The circular revises the Order-to-Trade Ratio (OTR) framework applicable to algorithmic trading. The key revisions include exempting equity option orders placed within ±40% of the last traded price (premium) or ± Rs 20, whichever is higher, from OTR penalty computation. Further, algorithmic orders placed by Designated Market Makers for market-making activities are excluded from OTR calculations. The framework continues to apply to orders in the cash and derivative segments, including liquidity enhancement schemes, subject to these exemptions.