Leverage change in stock


I have few queries regarding leverages offered by Zerodha. Could someone guide me?

  1. Leverages are changing for each stock day to day. Will they
    get changed during marketing hours too(i.e. from 9:00 AM to 3:30PM)
    or only before 9:00 AM?

  2. If Leverages are changing in Marketing hours, What happen to the
    orders which I placed earlier. Suppose, I bought some quantity of
    shares at 9:45 AM with a leverage of 16.5, due to volatility the leverages
    are changed to 7 at 11.00 AM, then

    (a) Will my order remains or else will it be squared off at some price?
    (b) If order remains, do my margin funds get changed due to the 
         leverage change on that day?

Can be changed at any point of trading hours and is totally based on RMS interpretation on current volatility.

Option B will happen for sure, Option A can happen if one is making losses above 50% of available capital.