1. The CLIENT agrees to immediately notify the MEMBER in writing if there is any
change in the information in the ‘client registration form’ provided by the CLIENT
to the MEMBER at the time of opening of the account or at any time thereafter.
2. The MEMBER declares that it has brought the contents of the risk disclosure document
to the notice of CLIENT and made him aware of the significance of the said document.
The CLIENT agrees that:
a. He has read and understood the risks involved in trading on a stock exchange.
b. He shall be wholly responsible for all his investment decisions and trades.
c.The failure of the client to understand the risk involved shall not render a contract
as void or voidable and the CLIENT shall be and shall continue to be responsible
for all the risks and consequences for entering into trades in the segments in which
the CLIENT chose to trade.
d. He is liable to pay applicable initial margins, withholding margins, special
margins or such other margins as are considered necessary by the MEMBER or the Exchange
or as may be directed by SEBI from time to time as applicable to the segment(s)
in which the CLIENT trades. The MEMBER is permitted in its sole and absolute discretion
to collect additional margins (even though not required by the Exchange, Clearing
House/Clearing Corporation or SEBI) and the CLIENT shall be obliged to pay such
margins within the stipulated time.
e. Payment of margins by the CLIENT does not necessarily imply complete satisfaction
of all dues. In spite of consistently having paid margins, the CLIENT may, on the
closing of its trade, be obliged to pay (or entitled to receive) such further sums
as the contract may dictate/require.
3. The CLIENT agrees to pay to the MEMBER brokerage and statutory levies as are
prevailing from time to time and as they apply to the Client’s account, transactions
and to the services that MEMBER renders to the CLIENT. The MEMBER agrees that it
shall not charge brokerage more than the maximum brokerage permissible as per the
rules, regulations and bye-laws of the relevant stock exchange/SEBI.
4. The CLIENT agrees to abide by the exposure limits, if any, set by the MEMBER
or by the Exchange or Clearing Corporation or SEBI from time to time.
5.Without prejudice to the MEMBER’s other rights (including the right to refer a
matter to arbitration), the MEMBER shall be entitled to liquidate/close out all
or any of the client’s positions for non-payment of margins or other amounts, outstanding
debts, etc. and adjust the proceeds of such liquidation/close out, if any, against
the CLIENT’s liabilities/obligations. Any and all losses and financial charges on
account of such liquidation/closing-out shall be charged to and borne by the CLIENT.
6. The MEMBER agrees that the money/securities deposited by the CLIENT shall be
kept in a separate account, distinct from his/her/its own account or account of
any other CLIENT and shall not be used by the MEMBER for himself/herself/itself
or for any other CLIENT or for any purpose other than the purposes mentioned in
SEBI Rules and Regulations circulars/ guidelines/Exchanges Rules/Regulations/Bye-laws
7. The client agrees to immediately furnish information to the MEMBER in writing,
if any winding up petition or insolvency petition has been filed or any winding
up or insolvency order or decree or award is passed against him or if any litigation
which may have material bearing on his capacity has been filed against him.
8. The MEMBER agrees to inform the client and keep him apprised about trading/settlement
cycles, delivery/payment schedules, any changes therein from time to time, and it
shall be the responsibility in turn of the client to comply with such schedules/procedures
of the relevant stock exchange.
9. In the event of death or insolvency of the client or his/its otherwise becoming
incapable of receiving and paying for or delivering or transferring securities which
the client has ordered to be bought or sold, MEMBER may close out the transaction
of the client and claim losses, if any, against the estate of the client. The client
or his successors, heirs and assigns shall be entitled to any surplus which may
10. The MEMBER agrees that it shall co-operate in redressing grievances of the client
in respect of transactions routed through it and in removing objections for bad
delivery of shares, rectification of bad delivery, etc. in respect of shares and
securities delivered/to be delivered or received/to be received by the client.
