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 Securities may square off positions in following scenarios:
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If any or some of your MIS positions in the equity segment remain open after the 3:20 PM stipulated deadline and/ or 15 minutes prior to closing hours of the commodity segment or breach of the cut-off value, our system will auto Square-Off all such position/s.
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For any scrip in the equity segment if the movement is 15% 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.