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BROKER NORMS
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Terms and conditions CASH SEGMENT
A) Introduction:
All the terms, conditions, details etc placed hereunder are put in accordance with
the rules, regulations, byelaws, systems, procedures, Process of the respective
Exchanges, Depositories, Regulators, Authorities who control, monitor, revise, introduce
or cancel all such aspects from time to time and the user shall be and expected
to be through having complete knowledge of all these and such aspects since being
the users of the arrangements, mechanisms, facilities provided by the Exchanges/Depositories
& such others. CFS Financial Services Pvt. Ltd is only a intermediately service
provider Brokers only between users and such Exchanges/Depositories/Others.
This document contains important information regarding the terms and conditions,
which apply to your E-Trading Account with CFS Financial Services Pvt. Ltd. PLEASE
READ THIS DOCUMENT CAREFULLY and retain it for future reference. Please note that
the information contained herein is subject to change without notice and they are
of NSE rules, regulations, process, procedures and are of CFS FINANCIAL SERVICES
PVT. LTD whereever it has independence, choice as Member of the Exchange/Depository/such
others to formulate its own systems, process, procedures.
Opening your CFS Financial Services Pvt. Ltd E-Trading Account:
To start as E-Trading client with CFS Financial Services Pvt. Ltd you need to open
a trading Account and a Depository (or Demat shares) Account with CFS Financial
Services Pvt. Ltd. All receipts and payments for buying and selling of shares and
all commissions and charges will be posted to your trading Account. Shares which
you buy and sell through the trading Account will be received in or delivered from
your Demat Account.
Trading account refers to the account of client maintained by CFS Financial Services
Pvt. Ltd in their books of accounts. Demat account refers to the account opened
by you with Depository for holding securities in electronic form. For the purpose
of E-Broking through CFS Financial Services Pvt. Ltd demat account refers to the
account opened by client with National Securities Depository Limited (NSDL) through
CFS Financial Services Pvt. Ltd as Depository Participants (DP). If you already
have a demat account with CFS Financial Services Pvt. Ltd, then the same Account
can be linked to your E-Trading Account. Just give us your Account details at the
time of becoming an E-Trading customer. Before we can make your Account operative,
we require that you fill and sign all forms / agreements which form part of your
Account opening kit, and supply us with all the relevant legal documents and financial
information which law requires us to maintain You warrant and represent that the
information that you supply in your Account Application (or other information that
CFS Financial Services Pvt. Ltd may require) is accurate and truthful. You also
expressly authorize CFS Financial Services Pvt. Ltd to obtain reports concerning
your credit standing and business conduct. If your application is approved, CFS
Financial Services Pvt. Ltd will open an E-Trading Account (an "Account") for you.
We reserve the absolute right to either accept or reject your application on any
grounds whatsoever and you agree that you shall not dispute the result in any manner
whatsoever.
B)Investment Advice:
You acknowledge that while CFS Financial Services Pvt. Ltd does provide advice regarding
the suitability or profitability of a Scrip or investment, or any other tax or legal
advice it may add on from time to time, You assume full responsibility with respect
to transactions in or for your Account and your investment decisions. CFS Financial
Services Pvt. Ltd and its officers, directors, employees, agents and affiliates
will have no liability with respect to transactions in or for your Account and your
investment decisions.
The decision for each and every transaction is yours only and CFS FINANCIAL SERVICES
PVT. LTD is not at all responsible whatsoever for any at any time.
C) Applicable Rules and Regulations:
All transactions in your Account shall be subject to the constitution, rules, regulations,
customs and usage of the Exchange or market, and its clearing house, if any, where
the intermediatory transactions are executed by CFS Financial Services Pvt. Ltd
or its agents, including CFS Financial Services Pvt. Ltd subsidiaries and affiliates.
Also, where applicable, the transactions shall be subject to the provisions of the
Securities and Contracts Regulations Act (SCRA), as amended, and to the time to
time rules and regulations of the Securities and Exchange Board of India (SEBI),
National Securities Depository Limited (NSDL), and any Depositories and the Exchanges
where CFS Financial Services Pvt. Ltd will facilitate trading, and any applicable
Regulations and or self-regulatory organizations. CFS FINANCIAL SERVICES PVT. LTD
is only a intermediatory service provider and its scope is limited that only.
D) Type of Account:
CFS Financial Services Pvt. Ltd provides facility for delivery trading and margin
trading.
E) Who is eligible?
You can open these Accounts if you are over 18 years and if you will operate this
on an individual basis. It is open for resident Indian only. Indian regulations
require us to maintain basic financial details about each client. You need to provide
us the details of your bank Account. Your signatures on the Account opening form
need to be the same, as maintained in the bank records. All Resident Individuals
need to provide us Income Tax returns details - IT PAN/GIR number, and their details
for proper identification
during your Account opening process.
F) Commissions and fees:
For Intra-day Trades :
0.1% on the buy side and 0.1% on the sell side. This is subject to a minimum brokerage
of 5 paise per share. This means that if the share price you trade in is Rs 50/-
or less, a minimum brokerage of 5 paise per share will be charged. For Delivery
Based Trades:
0.5% or 10 paise per share or Rs 20 per Scrip whichever is higher. Minmum brokerage
of 10 paise per share will be applicable when the share price is Rs 20/- or less.
Minimum brokerage of Rs 20/- per scrip will be applicable when the total traded
value is Rs 4000/- or less.
G) Depositary Account:
1.Joint Accounts:
Your Demat Account can be held jointly with other people (typically relatives).
For your Demat Account, an instruction given to us by you or by someone who knows
your password will be necessary and sufficient condition to effect a transaction.
Please note that normally regulations require both the Account holders to sign on
instruction but that you are agreeable to any transactions on such Account being
executed in the manner outlined as above. 2.Nomination:
You can also nominate someone in your Demat Account, who becomes the beneficiary
of the shares held in the Account in the unfortunate event of your demise.
H) Exchange and segment you can trade on:
CFS Financial Services Pvt. Ltd currently executes all trades at the National Stock
Exchange of India Limited. For all the stocks which are in the compulsory rolling
segment (EQ series, on NSE) trades will be executed in this segment. CFS Financial
Services Pvt. Ltd may add other exchanges (Mumbai Stock Exchange , BSE, Depositories,
segments, products time to time that are available & allowed by the Authorities.
I) Eligible list of stocks:
Only demat stocks can be traded on CFS Financial Services Pvt. Ltd. Buy / Sale:
We may not allow certain shares for trading if price manipulation is suspected or
stock being illiquid or for any other reason which we may deem necessary.
J) Orders:
Validity period of the orders: All orders will be valid for the day until the normal
market closes. On closure of the market the orders (or the pending part of the order)
will automatically lapse. Though orders are usually routed to the marketplace within
seconds, certain orders, at the CFS Financial Services Pvt. Ltd sole discretion,
may be subject to manual review and entry, which may cause delays in the processing
of your orders. You also understand that you will receive the price at which your
order executes in the market place, which may be different from the price at which
the Scrip or option is trading when your order is entered into our system. You also
understand that market orders may get executed at a price significantly unfavorable
to you, depending upon market fluctuations. Orders are pre-validated before placing
on the Exchange. All orders placed with CFS Financial Services Pvt. Ltd will be
pre-validated against your cash and shares balances before placing them on the Exchange.
The validation rules are subject to change from time to time by CFS Financial Services
Pvt. Ltd. If the funds or the shares are insufficient to process the orders, then
the order will be rejected.
Order acceptance:
After CFS Financial Services Pvt. Ltd validates the order, it is placed on the Exchange.
The Exchange may accept or reject the order, based upon its internal rules and regulations.
Modify / Cancel orders:
CFS Financial Services Pvt. Ltd has provided the facility to modify (price and quantity)
or cancel un-executed orders. You can see the status or your orders through the
order tracker (from Getting Started guide). However, between the time of submission
of modify / cancel request and placing the same on the Exchange all or some part
of the pending order may get executed. And modification or cancellation can be applied
only on the yet un-executed part of the order. If full funds are not available in
the Account and an order is processed, your payment via internet banking, personal
cheque or demand draft payable to CFS Financial Services Pvt. Ltd, must be promptly
submitted to ensure that such payment will be received prior to settlement date.
If payment is not received by settlement date, or as market conditions warrant,
your Account may be liquidated, without prior notification. In the event your Account
is liquidated, you will be liable for any resulting losses and all associated costs
incurred by CFS Financial Services Pvt. Ltd. Such actions on the part of CFS FINANCIAL
SERVICES PVT. LTD is a Operational, Procedural necessity practiced in this market
manouvers.
K) Purchase transaction:
Net purchases made in any Scrip by you will be credited to your Demat Account. Shares
are available for credit as per the settlement schedule of the Exchanges, after
the full payment is made to the ClearingHouse of the Exchange.
Sometimes, the ClearingHouse may not be able to deliver the full quantity expected.
