Disclosed Quantity Order

## The problem it solves If you place one huge buy or sell order on the exchange, everyone in the order book sees it. That visible size can move the price against you — sellers raise their asks, or front-runners jump ahead. A Disclosed Quantity (DQ) order, also marketed as an iceberg order, lets you reveal only a small slice of the total to the market at any moment, like the tip of an iceberg, while the bulk stays hidden.

## How it works on Indian exchanges You enter a total quantity and a smaller disclosed quantity. The order book shows only the disclosed slice; when that portion is filled, the system automatically refreshes the next slice from your hidden balance until the whole order is done or cancelled. The NSE and BSE support this, and SEBI rules require the disclosed quantity to be at least a minimum percentage of the total (historically 10% of the order, subject to exchange norms) so the feature isn't abused to hide all liquidity.

Brokers like Zerodha, Upstox and others expose this through an iceberg order option, often splitting the parent order into several legs automatically.

## Who uses it and why Large traders, HNIs and institutions use DQ orders to accumulate or exit a sizeable position quietly, especially in mid- and small-cap stocks where a big visible order would spook the book. It reduces market impact and protects intent.

## Trade-offs to know - Priority resets: when each new slice is exposed, it goes to the back of the queue at that price, so you may get filled slower than a single fully-disclosed order at the same price. - Cost: brokers often charge per leg, since an iceberg is effectively multiple orders. - Not invisibility: sophisticated participants can sometimes infer an iceberg from repeated refreshes at one price.

Bottom line: for retail investors trading liquid large-caps it's rarely needed, but if you're moving meaningful size in a thinly traded stock, a disclosed-quantity order is a practical way to avoid telegraphing your hand and tipping the price.