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"Terms & Conditions"
TERMS OF USE:
The following should be read carefully and accepted prior to
becoming a Constituent for online trading i.e. for trading availing the
facilities and/or any information, or any part thereof, as the case may be, as
may be made available from time to time on the Web-Site and/or entering into any
securities dealings through the agency of A.C.Choksi Share Brokers Pvt Ltd
whether by use of any of the facilities available on the Web-Site, or by any
other means whatsoever. Please read the following, which contains important
information concerning use of the Web Site. The use of the Web Site is
conditional upon and subject to, acceptance of and compliance with, the Terms.
And whereas for online the Constituent can avail the facilities subject to
acceptance of and compliance with the terms contained herein.
I. PRELIMINARY I.i Ownership of the Web-Site (a) A.C.Choksi Share Brokers Pvt
Ltd being a broker registered with the Securities and Exchange Board of having
obtained Certificate of Registration No. INB 010759034,INB 230759031 thereby
being entitled to effect purchase and sale transactions of securities
(hereinafter referred to as the “Securities Dealings”) online
I.ii Registration for use of the Facilities and Services (a) Any person visiting
the Web Site may access and use the Facilities by establishing an online persona
with a unique 'Client ID' and 'Password', in the manner as indicated on the
Web-Site. “Facilities” shall mean and include any information, materials,
documents, chat-room facilities, downloads (software or otherwise), data, stock
market quotation ticker tape facilities, and all other information and utilities
contained or accessible on or through the Web Site as may be provided on the Web
Site from time to time, [other than any information directly required in
relation to the Services].
(b) Only persons who enter into an agreement with the Member and who have been
provided with a unique Trading Password for online trading and unique Client
Code for online trading by the Member in the manner as indicated on the Web-Site
for online trading and give exact code for trading respectfully shall be
entitled to avail the Services provided by the Member. (c) The Terms shall be
deemed to form part of the Member-Constituent Agreement and shall be deemed to
be incorporated therein to the same extent as if these provisions had been set
forth in full therein. The Constituent's entitlement to avail the Services or
any part thereof shall be subject to compliance with all the terms and
conditions set forth herein.
II CONDITIONS OF USE OF THE SERVICES II.i Subject Matter of the Services The
Services offered by the Member include the sale and purchase of dematerialised
securities trading (in e-trading account on the internet and also in off-line
trading and delivery of shares in physical mode wherever the same is traded on
off-line on specific direction received by the 'Member' at any of their
terminals) in the cash/normal segment of the market [and shall include trading
in derivative products or in the carry forward segment, and such other services/
products as may be permitted from time to time].
II.ii Order Entry (a) The Constituent shall be entitled to place an order for
the sale or purchase of any Admitted Security at any time, regardless of the
duration of the trading hours of the Exchage, through e-mail, writing,
telephonic placement by the Constituent or his duly authorised representatives
whose particulars has been provided by the Constituent to the member and on
receipt of such instructions those orders shall be forwarded for the execution.
(b) All orders entered by Constituent, either electronically or otherwise as
detailed above, are based upon their investment decisions and their sole
responsibility and will not hold, nor seek to hold the Member or any of its
officers, directors, employees, agents, subsidiaries or affiliates, liable for
any trading losses or other losses incurred by Constituent, including in the
event that any order is placed by the Constituent on the basis of the Facilities
or any information (including any investment information, advice, research
reports, or any other information) that may be made available on the Web-Site.
(c) The Member shall be deemed to not have received any order whether
electronically transmitted or otherwise until it has confirmed the receipt of
such order as mentioned in sub-clause II.ii (a).
(d) The Constituent agrees that placing an order with the Member, either
electronically or otherwise, does not guarantee execution of the order,
regardless of the confirmation by the Member of the receipt of the order and/or
its execution and the Member shall not be liable for any losses, damage or
claims on account of the non-execution of any order placed.
(e) The Constituent hereby accepts all responsibility for knowing the status of
all corporate benefits like rights and bonus issues, dividends and stock splits
of shares he/she/it intends to trade in or held in his/her/its account. The
Constituent further accepts all responsibility for knowing the correct ISIN
numbers of the shares in his/her/its account and the eligibility of the shares
to meet share pay in obligations to the NSE whether received by way of
purchases, rights, bonuses, stock splits, off market transfers or otherwise.
(f) Prior to placing an order in connection with the sale/purchase or transfer
of any securities in which Constituent requires any form of regulatory or other
permission, the Constituent must advise the Member of the status of the
securities and furnish necessary documents including opinions of legal counsel
prior to the execution of the order. The Constituent acknowledges and accepts
that delays may occur in relation to the processing of such orders, despite the
necessary documents being furnished in a timely manner. The Member may at its
sole discretion refuse to execute any such order till it is satisfied of the
legality of the transaction. The Constituent is responsible for all costs
associated with compliance or failure to comply with all the regulatory
requirements and hereby agrees to fully indemnify the Member from any costs,
losses, claims or other liability arising on account of such orders.
II.iii Order Execution (a) In the event that the order is placed during the
trading hours of the NSE, it shall be routed to and executed on the market
system. However, in the event that the order is placed at any other time, the
order shall be routed to and executed during the next succeeding trading session
of the NSE.
(b) The Constituent agrees and appoints the Member as its agent to take all
necessary measures to complete the transactions and hereby authorises the Member
to make any and all advances and expend monies as may be required.
(c) The Constituent acknowledges that whilst orders are normally routed through
the market systems almost simultaneously with the placing of the order, the
Constituent is aware that the Member has provided on the Web-Site a facility for
reconfirmation of orders which are larger than those specified by the Member's
risk management policy and is also aware that the Member has the discretion to
reject the execution of such orders based on such risk management policy. The
Member shall not be liable for any delay or cancellation of any order due to the
exercise of the Member's discretion under such policy.