In such cases, the Exchange will try to buy the short delivery by conducting an
auction, resulting in a delayed delivery into your Account, or will force a close-out
and credit the money into your Account, if delivery cannot be arranged even through
an auction process.
Sometimes it may also happen that the clients buying/selling obligation result in
internal obligation because of the Exchange method of settling trades on net obligation
at the Member level. If any selling client fails to deliver the required securities
and due to this the buyer does not get the security in payout, then we may buy such
short shares. Such shares will be delivered to the buying client and the selling
client will be debited by the purchase price (together with brokerage and other
costs thereon). If the shares are not received even after such purchase by us (generally
done approximately around 2 pm), then the buyer will be credited with a close-out
rate + 3% on the T+6th day of the Exchange and the seller will be debited by the
same amount.
Value of all purchase transactions will be debited to your Account immediately.
CFS FINANCIAL SERVICES PVT. LTD is not liable for any Consequences for these actions.
L) Sale Transaction:
CFS Financial Services Pvt. Ltd generally stipulates that Sell Orders can be accepted
only against available shares in your Account, which are good and deliverable to
the Exchange. Any order inadvertently accepted without available shares in the Account
will be subject, at CFS Financial Services Pvt. Ltd discretion, or as per the Exchange's
rules and regulations to cancellation or buy-in.
Available shares means shares for which you are beneficially entitled to as per
Depository (NSDL) records in your DEMAT account plus securities purchased by you
in the settlement in which you intend to sell minus the shares sold by you pending
settlement with the Exchange.
However, short sale can be done in scrips approved by us. List of scrips allowed
under Short Sell is available on site.
For all sales done in your Account, if there is a net sales position as on that
day in any scrip, CFS Financial Services Pvt. Ltd will block or transfer shares
from your Demat Account to the Pool Account for delivering to the Clearing House
of the Exchange. Shares once transferred out of the Demat Account cannot be transferred
back. Proceeds of the sale cannot be paid to you until the shares are delivered
to the Clearing House of the Exchange and a credit is received thereof from Exchange.
To that extent, your withdrawable balance can be lesser than your cash Account balance.
The balances will be retained in your Account unless you request otherwise. You
may withdraw uninvested cash from your Account upon request to CFS Financial Services
Pvt. Ltd.
M) Cheque receipt / payment:
You can deposit amount in your Account by using Internet banking, or by personal
cheque or a demand draft. Credit will be available in your Account after the funds
are cleared / realised into the Account of CFS FINANCIAL SERVICES PVT. LTD .
N) Negative balance in your Account
There could be negative balance in your Account due to reasons like charges debit,
inadvertently processing buy orders without available balance etc. In such cases,
your payment via Internet banking, via personal cheque or demand draft payable to
CFS Financial Services Pvt. Ltd must be promptly submitted/paid.
If payment is not received with in a reasonable time, your Account may be liquidated,
without prior notification. In the event your Account is liquidated, you will only
be liable further for any resulting losses and all associated costs incurred by
CFS Financial Services Pvt. Ltd and you shall pay them immediately. We reserve on
right to take any action as may deem fit including locking of your account.
O) Other shares transactions:
All other transactions in your Demat Account (Account transfers for trades other
than what is done with CFS Financial Services Pvt. Ltd), pledge / unpledge, off-market
transfers and all such other transitions which NSDL allows can be done by mailing
instruction slips to us, with the correct signatures of all holders. All rules,
regulations and time deadlines prescribed for those transactions, as per the client
agreement and NSDL rules will continue to apply for such transactions and instructions
also.
P) Contract notes:
ndian rules currently require issuance of contract notes for all buying and selling
of shares. CFS Financial Services Pvt. Ltd will issue Digital contract notes, till
such time that the legal requirement to do so exist.
Digital Contract notes will be sent to your E-Mail address
Q) Exposure Limit:
Client can buy or sell shares subject to 25% / 50% / 100% scripwise margin. Different
scrips attracts different margin and list of scrip is available on site.
R) Non Cash Limit:
Apply for a CFS Financial Services Pvt. Ltd trading Limit Against Shares margin
instead of paying margin in cash. .. Unlock 50% of the value of the current portfolio
value! And the best part is that you can continue to enjoy all your shareholder
benefits such as rights, dividends, bonuses or interest.
a. Limit Against Share
Your minimum value of your Shares should be Rs. 1 lac and maximum value for limit
against shares to be accepted is Rs. 10 lacs. (There can be limit against mix of
both Shares)
i. You can avail 50% of the value of the scrip's as your limit. Minimum three scrip's
should be submitted for Limit against Shares and each scrip should not be more than
30% of total value of securities accepted towards margin. Shares must be in your
name and third party shares will not be accepted towards margin.
b. Scrip Accepted for Limit Against Shares:
i. Shares to be accepted towards margin should form part of NIFTY/ SENSEX scrips
only.
ii. Only Demat scrip will be accepted for limit against shares.
iii. This can be done in two ways-
Either shares to be accepted towards margin can be Transferred to us in our demat
account OR
You can pledge shares in our favor. If shares are in demat a/c. with us than we
need a separate authorization to create pledge in client a/c.
If shares are in demat a/c. with other DP than no additional documentation is required
and client need to contact his DP to create pledge in our favor.
Shares can be pledged from any Depository (NSDL or CDSL) and any Depository Participant
across the country.
c. Who Can Apply: Only Indian individuals can apply.
(Minors, Hindu Undivided Families, NRIs, companies can not apply. Further, partly
paid up,or shares in the name of individuals in companies of which they are Directors
/ Promoters cannot be accepted).
d. Features
i. 4 times exposure to be given as per current practice
ii. Long Position-Any cash amount due for outstanding position at the end of settlement
should be paid by client by T+ 2 day
iii. Short position-Any security pay in for outstanding position at the end of settlement
should be paid into received in our pool a/c. by T+ 2 day
Client should keep a watch on market value of securities margin and outstanding
position and be ready to put additional shares/ cash towards shortfall in margin
to avoid compliance action.
S) Compliance action:
We may initiate compliance action in case of any default in payments of any dues
receivable by us from client.
A. Compliance action includes but not limited to --
1. Squaring off of outstanding transactions.
2. We have full and complete LIEN ON CASH AND SECURITIES BALANCES in trading account
/ depository account of client and may sale such securities lying with us or stock
lying in client depository account with us. Any loss arising out of squaring off
or sale of securities will be to client account and we will not be liable for any
cost or damage or any consequences thereof.
Locking / suspending client account and no further transactions will be allowed
till the time all dues are settled or till the time as may deem fit by us.
Withholding payout of securities bought by client against any dues receivable by
us. Levy of interest @ 24 p.a. for any delay in receipt of our dues which includes
pay in amount, margin amount, fees, commission or any other charges.
We may take anyone or all compliance. To avoid compliance action, client should
deposit additional funds, squared off outstanding transactions or sell other securities
lying in his depository account to make his CCB positive. Client should always look
at his exposure, Mark to Market losses, pay in and other obligations, alerts forwarded
by us, etc. to enable himself to take necessary action in a prompt timely manner.
It is the duty of the client and liable for any failures.
T) Disclosure of Information regarding a client:
CFS Financial Services Pvt. Ltd hereby undertakes to maintain the details of the
client as mentioned in the client registration form or any other information pertaining
to the client, in confidence and that it shall not disclose the same to any person/entity
except as required under the law: Provided however that CFS Financial Services Pvt.
Ltd shall be allowed to share the details of the client as mentioned in the client
registration form or any other information pertaining to the client with parties/entities
other than required under law with the express permission of the client.
THE F & O SEGMENT:
A) Introduction: This section contains important information regarding the terms
and conditions for your trades in F & O (Futures & options) segment of NSE (National
Stock Exchange of India limited). Currently CFS Financial Services Pvt. Ltd provides
facility to trade in futures contracts (Index & Stock) only in F & O segment of
NSE.
CFS Financial Services Pvt. Ltd is in the process of introducing trading in options
contracts (Index & Stock) and will be intimated in due course.
B) Investment Advice:
You acknowledge that while CFS Financial Services Pvt. Ltd does provide advice regarding
the suitability or profitability of a Contract or investment, or any other tax or
legal advice it may add on from time to time, You assume full responsibility with
respect to transactions in or for your Account and your investment decisions. CFS
Financial Services Pvt. Ltd and its officers, directors, employees, agents and affiliates
will have no liability with respect to transactions in or for your Account and your
investment decisions. The decisions for each and every transaction is your’s only
and CFS FINANCIAL SERVICES PVT. LTD is not at all responsible what so ever for any
at anytime.
