What is the two timings(as described below) of equity futures trading as shown on nse website?

General
1

Setup cutoff time for Position limit/Collateral value : 16:15hrs

Trade modification / Exercise market end time : 16:15hrs

link is :-

http://www.nseindia.com/products/content/derivatives/equities/mrkt_timing_holidays.htm

2

Ekansh,

Those timings are applicable for the brokerages and not really for retail traders. It is for brokerages to place any trade modification requests or increasing the collateral at the exchange.