 PM): Final closing prices are matched, and order entry is completely locked.
- Broker Auto-Square Off: Brokers automatically block fresh intraday positions and square off open margin trades around 3:15 PM