C) Applicable Rules and Regulations:
All transactions in your Account shall be subject to the constitution, rules, regulations,
customs and usage of the Exchange or market, and its Clearing House, if any, where
the transactions are executed by CFS Financial Services Pvt. Ltd or its agents,
including CFS Financial Services Pvt. Ltd subsidiaries and affiliates. Also, where
applicable, the transactions shall be subject to the provisions of the Securities
and Contracts Regulations Act (SCRA), as amended, and to the rules and regulations
of the Securities and Exchange Board of India (SEBI), National Stock Exchange of
India Limited (NSE), National Securities Clearing Corporation of India Ltd. (NSCCL)
the exchanges where CFS Financial Services Pvt. Ltd will facilitate trading, and
any applicable self-regulatory organization.
D) Who is eligible?
You can open these Accounts if you are over 18 years and if you will operate this
on an individual basis. It is open for resident Indian only. Indian regulations
require us to maintain basic financial details about each client. You need to provide
us the details of your bank Account. Your signatures on the Account opening form
need to be the same, as maintained in the bank records. All Resident Individuals
need to provide us Income Tax returns details - IT PAN/GIR number and any other
identification proof as may be required as per regulatory provisions.
E) Commissions and fees:
For Index & Stock Futures -- 0.10% of Trade Price For Index & Stock Futures (Same
day Sq. off) 0.10% of Trade Price on first Leg 0.02% of Trade Price on Second Leg
You agree to pay our brokerage commissions and other fees, as they exist from time
to time and as they apply to your Account, transactions, and services you receive.
F) Exchange and segment you can trade on:
CFS Financial Services Pvt. Ltd executes trades of Future & Options contracts (Index
& Stock) in F & O segment of the National Stock Exchange of India Limited.
G) Orders:
Validity period of the orders: All orders will be valid for the day until the normal
market closes. On closure of the market the orders (or the pending part of the order)
will automatically lapse. Though orders are usually routed to the marketplace within
seconds, certain orders, at the CFS Financial Services Pvt. Ltd sole discretion,
may be subject to manual review and entry, which may cause delays in the processing
of your orders. You also understand that you will receive the price at which your
order executes in the market place, which may be different from the price at which
the Scrip or option is trading when your order is entered into our system. You also
understand that market orders may get executed at a price significantly unfavorable
to you, depending upon market fluctuations. Orders are pre-validated before placing
on the Exchange. All orders placed with CFS Financial Services Pvt. Ltd will be
pre-validated against your cash and shares balances before placing them on the Exchange.
The validation rules are subject to change from time to time by CFS Financial Services
Pvt. Ltd. If the funds or the shares are insufficient to process the orders, then
the order will be rejected.
Price Conditions :
Limit Price/Order - An order that allows the price to be specified while entering
the order into the system. Market Price/Order - An order to buy or sell securities
at the best price obtainable at the time of entering the order. Stop Loss (SL) Price/Order
- Order gets activated only when the market price of the relevant security reaches
or crosses a threshold price. Until then the order does not enter the market.
A sell order in the Stop Loss book gets triggered when the last traded price in
the normal market reaches or falls below the trigger price of the order. A buy order
in the Stop Loss book gets triggered when the last traded price in the normal market
reaches or exceeds the trigger price of the order.
E.g. If for stop loss buy order, the trigger is 93.00, the limit price is 95.00
and the market (last traded) price is 90.00, then this order is released into the
system once the market price reaches or exceeds 93.00. This order is added to the
regular lot book with time of triggering as the time stamp, as a limit order of
95.00.
Though orders are usually routed to the marketplace within seconds, certain orders,
at CFS Financial Services Pvt. Ltd sole discretion, may be subject to manual review
and entry, which may cause delays in the processing of your orders. You also understand
that you will receive the price at which your order executes in the marketplace,
which may be different from the price at which the Scrip or option is trading when
your order is entered into our system.
You also understand that market orders may get executed at a price significantly
unfavorable to you, depending upon market fluctuations.
Order acceptance:
After CFS Financial Services Pvt. Ltd validates the order; it is placed on the Exchange.
The Exchange may accept or reject the order, based upon its internal rules and regulations.
Modify / Cancel orders:
CFS Financial Services Pvt. Ltd has provided the facility to modify (price and quantity)
or cancel un-executed orders. You can see the status or your orders through the
order tracker (from getting started guide). However, between the submission of modify/cancel
request and placing the same on the exchange all or some part of the pending order
may get executed. And modification or cancellation can be applied only on the yet
un-executed part of the order. If full funds are not available in the Account and
an order is processed, your payment via internet banking, personal cheque or demand
draft payable to CFS Financial Services Pvt. Ltd must be promptly submitted to assure
that such payment will be received on or prior to settlement date. If payment is
not received by settlement date, or as market conditions warrant, your Account may
be liquidated, without prior notification. In the event your Account is liquidated,
you will be liable for any resulting losses and all associated costs incurred by
CFS Financial Services Pvt. Ltd.
H] Margin System:
Margin is payable as prescribed by NSE and client is required to give any additional
margin on open position as may be required by exchange. Client is also required
to pay/ receive M-to-M losses on daily basis on open position. We reserve our right
to charge and recover Margin, though not required by exchange, based on our analysis
of risk on your open position.
Margin in form of securities:
We may accept approved securities, as per list prepared by NSE for this purpose,
towards initial margin to the extent of 50% initial margin. Securities deposited
towards margin must be delivered to us from client depository account and no third
party securities will be accepted by us. Shares will be valued after considering
haircut of 25% or more and valuation will be done on daily basis.
Securities need to be transferred to our Capital Market : INB 230769530, Future
& Option : INF 230769530, NSDL -IN-DP-NSDL-162-2000. Name: CFS FINANCIAL SERVICES
PVT. LTD
Shares received by us will be pledged with NSE and for any withdrawal takes minimum
3 Days. Clients are required to take proper precaution while selling the shares
and intimate to us well in advance.
Given below is the method for computation of margins by the Exchange: The total
margin payable to the Exchange comprises of Span margin (pl. refer note below on
span margin)
Second line margin (Gross exposure margin), which is 3% of gross exposure value
for index futures contracts & 5% of gross exposure value for stock futures contract,
in line with SEBI guideline. (Pl. refer note below on computation of gross exposure).
SPAN Margin
It is the maximum loss that the client may have to incur on his portfolio over a
time frame of 1 day (considering MTM is debited/credited on T+1 day basis). The
total span margin calculated comprises of: Worst-case loss: the worst-case loss
for a portfolio would be calculated by valuing the portfolio under 16 scenarios
of changes in the value of the index and changes in the volatility of the index.
Gross Exposure Calculation:
For Futures contract (Index & Stock) Long/Short
Gross Exposure = Open Qty * Closing rate of the future contract/series
For Calendar Spread (Index & Stock Futures)
Gross Exposure = Open qty. of Far Month Contract * 1/3 * Closing rate of the future
contract / series Exposure limit for calendar spreads in the case of Single Stock
& Index Futures contracts: Calendar Spread shall be regarded as an open position
of one third (1/3rd) of the mark to market value of the far month contract. As the
near month contract approaches expiry, the spread shall be treated as a naked position
in the far month contract three days prior to the expiry of the near month contract
Calendar spread:
A calendar spread would be treated as a naked position in the far month contract
as the near month contract approaches expiry. A calendar spread is treated as a
naked position in the far month contract three trading days before the near month
contract expires.
Exchange wise/ Broker wise and scrip wise limit:
As per SEBI and Exchange guidelines, there are various kinds of market wise, broker
wise and scrip wise-open position restrictions. In case of any violations in these
limits or existing open position is approaching prescribed limits, Exchange may
ask brokers/ clients to reduce existing positions and also not to initiate fresh
positions. We may also initiate such actions, irrespective of Exchange directive,
based on our risk analysis.
I] Settlement Mechanism:
Settlement of Futures Contracts on index & individual securities
Daily Mark-to-Market Settlement:
The positions in the futures contracts for each client is marked-to-market to the
daily settlement price (Closing price of the futures contracts on the trading day.
The closing price is the last half hour weighted average price of the contract)
of the futures contracts at the end of each trade day. The profits / losses are
computed as the difference between the trade price or the previous days settlement
price, as the case may be, and the current day s settlement price. Final Settlement:
On the expiry of the futures contracts, final settlement price (Closing price of
the relevant underlying index / security in the Capital Market segment of NSE, on
the last trading day of the futures contracts. (The closing price of the underlying
index / security is its last half an hour weighted average value / price in the
Capital Market segment of NSE). and the resulting profit / loss is settled in cash.
The final settlement of the futures contracts is similar to the daily settlement
process except for the method of computation of final settlement price. The final
settlement profit / loss is computed as the difference between trade price or the
previous day's settlement price, as the case may be, and the final settlement price
of the relevant futures contract.
Open positions in futures contracts cease to exist after their expiration day.
