Why was my order rejected with the reason "Security is market buy suspended"?

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Due to liquidity concerns, market orders are blocked for certain securities:

• Buy orders for options contracts (Permitted for selected contracts of Nifty and Bank Nifty)
• Penny stocks

Illiquid securities can have bid and ask prices that vary significantly from their Last Traded Price (LTP). Hence, market orders can result in order execution at unfavorable prices and therefore are restricted to limit potential losses.

Alternatively, limit and stop loss order types can be utilized to trade in such securities. Placing a buy order with the limit price higher than the LTP or a sell order with the limit price lower than the LTP can help ensure that the order executes like a market order up to the specified price. With the limit price acting as protection, your order will not be executed beyond this specified price.