Zerodha order limits freeze quantity maximum order value iceberg order Kite error messages NSE

Kite order quantity and value limits: the 1,00,000 quantity cap and the Rs 10 crore value cap

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Kite order quantity and value limits are the two ceilings Zerodha enforces on the size of a single order: a quantity cap of 1,00,000 shares per equity order, with the exchange freeze quantity standing in for derivatives, and a value cap of Rs 10 crore per order in the equity segment. The quantity cap is partly an exchange market-integrity rule and partly a Zerodha rule about order types; the value cap is a Zerodha risk-management policy. An order that breaches either is rejected before it can fill, and the fix in both cases is to split the order into smaller pieces.

These limits exist to stop a single fat-fingered or oversized order from disrupting the order book or exposing the broker to outsized risk. They sit alongside the per-contract freeze quantity that the exchanges publish for F&O , which is the binding ceiling for most large derivatives orders. This article takes each limit in its own section: the exact rejection message, the technical and regulatory cause, and how to place the trade you wanted by splitting it. It connects to the dedicated guides on the freeze-quantity rejection and the iceberg order , which carry the step-by-step splitting mechanics.

Conflict-of-interest disclosure. This guide is published by the WebNotes Editorial Team for informational purposes and is written independently. WebNotes operates a Zerodha account-opening referral programme, disclosed on the pages that carry the referral link; this guide does not carry it and earns no referral commission from the procedure described here.

Maximum quantity per order: 1,00,000 for equity, freeze quantity for F&O

The equity message is exact: “Maximum quantity per order for Equity is 1,00,000”. It appears when a single equity order would exceed 1,00,000 shares, or when one of two depth conditions below is met even at a lower quantity. For derivatives, there is no single fixed number; the ceiling is the exchange freeze quantity for that contract.

Why the equity cap is 1,00,000

The cap is partly about order type and partly about market depth. Zerodha permits quantities above 1,00,000 only on regular order types. Iceberg and cover orders are limited to 1,00,000 quantity under all circumstances, so a large iceberg or cover order hits the cap regardless of depth. That is the first reason an order can be rejected: it uses a non-regular type that is hard-capped at 1,00,000.

The second and third reasons catch traders out because they fire even when the quantity is below 1,00,000. Zerodha rejects an order when the market lacks sufficient depth to fulfil the order quantity, and when the order would match against more than 10,000 outstanding orders in the market depth. A low-priced stock illustrates this: buying a few lakh shares of a Rs 5 scrip can mean sweeping thousands of resting orders, which trips the 10,000-order match limit long before the rupee value is large. So the headline 1,00,000 is the simple cap, but the depth and order-count conditions are the ones that surprise people on illiquid or penny stocks.

This is a Zerodha and market-microstructure limit rather than a pure exchange rule. It protects the order book from a single order that would chew through an unreasonable share of resting liquidity, and it protects the client from the slippage that such an order would suffer.

Why F&O uses freeze quantity instead

Derivatives do not get a flat 1,00,000 cap. Instead, NSE and BSE publish a freeze quantity for each F&O contract, the maximum number of units the exchange will accept in one order for that contract, and an order above it is rejected at the exchange itself. The rejection carries NSE error code 17070, “Order quantity is more than freeze quantity”. The freeze quantity is not a single number; it is set per contract and revised as liquidity and corporate actions change, and it is published in the exchange contract master file. Zerodha also exposes a freeze_quantity field per instrument in its daily instrument master, which is the most current source for a Zerodha client. The full mechanics of identifying the limit and splitting around it are in how to handle a freeze-quantity rejection .

How to place a larger quantity

Only regular orders allow quantities above 1,00,000, and even then the depth conditions must hold, so a very large single order is rarely the right tool. Zerodha lists four ways to place the size you want:

  • Reduce the quantity and place orders below 1,00,000 each.
  • Use an iceberg order to slice a large quantity into automatic tranches.
  • Use the sticky order window to fire several orders quickly without the window closing between them.
  • Use a basket order to group multiple legs and place them together.

Maximum value per order: Rs 10 crore

The value message is exact: “The maximum value allowed per order is Rs 10 Crores”. It appears when a single buy or sell order in the equity segment carries a value above Rs 10 crore, regardless of the quantity. A modest share count in a high-priced stock can breach it; 5,000 shares of a Rs 25,000 stock is Rs 12.5 crore and trips the cap even though the quantity is tiny.

Why the cap exists

This is a Zerodha risk-management policy, not an exchange rule. The broker carries settlement and counterparty exposure on every order it routes, and a single order worth tens of crore concentrates that exposure in one instruction, with one fat-finger keystroke able to move it. Capping the per-order value at Rs 10 crore bounds the damage a single erroneous order can do, both to the client and to the broker’s risk position. Because it is a broker policy rather than an exchange limit, it is a per-order cap: it limits the size of any one order, not the total you can trade across many orders in a day.

The value cap and the quantity cap are independent. An order can pass the quantity cap and still fail the value cap, or the reverse. A large quantity of a cheap stock fails on quantity or depth; a small quantity of an expensive stock fails on value. Both are checked, and either can reject the order.