J] Cheque receipt / payment:
You can deposit amount in your Account by using Internet banking or demand draft
or by cheque. Credit will be available in your Account after the funds are cleared/realised
into CFS FINANCIAL SERVICES PVT. LTD Account. K] Negative balance in your Account:
There could be negative balance in your Account due to various reasons like brokerage
charges, margin debit, M-to-M losses, inadvertently processing buy orders without
available balance etc. In such cases, you should make immediate payment and if payment
is not received in reasonable time, your position may be liquidated, without prior
notification. In the event your Account is liquidated, you will be liable for any
resulting losses and all associated costs incurred by CFS Financial Services Pvt.
Ltd and you shall pay them immediately .We reserve our right to take any other action,
as may deemfit, including locking of your account.
L) Contract notes:
Digital Contract notes will be issued to your given E-mail address.
M] Compliance action:
We may initiate compliance action, with or without intimation to client, in case
of any default in payments of any dues/ margin receivable by us from client.
Compliance action includes but not limited to - Squaring off of outstanding positions.
Any loss arising out of squaring off or sale of contracts will be to client account
and we will not be liable for any cost or damage or any consequences thereof.
Locking / suspending client account and no further transactions will be allowed
till the time all dues are settled or till the time as may deem fit by us.
Levy of interest @ 24% p.a. for any delay in receipt of our dues, which includes
M-to-M losses, margin amount, losses, fees, commission or any other charges.
We may take any one or all compliance actions that may deem fit without any notice.
To avoid compliance action, client should deposit additional funds. Client should
always look at his exposure, Mark to Market losses, Margin Liability and other obligations,
alerts etc. to enable himself to take necessary action in a prompt timely manner.
It is the duty of the client and liable for any failure.
N] Disclosure of Information regarding client:
CFS Financial Services Pvt. Ltd or CFS FINANCIAL SERVICES PVT. LTD hereby undertakes
to maintain the details of the client as mentioned in the client registration form
or any other information pertaining to the client, in confidence and that he shall
not disclose the same to any person / entity except as required under the law: Provided
however that CFS Financial Services Pvt. Ltd or CFS FINANCIAL SERVICES PVT. LTD
shall be allowed to share the details of the client as mentioned in the client registration
form or any other information pertaining to the client with parties/entities other
than required under law with the express permission of the client. More Info..
The following should be read carefully and accepted prior to becoming a Constituent
for online trading i.e. for trading, viewing, downloading, using, copying, 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 CFS Financial Services Pvt. Ltd whether by use of
any of the facilities available on the Web-Site, or by any other means whatsoever.
Please note that CFS Financial Services Pvt. Ltd is engaged both in Constituent
based trading as well as Proprietary account trading.
CFS Financial Services Pvt. Ltd is a Limited Company duly been registered with Registrar
of Company, NCT, Delhi and Haryana vide incorporation certificate no. 55-61802,
shall be referred hereinafter as “CFS Financial Services Pvt. Ltd”, member of NSE,
BSE, DP - NSDL& CDSL, which includes its group companies, subsidiaries.
Whereas, http://www.steelcitynettrade.com (hereinafter referred to as the “Web Site”)
is a product and service provided by CFS Financial Services Pvt. Ltd. CFS Financial
Services Pvt. Ltd offers its services and the Web Site for use in accordance with
the Terms and Conditions of Use (the “Terms”) contained herein. 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. I.PRELIMINARY
1.1 Ownership of the Web-Site
(a) The website is owned, operated and maintained by CFS Financial Services Pvt.
Ltd. 1.2 Registration for use of the Facilities and Services provided by CFS Financial
Services Pvt. Ltd
CFS Financial Services Pvt. Ltd being a broker registered with the Securities and
Exchange Board of India (hereinafter referred to as the “SEBI”) having obtained
Certificate of Registration No. INB 230806132 for capital market operations and
INF 230806132 for derivative market operations as trading member of the National
Stock Exchange, INB 011156438 as trading member of The Stock Exchange, Mumbai thereby
being entitled to provide facilities for purchase and sale transactions of securities
products (hereinafter referred to as the “Trades or Transactions or Dealings”) online
admitted to the Exchange(s) (hereinafter referred to as the “Admitted Securities”),
for the Clients / Constituents.
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 Website. “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].
Only persons who enter into an agreement (here in after referred to as the "CFS
Financial Services Pvt. Ltd Agreement”) with CFS Financial Services Pvt. Ltd and
who have been provided with a unique Client code and Trading Password for online
trading (hereinafter, such persons being referred to as the “Constituent”) by CFS
Financial Services Pvt. Ltd in the manner as indicated on the Web-Site for online
trading, shall be entitled to avail the Services provided by CFS Financial Services
Pvt. Ltd.
The Terms shall be deemed to form part of Member-Constituent Agreement and shall
be deemed to be incorporated therein to the same extent as if these provisions had
been setforth in full therein. The Constituent's entitlement to avail the Services
or any part there of shall be subject to compliance with all the terms and conditions
setforth herein.
The word I / WE, ME / US, MY / OUR refers to person(s) who open the account(s) and
shall mean and include both singular and plural. Also, the words he and or she,
where ever maintained includes both the genders as the case may be applicable.
II.CONDITIONS OF USE OF THE SERVICES:
Participation: The Constituent shall ensure that he/she/it is eligible to enter
into this agreement. The Constituent having agreed to enter into this agreement
shall be deemed to have satisfied himself/herself/Itself with regard to eligibility
in this respect. During the currency of the agreement, it shall be the duty of the
Constituent to inform CFS Financial Services Pvt. Ltd immediately any of the change
in constitution, Identity by change of name, residential status, address or any
other information as provided by the Constituent at the time of entering into this
agreement.
Acting as a Sub Broker: He Constituent agrees that he/she/it will not act as Sub-Broker
without prior written permission of CFS Financial Services Pvt. Ltd and without
obtaining certificate of registration from Securities and Exchange Board of India
(SEBI).
Authorized Person: The Trading and other instructions for facilitating and carrying
out business issued telephonically or through any other means express or implied
by an authorized representative(s) of the Constituent shall be binding on the Constituent.
In the event of the authorized representative(s) being replaced, it shall be the
responsibility of the Constituent to inform CFS Financial Services Pvt. Ltd of the
change in writing, failing which the Constituent shall be responsible for the trade
obligations arising out of the actions of both the representatives, old as well
as the new representative(s).If any transaction(s) under this agreement or under
any other agreement or otherwise with CFS Financial Services Pvt. Ltd, has/have
been accepted by Constituent from time to time on the basis of the contract note(s)/bills/any
other correspondence dispatched / communicated to the Constituent by CFS Financial
Services Pvt. Ltd and / or part or full settlement of the said transaction(s) by
the Constituent, then such transaction(s) shall be deemed to be executed by the
person authorized by the Constituent and the Constituent hereby agrees to ratify
and accept all such or other actions of such persons and undertakes to meet all
obligations arising from these transaction(s). The Constituent shall be bound by
all the transactions undertaken by CFS Financial Services Pvt. Ltd pursuant to the
instructions of the authorized persons.
Understanding of Risks involved :The Constituent has read, understood, appreciated
and signed the Risk Disclosure Document also available on website at www.steelcitynettrade.com.
The Constituent declares and agrees as follows: The Constituent has read the Risk
Disclosure Document appended hereto and understood the trading and risks involved
in trading in these instruments and shall be wholly responsible for all investment
decisions and trades undertaken by him/her/it /them.
The Constituent shall be bound by the constitutions, byelaws, rules, regulations
and customs of the Exchange(s), Clearing Corporation(s) and Regulating Authorities.
The Constituent shall not, acting alone or in concert with others, directly or indirectly,
hold and control excess number of permitted Derivative contracts as fixed from time
to time by the Exchange(s).
Payment of margins by the Constituent does not necessarily imply complete satisfaction
of all dues. In spite of consistently having paid margins, the Constituent may,
on the closing of his trade, be obliged to pay (or entitled to receive) such further
sums as the market price of the instrument or contract may indicate)
All monies, securities or any other property, which CFS Financial Services Pvt.
Ltd may hold on Constituent's account, shall be held subject to a general lien for
the discharge of the Constituent's obligations to CFS Financial Services Pvt. Ltd.
The Constituent hereby authorizes CFS Financial Services Pvt. Ltd to sell or close
out any part or the entire derivative contract held in the Constituent's account
with CFS Financial Services Pvt. Ltd, if CFS Financial Services Pvt. Ltd at its
sole discretion may deem it necessary for meeting the obligations of the Constituent.
The failure of the Constituent to understand the Risk involved or the failure of
CFS Financial Services Pvt. Ltd to explain the risk to the Constituent shall not
render a contract as void or voidable and the Constituent shall continue to be responsible
for all risks and consequences for entering into trades in Derivatives.
Eligible Securities or products in Derivative segment vary from month to month on
rolling basis as per criteria decided by SEBI/NSE/BSE. The Exchange(s) may compulsorily
close out all Derivative contract positions in a particular underlying when that
underlying ceases to satisfy the eligibility criteria or the Exchange(s) is of the
view that continuance of Derivative contract in such underlying is detrimental to
the interest of market, keeping in view the market integrity and safety.