11. The MEMBER shall continue to be responsible for replacing bad deliveries of
the client in accordance with applicable "Good and bad delivery norms" even after
termination of the agreement and shall be entitled to recover any loss incurred
by him in such connection from the client.
12. The MEMBER shall ensure due protection to the client regarding client’s rights
to dividends, rights or bonus shares, etc. in respect of transactions routed through
it and it shall not do anything which is likely to harm the interest of the client
with whom and for whom it may have had transactions in securities.
13. The client and the MEMBER agree to refer any claims and/or disputes to arbitration
as per the Rules, Bye-laws and Regulations of the Exchange and circulars issued
thereunder as may be in force from time to time.
14. The MEMBER hereby agrees that he shall ensure faster settlement of any arbitration
proceedings arising out of the transactions entered into between him and the client
and that he shall be liable to implement the arbitration awards made in such proceedings.
15. Information about default in payment/delivery and related aspects by a client
shall be brought to the notice of the relevant Stock Exchange(s). In case where
defaulting client is a corporate entity/partnership/proprietary firm or any other
artificial legal entity, then the name(s) of director(s) / promoter(s) / partner(s)
/ proprietor as the case may be, shall also be communicated to the relevant stock
16. The MEMBER and the client agree to reconcile their accounts at the end of each
quarter with reference to all the settlements where payouts have been declared during
17. The MEMBER and the client agree to abide by any award passed by the Ombudsman
under the SEBI (Ombudsman) Regulations, 2003.
18. The MEMBER and the client declare and agree that the transactions executed on
the Exchange are subject to Rules, Bye-laws and Regulations and circulars issued
thereunder of the Exchange and all parties to such trade shall have submitted to
the jurisdiction of such court as may be specified by the Bye-laws and Regulations
of the Exchange for the purpose of giving effect to the provisions of the Rules,
Bye-laws and Regulations of the Exchange and the circulars issued thereunder.
19. The instructions issued by an authorized representative, if any, of the client
shall be binding on the client in accordance with the letter authorizing the said
representative to deal on behalf of the said client.
20. here the Exchange cancels trade(s) suo moto all
such trades including the trade/s done on behalf of the client shall
ipso facto stand cancelled.
21. This agreement shall forthwith terminate; if the MEMBER for any reason ceases
to be a member of the stock exchange including cessation of membership by reason
of the MEMBER’s default, death, resignation or expulsion or if the certificate issued
by the Board is cancelled.
22. The MEMBER and the client shall be entitled to terminate this agreement without
giving any reasons to the other party, after giving notice in writing of not less
than one month to the other parties. Notwithstanding any such termination, all rights,
liabilities and obligations of the parties arising out of or in respect of transactions
entered into prior to the termination of this agreement shall continue to subsist
and vest in/be binding on the respective parties or his/its respective heirs, executors,
administrators, legal representatives or successors, as the case may be.
23. In addition to the specific rights set out in this Agreement, the MEMBER and
the client shall be entitled to exercise any other rights which the MEMBER or the
client may have under the Rules, Bye-laws and Regulations of the Exchange and circulars
issued thereunder or Rules and Regulations of SEBI.
24. Words and expressions which are used in this Agreement, but which are not defined
herein shall, unless the context otherwise requires, have the same meaning as assigned
thereto in the Rules, Bye-laws and Regulations of the Exchange and circulars issued
25. The provisions of this agreement shall always be subject to Government notifications,
any rules, regulations, guidelines and circulars issued by SEBI and Rules, Regulations
and Bye-laws of the relevant stock exchange that may be in force from time to time.
26. The MEMBER 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/authority except
as required under any law/regulatory requirements: Provided however, that the MEMBER
may so disclose information about his client to any person or authority with the
express permission of the client.
