When placing a buy or sell order with ICICI Direct customer has to choose the period of the validity of an order. The order could be valid for a day, IoC (Immediate or Cancelled) and VTC (Valid Till Cancelled).
Day Order
A Day order is valid till the end of the trading day. It gets cancelled automatically if unexecuted before the closing of market hours.
IoC Order
An IoC (Immediate or Cancelled) order is either executed immediately or else get cancelled. A part of the order may be executed on price match availability and the rest cancelled.
For example, say you placed an IoC order for 200 shares at Rs 100. At that time, only 150 shares were available at that price. The system will execute the order for 150 shares and cancel the rest of the order for 50 shares.
VTC Order
A VTC (Valid Till Cancelled) order is valid for 45 days. The order gets automatically executed when the stock reaches the desired set price or else gets cancelled after 45 days.
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