(e) Subject Matter of the Services: The Services offered by CFS Financial Services
Pvt. Ltd include the sale and purchase of dematerialised securities trading on the
NSE/BSE (in e-trading account on the internet and delivery of shares in physical
mode wherever the same is traded on off-line on specific direction received by the
'CFS Financial Services Pvt. Ltd' at any of their trading terminals) in the CM/F&O
segments of the market [and shall include trading in derivative products and such
other services/ products as may be permitted from time to time).
2.2 Order Entry:
The Constituent shall be entitled to place an order for the sale or purchase of
any Admitted Security during the market hours and all orders will be valid for the
day until the normal market closes. On closure of the market the orders (or the
pending part of the order) will automatically lapse.
All orders entered by the Constituent, either electronically or otherwise as detailed
above, are based upon their own investment decisions and their sole responsibility
and will not hold, nor seek to hold CFS Financial Services Pvt. Ltd 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.
CFS Financial Services Pvt. Ltd 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 subclause 2.2 (a).
The Constituent agrees that placing an order with CFS Financial Services Pvt. Ltd,
either electronically or otherwise, does not guarantee execution of the order, regardless
of the electronic confirmation by CFS Financial Services Pvt. Ltd of the receipt
of the order and/or its execution and CFS Financial Services Pvt. Ltd shall not
be liable for any losses, damage or claims on account of the non-execution of any
order placed.
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/BSE whether received by way of purchases, rights, bonuses, stock splits,
off market transfers or otherwise.
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 CFS Financial Services Pvt. Ltd 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. CFS Financial Services Pvt. Ltd may at its sole
discretion refuse to execute any such order till it is satisfied about 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 CFS Financial Services Pvt. Ltd from any costs, losses,
claims or any other liability arising on account of such orders, orders whatsoever.
2.3 Order Execution:
The Constituent agrees and appoints CFS Financial Services Pvt. Ltd as its agent
to take all necessary measures to complete the transactions and hereby authorises
CFS Financial Services Pvt. Ltd to make any and all advances and expend monies as
may be required.
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 CFS Financial Services Pvt. Ltd has provided on the Web-Site a facility
for reconfirmation of orders which are larger than those specified by CFS Financial
Services Pvt. Ltd risk management policy and is also aware that CFS Financial Services
Pvt. Ltd has the discretion to reject the execution of such orders based on such
risk management policy. CFS Financial Services Pvt. Ltd shall not be liable for
any delay or cancellation of any order due to the exercise of CFS Financial Services
Pvt. Ltd discretion under such policy.The Constituent acknowledges and accepts that
CFS Financial Services Pvt. Ltd 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
without informing the constituent and CFS Financial Services Pvt. Ltd shall not
be liable for any losses, damage or claims on account of such rejection or cancellation
as the case may be.
The Constituent acknowledges and accepts that the Exchange(s) may reject or cancel
any trade suo moto without ascribing any reasons therefor and CFS Financial Services
Pvt. Ltd shall not be liable for any losses, damage or claims on account of such
rejection or cancellation as the case may be.
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
CFS Financial Services Pvt. Ltd system.
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/BSE.
The cancellation or modification of an order shall be deemed not to have been executed
unless a confirmation to such effect is received from CFS Financial Services Pvt.
Ltd. The Constituent agrees that CFS Financial Services Pvt. Ltd 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 CFS Financial
Services Pvt. Ltd, any order not executed at the end of the relevant NSE/BSE 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/BSE, shall not remain valid
for execution at any subsequent trading day at the NSE/BSE.
The Constituent also accepts responsibility for knowing the trading and settlement
cycles of the NSE/BSE and the settlements pay in/pay out dates for funds and securities
and in the event any trades or transactions are reported late to CFS Financial Services
Pvt. Ltd on account of any problems at the Exchange(s) or for whatever reason, the
Constituent in turn will be subject to late reporting of transactions.
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 CFS Financial Services Pvt. Ltd shall not be liable for any damage,
loss or claim on account of such error or correction thereof.
The constituent undertakes not to execute transactions for small/big quantities
by placing both buy and sell orders resulting in rise or fall of prices of illiquid
securities. The above activity if found to raise or depress the 'prices' and/or
'activity of such securities' artificially, will be violation of Rules, Bye- Laws
and circulars issued by the Exchange(s) from time to time.
2.4 Purchase of the Admitted Securities / Products:
Prior to placing any order for the purchase of any Admitted Security/Product the
Constituent shall ensure that sufficient margin is available in its account with
CFS Financial Services Pvt. Ltd. The Constituent is responsible for all of their
orders, including any orders, which exceed the available margin, credit balances
available to its account and are executed by CFS Financial Services Pvt. Ltd, inadvertently
or otherwise.
Any order accepted and executed, inadvertently or otherwise, without sufficient
margin balance will be subject to cancellation or liquidation at CFS Financial Services
Pvt. Ltd discretion, unless the Constituent makes good the shortfall in the amount.
The Constituent shall make payment for purchase of securities on very same day.
CFS Financial Services Pvt. Ltd shall also view on the day to day basis for payments
and shall intimate to the Constituent either telephonically or otherwise as required
for maintaining the account of outstanding as per NSE/BSE rules and the Constituent
shall at once within hours shall make up the deficiency of balance and bring it
to cash credit with the reasonable margin to withstand his future transactions.
In the case where the payment is not made, the securities purchased by CFS Financial
Services Pvt. Ltd 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. Such prompt action on part of the
Constituent is a requisite Compulsion as per nature of online market operations
which the Constituent is fully aware of.
In case of purchase of securities by the Constituent, at times CFS Financial Services
Pvt. Ltd may be unable to deliver the securities to the said Constituent on the
pay out day due to non receipt of the securities from the stock exchange(s) or in
case on non receipt of the said securities from another Constituent of CFS Financial
Services Pvt. Ltd who has sold the securities against the said purchase transaction.
In cases of such short delivery, the securities shall be delivered to the Constituent
as per the policy of CFS Financial Services Pvt. Ltd as amended from time to time.
2.5 Sale of the Admitted Securities\
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 CFS Financial Services Pvt. Ltd. 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 CFS Financial Services Pvt. Ltd, inadvertently
or otherwise.
The Constituent agrees and hereby authorises CFS Financial Services Pvt. Ltd to
block or sell 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 CFS
Financial Services Pvt. Ltd to dishonour any orders issued against the blocked security.
The Constituent acknowledges and agrees that the proceeds of the sale will not be
credited to the margin account of the Constituent until the securities have been
delivered to the NSE/BSE/Clearing House and pay out is received from the NSE/BSE/Clearing
House. The proceeds of all sales will be credited, to the cash credit balances account
of the Constituent as maintained by CFS Financial Services Pvt. Ltd, directly after
settlement date.
The constituent is made aware of the fact that he can put trades in either of sub
accounts viz. Investment or Trading and Trading account positions can be taken purely
for intra day purposes. All trading account positions have to be compulsorily squared
off before the end of the market or any other time as specified by CFS Financial
Services Pvt. Ltd. In case any outstanding position remains, CFS Financial Services
Pvt. Ltd will square off the same at the prevailing market price. In case the square
off cannot be done, the Trading account will get shifted to Investment account of
the Constituent. In case of short position, the Constituent has to arrange the Securities
or else the same will be got auctioned. No where is CFS Financial Services Pvt.
Ltd liable for any losses arising out of the square off process, square off not
happening, and auction process. It's on the discretion of CFS Financial Services
Pvt. Ltd to merge separate accounts as maintained by constituent in separate divisions
and/or Accounts maintained with CFS Financial Services Pvt. Ltd Group. The constituent
agrees to abide by the said arrangement.
The constituent agrees voluntarily that in case the payments of the trading done
by him/her/it are not made in time or there is outstanding balance in his/her/its
name due towards CFS Financial Services Pvt. Ltd then the constituent shall pay
interest at the rate of 24% per annum compounded daily basis on the said outstanding
amount to CFS Financial Services Pvt. Ltd.
2.6 Margins:
The Constituent shall maintain such quantity of securities and such amount of cash
credit balances (referred to as the “Margin”) as required by the applicable statutes,
rules, regulations, procedures or as deemed necessary or advisable by CFS Financial
Services Pvt. Ltd, 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 CFS Financial
Services Pvt. Ltd. The Constituent shall be permitted to trade upto a pre-determined
number of times of the Margin and the quantum of such multiple shall be determined
at the sole discretion of CFS Financial Services Pvt. Ltd.
The margin requirement and squaring up process for offline and 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.
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 in the website
http://www.steelcitynettrade.com and/or at the registered office and Branches of
CFS Financial Services Pvt. Ltd and the onus is on 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.