(d) The Constituent acknowledges and accepts that the Member has the sole
discretion to reject or cancel any order that may be placed by the Constituent
for any reason whatsoever, including for any breach of the Margin requirements
as stipulated hereunder in Paragraph II.vi and the Member shall not be liable
for any losses, damage or claims on account of such rejection or cancellation as
the case may be.
(e) The Constituent acknowledges and accepts that the NSE may reject or cancel
any trade suo moto without ascribing any reasons therefor and the Member shall
not be liable for any losses, damage or claims on account of such rejection or
cancellation as the case may be.
(f) The Constituent further acknowledges and accepts that it will receive the
price at which the order was actually executed in the marketplace, which may be
different from the price at which the security was traded when the order was
entered into the Member's system.
(g) The Constituent hereby agrees that Member shall not be responsible or liable
for the execution of any order that may have been placed by the Constituent or
any unauthorised use of the Constituent's Trading Password by any person.
(h) The cancellations or modifications to orders placed is not guaranteed.
Cancellation of orders is possible only if the original order remains pending at
the NSE. The cancellation or modification of an order shall be deemed not to
have been executed unless a confirmation to such effect is received from the
Member. The Constituent agrees that the Member shall not be liable for any
losses, damage or claims on account of the non-execution or delayed execution of
an order of cancellation or modification. Unless otherwise specified by the
Member, any order not executed at the end of the relevant NSE trading day shall
stand cancelled. To remove any doubt, it is hereby clarified that an order
placed prior to or during the trading day at the NSE, shall not remain valid for
execution at any subsequent trading day at the NSE.
(i) The Constituent also accepts responsibility for knowing the trading and
settlement cycles of the NSE and the settlements pay in/pay out dates for funds
and securities and in the event any trades or transactions are reported late to
the Member on account of any problems at the Exchange or for whatever reason,
the Constituent in turn will be subject to late reporting of transactions.
(j) Any errors reported to the Constituent for any reason whatsoever will stand
subsequently corrected to reflect the transaction that was effected in the
market and the Constituent agrees that the Member shall not be liable for any
damage, loss or claim in account of such error or correction thereof.
II.iv Purchase of the Admitted Securities (a) Prior to placing any order for the
purchase of any Admitted Security, the Constituent shall ensure that sufficient
cash credit balance is available in its account with the Member. The Constituent
is responsible for all of their orders, including any orders, which exceed the
available cash, credit balances available to its account and are executed by the
Member, inadvertently or otherwise.
(b) Any order accepted and executed, inadvertently or otherwise, without
sufficient cash credit balance will be subject to cancellation or liquidation at
the Member's discretion, unless the Constituent immediately, upon demand by the
Member, makes good the shortfall in the amount as indicated by the Member.
(c) The date for payment in the case of purchase of securities by the
Constituent will be viewed on the day to day basis by the member and the same
shall be intimated by the member to the Constituent either telephonically or
otherwise as required for maintaining the account of outstanding as per NSE
rules and the Constituent shall within two days make up the deficiency of
balance and bring it to cash credit with the reasonable margin to withstand his
future transactions within the 'margin' limit provided herein after on the date
intimated by the Member to the Constituent for the same (the “Intimated Date”)
and which may be a date which is at least [two] working days in advance of the
pay in date of the NSE. In the case where the payment is not made by the
Intimated Date, the securities purchased by the Member on behalf of the
Constituent shall be liable to be sold without any further reference to the
Constituent and any loss or damage as a result of such sale would be borne
solely by the Constituent.
II.v Sale of the Admitted Securities (a) Prior to placing any order for the sale
of any Admitted Security, the Constituent shall ensure that the concerned
security is available in sufficient quantity in its/his/her account with the
Member. The Constituent is responsible for all of their orders, including any
orders, which exceed the available quantity of the relevant security and are
executed by the Member, inadvertently or otherwise.
(b) The Constituent agrees and hereby authorises the Member to block as sold the
relevant securities, as standing to its/his/her account, against its/his/her
order to sell securities. If its/his/her order gets executed either fully or
partially then the securities to the extent sold, would be unblocked on the
trade date and the transaction would be effected. The Constituent agrees that
it/he/she shall not withdraw/pledge or otherwise use or attempt to
withdraw/pledge or otherwise use, the blocked securities. The Constituent hereby
authorises the Member to dishonour any orders issued against the blocked
security.
(c) The Constituent acknowledges and agrees that the proceeds of the sale will
not be credited to the cash credit balance account of the Constituent until the
securities have been delivered to the NSE/clearing house and pay out is received
from the NSE/clearing House. The proceeds of all sales will be credited, to the
cash credit balances account of the Constituent as maintained by the Member,
directly after settlement date.
(d) If the securities are not received on or before the settlement date or
securities received are not in deliverable state or due to any other reason
whatsoever, the Constituent is not able to deliver securities, the securities
will be auctioned or closed out as per the rules of the NSE. Consequently, the
Constituent will be responsible for any resulting losses and all associated
costs including any penalty levied by the NSE.
II.vi Margins (a) The Constituent shall maintain such quantity of securities and
such amount of cash credit balances (hereinafter referred to as the “Margin”) as
required by the applicable statutes, rules, regulations, procedures or as deemed
necessary or advisable by the Member, provided that the Margin shall not at any
time be less than [20%] of the price of the Admitted Securities proposed to be
purchased or sold. The Constituent agrees that no interest shall be payable on
the Margin as maintained with the Member. The Constituent shall be permitted to
trade upto a predetermined number of times of the Margin and the quantum of such
multiple shall be determined at the sole discretion of the Member.
(b) The margin requirement and squaring up process for online trading is
different, the margin in online account will not be considered in the offline
account and vice-versa unless specifically directed by Constituent. The
accounting process for both accounts is different and is independent of each
other.
