While placing a Market order, minimum order value will be calculated by considering the MKT Protection Percentage .

Case 1:-  

If you place a Buy order at Market price for 1 shares of Wipro Ltd (price protection = 5% , minimum order value is Rs 500 and the Best Offer Price (BOP) = Rs. 475, at the time order placement), then your order value will be  Rs.475 + Rs.23.75 (Rs 475*5%) = 498.75. In this case, your order will not be accepted by the system because order value is less then Rs 500.

Case 2:- 

If you place a Buy order at Market price for 1 share of Wipro Ltd (price protection = 10% , minimum order value is Rs 500 and the Best Offer Price (BOP) = Rs. 475 at the time order placement), then your order value will be  Rs.475 + Rs.47.50 (Rs 475*10% )= 522.50. In this case, your order will be accepted by the system because order value is more then Rs 500