The Constituent shall also remain in touch with CFS Financial Services Pvt. Ltd
to keep a regular check on his account and margin requirements, for maintaining
sufficient margin withCFS Financial Services Pvt. Ltd to undertake any transaction
in his a/c in off line and online trading. If CFS Financial Services Pvt. Ltd 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 CFS Financial Services Pvt. Ltd 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. The constituent agrees and made aware that in case intra day loss is
such that margin position goes down, CFS Financial Services Pvt. Ltd can sell any
or all securities in the account without giving notice to the constituent as it/he/she
is also required to keep track on its/his/her margin position CFS Financial Services
Pvt. Ltd may do the square off/selling at any time during the day in account.
In addition, Constituent acknowledges and agrees that CFS Financial Services Pvt.
Ltd 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 CFS Financial Services Pvt. Ltd on any market where such business is usually
transacted, or at public auction or private sale, or CFS Financial Services Pvt.
Ltd 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 CFS Financial Services Pvt. Ltd to sell or buy without
any such demand, call or notice, at that time or at any time subsequently.
In addition to the above, if the Constituent does not credit its cash or securities
account as maintained with CFS Financial Services Pvt. Ltd, 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 CFS Financial Services
Pvt. Ltd, 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 CFS Financial Services Pvt. Ltd 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 CFS Financial Services Pvt. Ltd, any trade may be executed by CFS Financial
Services Pvt. Ltd only upon the realisation of the funds of the said cheque even
otherwise also the Constituent is fully responsible.
The constituent confirms that he/she/it has understood the risks involved in trading
securities on margin and fully agrees to abide by the procedures and policies of
CFS Financial Services Pvt. Ltd which are listed below: -
The constituent can lose more funds than the deposit in his / her / its account.
The decline in value of securities that are purchased on margin may require the
constituent to provide additional funds to CFS Financial Services Pvt. Ltd to avoid
the forced sale of those securities or other securities or assets in constituent's
account(s).
CFS Financial Services Pvt. Ltd can force the sale of the constituent's securities
or other assets in the constituent account(s). If the equity in constituent account
falls below the margin requirements, CFS Financial Services Pvt. Ltd can sell the
securities held with it to cover margin deficiency. The Constituent will be responsible
for the shortfall, if any, in the account even after such a sale.
CFS Financial Services Pvt. Ltd can sell constituent's securities or other securities
without contacting him/her/it. Some Constituents mistakenly believe that CFS Financial
Services Pvt. Ltd must contact them for margin call to be valid, and that CFS Financial
Services Pvt. Ltd cannot liquidate the securities or other assets in their accounts
to meet the call unless CFS Financial Services Pvt. Ltd has contacted them first.
This is not the case. CFS Financial Services Pvt. Ltd will attempt to notify the
constituents of margin calls, but it is not required to do so. It may not be feasible,
it is not possible when the market falls or raises within minutes or hours triggering
for necessary immediate urgent action which the Constituent shall be fully aware
of as being the very nature of online market condition. However even if CFS Financial
Services Pvt. Ltd has contacted the constituent and provided a specific date by
which the constituent can meet a margin call, CFS Financial Services Pvt. Ltd can
still take necessary steps to protect its financial aspects, including immediately
selling the securities without notice to the constituent.
The constituent is not entitled to choose which securities or other assets in his/her/it's
account(s) are liquidated or sold to meet a margin call. Because the securities
are collateral for margin loan, CFS Financial Services Pvt. Ltd has the right to
decide which securities to sell in order to protect its interests.
CFS Financial Services Pvt. Ltd can increase its margin requirements at any time
and is not required to provide the constituent with advance written notice. These
changes in CFS Financial Services Pvt. Ltd policy often take effect immediately
and may result in issuance of margin call. Constituent's failure to satisfy the
call may cause CFS Financial Services Pvt. Ltd to liquidate or sell securities in
Constituent's account (s).
The constituent is not entitled to an extension of time on a margin call. While
an extension of time to meet margin requirements may be available to constituents
under certain conditions, a constituent does not have a right to the extension
Margins in Derivatives Trading: In the Derivatives segment, the Constituent is liable
to pay an initial margin up-front on or before creating a position such margin shall
be decided upon by CFS Financial Services Pvt. Ltd or the Exchange from time to
time. Furthermore, the Constituent is liable to pay (or receive) Daily margins depending
on whether the price of the Derivatives contract moves for or against the position
undertaken. The Constituent may also be liable to pay with holding margins, special
margins or such other margins as considered necessary by CFS Financial Services
Pvt. Ltd or the Exchange from time to time. CFS Financial Services Pvt. Ltd is permitted
in its sole and absolute discretion to collect additional margins (even though not
imposed by the Derivatives segment, the Clearing House or SEBI) and the Constituent
shall be obliged to pay such margins.
Mark to Market Margins in Derivatives: For Derivatives contracts, the Constituent
agrees that CFS Financial Services Pvt. Ltd shall raise bills on daily basis. The
Constituent also agrees to pay an up-front margin at the beginning of each day that
will be sufficient to cover the daily margins for the entire duration of the day.
If at any time during the week, the cumulative Mark to Market (MTM) margin falls
short Margin available in the Constituent's account, the Constituent agrees to heed
CFS Financial Services Pvt. Ltd additional Margin calls. As the up-front daily margin
calls are purely for operational convenience, the Constituent will ensure that the
Margins are adequate at all times and will immediately make good any short fall
that CFS Financial Services Pvt. Ltd may communicate..
Payment by Constituent through Cheque: In case where the payment by the Constituent
towards the Margin is made through a cheque issued in favor of CFS Financial Services
Pvt. Ltd, the said cheque will be credited to the Constituent's account only after
realisation of funds in CFS Financial Services Pvt. Ltd bank account.
Margin in form of Securities: The Constituent may place margin with CFS Financial
Services Pvt. Ltd in form of securities as approved by CFS Financial Services Pvt.
Ltd. Such securities may, at the discretion of CFS Financial Services Pvt. Ltd,
be marked under lien in favor of CFS Financial Services Pvt. Ltd from the Depository
Account of the Constituent or such securities may be placed in a separate Depository
account titled 'CFS Financial Services Pvt. Ltd.' to be earmarked as margin from
the Constituent. The Constituent agrees and authorizes CFS Financial Services Pvt.
Ltd to determine the market value of securities placed as margin after applying
a haircut that CFS Financial Services Pvt. Ltd deems appropriate from time to time.
The Constituent's securities are valued at the latest market price available ('
Marked to Market') on a continuous basis by CFS Financial Services Pvt. Ltd. The
Constituent undertakes to monitor the adequacy of the collateral and the market
value of such securities on a continuous basis. If due to price fluctuations, there
is erosion in the value of margins, the Constituent agrees to replenish any short
fall in the value of Margins immediately, whether or not CFS Financial Services
Pvt. Ltd intimates such shortfall.
Type of Margin: CFS Financial Services Pvt. Ltd may at its sole discretion prescribe
the payment of margin in the form of cash instead of securities. The Constituent
accepts to comply with CFS Financial Services Pvt. Ltd requirement of payment of
margin in the form of cash failing which CFS Financial Services Pvt. Ltd may sell,
dispose, transfer or deal in any other manner the securities already placed with
it as margin or square off all or some of the positions of the Constituent as it
deems fit in its discretion without further reference to the Constituent and any
resultant or associated losses that may accrue due to such square off/ sale shall
be borne by the Constituent, and CFS Financial Services Pvt. Ltd is hereby fully
indemnified and harmless by the Constituent in this behalf.
Margin Merging: The constituent agrees and empowers/authorize CFS Financial Services
Pvt. Ltd to act at its discretion of merging balances kept under various accounts
held with CFS Financial Services Pvt. Ltd such as Online Trading Account, NSDL (or
CDSL) DP Account, CM Trading Account and F&O Trading Account etc., to nullify the
debit in any other account of the Constituent held with M/s CFS Financial Services
Pvt. Ltd without taking any further instructions from the Constituent. Similarly
the constituent agrees and empowers/authorize CFS Financial Services Pvt. Ltd to
merge the securities kept with CFS Financial Services Pvt. Ltd in various accounts
in order to nullify the debit in any account of the constituent.
The constituent hereby authorize CFS Financial Services Pvt. Ltd to change or alter
the list of Securities on which margin trading is allowed.
CFS Financial Services Pvt. Ltd will pass to the constituent whatever corporate
benefits are received from the companies directly like dividends and bonus shares.
For other corporate benefits/actions like Rights issues/Open offers etc. where shareholders
are required to apply to the company, it is the constituent's responsibility to
track announcements of such corporate benefits and then apply to the company if
constituent so desires. CFS Financial Services Pvt. Ltd shall not be liable for
any real/notional loss suffered by the constituent, if constituent fails to apply
for such corporate benefits in time for the shares held by CFS Financial Services
Pvt. Ltd on behalf of the constituent. In some cases, CFS Financial Services Pvt.
