What is the Margin Intraday Square Off (MIS) order?
Margin Intraday Square Off, also popularly known as MIS order, is a facility wherein you get to take higher intraday trading position/s using cash and holdings (stock) as margin. All such positions need to be compulsory closed before the close of market hours on the day itself.
Kotak Neo may square off positions in following scenarios:
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If any or some of your MIS positions remain open beyond the stipulated cut-off time - 3:05 PM for Cash (Equity), 3:25 PM for F&O, and 30 minutes before the closing time for Commodity—or breach the applicable cut-off value, our system will automatically square off all such positions.
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For any scrip in the equity segment if the movement is 17% or more then we may square off these positions on a best effort basis. The square off will only be done for unfavourable positions to minimize the loss. Also note, for such scrips fresh positions might not be allowed.