First, the ordinary reason: an order is revocable
The five-level board from 02.02.02 starts with 200 bid shares at ₹499. Imagine that a separate 700-share buy order joins that price. The displayed best bid quantity becomes 900. If the additional order is cancelled before a match, it returns to 200 and traded volume does not rise because of that cancellation.
There are innocent reasons to cancel: the buyer may have obtained shares elsewhere, changed a price limit, or decided the order no longer fits their plan. In the ordinary continuous market, unmatched orders can be modified or cancelled under exchange rules. One cancellation is not evidence of spoofing.
Three reasons the visible book is incomplete
Tap each case. The first is an ordinary choice, the second is a disclosed-quantity order, and the third requires deceptive intent that a single screen cannot prove.
The 1,000/200 example illustrates NSE's disclosed quantity condition. It is separate from the five-level Bharat Foods board.
A 700-share bid is cancelled before trading. What is justified from that fact alone?
Iceberg describes a different limit
An iceberg order is a common name for a large order that displays a smaller piece at a time. NSE calls the relevant order condition Disclosed Quantity. In its example, a 1,000-share order with 200 disclosed shows 200; after that slice trades, another 200 is released, and the process can repeat. Whether this condition is available depends on the market and session; for example, NSE's pre-open rules do not allow it there.
A replenishing level does not mean a single investor certainly owns every new 200 shares you see. Other orders can arrive at the same price. The point is narrower: visible depth can understate the total quantity one eligible order intends to trade. Hidden quantity is not a promise that it will fill your order at your desired price.
Spoofing is about what was intended
Spoofing means placing conspicuous orders to create a false picture of demand or supply while intending to cancel them rather than trade them. A sequence may involve taking trades on the opposite side while the large display influences others, then removing it. That is manipulative conduct, unlike a permitted disclosed-quantity order.
SEBI's surveillance material describes such patterns, but proving one requires the order and trade history and evidence about intent. Size alone is not enough; frequent cancellations alone are not enough. Some orders expire or are cancelled for legitimate reasons. The word ‘lies’ in this lesson's title is a warning about what the display cannot establish, not a claim that every order or every participant is dishonest.
If you are making a decision, the usable response is to check executions, persistence, price levels and the size you intend to trade. Do not assume a wall will defend a price, and do not accuse a real participant based on a retail screenshot.