This agreement can be altered, amended and/or modified by the parties mutually in
writing without derogating from the contents of this Agreement: Provided however,
if the rights and obligations of the parties hereto are altered by virtue of change
in Rules and Regulations of SEBI or Bye-laws, Rules and Regulations of the relevant
Stock Exchange, such changes shall be deemed to have been incorporated herein in
modification of the rights and obligations of the parties mentioned in this agreement.
27. Compliance with law:In case where the CLIENT is
a Non resident Indian, he agrees to abide by Foreign Exchange Management Act and
rules and regulations issued there under from time to time.
The CLIENT hereby authorizes the MEMBER to take all such steps on the CLIENT’s behalf
as may be required or advisable in the MEMBER’s opinion for compliance with the
Exchange provisions or any other law or provisions or to complete or settle any
transactions entered into through or with the MEMBER or executed by the MEMBER on
behalf of the CLIENT, however, nothing contained herein shall oblige the MEMBER
to take such steps.
28. Participation: The CLIENT shall ensure that he
/ it is eligible to enter into this agreement. The CLIENT having agreed to enter
into this agreement shall be deemed to have satisfied himself/itself with regard
to eligibility in this respect.
29. Acting as a sub-broker: The CLIENT agrees that
he will not act as a Sub- Broker without prior written permission of the MEMBER
and without obtaining certificate of registration from SEBI.
30. Disclaimer: The Client agrees that all investments
and disinvestment decisions are based on the CLIENTS’S own evaluation of financial
circumstances and investment objectives. This extends to any decision made by the
CLIENT on the basis of any information that may be made available by the MEMBER
through its website or through any other media. The CLIENT will neither hold, nor
seek to hold the MEMBER or any of its officers, directors, employees, agents, subsidiaries,
affiliates or business associates liable for any trading losses, costs or damage
incurred by the CLIENT consequent upon relying on investment information, research
opinion or advice or any other material/information provided by the MEMBER. The
CLIENT is aware that any information provided by the MEMBER through any medium based
on the research of the MEMBER or other external sources is subject to normal variations
in the stock market and is merely an estimation of the availability or otherwise
of certain investments, and the MEMBER shall not be deemed to have assumed responsibility
for any such information. The CLIENT should seek independent professional advice
regarding the suitability of any investments decision.
31. Dematerialised Securities: All orders made by the
CLIENT shall only be in securities compulsorly traded in the dematerialized form.
All deliveries of securities made by or to the CLIENT shall only be in the dematerialized
32. Transaction Order System: The CLIENT shall transmit
his/its orders to the MEMBER through telephone or in such other manner as the MEMBER
33. Authorised Person: In the event of authorized representative
being replaced it shall be the responsibility of the CLIENT to inform the MEMBER
of the change, in writing, failing which the CLIENT shall be responsible for the
trade obligations arising out of the actions of both the old representative as well
as the new representative.
If any transaction(s) under this agreement or under any other agreement or otherwise
with the MEMBER, has / have been executed on behalf of the CLIENT by any other person,
not mentioned above and the same has / have been accepted by CLIENT from time to
time on the basis of the contract note(s) / bills / any other correspondence dispatched
/ communicated to the CLIENT by the MEMBER and / or by part or full settlement of
the transaction(s) by the CLIENT, then such transaction(s) shall be deemed to be
executed by the person authorized by the CLIENT and the CLIENT 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).
34. Abnormal Trades: The CLIENT under no circumstances
shall indulge in abnormal / synchronized trades, which may affect the market price
of any security.
35. Margins: The CLIENT shall make the prescribed initial
margin in the form of cash and / or in the form of securities (the "Margin") with
the MEMBER simultaneously with the opening of the account and prior to commencement
of trading. The CLIENT shall be permitted to trade up to a pre-determined number
of times of the margin (the "Multiple") and the quantum of the Multiple on the margin
shall be decided at sole option or discretion of the MEMBER who shall have the irrevocable
right to set off a part or whole of the Margin i.e. by way of appropriation of the
relevant amount of cash or by sale or transfer of all or some of the securities
which form part of the margin, against any dues of the CLIENT or of a member of
the FAMILY of the CLIENT (for the purposes of these presents, "FAMILY" shall mean
all the individuals, group companies, firm, entities and other persons as notified
to the MEMBER) in the event of the failure of the CLIENT or a member of the FAMILY
of the CLIENT to meet any of their respective obligations under these Terms.
