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. In case, any or some of your MIS positions in the equity segment remain open after the 3:20 PM stipulated deadline and/ or 20 minutes prior to the closing hours for the currency segment and/ or 30 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 except in equity index options on expiry day.