Margin Intraday Square Off (MIS) as a product code is used for trading Intraday Equity, Intraday F&O, and Intraday Commodity Trading. You enjoy additional margin using the MIS product code. All the positions under the MIS product code will get automatically squared off, if you do not do it from your end before the market gets closed. Depending upon your broker the timing for auto square-off may vary 3:15 to 3:25 usually. Some brokers do charge for auto square-off trades so check with them while opening your account.