(c) In case there is any change in policy relating to Risk Management pertaining
to margin requirement and squaring up process the same would be reflected to the
user and at the registered office and terminals of the member and the onus is on
the the Constituent to keep check, understand, and agree with the Risk
Management policy pertaining to margin requirement and squaring up process from
time to time.
(d) The Constituent shall also remain in touch with the member to keep a regular
check on his account and margin requirements, for maintaining sufficient margin
with the member to undertake any transaction in his a/c in off line and online
trading. If the Member considers it necessary for its own protection, it may
require the Constituent to immediately on demand deposit cash or securities to
their account prior to any applicable settlement date in order to assure due
performance of their open contractual commitments. If Constituent does not
provide such additional cash or securities, the Constituent hereby grants to the
Member the right to sell any or all securities extant in their account, buy any
or all relevant securities which may be short in their account, cancel any or
all open orders and/or close any or all outstanding contracts.
(e) In addition, Constituent acknowledges and agrees that the Member may
exercise any or all of the above rights, prior to or without any demand, for
additional cash or securities, or notice of sale or purchase, or other notice or
intimation. Any such sales or purchases may be made at any time at the sole
discretion of the Member on any market where such business is usually
transacted, or at public auction or private sale, or the Member may
purchase/sell for its own account. The making/giving of any prior demand or call
or notice of the time and place of such sale or purchase shall not be considered
as a waiver of any rights of the Member to sell or buy without any such demand,
call or notice, at that time or at any time subsequently.
(f) In addition to the above, if the Constituent does not credit its cash or
securities account as maintained with the Member, to make up any shortfall in
the Margin, instantaneously, to enable restoration of the Margin in
Constituent's account, the position of the Constituent may be squared off by the
Member, without any further reference to the Constituent and without prior
notification, and any resultant or associated losses that may occur due to such
squaring off shall be borne by the Constituent, and the Member is hereby fully
indemnified and held harmless by the Constituent in this behalf.
In case where the payment by the Constituent towards the Margin is made through
a cheque issued in favour of the Member, any trade would be executed by the
Member only upon the realisation of the funds of the said cheque.
II.vii Confirmations and Contract Notes (a) The Constituent is required to
ascertain the status of its/his/her order (including any rejection of the same)
which would be posted on the relevant sections of the Web-Site or the
Constituent 1may enquire the balance as maintained by member or the member shall
keep sending the details of contract notes and the status of his account on
fortnight basis wherever the Constituent is availing the services of the
member”off-line'from any terminals of the member.
(b) Constituent understands that it is its/his/her responsibility to review,
upon first receipt, whether delivered to Constituent by mail, by e-mail, or
other electronic means, all confirmations, statements, notices and other
communications, including but not limited to, margin, maintenance calls, and
prospectuses. Notices and other communications may also be provided to
Constituent verbally, in writing or by other means.
(c) The Member shall deliver to the Constituent via email or other electronic
means or otherwise a contract note of the trades executed on their behalf on the
trade date, or should post such information on the website, within 24 hours of
the execution of the order. The contract note shall be final and binding proof
of the order placed by the Constituent and confirmation of trade, regardless of
any apparent or inadvertent errors.
(d) All information contained in any confirmation, contract note or other
communications shall be binding upon the Constituent in relation to all
trades/transactions, whether the orders are given by the Constituent through the
Web-Site or by telephonic means or otherwise.
II.viii Charges (a) The Constituent agrees to pay the brokerage charges, NSE
related charges, statutory charges/taxes and any other charges (including but
not limited to security handling charges on settlement) as they exist from time
to time and as they apply to the Constituent's account, in respect of
trades/transactions and services that the Constituent receives from the Member.
The brokerage shall be paid in the manner intimated by the Member to the
Constituent from time to time, including as a percentage of the value of the
trade or as a flat fee or otherwise, together with the service tax/securities
transaction tax as may be applicable from time to time on the same. The
Constituent further agrees to pay any applicable taxes that may be levied on the
transaction.
(b) The Member shall debit the charges of the depository participant for the
trades and the bank charges for the realisation of cheques etc. to the
Constituent account.
(c) Notwithstanding anything contained in these Terms, any amounts which are
overdue from the Constituent to the Member will be charged delayed payment
charges at the rate of [2%] per month or such other rate as may be determined by
the Member and notified on the web site and the Constituent hereby authorises
the Member to directly debit the same to the account of the Constituent.
II.ix Constituents Cash Credit and Securities Accounts (a) The Member shall
maintain such books of account in such manner so as to show and distinguish in
connection with its business as a trading member broker the moneys and
securities received from or on account of each of the Constituents, and the
moneys and securities received on its own account.
(b) The Constituent is required to ascertain all ledger balances of moneys and
securities standing to its credit, which would be posted only on the relevant
sections of the web site, and no separate intimation of the ledger balances of
the Constituent in his account would be sent to the Constituent either
physically or electronically unless specifically requested in writing by the
Constituent. The information as contained in the ledger balances shall be
binding upon the Constituent and the Constituent hereby agrees that the Member
shall not be liable for any loss, damage or claim on account of any error in the
information contained in the ledger balances.
(c) All payments in respect of transaction made by the Constituent to the
company shall be payable at Mumbai or such other places as may be instructed by
the Member, drafts and cheques in that behalf shall be drawn in favour of the
company and shall be payable at Mumbai or such other places as may be instructed
by the member from time to time. Final settlement of outstanding account in
respect of transactions between the Member and Constituent and periodical
settlement and termination of contract shall be struck and finalised at the
company Head Office at Mumbai.
(d) The Constituent hereby authorises and empowers members to adjust all the
debts/credits (funds/stocks) resulting from trading transactions in any of the
following segment of NSE/BSE vis-à-vis F&O, Equity, Depository with any cash
segment (equity) account and vice-versa in order to discharge any financial
liability/obligation towards in any segment.
(e) That the Constituent authorises the trading member to maintain a running
account for me/us/we for adjustment of any debit/credit resulting from any
transactions by it/him/her in one settlement for adjustment towards it/her/his
credit/debit in subsequent settlements.
