Squaring off a position means closing out a futures position. For example, if you have futures buy position of 500 Reliance expiring on 27th Feb 2002, squaring off this position would mean taking sell position in 500 Reliance expiring on 27th Feb 2002 on or prior to 27th Feb 2002. The order placed for squaring off an open position is called a cover order.
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KYC is one time exercise while dealing in securities markets – once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.