Any reference in these terms to sale or transfer of securities by the MEMBER shall
be deemed to include sale of securities which form part of the Margin maintained
by the CLIENT with the MEMBER. In exercise of the MEMBER’s right to sell securities
under the Agreement, the CLIENT agrees that the choice of specific securities to
be sold shall be solely at the MEMBER’s discretion.
Margin on purchase: The MEMBER may require the Client
to deposit interest free margin of such percentages as may be intimated by the MEMBER
from time to time on the price of the securities proposed to be purchased.
Margins on Sales: The MEMBER may require the CLIENT
to deposit interest free margin of such percentages as may be intimated by the MEMBER
from time to time on the price of securities proposed to be sold.
Margins in Derivatives Contracts: In the derivative
segment, the CLIENT is liable to pay an initial margin up-front on or before creating
a position. Such margin shall be decided upon by the MEMBER or the Exchange from
time to time. Furthermore, the CLIENT 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 CLIENT may also be liable to pay withholding margins,
special margins, or such other margins as are considered necessary by the MEMBER
or the Exchange from time to time.
Mark To Market Margin in Derivative Contracts: For
derivatives contracts, if at any time, the Mark to Market (MTM) margin falls short
of the margin available in the CLIENT’s account, the CLIENT agrees to heed the MEMBER’s
additional margin calls. The CLIENT will ensure that margins are adequate at all
times and will immediately make good any shortfall that the MEMBER may communicate.
Payment through Cheque/Demand Drafts: In case where
the payment by the CLIENT towards the margin is made through a cheque issued in
favour of the MEMBER, any trades(s) would be executed by the MEMBER only upon the
realization of the funds of the said cheque or at the discretion of the MEMBER.
The CLIENT agrees to mention his CLIENT code along with his name on the reverse
of any instrument through which he makes the payment to the MEMBER.
Margin in form of Securities: The Client may place
margin with the MEMBER in form of securities as approved by the MEMBER. Such securities
may at the discretion of the MEMBER be marked as lien in favour of the MEMBER from
the depository account of the CLIENT or such securities may be placed in a separate
depository account of the MEMBER. The MEMBER may, at its own discretion, treat the
securities lying in the depository account of the CLIENT, as margin, where the CLIENT
has issued a Power of Attorney in favour of the MEMBER, for operating the said depository
The Client may place / deposit only those securities, which are acceptable to the
MEMBER. If at any time, a particular security ceases to be on the list of approved
securities, the CLIENT shall provide such other margins as may be required in place
of such security.
The CLIENT agrees and authorizes the MEMBER to determine the market value of securities
placed as Margin after applying a haircut that the MEMBER deems appropriate. The
CLIENT’s positions are valued at the latest market price available (‘marked to market’)
on a continuous basis by the MEMBER. The CLIENT 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 the margins, the
CLIENT agrees to replenish any shortfall in the value of the Margins immediately,
whether or not the MEMBER intimates such shortfall.
Type of Margin: The MEMBER may at its sole discretion
prescribe the payment of Margin in the form of cash instead of securities. The CLIENT
accepts to comply with the MEMBER’s requirement of payment of Margin in the form
of cash immediately failing which the MEMBER 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 CLIENT as it deems fit in its discretion without
further reference to the CLIENT and any resultant or associated losses that may
occur due to such square off/sale shall be borne by the CLIENT, and the MEMBER is
hereby fully indemnified and held harmless by the CLIENT in this behalf.