(f) All transactions with The Stock Exchange, Mumbai (BSE) and/or the National
Stock Exchange of India Limited (NSE) will be subject to the rules, regulations
and Bye-laws of that Exchange apart from the existing terms and conditions as
mentioned thereof.
(g) To avoid any ambiguity it is hereby provided that notwithstanding anything
contained in these Terms or in the Member-Constituent Agreement or any other
understanding or agreement between the Member and Constituent, the Member's own
records of the orders, cancellations, modifications, trades and transactions, in
whatsoever manner maintained shall be deemed to be and is hereby accepted by the
Constituent as conclusive and binding on the Constituent for all purposes and
further the Constituent shall not challenge the accuracy, truth, or correctness
of the said records in any manner and for any purpose whatsoever.
II.xi Further Documentation The Constituent agrees to complete any further
documentation that may be required in relation to any of the securities dealings
or by any of the regulatory authorities or under the Member's policies as may be
notified from time to time or under any law, regulation, guideline, rule,
byelaw, order or other edict having the force of law.
II.xii Compliance with Laws All transactions that are carried out by and on
behalf of the Constituent shall be subject to Government notifications, the
rules, regulations and guidelines issued by SEBI, the Reserve Bank of India and
the National Securities Depository Limited, the Central Depository Services
Limited, the Securities Contracts Regulation Act and the rules made there under,
and the byelaws, constitution, rules, regulations, customs and usage of the NSE,
if any.
III. ADDITIONAL CONDITIONS IN RELATION TO ELECTRONIC ORDERS III.i List of
Dematerialised Securities The Member shall notify the securities for which this
facility is made available from time to time on the Web Site. The Member would
have the right to add or delete securities for which the facility is made
available in its absolute discretion and details of the same would be posted on
the Web Site and no separate intimation whatsoever thereof will be sent to the
Constituent.
III.ii Protection of Constituent's Trading Password The Constituent shall
immediately notify the Member in writing, delivered via e-mail, Speed Post and
Registered AD, if the Constituent becomes aware of any loss, theft or
unauthorised use of the Constituent's Trading Password and account number; or
any failure by the Constituent to receive an accurate written confirmation of an
execution including the contract note for the same; or any receipt by the
Constituent of confirmation of an order and/or execution which the Constituent
did not place; or any inaccurate information in the Constituent's account
balances, securities positions, or transaction history. In the case where the
Constituent notifies such loss, theft or unauthorised use of the Constituent's
Trading Password to the Member, the Member shall suspend the use of the account
of the Constituent. However, the Constituent shall be responsible and liable for
all transactions that are carried out by the use of the Constituent Trading
Password. When any of the above circumstances occur, neither the Member nor any
of its officers, directors, employees, agents, affiliates or subsidiaries will
have any responsibility or liability to the Constituent or to any other person
whose claim may arise through the Constituent with respect to any of the
circumstances described above.
III.iii Use of Constituent's Trading Password The Constituent confirms and
agrees that it will be the sole authorised user of the Trading Password /s to be
given to it by the Member. The Constituent accepts sole responsibility for use,
confidentiality and protection of the Trading Password /s as well as for all
orders and information changes entered into the Constituent's account using such
Trading Password. The Constituent shall ensure that the Trading Password /s
is/are not revealed to any third party or recorded in any written or electronic
form. If the Constituent forgets the Trading Password, a request for change of
the Trading Password should be sent to the Member in writing. On receipt of such
a request the Member shall discontinue the use of the old Trading Password and
shall generate a new Trading Password for the Constituent, which shall be
communicated to the Constituent. However, the Constituent shall be responsible
and liable for all transactions that are carried out by the use of the old
Trading Password. Neither the Member nor any of its officers directors employees
agents affiliates or subsidiaries will have any responsibility or liability to
the In addition, the Constituent hereby grants to A.C.Choksi Share Brokers Pvt
Ltd the right to with-hold its/he/her securities payment and/or funds pay-out
from the stock exchange in part or full.
Constituent or to any other person whose claim may arise through the Constituent
with respect to any of the circumstances described above.
III.iv Form of Trading Password The Constituent shall use a Trading Password of
6-8 characters in length, which is a combination of letters and numbers. The
Trading Password shall not be a combination relating to name or age or other
personal information, which would render it easily deducible. The Trading
Password shall be valid for a period of one month only. In the case where the
Constituent wishes to change his Trading Password he can do so on the Web Site
in the prescribed manner.
III.v Recording of Trading Password The Constituent shall memorise the Trading
Password and not record it in written or electronic form. In the event that the
Constituent does record the Trading Password in written or electronic form,
he/she/it shall do so at his/her/its sole risk and responsibility.
III.vi Responsibility for Use of the Trading Password Any order entered using
the Trading Password is deemed to be that of the Constituent. If third parties
gain access to the Member's services through the use of the Trading Password,
the Constituent will be deemed to be responsible for the same and hereby
indemnifies and holds harmless the Member against any liability, costs or
damages arising out of claims or suits by or against such third parties based
upon or relating to such access and use, since the primary responsibility for
such transaction shall be that of the Constituent.
III.vii Communications Equipment of the Constituent The Constituent is
responsible for installing and maintaining the communications equipment
(including personal computers and modems) and telephone or alternative services
required at the Constituent's end and connectivity required for accessing and
using the web site or related services. All communications service charges,
levies and fees incurred by the Constituent in accessing the web site or related
services will be borne by the Constituent.
III.viii Constituent's Infrastructure For the purposes of these Terms, it is
presumed that the Constituent has all the necessary and compatible
infrastructure ready at its end for the purpose of accessing the web site of the
Member prior to accessing the services provided pursuant to these Terms. The
Member will not (and shall not be under any obligation to) assist the
Constituent in installing the required infrastructure or obtaining the necessary
equipment permits and clearances to establish connectivity or linkages to the
web site of the Member.
