Why order-book headlines and exchange filings keep disagreeing

A short note on the gap between announced orders and what actually reaches the exchange filing — and why we treat the filing as the fact.

Across the small and mid-cap coverage we track, announced order values and the corresponding exchange intimation disagree often enough that it cannot be treated as noise. This note sets out the three most common reasons for the gap and how we handle each one.

Every order flow we publish has been cross-verified against the BSE or NSE filing. Where a press release and a filing disagree, the filing wins, and we say so in the note.