Ltd at the constituent request may apply on behalf of the constituent for a Rights
issue/Open Offer for the shares held by CFS Financial Services Pvt. Ltd on behalf
of constituent. CFS Financial Services Pvt. Ltd shall not be liable for any loss/claim
whatsoever in case such application is rejected by the Registrar/Company/manager
to the issue for any reason.
2.7 Confirmations and Contract Notes:
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 may enquire the balance as maintained by CFS Financial
Services Pvt. Ltd or CFS Financial Services Pvt. Ltd shall keep sending the details
of contract notes through courier wherever the Constituent is availing the services
of CFS Financial Services Pvt. Ltd ‘off-line' from any trading terminals of CFS
Financial Services Pvt. Ltd.
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) CFS Financial Services Pvt. Ltd shall deliver to the Constituent a contract
note of the trades executed on their behalf on the trading date via e-mail/digitally
signed document/post or courier or by any of the means of communication specified
in clause 5.1 of this agreement or should post such information on the website.
The contract note shall be final and binding proof of the order placed by the Constituent,
regardless of any apparent or alleged errors.
All information contained in any confirmation, contract note or other communications
shall be binding upon the Constituent in relation to all transactions, whether the
orders are given by the Constituent through the Web-Site or by telephonic means
or otherwise.
2.8 Charges:
The Constituent agrees to pay the brokerage charges, NSE/BSE related charges, statutory
charges 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 transactions and services that the Constituent receives from
CFS Financial Services Pvt. Ltd. The brokerage shall be paid in the manner intimated
by CFS Financial Services Pvt. Ltd 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 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.
CFS Financial Services Pvt. Ltd 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.
Not withstanding anything contained in these Terms, any amounts which are overdue
from the Constituent to CFS Financial Services Pvt. Ltd will be charged delayed
payment charges at the rate of [2%] per month or such other rate as may be determined
by CFS Financial Services Pvt. Ltd and notified on the web site and the Constituent
hereby authorises CFS Financial Services Pvt. Ltd to directly debit the same to
the account of the Constituent.
2.9 Constituents Margin and Securities Accounts:
CFS Financial Services Pvt. Ltd 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.
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.
The information as contained in the ledger balances shall be binding upon the Constituent
and the Constituent hereby agrees that CFS Financial Services Pvt. Ltd shall not
be liable for any loss, damage or claim on account of any error in the information
contained in the ledger balances.
(c) The Constituent hereby authorizes and empowers CFS Financial Services Pvt. Ltd
to adjust all the debts/credits (funds/stocks) in any of the segment of NSE / BSE
vis-à-vis F & O, Equity, Depository, groups companies/subsidiaries or with other
debit/credit balance of the Constituent with CFS Financial Services Pvt. Ltd or
vice-versa.
(d) The Constituent confirm to maintain running account for funds and securities
with CFS Financial Services Pvt. Ltd for all segments i.e. Capital Market, F&O and
other segments and the account so maintained shall not be settled on each settlement
and the amount payable or receivable shall remain in account subject to fulfillment
of margin stipulations as envisaged in the agreement. No interest shall be payable
by CFS Financial Services Pvt. Ltd on such securities / funds so retained.
(e) All transactions with the Exchange(s), will be subject to the rules, regulations
and Bye-laws of that Exchange(s) apart from the existing terms and conditions as
mentioned thereof.
2.10 Set off, lien, pledge:
Nothing in the Terms or CFS Financial Services Pvt. Ltd-Constituent Agreement shall
deprive CFS Financial Services Pvt. Ltd of any recourse or right, whether by way
of lien, set-off, counter-claim or otherwise against any money or security standing
to the credit of the Constituent's account.
All the securities and monies credited to the account of the Constituent as maintained
by CFS Financial Services Pvt. Ltd shall be subject to a lien for the discharge
of any obligation or indebtedness of the Constituent to CFS Financial Services Pvt.
Ltd group companies/subsidiaries. In enforcing the lien CFS Financial Services Pvt.
Ltd shall have the sole discretion of determining the securities or assets that
are to be liquidated and/or appropriated.
CFS Financial Services Pvt. Ltd shall have the right to pledge the securities standing
to the credit of the Constituent's account for the purpose of raising any finance
from any person or body as may be required to meet the Margin obligations of the
Constituent. Further Constituent hereby authorizes CFS Financial Services Pvt. Ltd
to pledge any securities standing to its credit, to any person, whether received
by execution of an order for purchase or blocked pending the fulfillment of an order
for sale or kept as margin with CFS Financial Services Pvt. Ltd by the Constituent
for the purpose of securing to CFS Financial Services Pvt. Ltd a credit facility
in connection with meeting the margin requirements of any other Constituent, provided
that CFS Financial Services Pvt. Ltd shall be liable for any resultant failure of
execution or default on delivery obligations directly caused by such pledge of the
securities.
The Constituent shall indemnify and keep indemnified CFS Financial Services Pvt.
Ltd harmless from and against all claims, demands, actions, proceedings, losses,
damages, liabilities, charges, and/or expenses that are occasioned or may be occasioned
to CFS Financial Services Pvt. Ltd directly or indirectly, owing to bad delivery
of shares/securities and/or as a result of fake/forged/stolen shares/securities/transfer
documents that are introduced or that may be introduced by or through the Constituent
during the course of its dealings/operations on the Exchange(s).The Constituent
confirms having read and understood the terms and conditions of CFS Financial Services
Pvt. Ltd - Constituent Agreement and those relating to various services and products
and accepts and agrees to be bound by the terms and conditions including those excluding/limiting
CFS Financial Services Pvt. Ltd and Exchange's liabilities.
2.11 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 CFS Financial Services Pvt. Ltd 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.
2.12 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 (India) Limited, the Securities Contracts Regulation
Act and the rules made there under, and the byelaws, constitution, rules, regulations,
customs and usage of the NSE/BSE, if any.
2.13 Arbitration:
Any and all disputes arising out of or in connection with this agreement or its
performance shall be settled by arbitration in accordance with the By Laws of the
Exchange(s) as amended from time to time as the case may be;-
3. ADDITIONAL CONDITIONS IN RELATION TO ELECTRONIC ORDERS:
3.1 Protection of Constituent's Trading Password:
The Constituent shall immediately notify CFS Financial Services Pvt. Ltd in writing,
delivered via e-mail, Speed Post and Registered AD, if the Constituent becomes aware
of any loss, theft or unauthorized 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 unauthorized use of the Constituent's Trading Password
to CFS Financial Services Pvt. Ltd, CFS Financial Services Pvt. Ltd 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 CFS Financial
Services Pvt. Ltd 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.
3.2 Trading Password:
The Constituent shall select of use a Trading Password of 6-8 characters in length,
which can be 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 Constituent is advised to change its Trading Password
at least once in a fortnight for security purposes. It is also advisable to the
constituent that the Trading Password should not to be recorded in written or electronic
form and should be kept secret without access to anyone and it shall be his/her/it’s
own made and totally confidential.
3.3 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 CFS Financial Services Pvt. Ltd prior to accessing the services
provided pursuant to these Terms. CFS Financial Services Pvt. Ltd 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 CFS Financial Services Pvt. Ltd. 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.
4. CFS Financial Services Pvt. Ltd-CONSTITUENT COMMUNICATIONS:
4.1 Form of Communication:
Documents, which may be sent, exchanged between the parties in any one or more of
the following manners.
An electronic mail ('e-mail') including any automated replies from the system of
CFS Financial Services Pvt. Ltd.
(b) An electronic mail attachment, or
(c) In the form of an available download from the web site.
(d) By telephonic information duly recorded.
By courier / speed post containing details of transaction confirmations, account
statements requisition of any delivery related documents on the last known address
of the Constituent by telegrams/by under certificate of posting/by affixing it on
the door at the last known business or residential address.
(f) By post
(g) By registered post
By advertising it, at least one prominent daily newspaper having circulation in
the area where the last known business or residential address of the Constituent
is there.
Any one communication as above sent by CFS Financial Services Pvt. Ltd to the Constituent
shall be deemed to have been property delivered or served and suffice, even if such
communication is returned to CFS Financial Services Pvt. Ltd as unclaimed/refused/undelivered,
if the same is sent to the ordinary business address and/or ordinary place of residence
and/or last known address and or e-mail address of the Constituent, in any one of
the one or more of the ways as mentioned above from (a) to (h).
4.2 Digitally Signed Documents:
With the regulatory authorities allowing the usage of digitally signed contract
notes and Bills, the constituent specifically authorizes CFS Financial Services
Pvt. Ltd to make available these digitally signed documents on its portal, website
and also authorizes CFS Financial Services Pvt. Ltd to send these documents by e-mail.
The constituent further confirms that he/she/it does not need any physical contract
notes as CFS Financial Services Pvt. Ltd is already making these documents available
in a digitally signed format via email to him-her/it/by e-mail and in future shall
make it available on CFS Financial Services Pvt. Ltd Portal/Website also.
