Hey, I want to know, Suppose I buy 30 stocks of XYZ priced @ Rs. 100 Indraday at 10:30 AM. At 2:50 PM I see that the price has gone down to Rs. 95, so I think I'd rather wait for it to go high and pay the Delivery brokerage anyway. Will the Intraday stocks be automatically converted to Delivery? I ask because I did this with Motilal Oswal and it now shows in my Demat Holdings. But on the day I bought that stock, when I tried to covert that Intraday stock(before 3:10 PM of course) to Delivery on my own, it gave an error saying it is not possible and to contact Admin... I also read about Auto Square-Off. What is that then? Please do help.
Hi Morkeus...
Trading equity with us, you get 2 product types.
1. MIS, Margin intraday square offs, where you can buy or sell upto 10 times the money in your account...
2. CNC, only to the extent of money in your account...
In the example above, assume you had initially bought the stocks with MIS product(intraday trade), now you want to keep it overnight... In this case you have to convert this trade of yours from MIS to CNC. To do this
a. you need to have 100% margin in your account
b. Go to f8 trade book, click on the MIS trade where you had bought this for intraday. at the bottom of the page you can see a link called position conversion. Click on this and convert from MIS to CNC. Now your stock would be taken for delivery...
Assume you don't do this till 3.10pm, at 3.10pm all MIS positions will be automatically squared off by the system.
Hopefully this clarifies...
Cheers
