An order that has been completely executed on the exchange, with all requested shares bought or sold at the specified (or better) price.
A filled order is a trade order that has been fully executed on the stock exchange. When you place a buy order for 100 shares of HDFC Bank at market price and all 100 shares are purchased, the order status changes to "filled" or "executed." This is the final, irreversible state of an order.
On Indian exchanges (NSE and BSE), orders can have several statuses: open (placed but not yet matched), partially filled (some shares executed, remainder pending), filled (completely executed), cancelled (withdrawn by the investor or broker), and rejected (failed validation — insufficient margin, incorrect price, circuit limits hit).
Market orders are almost always filled immediately during trading hours for liquid stocks. If you place a market buy order for 100 shares of Reliance (daily volume: 50+ lakh shares), it fills within milliseconds at the best available Ask Price. However, for illiquid small-cap stocks, a market order might fill at unfavourable prices across multiple levels of the order book, causing slippage.
Limit orders fill only when the specified price is reached. A limit buy order for TCS at Rs 3,800 when the CMP is Rs 3,850 will remain open until either TCS drops to Rs 3,800 (then it fills) or the order expires/is cancelled. Partial fills can occur when there is insufficient quantity at the target price — you might get 60 out of 100 shares filled, with the remaining 40 still pending.
After an order is filled, the broker sends a confirmation (visible in the order book and positions screen) and generates a contract note within 24 hours as mandated by SEBI. The contract note is the official record of the trade and includes details like execution price, time, exchange, STT, brokerage, and other charges. It is an essential document for tax filing and resolving any trade disputes. Orders placed as AMO get filled (or not) during the next trading session.