What happens to the open position remaining at the end of the day?
In case of FuturePLUS Stop Loss product, all the positions created for the day are expected to be squared off by the customers before the market closes as this is an Intra day product. In case, if the positions still remains open at the end of day, I-Sec on best effort basis would first cancel all the pending cover orders and then initiate the Square off process at a pre-determined timing at market price for all the open positions.
If for any reason position still remains open after end of day then it will be treated as Futures position by exchange and I-Sec and all obligations and margin as applicable to Futures would apply to such open positions. If sufficient margin is not available with you towards such open positions, exchange would levy a short margin collection penalty which I-Sec shall recover from you. In case your cover order gets excess execution than your fresh order then such case shall be squared off on best effort basis by I-Sec and if for any reason, position still remains open after end of day then it will be treated as Futures position by exchange and I-Sec. This will also be handled by I-Sec on the same lines as mentioned above.