How to place a larger value

The remedy mirrors the quantity case: split the trade into orders each below Rs 10 crore. The same tools apply. Several manual orders, an iceberg that slices the position, the sticky order window for speed, or a basket to group the legs each keep every individual order under the cap while the combined position reaches the size you want. There is no facility to raise the Rs 10 crore cap on a single order; the design intent is that large positions are built from multiple bounded orders rather than one unbounded one.

How to split a large order

Splitting is the common answer to all three limits, the 1,00,000 quantity cap, the F&O freeze quantity, and the Rs 10 crore value cap, so it is worth setting out the tools against each other.

An iceberg order is the most automated route. It takes one large order and slices it into smaller legs that go to the exchange in sequence, displaying only a fraction of the total in the public order book at a time. Zerodha sets a minimum order value of Rs 1,00,000 for equity, or five lots for F&O, to use an iceberg, and a maximum of 10 legs per iceberg order. So an iceberg can split a position into at most 10 tranches; a position needing more pieces than that has to combine an iceberg with other orders, or use a different method. The iceberg’s slicing also reduces the market-impact and depth problems that trigger the quantity error, because each leg is small.

The sticky order window is the manual-speed route. It keeps the order window open after each submission, so you can fire a sequence of sub-cap orders in quick succession without reopening the form each time, which matters when you are working a large position into a moving market. A basket order is the grouping route: you assemble multiple legs, each below the caps, and place them together as one basket, which suits a planned set of orders across instruments rather than repeated slices of one instrument.

For the freeze-quantity case specifically, the split is arithmetic: divide the desired quantity by the freeze quantity and round up to get the number of tranches, then place that many orders each at or below the freeze limit. How to handle a freeze-quantity rejection works through the calculation, including the lot-based version for index futures. Across all three limits, a limit price rather than a market price on each tranche controls the slippage that splitting a large order would otherwise invite, because a market order on a thin book can walk the price against you across the tranches.

Telling the three limits apart

A short map. If the message names a quantity of 1,00,000, it is the equity quantity cap, or one of its depth conditions; reduce the quantity or use a regular order type with an iceberg. If the message names a value of Rs 10 crore, it is the equity value cap; split into orders below Rs 10 crore. If the message names a freeze quantity, or carries exchange code 17070, it is the exchange F&O ceiling; split by the freeze-quantity arithmetic.

The three are checked independently, and a single oversized order can trip more than one. The common remedy, smaller orders, satisfies all of them at once, which is why splitting is the standard answer rather than any attempt to lift a cap that is fixed by broker policy or exchange rule.

See also

External references

References

  1. Zerodha support, “What does the error ‘Maximum quantity per order for Equity is 1,00,000’ mean?” (as of 21 June 2026).
  2. Zerodha support, “The maximum value per order is Rs 10 crore” (Kite error messages, as of 21 June 2026).
  3. NSE India, contract specification and freeze-quantity files (exchange error code 17070, “Order quantity is more than freeze quantity”), nseindia.com, Market Data section (as of 21 June 2026).
  4. Zerodha support, “What is freeze quantity and how do I fix this rejection?” support.zerodha.com (as of 21 June 2026).

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Frequently asked questions

What is the maximum quantity per order on Kite?
For equity, the maximum is 1,00,000 shares per order, and iceberg and cover orders are capped at 1,00,000 under all circumstances. The error ‘Maximum quantity per order for Equity is 1,00,000’ appears when an order would breach this. For F&O, the ceiling is the exchange freeze quantity, which varies by contract.
What is the maximum order value on Kite?
The maximum value per order is Rs 10 crore in the equity segment. This is a Zerodha risk-management cap, not an exchange rule. A buy or sell order worth more than Rs 10 crore is rejected with the message that the maximum value allowed per order is Rs 10 crore.
What is freeze quantity in F&O?
Freeze quantity is the maximum number of units NSE or BSE allows in a single F&O order for a given contract. An order above it is rejected at the exchange with code 17070, ‘Order quantity is more than freeze quantity’. The limit varies by contract and is published in the exchange contract master file.
How do I place an order larger than 1,00,000 shares on Kite?
Split it. Use an iceberg order to slice the quantity into automatic tranches, the sticky order window to fire several orders quickly, a basket to group them, or place manual tranches each at or below the cap. Only regular order types permit quantities above 1,00,000, and even then market depth has to support the fill.
Why was my order rejected for quantity when it was below 1,00,000?
Two non-obvious reasons. The market may lack the depth to fill that quantity, or your order would match against more than 10,000 outstanding orders in the order book. Both trigger the same quantity error even when your number is under the headline cap. Reducing the quantity or using a limit price helps.
Does the Rs 10 crore cap apply to F&O?
The Rs 10 crore figure is the equity-segment value cap. F&O orders are governed primarily by the exchange freeze quantity per contract rather than a single rupee value ceiling, so the binding limit on a large derivatives order is usually the freeze quantity, not a value cap.

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