III.ix Prevention of Unauthorised Use The Constituent will install the necessary
safeguards and access restrictions to prevent unauthorised use of Constituents
computer systems and ensure that no unauthorised person can gain access to the
computer systems.
IV. ADDITIONAL CONDITIONS IN RELATION TO ORAL ORDERS ON-LINE AND OFF-LINE (a)
The Constituent agrees and hereby authorises the Member at its sole discretion
and without any prior notice to the Constituent, to record any conversation
between the Constituent and the Member. Such recording shall be deemed to be and
is hereby accepted by the Constituent as conclusive and binding on the
Constituent for all purposes and further the Constituent shall not challenge the
accuracy, truth, or correctness of the said records in any manner and for any
purpose whatsoever.
(b) The Constituent hereby agrees that the Member shall not be liable for any
losses, damage or claim on account of transactions effected by the Member on
behalf of the Constituent arising from any incorrect or erroneous transfer or
collection of the order instructions from the Constituent.
V. MEMBER CONSTITUENT COMMUNICATIONS V.i Form of Communication Documents, which
may be sent by electronic delivery between the parties, may be in any of the
following manners (a) an electronic mail ('e-mail') including any automated
replies from the system of the Member, (b) an electronic mail attachment, or (c)
in the form of an available download from the web site. (d) by telephonic
information duly recorded. (e) by courier containing details of transaction
confirmations, account statements requisition of any delivery related documents
on the last known address of the Constituent.
V.ii Change of Address Unless the Constituent informs the Member of the change
of the address for communication in writing, all notices, circulars,
communication or mail sent to the existing address shall be deemed to have been
received by the Constituent irrespective of whether they are actually received
or not.
V.iii Notices/ Policies Certain policies and/or procedures may be further
outlined on the Member's web site and material/literature and frequently asked
questions (FAQ's) may be provided to the Constituent.
Through the use of the Member's web site and services, the Constituent agrees to
be bound by any and all such notices, policies and terms of doing business.
VI. TERMINATION (a) The Member-Constituent Agreement and access to the use of
the Web-Site, the Services, the Facilities and the Content may upon notice of
one month be terminated by mutual consent of the Constituent and the Member.
(b) The termination of the Member-Constituent Agreement and access to the use of
the Web-Site, the Services, the Facilities and the Content will not affect the
rights and/or obligations of either the Member or the Constituent incurred prior
to the date of such termination and the parties shall enjoy the same rights and
shall have the same obligations in respect of such transactions.
VII. MISCELLANEOUS INFORMATION VII.i Facilities and Web Content (a) The
Constituent acknowledges and agrees that each participating stock exchange or
association or agency asserts a proprietary interest in all of the market data
it furnishes to parties that disseminate the said data. The Constituent shall
use real-time quotes received on the web site of the Member only for the
Constituent's individual use and shall not furnish such data to any other person
or entity. The Constituent is authorised to use materials which are made
available by the Member's web site for the Constituent's own needs only, and the
Constituent is not authorised to resell access to any such materials or to make
copies of any such materials for sale or use to and by others. The Constituent
shall not delete copyright or other intellectual property rights notices from
printouts of electronically accessed materials from the Member's web site.
(b) All materials published on the Web-Site, including, without limitation,
information, text, photographs, images, graphics, software, audio, and video
and/or other visual reproductions (hereinafter referred to as the “Content”) are
intended solely for personal, non-commercial use. All rights pertaining to the
Content or any part thereof shall vest only in the relevant owners of the same
and no other person may modify, publish, transmit, participate in the transfer
or sale of, reproduce (except as provided herein), create derivative works from,
distribute, perform, display or in any way exploit, any of the Content, in whole
or in part.
(c) All Content is owned or controlled by or the party credited as the provider
of such Content. The Content, and the entire Web-Site, including without
limitation all materials published by and all postings on the Web-Site may be
protected by copyright pursuant to Indian copyright laws, international
conventions, and other copyright laws.5 Paisa owns a copyright in the selection,
coordination, arrangement and enhancement of such Content, as well as in the
original component of the Content itself. All persons visiting and/or using any
of the Facilities on the Web-Site or viewing any of the Content thereof
(hereinafter such person shall be referred to as the “Visitor”, which term shall
mean and include the Constituent in relation to any use of the Facilities and
Content) shall abide by all copyright notices, conventions, and other copyright
laws. The Visitor shall abide by all copyright notices, information or
restrictions contained in any
Content accessed by or through the Web-Site. Reproduction of the Web-Site site,
in whole or in part, without the prior written permission of is strictly
prohibited.
(d) To the extent that any part of the Content may be downloaded or copied, the
same may be done only for personal non-commercial purpose(s) and use(s), and
provided that all copyright and other notices contained in such Content are
faithfully maintained and the Content shall not be stored in any media other
than in the Visitor's personal computer. In the event any software is downloaded
from the Web-Site, such software, including without limitation any files, images
incorporated in or generated by the software, and data accompanying the
software, are licensed to the Visitor by for personal, non-commercial use and
viewing only. The software may not be redistributed, sold, decompliled, reverse
engineered or otherwise reduced to a human perceivable form. 5 Paisa retains
full and complete title and rights to all intellectual property in Web Site.
(e) 5 Paisa shall not be liable for truth, accuracy or completeness of the
information or for any errors, mistakes or omissions therein or for any delays
or interruptions of such information for whatever cause. It is expressly
understood and agreed to by the Visitor that except as specifically provided
herein, all warranties, express or implied, including any implied warranties or
merchantability and/or fitness for a particular purpose, are hereby excluded.
VII.ii Third Party Providers/Links The Web Site may contain links to other web
sites on the World Wide Web. 5 Paisa is not responsible for their resources or
their content or the availability thereof.
