Why was my open position squared off even though I have the required SPAN margin for the trade?

The new SEBI circular and the NSE circular mandate that brokers collect the whole SPAN + Exposure margin, not simply SPAN margin, in order to carry forward Futures and Options holdings to the next day.

The exchange will charge you a margin penalty and your position could be squared off by our RMS team if you don't have the entire margin necessary to carry forward the position, which can be calculated using the margin calculator.