Want to disable FNO, MCX or Currency segment temporarily for your Kotak Securities account but don’t know how to do so? Kotak Neo got the kill switch feature last month and to be honest, it is a very useful addition as many users had requested it. You can now deactivate any segment in Neo with just a few clicks of a button. Below, I have the steps you can follow to do the same.
Why kill switch is useful? As Neo offers zero brokerage plan, people can get carried away. To cover up or reduce the loss or to earn more money, users may place more orders. If things don’t go as planned, the profit you’ve made will be reduced or in the worst case scenario, your profitable position will turn into a loss making one.
Click on the profile icon in your Kotak Neo account and choose the “account details” menu. Now, you will see a page with several sections. Find the section “Kill Switch” and click the “Manage” option in this section. Neo will now show a list of segments that are currently enabled for your account and a checkbox next to them. There’s also a “disable all segments” option/checkbox. If you select this box, all other checkboxes all be selected. The segments are grouped into two columns. Select the checkbox/segment you want to turn off temporarily and click the dark blue button below the form.
Neo will now show a popup with a message stating the time and date on which the deactivated segment will be re-activated. The popup also has a message requesting you to close the open positions. For example, if you want to turn off the FNO segment, you will have to square off these two positions (if they’re open) – Futures, Options. You will also find a “confirm” button on this popup.
Make sure that you square off the open position. If you don’t do so, you won’t be able to book the profits or exit the active order. When you click the confirm button, the chosen segment will be immediately deactivated. No matter what you’ve disabled, the service will be enabled at 11.59 PM on the same day.
Once you’ve activated a segment, you cannot disable it permanently on Kotak Securities. You can drop an email to the customer care center to check whether they can do so for you (special scenario).
