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Dynamic Price Range (DPR)

For scrips excluded from the requirement of price bands, stock exchanges have implemented a mechanism of dynamic price bands (commonly known as dummy filters or operating range) which prevents acceptance of orders for execution that are placed beyond the price limits set by the stock exchanges. Such dynamic price bands are relaxed by the stock exchanges as and when a market-wide trend is observed in either direction.

It has been decided to tighten the initial price threshold of the dynamic price bands. Stock exchange shall set the dynamic price bands at 10% of the previous closing price for the following securities:

(a) Stocks on which derivatives products are available,

(b) Stocks included in indices on which derivatives products are available,

(c) Index futures,

(d) Stock futures.

Further, in the event of a market trend in either direction, the dynamic price bands shall be relaxed by the stock exchanges in increments of 5%. Stock exchanges shall frame suitable rules with Securities and Exchange Board of India mutual consultation for such relaxation of dynamic price bands and shall make it known to the market.


Source: SEBI

Circular: CIR/MRD/DP/34/2012 (December 13, 2012)