Good Till Cancelled Orders?

Can someone clarify on GTC (Good Till Cancelled) Orders and its availability in Indian stock market please?

From what I have read, 'GTC Orders', also known as 'Open Orders' is an order that is kept open till it is cancelled. It allows one to make a suitable Stop-Loss order to limit the loss in case the price of a stock comes down.

But NSE does not seem to allow such an order for stocks. Please correct me if I am wrong here.

In the absence of a GTC order, one can only submit a GTD (Good till Day) order which is kept open till end of day. So, if one wants to protect one's investments, one needs to submit such a GTD order every day. This may be okay if one has 2 or 3 stocks in his/her portfolio, but becomes very difficult if one has a dozen or more stocks.

Are there any work-arounds available? Does anyone know why NSE does not allow GTC orders? Large investors may be able to use the hedging options available with derivatives to protect their investments, but small investors seem to be missing this simple mechanism to protect their investments.

Please comment.

Dear Chet,

GTC orders can be any orders and not necessarily stop loss orders, all it means is the order is pending if not executed till cancellation.

You are correct NSE does not permit such orders, they used to but have since discntinued all order are now valid till eod.

To work around this problem you may use the services of an offline broker.

Does BSE allow good till date or GTC order?