When you place a VTD order, you give an order instruction to IIFL stating that if the order is not executed for the entire quantity, IIFL is authorised to place fresh orders for the unexecuted quantity in your account on the subsequent trading days till the entire quantity is executed or till the validity expires, whichever is earlier. The feature allows you to specify the number of days during which you wish to place the orders.
Your VTD order will remain valid but will be expired at the end of every trade date if the order remains unexecuted and if not cancelled or rejected. At the end of day, after market hours, IIFL will place overnight orders on your behalf at the same Market or Limit price and for the unexecuted quantity for the next trade date provided your validity date is less than or equal to the next trade date.