Margins with Banks / Institutions: The CLIENT agrees
that any securities placed by him/her/it as Margin may in turn be placed as margin
by the MEMBER with the Exchanges or Banks or such other institutions as the MEMBER
may deem fit. The CLIENT authorizes the MEMBER to do all such acts, deeds and things
as may be necessary and expedient for placing such securities with the Exchanges/Banks/institutions
Shortfall in margins and other provision: If payment/securities
towards the Margin or shortfall in Margin is not received instantaneously to enable
restoration of sufficient Margin in the CLIENTS’s account, all or some of the positions
of the CLIENT as well as the securities of the CLIENT in the possession or control
of the MEMBER may be liquidated by the MEMBER at its sole discretion, without any
reference or prior notice to the CLIENT. The resultant or associated losses that
may occur due to such squaring off or sale of such securities shall be borne by
the CLIENT, and the MEMBER is hereby fully indemnified and held harmless by the
CLIENT in this behalf. Such liquidation or close out of positions shall apply to
any segment in which the CLIENT does business with the MEMBER.
The CLIENT is responsible for all orders, including any orders that may be executed
without the required Margin in the CLIENT’s account. If the CLIENT’s order is executed
despite a shortfall in the available Margin, the CLIENT shall, whether or not the
MEMBER intimates such shortfall in Margin to the CLIENT, instantaneously make up
the shortfall either through delivery of shares in the event of a sale, or credit
the required funds in the Bank account via wire transfer or personal cheque, or
money order or account transfer or any other mode as may be required by the MEMBER.
Any reference in these terms to sale or transfer of securities by the MEMBER shall
be deemed to include sale of the securities, which form part of the Margin and /
or such securities of the CLIENT which are in possession or control of the MEMBER,
maintained by the CLIENT with the MEMBER. In exercise of the MEMBER’s right to sell
securities under the Agreement, the CLIENT agrees that the choice of specific securities
to be sold shall be solely at the MEMBER’s discretion.
Amendments in margin: Any amendment in the percentage
of margins as required to be maintained under this agreement, shall be intimated
by the MEMBER to the CLIENT over the telephone or in writing or by posting the details
in its website. The CLIENT is required to make or replenish the shortfall in such
margins, if any, on demand of the same by the MEMBER or otherwise immediately.
36. Price of securities: The CLIENT understands that
with respect to any order, the CLIENT will obtain the price at which the order was
actually executed in the market, which may be different from the price at which
the security was trading when the CLIENT’s order was entered into the MEMBER’s system.
37. Mistaken Order: The MEMBER shall not be responsible
for any order that is made by the CLIENT by mistake.
38. Pay in / payout of securities / funds:The CLIENT
agrees that the MEMBER shall not be obliged to deliver any securities or pay any
money to the CLIENT unless and until the same has been received by the MEMBER from
the Exchange, the Clearing Corporation / House or the concerned Mutual Fund or other
company or entity liable to make the payment. Unless the MEMBER otherwise determines,
and subject to the MEMBER’s rights to set off and other rights as mentioned in this
agreement, the securities to be delivered by the MEMBER to the CLIENT pursuant to
the CLIENT’s purchase transactions shall be credited to the designated depository
account of the CLIENT and the sale proceeds to be paid by the MEMBER to the CLIENT
shall be deposited to the designated Bank account of the CLIENT.
At all times, the CLIENT agrees to make the payment of funds only in the name the
MEMBER vide a account payee cheque / demand draft drawn on a Scheduled Commercial
Bank, with details of the CLIENT code and the mane of the CLIENT mentioned on the
reverse of the instrument.
At all times, the CLIENT agrees to transfer the securities only to the designated
depository account of the MEMBER.
At all times, the Client agrees that he/it shall make payment of fund or delivery
of securities only from his/its own bank account / demat account and not from any
third party bank account or demat account. In case, any third party delivery or
third party payment is observed by the MEMBER, after the pay-in, the same shall
be treated seriously and pay out of fund may be withheld by the MEMBER.