VII.iii Submissions (a) The Visitor shall remain solely responsible for all
submissions on and to the Web Site. 5 Paisa is not responsible for the content
or message of any submissions. The member does not guarantee, and makes no
formal representation or warranty as to, the accuracy, veracity or completeness
of any information provided by others in any portion or page of the Web-Site,
nor does 5 Paisa necessarily endorse, support, sanction, encourage, verify,
agree with, or reject, diminish or disagree with, the comments, opinions or
statements posted by others on the Web-Site.
(b) While does not and cannot review every message posted or item submitted
to/on the Web-Site, 5 Paisa reserves the right, in its sole discretion, but
assumes no duty, to delete, move, or edit submissions that it deems false,
inappropriate, abusive, defamatory, obscene, in violation of copyright or
trademark laws, or otherwise unacceptable, and the Visitor expressly
acknowledges and accepts that its submissions may be edited, removed, modified,
published, re-published, transmitted and displayed by in its sole discretion.
(c) The Web Site and its Facilities including the discussion groups and chat
rooms shall be used only in a non-commercial manner. No part of the Web Site,
discussion groups and/or chat rooms shall be used to solicit Visitors to become
users of commercial online information services or for any other commercial
services. The Visitor shall not disrupt or interfere with any aspect or element
of the Web Site nor shall the Visitor do anything, which, in the sole judgment
of , will restrict or inhibit any other Visitor from using and enjoying the Web
Site and/or any of its Facilities. The Visitor shall not, without the express
written approval of , post or otherwise distribute any material containing any
solicitation of funds, advertising or solicitation for goods or services. The
Visitor shall not copy third party articles into the chat rooms or discussion
groups available on the Web Site. No Visitor shall tout or hype a stock or
company, or post the same note on multiple occasions in a single day (a practice
known as 'spamming'). The Visitor shall not upload to, or otherwise submit or
publish through, the Web-Site any content or material which is libelous,
defamatory, obscene, pornographic, abusive, or hateful, or which invades
anyone's privacy, encourages conduct that would constitute a criminal offense,
or otherwise violates any third party rights or local, state, federal or
international law or regulation.
(d) Those Visitors with formal connections or affiliations to or with a company
being discussed in any forum, including among other things any and all positions
of employment, directorships, consultancies and/or substantial share holdings,
must identify themselves as such, and disclose such connection or affiliation,
within their first post in that topic, company focus, or subject matter.
(e) The author or creator of any and all submissions in print or other forms or
other uploads to the discussion groups and/or chat rooms, transfers and assigns
to , by virtue of submission to the Web-Site and this agreement, the entire
copyright, throughout the universe, in any and all media and forms of
publication, reproduction, transmission, distribution, performance, or display,
The provisions of this agreement shall always be subject to government
notifications, and rules, regulations & guidelines issued by SEBI & stock
exchange rules, regulations & bye-laws that may be in force from time to time &
the securities contract regulation Act. The Rules thereunder and any other
applicable statutory provisions and/or regulations.
Now in existence or hereafter developed, in such work or other original
materials; without separate, retained or reversionary rights being held by such
author, creator or other person submitting such work. 5 Paisa may exercise the
rights granted herein in such from as it may in its sole discretion determine;
such that the submitted material may be published, reproduced, reprinted,
distributed, performed, displayed, included in anthologies and compilations,
and/or otherwise transmitted (including but not limited to electronic and
optical versions and in any other media now in existence or hereafter developed)
in whole or in part, whether or not combined with the work of others. In
addition, 5 Paisa may use the name and electronic address of the author, creator
and/or other person submitting the work in publishing, promoting, advertising,
and publicizing their publications and information products and services, and in
any merchandising.
VII.iv Warranties of Constituent (a) The Constituent hereby represents and
warrants that the terms and conditions of these Terms have been clearly
understood and that the information furnished to the Member is accurate and
truthful
(b) The Constituent confirms that it/he/she is of legal age and he/she/it has
obtained the necessary approvals from the relevant regulatory/ legal and
compliance authorities to access the services provided pursuant to these Terms.
VII.v Indemnity (a) Though orders are generally routed to the marketplace
shortly after the time the order is placed by the Constituent on the system
there may be a delay in the execution of the order due to any link/system
failure at the Constituent/Member/NSE's end. The Constituent hereby specifically
indemnifies and holds the Member harmless from any and all claims, and agrees
that the Member shall not be liable for any loss, actual or perceived, caused
directly or indirectly by government restriction, exchange or market regulation,
suspension of trading, war, strike, equipment failure, communication line
failure, system failure, security failure on the Internet, shut down of systems
for any reason (including on account of computer viruses), unauthorized access,
theft, any fraud committed by any person whether in the employment of the Member
or otherwise or any problem, technological or otherwise, that might prevent the
Constituent from entering the Member's system or from executing an order or in
respect of other conditions .
(b) The Constituent further agrees that he/she/it will not be compensated by the
Member for any "lost opportunity' viz. notional profits on buy/sell orders which
could not be executed or real loss from delay in executed orders due to any
reason whatsoever, including but not limited to time lag in the execution of the
order or the speed at which the system of the Member or of the Exchanges is
operating or the delay in stock quotes or any shutting down by the Member of his
system for any reason or the Member disabling the Constituent from trading on
his system for any reason whatsoever.
VII.vi Member's Liability (a) Under no circumstances, including but not limited
to negligence, shall the Member or anyone involved in creating, producing,
delivering or managing the Services be liable for any direct, indirect,
incidental, special or consequential damages, even if the Member or such person
has been advised of the possibility of such damages, that result from the use of
or inability to use the service, delay in transmission of any communication, in
each case for any reason whatsoever (including on account of breakdown in
systems) or out of any breach of any warranty or due to any fraud committed by
any person whether in the employment of the Member or otherwise.
(b) The Constituent agrees to fully indemnify and hold harmless the Member for
any losses arising from the execution of incorrect/ ambiguous or fraudulent
instructions that got entered through the system at the Constituent's end.
