What are the latest auto square-off timings?
Key takeaways:
- Auto square-off means that the broker will automatically close all the open intraday positions before the market closes.
- As of 3 August 2026, F&O stocks will not continue trading after 3:15 PM due to the new Closing Auction Session, and brokers will now square off intraday positions in these stocks earlier.
- Unsquare-off positions are automatically closed by the broker at market price, which may result in unfavourable execution during volatile market conditions.
- Dhan squares off equity cash intraday positions at 3:10 PM and index and stock derivatives at 3:25 PM, and charges ₹20 plus GST per auto square-off order.
- When MCX closes at 11:30 PM, the commodities square-off starts at 11:15 PM, and when MCX closes at 11:55 PM, it starts at 11:40 PM.
- Equity derivatives now trade until 3:40 PM, and MCX trades until 11:30 PM, or 11:55 PM depending on the daylight saving schedule.
Intraday trading in India comes with a deadline. Every position taken under an intraday product, such as MIS, must be closed before the day's market trading session ends. If a trader does not exit in time, the broker closes the position automatically, often at an unfavourable price and with an extra charge.
These cut-off times vary by segment and broker. Brokers changed their auto square-off timings in August 2026, when NSE and BSE introduced a Closing Auction Session for F&O stocks. In this blog, we explain what auto square-off is, the latest exchange and broker timings, the charges involved and how to avoid them.
What is auto square-off?
Auto square-off is the process by which a broker automatically closes open intraday positions before a trading session ends. When you trade using an intraday product such as Margin Intraday Square-off (MIS), you get extra leverage on the condition that you close the position the same day. If you do not close it yourself by the broker's cut-off time, the broker's system closes it to avoid overnight exposure, at the prevailing market price.
Brokers set these cut-offs a few minutes before the exchange closes, so that multiple open positions can be closed in an orderly way. Each broker sets its own schedule, which is why the auto square-off timings differ across platforms. Delivery (CNC), carry-forward (NRML) and MTF positions are not part of this timed square-off, although any position can still be closed if there is a margin shortfall.
Why does auto square-off exist?
The auto square-off exists for the following reasons:
- Preventing unintended overnight risk: Intraday trades (such as MIS orders) use borrowed leverage and are meant to be opened and closed within the same day. Closing them automatically prevents traders from accidentally carrying high-risk positions into the next session.
- Avoiding margin shortfalls & defaults: Since intraday positions require lower margins than delivery (CNC) trades, holding them overnight without full capital leads to margin penalties. Auto square-off protects the broker from unfunded retail risk.
- Enforcing trading discipline: It acts as a safety net for traders, as it prevents them from not closing positions due to hesitation, forgetfulness, or emotional attachment to a losing trade.
- Handling expiry and physical delivery: In F&O and stock derivatives, it ensures positions are settled or exited before exchange-mandated physical settlement or expiration deadlines.
Latest auto square-off timings and charges
With the recently introduced CAS changes, Dhan squares off open intraday positions in the equity cash segment at 3:10 PM and in index and stock derivatives at 3:25 PM. For commodities, the square-off begins at 11:15 PM when MCX closes at 11:30 PM and at 11:40 PM when MCX closes at 11:55 PM.
Every broker charges a fee for each order their system squares off. Dhan charges ₹20 plus GST per order. Here is the comparison of auto-square-off timings across major Indian brokers:
How to avoid auto square-off
To avoid auto square-off and its associated costs, market participants can follow these practices:
- Exit early: Close intraday positions at least 10 to 15 minutes before the broker's cut-off, especially in CAS stocks, where continuous trading now stops at 3:15 PM.
- Know which stocks are CAS-eligible: Stocks with F&O contracts follow an earlier cut-off than other stocks at most brokers, so check before trading near the close.
- Convert in time: If you want to hold a position overnight, convert it from MIS to delivery (CNC) or NRML before the broker’s cut-off timings, with full funds or margin available.
- Set reminders: Market participants can set a square-off timer that notifies them a few minutes before the auto square-off time.
- Keep a margin buffer: Extra margin reduces the chance of an early, loss-based square-off on volatile days.
- Use GTT (Good Till Triggered) orders: Some brokers offer GTT orders, which allow market participants to set automatic exit levels that execute automatically when the required conditions are met.
The bottom line
Auto square-off is a critical risk-management mechanism that ensures all intraday trades are settled before the market closes, avoiding any unwanted delivery and settlement issues. Dhan auto squares off equity cash at 3:10 PM, derivatives at 3:25 PM, and commodities at 11:15 PM, and when MCX closes at 11:55 PM, it starts at 11:40 PM. Dhan charges ₹20 plus GST per order for each auto square-off.
By knowing auto square-off timings and planning the exits accordingly, intraday traders can trade with greater confidence and avoid costly last-minute surprises.
FAQs
1. What is the auto square-off time for intraday trades in India?
There is no specific time, as it depends on the broker and segment. Dhan's equity cash timings are 3:10 PM, and derivatives timings are 3:25 PM. For commodities, square-off starts at 11:15 PM, and when MCX closes at 11:55 PM, it starts at 11:40 PM.
2. Why do F&O stocks have an earlier square-off time now?
Under the Closing Auction Session, continuous trading in stocks with F&O contracts ends at 3:15 PM, after which their closing price is decided through an auction until 3:35 PM. Therefore, brokers square off intraday positions in these stocks before 3:15 PM, while other stocks continue trading until 3:30 PM.
3. How much does Dhan charge for auto square-off?
Dhan charges ₹ 20 plus GST for each order squared off by its system. This is charged on a per-order basis, so if a large position is closed out in several orders, then multiple charges may be applied.
4. Can I avoid auto square-off by converting my position to delivery?
Yes, if you convert an MIS position to CNC (for stocks) or NRML (for F&O) before your broker's cut-off and have the required funds or margin. After the cut-off time, brokers may not allow conversions or fresh intraday orders.
5. When are commodity intraday positions squared off?
MCX trades until 11:30 PM, or 11:55 PM depending on the daylight saving schedule and brokers square off intraday commodity positions shortly before the close. Dhan auto-squares off commodity positions at 11:15 PM when the market closes at 11:30 PM, or at 11:40 PM when the market closes at 11:55 PM.
