Product Codes 

Each order placed must have a product code and an order type. Let us see the different product codes and order types.

The basic three product codes are the following:

1. MIS applies to all intra day positions you take while trading Equities (cash)/Equity Derivatives/Commodities and currency derivative.It stands for Margin Intraday Square-off. If you do not square off the positions taken under MIS on the same day, the system will automatically sqaure off the same from 30 min before closing of market hours.

2. CO stands for Cover Order and BO stands for Bracket order and positions taken under this order type are also intra-day positions only and will be square off 30 min before market closing. To know more about how you can get higher exposure or save on margins using cover order click here. The margins used by Bracket order are same as cover orders expect that in Bracket order you have the additional facility of placing a target order and a trailing stop loss order.

3. CNC stands for Cash and Carry. It is aplicable only while trading equity (cash) for delivery. No leverage is given under this product.

4. NRML stands for Normal Product.It is applicable while trading Equities (cash)/Equity Derivatives/Commodities and currency derivative.

5. MTF stands for Margin trade funding. Clients who are enabled for MTF can place orders under this product code. For more details on MTF click here.

Note that MIS,CO and BO are intra-day product while CNC and NRML are delivery/carry forward product codes.

Listed below are the products available for the trading and the Exposure / margin required for trading in various segments of the exchanges for both delivery / carry forward & Intraday.

   Exposure / Margins -                     Equity
Margin – Equity Futures / Options selling
Margin – Currency Derivatives
Margin – Commodity Futures / options selling
Margin – Equity / Commodities options BUY
MIS (Margin intra-day square off)

Intraday with auto square off

50% of (VAR+ELM+ADDHOC ) on derivatives stocks

33% SPAN +33%  Additional margin for Index (only for ITS clients) and 

50% SPAN +50%  Additional margin for Stocks

50% SPAN +50%  Additional margin

50% SPAN +50%  Additional margin

100% of Premium Value for Equity and Commodity 

NRML (Normal)

Delivery / carry forward

50% of Value of Purchase (available only on selected stocks)

100% SPAN +100%  Additional margin

100% SPAN +100%  Additional margin

100% SPAN +100%  Additional margin

100% of Premium Value

CNC (cash and carry)


1 X





CO / BO (Cover order) / Bracket Order

Intraday with auto square off

Based on Stop loss. 

Upto 10 X

Based on Stop loss. Upto 23 X for index and 10 X for stock futures/options selling


Based on Stop loss. Upto 55 X




VaR + 4 times applicable ELM on Group I stocks available for trading in the F&O segment and VaR + 6.50 times applicable ELM on other approved stocks





Any order placed under MIS and CO & BO will automatically be squared off within half an hour before the market closes for respective exchange segments or the Intraday MTM reaches 80% whichever is earlier. To read our complete risk management policy click here.

You can change your positions from MIS (Intra) product to the NRML /CNC (Carry forward product). However, this can be done only if you have sufficient margins for the Carry Forward position. The change of position needs to be done atleast 30 minutes before market closing time or before the time based auto square off gets triggered.

You can also change NRML positions to MIS. You cannot however do this once the auto square off process is started. 

Navia offers trading only in the non agri products in MCX exchange and agri products are not allowed for trading in the Commodities trading platform offered by Navia. Further in the non agri segment Navia does not allow for delivery of contracts and the same is restricted in the system.

* SPAN and MTM as levied by the exchange

Terms and Conditions Options Intra-day product:

1. Premium received on option selling will not be considered for further trading 

2. Stocks in DP with POA can be used as margin for Equity Options selling. The value of such stocks after haircut would be limited/restricted and this limit could vary from time to time.

3. Any MTM shortfall arising as a result of Equity Options Trading loss by using DP based margin ,  such loss/debit needs to be transferred by the client on T day itself, else DP stock to the extent of loss/debit amount would be sold anytime from T+1.

Do check our commodity margin and span margin calculators 

Order Types

Limit Orders

Market Orders

Stop Loss Orders

Stop Loss Market Orders

Cover Orders

Bracket order

Spread Orders