VII.vii Limitation of liability The Member does not guarantee, and shall not be
deemed to have guaranteed, the timeliness, sequence, accuracy, completeness,
reliability or content of market information, or messages disseminated to the
Constituent. The Member shall not be liable for any inaccuracy, error or delay
in, or omission of, (1) any such data, information or message, or (2) the
transmission or delivery of any such data, information or message; or any loss
or damage arising from or occasioned by (i) any such inaccuracy, error, delay or
omission, (ii) non-performance, or (iii)interruption in any such data,
information or message, due either to any act or omission by the Member or to
any "force majeure" event (e.g., flood, extraordinary weather condition,
earthquake or other act of God, fire, war, insurrection, riot, labour dispute,
accident, action of government, communications, power failure, shut down of
systems for any reason (including on account of computer viruses), equipment or
software malfunction), any fraud committed by any person whether in the
employment of the Member or otherwise or any other cause beyond the reasonable
control of the Member.
VII.viii Interruption in service The Member does not warrant that the service
will be uninterrupted or error free. The service is provided on an "as is" and
"as available" basis without warranties of any kind, either express or implied,
including, without limitation, those of merchantability and fitness for a
particular purpose. The Constituent agrees that the Member shall not be held
responsible for any breakdown of the system either due to the fault of the
systems of the Member or of the Exchanges or otherwise.
VII.ix Amendment/ Modification of the Terms The Member may at any time amend
these Terms, by modifying or rescinding any of the existing provisions or
conditions or by adding any new provision or condition, by conspicuously posting
notice of such amendment on the web site. The Member shall not be required to
communicate any modification or rescission to the Constituent either through
physical or electronic form, and any notice of amendment or modification is
hereby waived by the Constituent. The continued use of the services of the
Member after such notice will constitute acknowledgement and acceptance of such
amendment. These Terms (as amended or modified from time to time) represent the
entire agreement between the Constituent and the Member concerning the subject
matter hereof. The continued use of the Services by the Constituent constitutes
the Constituent's acceptance of any and all modifications and amendments of the
Terms.
VII.x Severability If any provisions or of these Terms are held invalid or
unenforceable by reason of any law, rule, administrative order or judicial
decision by any court, or regulatory or self-regulatory agency or body, such
invalidity or unenforceability shall attach only to such provision or terms held
invalid. The validity of the remaining provisions and terms shall not be
affected thereby and these Terms shall be carried out as if any such invalid or
unenforceable provisions or terms were not contained herein.
VII.xi No Assignment The rights of the Constituent under these Terms are not
transferable under any circumstances and shall be used only by the Constituent.
VII.xii Authorised Representative The instructions issued by an authorised
representative of the Constituent shall be binding on the Constituent in
accordance with the letter authorising the said representative to deal on behalf
of the Constituent.
VII.xiii Death or Insolvency In the event of death or insolvency of the
Constituent or of its otherwise becoming incapable of receiving and/or paying
for or delivering or transferring securities which the Constituent has ordered
to be bought or sold, the Member may close out the transaction of the
Constituent and the Constituent or its legal representative/s or nominee/s shall
be liable jointly or severally for any losses, costs and be entitled to any
surplus which may result there from.
VII.xiv Dispute Resolution (a) The Member and the Constituent are aware of the
provisions of the bye laws rules and regulations of the NSE relating to the
resolution of the disputes/differences through the mechanism of arbitration
provided by the Exchanges and agree to abide by the said provisions insofar as
any disputes under these Terms relate to transactions that are to be carried out
on the exchanges.
(b) In so far as any other disputes or differences in connection with these
Terms or their performance (other than the disputes referred to in Paragraph
VII.ivx(a) above) are concerned such disputes shall, so far as it is possible,
be settled amicably between the Parties and in the case where after 30 days of
consultation, the parties have failed to reach an amicable settlement, such
disputes shall be submitted to arbitration and such arbitration shall be
conducted in accordance with the Indian Arbitration and Conciliation Act, 1996
(the “Arbitration Act”) by an panel consisting of a sole arbitrator. The Member
and the Constituent expressly consent and agree that the Chairman, shall be the
persona designate to appoint the dais sole arbitrator. The venue of arbitration
shall be Delhi and each party shall bear the cost of arbitration equally unless
otherwise awarded by the sole arbitrator.
(c) The member maintains offices at different places within the knowledge of the
Constituent and the Constituent shall have all transaction with the principle
office, but they may also avail facility at its branches as well. Branch
Managers shall also have the power to recover payments or make the payments on
behalf of the principles to such Constituents after obtaining the instruction in
this behalf and may give acknowledgement of such transaction on behalf of the
head office. However all transaction may be entered at branches shall be treated
as transaction being done with the principle office and all information shall
remain with the Member at New Delhi.
VII.xv Foreign Jurisdiction This service does not constitute an offer to sell or
a solicitation of an offer to buy any shares, securities or other instruments to
any person in any jurisdiction where it is unlawful to make such an offer or
solicitation. This service is not intended to be any form of an investment
advertisement, investment advice or investment information and has not been
registered under any securities law of any foreign jurisdiction and is only for
the information of any person in any jurisdiction where it may be lawful to
offer such a service. Further, no information on the Web Site is to be construed
as a representation with respect to shares, securities or other investments
regarding the legality of an investment therein under the respective applicable
investment or similar laws or regulations of any person or entity accessing the
Web Site.
VII.xvi General (a) Notwithstanding anything contained in these Terms or in the
Member-Constituent Agreement, Member retains its right to:
(i) In its sole discretion to alter, limit or discontinue the Website or any
Material/s in any respect. 5 Paisa shall have no obligation to take the needs of
any user into consideration in connection therewith.
(ii) Deny in its sole discretion any user access to this Website or any portion
thereof without notice.
