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    What is Periodic Call Auction (PCA), and how does it work?

    When a stock is under Periodic Call Auction (PCA), it means the stock is classified as illiquid by the exchange due to its low trading volume and limited investor interest. Instead of real-time continuous trading, these stocks are traded through scheduled auction sessions. This mechanism is designed by SEBI to curb price manipulation, enable better price discovery, and protect investor interests.

    How it Works:

    In a PCA (Periodic Call Auction), buy and sell orders are gathered over a set period of time and matched all at once at the same price. This batch process helps keep prices stable and reduces big price swings.

    PCA Trading Timings & Slots:

    • PCA sessions are conducted every hour during market hours (9:30 AM to 3:30 PM).
    • Each session is 60 minutes long and consists of:
    • Order Entry Period – 45 minutes
    • Order Matching & Trade Confirmation – 8 minutes
    • Buffer Period – 7 minutes (used for closing the session and preparing for the next)
    Session No. Start Time- Order Placement Order matching Buffer period
    1 09:30 AM - 10:15 AM 10:15 AM - 10:23 AM 10:24 AM to 10:30 AM
    2 10:30 AM - 11:15 AM 11:15 AM - 11:23 AM 11:24 AM to 11:30 AM
    3 11:30 AM - 12:15 PM 12:15 PM - 12:23 PM 12:24 PM to 12:30 PM
    4 12:30 PM - 01:15 PM 01:15 PM - 1:23 PM 01:24 PM to 01:30 PM
    5 01:30 PM - 02:15 PM 02:15 PM - 2:23 PM 02:24 PM to 02:30 PM
    6 02:30 PM - 03:15 PM 03:15 PM - 3:23 PM 03:24 PM to 03:30 PM

    What You Can Do:

    • You can place limit orders only on PCA stocks. Market orders are disabled.
    • Orders will be executed only during the matching window of the next PCA slot.
    • If no match is found in that slot, the order stays pending or may expire at end of day (if not modified or cancelled).
    • You’ll see a clear notification or message on ICICI Direct if a stock falls under PCA before you place the order.

    Key Points to Remember:

    • PCA is applicable only to stocks marked illiquid by the exchange (NSE/BSE).
    • Trading in PCA stocks involves delayed execution, limited liquidity, and potentially wider price spreads.
    • Stocks can move in and out of PCA based on their liquidity profile as reviewed by the exchanges periodically.
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    How do I check the status of your shares (pledged / unpledged)? What is CUSPA? (Client Unpaid Securities Pledgee Account) What actions does ICICI Securities take to liquidate CUSPA shares if I do not fulfil my outstanding payment obligations? How will my shares be released from CUSPA? Why am I unable to place certain orders when that stocks are present under CUSPA holdings? Where can I check if a stock is in MWPL ban?
    An important update enhancing the securities payout process for Margin Trading Facility (MTF) positions.
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    Important Changes to Pay-In and Payout Processing effective 14th November 2024 Why haven't I received proceeds after sale of shares? Why am I getting frequent messages from NSE regarding funds and securities balance? (ICICI SECURITIES LIMITED on DD-MM-YY reported your Fund bal Rs. 0 & Securities bal 0. This excludes your Bank, DP & PMS bal with the broker - NSE.) Why am I receiving an SMS saying fund balance Rs. 0 sent by NSE?
    What is the deadline to clear outstanding obligations? What is the purpose of the SPOT product? What is considered an outstanding obligation?
    When will I get limits for my sell transactions in delivery? Why is Early pay-in of securities done? Is this EPI benefit allowed for all demat accounts? I have NSDL Demat Account, when will the cash sell trade value be released to my limits? Is this facility available for both Resident Individual and Non-Resident Individual clients who have NSDL Demat account? Is this facility available for CDSL Demat account holders? Are there any additional scenarios where limits from sale of securities will be withheld? What are Demat Charges for Early-pay in of securities?
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    What is the meaning of the EBA entries in my bank statement?
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