Your MIS positions will be Squared Off in three scenarios, whichever is earlier:
If the net unrealized loss on your overall MIS position breaches the cut-off value;
If the positions have not been squared off by 3:20 p.m. in case of Equities, 4:40 p.m. in case of Currency & 30 minutes prior to market close in case of commodities, then the MIS positions will get auto squared off, except in index options on expiry days
If the cut-off value is less than or equal to ‘0’.
All pending (Open) MIS orders would also get auto canceled before squaring off the positions.
Please note that in case of Kotak NEO, MIS positions in Index Options are auto squared off even on expiry days (which is not the case for KST).
We recommend using the NRML order type in Kotak NEO for Index Options on Expiry Days, if you do not want your intraday positions to get auto squared off by cut off time.