(b) No waiver by of any provision of this Agreement shall be binding except as
set forth in writing signed by its duly authorised representative.
VII.xvii Other General Terms and Conditions. (a) The Constituent agrees to abide
by the 5 Paisa Terms and Conditions and rules in force and changes in Terms and
Conditions from time to time relating to their account.
(b) The Constituent agrees that the 5 Paisa will be at liberty to close their
account any time without assigning any reason whatsoever.
(c) The Constituent agrees that the 5 Paisa can, at its sole discretion,
withdraw any of the services/facilities given in their account either wholly or
partially at any time without giving them any notice.
(d) The Constituent agrees that any change in their account status or change of
address will be immediately informed to the 5 Paisa.
(e) The Constituent agrees that all instructions relating to their account will
be issued in writing satisfactory to the 5 Paisa in form and content.
(f) The Constituent agrees that they shall not pay any amount in cash to any
Sales Representative of the 5 Paisa at the time of opening an account or
carrying out any transaction in the normal course of the business.
(g) The Constituent agrees to accept the format provided by the 5 Paisa in order
to execute their fax instructions to the 5 Paisa.
(h) The Constituent agrees that the 5 Paisa will send them
communications/letters etc. through courier / messenger/mail or through any
other mode at its discretion and the 5 Paisa shall not be liable for any loss or
delay arising there from.
(i) The Constituent agrees that the Pass Words will be dispatched by courier (or
any other mode at the 5 Paisa discretion) at their risk and consequence.
(j) The Constituent shall not hold the 5 Paisa liable in any manner what so ever
in respect of such dispatch of these items.
(k) An account may be opened on behalf of a minor by his/her natural guardian or
by a guardian appointed by a court of Competent Jurisdiction. The guardian shall
represent the minor in all transactions of any description in the above account
until the said minor attains majority. Upon the minor attaining majority, the
right of the guardian to operate the account shall cease. The guardian agrees to
indemnify the 5 Paisa against the claim of above minor for any
withdrawal/transactions made by him in the minor's account.
(l) The Constituent agrees and undertakes to ensure that there would be
sufficient funds/cleared balance/pre-arranged credit facilities in their account
for effecting transactions. The Constituent agrees that the 5 Paisa shall not be
liable for any consequences arising out of non-compliance by the 5 Paisa of my
instructions due to inadequacy of funds and the 5 Paisa can at its sole
discretion decide to carry out the instructions notwithstanding the inadequacy
of funds. There 5 Paisa may do the aforesaid without prior approval from or
notice to them and they shall be liable to repay with interest the resulting
advance, overdraft or credit thereby created and all related charges arising
thereby @ 24% compounded daily basis.
(m) The Constituent agrees that the 5 Paisa shall not be liable for any damages,
losses (direct or indirect) whatsoever, due to disruption or non availability of
any of services/facility/s due to technical fault/error or any failure in
telecommunication network or any error in any software or hardware systems.
(n) The Constituent agrees that the 5 Paisa may disclose customer information,
in strict confidence, to any of its agent/s and/or contractors with whom the 5
Paisa enters or has entered into any arrangement in connection with providing of
services.
VII.xviii Accounts The Constituent agrees to repay to the 5 Paisa on demand,
unconditionally, the amounts of overdrafts or excesses against margin deposit
that the 5 Paisa may grant it/he/her from time to time, together with interest
accrued thereon. The Constituent agrees that this does not imply that the 5
Paisa is bound to grant them any credit or other facility whatsoever.
VIII.ii Internet Internet refers to the network of computers / mobile phones /
other electronic devices which share and exchange information. The Internet is
at once a worldwide broadcasting capability, mechanism for information
dissemination, and a medium for collaboration and interaction between
individuals and their computers / mobile phones / other electronic devices
capable of accessing the Internet without regard for geographic location.
VIII.iv Customer Customer refers to any person who has a 5 Paisa Account and who
has been authorised by the 5 Paisa to avail of the said facility.
VIII.v Account Account refers to the Customer's Savings and/or Current Account
to which access is to be obtained through Electronic Payment Gateway for
Netbanking.
VIII.vi Personal Information Personal Information refers to the information
about the Customer obtained in connection with Electronic Payment Gateway for
Netbanking or otherwise.
XVIII. GENERAL The clause headings in this agreement are only for convenience
and do not effect the meaning of the relative clause. The Constituent shall not
assign this agreement to anybody else.
The 5 Paisa may subcontract and employ agents to carry out any of its
obligations under this contract. I do hereby solemnly affirm and declare as
under:
1. That the above-mentioned authorised person/members of my family are regularly
trading/investing through you on National Stock Exchange of India Ltd. (NSE)
and/or any stock exchange(s). For all purposes of operations of my account with
you, the above accounts shall be termed as Group Account.
2. That I hereby authorise you to sell shares standing in my account and to
transfer the proceeds of the sale of such shares to the abovementioned accounts
to set off all outstanding debit amounts in their respective accounts.
3. That I hereby authorise you to set off all outstanding debit amounts in the
above mentioned accounts maintained by you in any segment of any stock
exchange(s), against the amount standing to the credit of
Constituent’s/Family/Group account maintained by you in respect of any segment
of any stock exchange(s).
4. That I have given the above authority to 5 Paisa with my free consent and
without any pressure, threat or coercion from any corner whatsoever.
5. That in future I shall not make any claim from 5 Paisa in any manner
whatsoever of any amount adjusted from the credit in my account to set off the
outstanding debit amounts in the above-mentioned accounts and I further state
that if anybody on my behalf claims the above said adjusted amount, the said act
shall be null and void and shall be ineffective from all corners.
6. That this is my true irrevocable statement and shall remain binding on me.
7. That I hereby undertake to intimate you from time to time of any additions of
the Constituents to the said Group Account for the purpose of either allowing
them to trade on my behalf or for the purpose adjustment of balance inter se.
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