This happens since the trigger of Stop Loss-Market order is not identified as an active order in the exchange's order book. Thus, if you place a SL-M order with trigger price outside the circuit limit your order won't be cancelled or rejected. However it won't be executed and you will be able to view it as an open order in your order book.
My SL-M order order did not get rejected despite the trigger price being outside circuit limit. Print
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