5.TERMINATION:
CFS Financial Services Pvt. Ltd-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 CFS Financial Services Pvt.
Ltd.
The termination of CFS Financial Services Pvt. Ltd-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 CFS Financial Services Pvt. Ltd 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.
6. MISCELLANEOUS INFORMATION
6.1 Third Party Providers/Links:
The Web Site may contain links to other web sites on the World Wide Web. CFS Financial
Services Pvt. Ltd is not responsible for their resources or their content or the
availability thereof.
7 Submissions:
The Visitor shall remain solely responsible for all submissions on and to the Web
Site. CFS Financial Services Pvt. Ltd is not responsible for the content or message
of any submissions. CFS Financial Services Pvt. Ltd 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 CFS Financial Services Pvt. Ltd 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.
While CFS Financial Services Pvt. Ltd does not and cannot review every message posted
or item submitted to/on the Web-Site, CFS Financial Services Pvt. Ltd 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 CFS Financial Services Pvt.
Ltd in its sole discretion.
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 CFS Financial Services Pvt.
Ltd, 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 CFS Financial Services Pvt. Ltd, 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.
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.
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 CFS
Financial Services Pvt. Ltd, 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,
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. CFS Financial Services Pvt. Ltd 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, CFS Financial Services Pvt.
Ltd 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.
7.1 Warranties of Constituent:
The Constituent hereby represents and warrants that the terms and conditions of
these Terms have been clearly understood and that the information furnished to CFS
Financial Services Pvt. Ltd is accurate and truthful.
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.
7.2 Limitation of liability:
CFS Financial Services Pvt. Ltd 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. CFS Financial
Services Pvt. Ltd shall not be liable for any inaccuracy, error or delay in, or
omission of, any such data, information or message, or the transmission or delivery
of any such data, information or message; or any loss or damage arising from or
occasioned by any such inaccuracy, error, delay or omission, nonperformance, or
interruption in any such data, information or message, due either to any act or
omission by CFS Financial Services Pvt. Ltd 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 like
computer viruses, equipment or software malfunction, any fraud committed by any
person whether in the employment of CFS Financial Services Pvt. Ltd or otherwise
or any other cause beyond the reasonable control of CFS Financial Services Pvt.
Ltd. The above Force Majeure events do not exempt the Constituent to fulfill the
obligations in his/her/its account with CFS Financial Services Pvt. Ltd.
7.3 Interruption in service:
CFS Financial Services Pvt. Ltd 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 CFS Financial Services Pvt. Ltd shall not be held responsible for any breakdown
of the system either due to the fault of the systems of CFS Financial Services Pvt.
Ltd or of the Exchange(s) or otherwise.for any breakdown of the system or failure
either due to the fault of the systems of CFS Financial Services Pvt. Ltd or of
the Exchange(s) or otherwise.
7.4 Amendment/ Modification of the Terms:
CFS Financial Services Pvt. Ltd 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. CFS Financial Services Pvt. Ltd shall not be required to communicate any
modification or rescission to the Constituent either through physical or electronic
form. The continued use of the services of CFS Financial Services Pvt. Ltd after
such notice will constitute acknowledgment and acceptance of such amendment. These
Terms (as amended or modified from time to time) represent the entire agreement
between the Constituent and the CFS Financial Services Pvt. Ltd concerning the subject
matter hereof. However, the Constituent has the right to terminate the agreement
through communication in writing as per the termination clause subject to the meeting
of the financial and other obligations under this agreement.
7.5 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, their repeatations any where 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.
7.6 No Assignment:
The rights of the Constituent under these Terms are not transferable to any one
under any circumstances and shall be used only by the Constituent.
7.7 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, CFS Financial Services Pvt.
Ltd may close out the transaction of the Constituent and the Constituent or its
legal representative(s), heirs shall be liable for any losses, costs and be entitled
to any surplus which may result there from.
7.8 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.
7.9 General:
Notwithstanding anything contained in these Terms or in CFS Financial Services Pvt.
Ltd-Constituent Agreement, CFS Financial Services Pvt. Ltd retains its right to:
In its sole discretion to alter, limit or discontinue the Website or any Materials
in any respect. CFS Financial Services Pvt. Ltd shall have no obligation to take
the needs of any user into consideration in connection therewith. Deny in its sole
discretion any user access to this Website or any portion thereof without any notice.
No waiver by CFS Financial Services Pvt. Ltd of any provision of this Agreement
shall be binding except as set forth in writing signed by its duly authorised representative.
7.10 Other General Terms and Conditions:
The Constituent agrees that any change in their account status or change of any
address will be immediately informed to CFS Financial Services Pvt. Ltd. Unless
the Constituent informs CFS Financial Services Pvt. Ltd of the change of the address
for communication in writing, all notices, circulars, communication or mail sent
to the existing address (physical or e-mail) shall be deemed to have been received
by the Constituent irrespective of whether they are actually received or not.
The Constituent agrees that they shall not pay any amount in cash to any Representative
of CFS Financial Services Pvt. Ltd at the time of opening an account or carrying
out any transaction in the normal course of the business. CFS Financial Services
Pvt. Ltd shall not be responsible for any loss on account of cash payment by the
Constituent being contrary to instruction of CFS Financial Services Pvt. Ltd.
The Constituent agrees to accept the format provided by CFS Financial Services Pvt.
Ltd in order to execute their fax instructions to CFS Financial Services Pvt. Ltd.
The Constituent agrees that CFS Financial Services Pvt. Ltd will send them communications/letters
etc. through courier / messenger/mail or through any other mode at its discretion
and CFS Financial Services Pvt. Ltd shall not be liable for any loss or delay arising
there from.
The Constituent agrees that the Passwords will be dispatched by courier (or any
Other mode at CFS Financial Services Pvt. Ltd discretion) at their risk and consequence.
The Constituent shall not hold CFS Financial Services Pvt. Ltd liable in any manner
what so ever in respect of such dispatch of these items.
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 CFS
Financial Services Pvt. Ltd against the claim of above minor for any withdrawal/transactions
made by him in the minor's account.
The Constituent agrees and undertakes to ensure that there would be sufficient funds/clear
balance/pre-arranged credit facilities in their account for effecting/completing
the transactions. The Constituent agrees that CFS Financial Services Pvt. Ltd shall
not be liable for any consequences arising out of non-compliance by CFS Financial
Services Pvt. Ltd of his/herr/its instructions due to inadequacy of funds and CFS
Financial Services Pvt. Ltd can at its sole discretion decide to carry out the instructions
notwithstanding the inadequacy of funds. CFS Financial Services Pvt. Ltd may do
the aforesaid without prior approval from or notice to the Constituents and the
Constituents shall be liable to repay with interest the resulting advance, overdraft
or credit thereby occurred and all related charges arising thereby @ 24% compounded
daily basis. The Constituent hereby authorizes CFS Financial Services Pvt. Ltd to
directly debit the same to the account of the Constituent at the end of each transaction.
The Constituent also authorizes CFS Financial Services Pvt. Ltd to debit charges
for Depository Services to the trading account.
The Constituent agrees that CFS Financial Services Pvt. Ltd 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.
The Constituent agrees that CFS Financial Services Pvt. Ltd may disclose customer
information, in strict confidence, to any of its agent/s and/or contractors with
whom CFS Financial Services Pvt. Ltd enters or has entered into any arrangement
in connection with providing of services.
The Constituent agrees that CFS Financial Services Pvt. Ltd/its directors/employees/associates
shall not be responsible for any losses incurred in the trading transactions and
have not promised/guaranted the return on the amount so invested.
7.11 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. CFS Financial Services Pvt. Ltd may subcontract and employ agents
to carry out any of its obligations under this contract.
This agreement is severable in respect of trades/ orders executed by CFS Financial
Services Pvt. Ltd at NSE/BSE or any other Exchange. In the event any provision of
the agreement is bound to be invalid or unenforceable in relation to any of the
Exchanges at which the trades/ orders are executed, this agreement shall be severable
and the same shall continue to be valid and enforceable in relation to Stock Exchange(s).
The agreement is being executed in full sense after understanding the reduced terms
and conditions herein above.
Hereby the Constituent has studied and aware and agreed to all the terms, conditions,
details, information, instructions, guidelines, market nature & awareness… etc put-up-in
the website of CFS FINANCIAL SERVICES PVT. LTD steelcitynettrade.com and accept
to be fully bound by them inadvertently, earnestly with a truthful spirit of transacting
as per the plans, designs, requirement of the Constituent and also the Constituent
acknowledges that he/she/it is preferring to use all these such provided facilities,
services on the site of CFS FINANCIAL SERVICES PVT. LTD for his/her/its own convenience
of time, space, speed, economy but not as a compulsion or favour to CFS FINANCIAL
SERVICES PVT. LTD .
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