Markets close at 3.30pm, but trade time on my contract note shows 15.58 or 3.58 pm, can someone explain why/how?
Exchanges have the concept of trade cancelation, check this circular.
Counter-party to your trade would have put up a cancellation request for that particular trade after market closing between 3.30pm to 3.45pm. This would have gotten rejected, and all such rejections by the exchange happen between 3.50pm to 4pm. The rejected time gets updated on the trade files, and hence show up on the contract notes.
Thanks for the quick response, but sorry could not understand this and if you could please elaborate this.
You will agree for us traders, the CASH BOOK & ADMIN VIEW is the bible and if we see transaction completed it is completed, matter closed. in which context what is this Trade canceled mean ? this is actually frightening is what we see in the CASH BOOK & ADMIN not the FINAL status ? is there something else which we ARE NOT AWARE ?
Can you elaborate how the counter-party to my trade put-up a cancelation request AFTER market hours ?
Can I confidentially go by what I see in the CASH-BOOK, if the Trx is completed it means it is completed ?
Exchange has this option to place a cancellation request. This option is given typically in cases where there are fat finger trades, so for example instead of buying Reliance July calls, you by mistake place an order for September calls at market. This can cause a significant loss, so the guy who made a mistake can place for a cancellation request. But unless the counterparty accepts, nothing changes. The only thing that changes is the time on the trade file as there was a cancellation request on that trade. So you don’t have to worry about it at all.