An individual can place orders for only up to 5% of the total Open Interest in that particular Stock or Index and the maximum LOTs that can be bought in a single order is defined by the exchange. For example, one can only buy 200 Lots of Nifty in one single order. Another order has to be placed if one wants to buy more than the specified limit of Lots per order.
Futures Contracts-
Futures contracts are traded in LOTs and not in a number of shares. Each LOT has a pre-defined number of shares of the Underlying security (Index or Stock).
There is a limit of a maximum LOT’s per order, Example one can place only 200 Lots of Nifty in one single order & 500 Lots of Bank Nifty, one can buy more than that but a separate order has to be placed of not more than the specified quantity.
Maximum Limit-
The absolute maximum limit for an individual is 5% of the total OI (Open Interest) in that particular Security. A single individual cannot take positions more than 5% of the Total OI of that particular Contract (Stock or Index), from their trading account.