The CLIENT agrees that the MEMBER shall not be responsible for any loss, damages
in respect of any funds / securities which are deposited / transferred to any account
other than that of the MEMBER’s designated account under this Agreement.
39. Close Out:
a. In case of Purchases: Notwithstanding the margin
position in case of purchase on behalf of CLIENT, the CLIENT authorizes the MEMBER
to close out the transactions by selling the securities, in case the CLIENT fails
to make full payment to the MEMBER for the execution of the contract within two
days of trade execution before pay-in-day (as fixed by stock exchange for the concerned
settlement period), whichever is earlier, unless the CLIENT already has an equivalent
credit with the MEMBER. The loss incurred in this regard, if any, will be met from
the margin money of the CLIENT. The CLIENT agrees to make good the shortfall, if
any, immediately on being intimated of the shortfall by the MEMBER.
b. In case of Sale: Notwithstanding the margin position
in case of sales on behalf of CLIENT, the CLIENT authorizes the MEMBER to close
out the contract by effecting purchases if the CLIENT fails to deliver the securities
sold with valid transfer documents within two days of the trade execution or before
delivery day (as fixed by stock exchange authorities for concerned settlement period),
whichever is earlier. Loss on transaction, if any, will be deductible from the margin
money of the CLIENT. The CLIENT agrees to make good the shortfall, if any, immediately
on of being intimated of the shortfall by the MEMBER.
40. Warranties of clients:
i) The CLIENT hereby represents and warrants that the terms and conditions of this
Agreement have been clearly understood and that the information furnished to the
MEMBER is accurate and truthful.
ii) The CLIENT confirms that he/she is of legal age and he/she/it has obtained the
necessary approvals from the relevant regulatory/legal and compliance authorities
to avail the services provided pursuant to the Terms of this Agreement.
iii) The MEMBER may appoint agents for carrying out the acts mentioned in or in
relation to this Agreement. The CLIENT consents to sharing of his / its account
related information to the authorized agents appointed by the MEMBER.
i) Though orders are generally routed to the marketplace immediately after the time
the order is placed by the CLIENT on the system there may be a delay in the execution
of the order due to any link/system failure at the CLIENT/MEMBER/Exchange’s end.
The CLIENT hereby specifically indemnifies and holds the MEMBER harmless from any
and all claims, and agrees that the MEMBER shall not be liable for any loss, actual
or perceived, caused directly or indirectly by government restriction, exchange
or market regulation, suspension of trading, war, strike, equipment failure, communication
link failure, system failure, security failure on the Internet, shut down of systems
for any reason (including on account of computer viruses), unauthorized access,
theft, any fraud committed by any person whether in the employment of the MEMBER
or otherwise or any problem, technological or otherwise, that might prevent the
CLIENT from contacting the phone broking services of the MEMBER or entering the
MEMBER’s system or from executing an order or in respect of other conditions.
ii) The CLIENT further agrees that he/she/it will not be compensated by the MEMBER
for any "lost opportunity" viz. notional profits on buy/sell orders which could
not be executed due to any reason whatsoever, including but not limited to time
lag in the execution of the order or the speed at which the system of the MEMBER
or of the Exchanges is operating, any shutting down by the MEMBER of his/her/its
system for any reason or the MEMBER disabling the CLIENT from trading on its system
for any reason whatsoever.
41. Assignment: Either party to this Agreement shall
not assign or transfer all or any of its rights or obligations hereunder without
the prior consent of the other party.
42. Severability In case anyone or more of the provisions
contained in this Agreement becomes invalid, illegal or unenforceable in any respect
under any law, the validity, legality and enforceability of the remaining provisions
contained herein shall not in any way be affected or impaired thereto.
43. Further Assurances: In connection with this Agreement,
as well as all transactions contemplated by this Agreement as offered by the MEMBER
from time to time. Each party agrees to execute and deliver such additional documents
and to perform such additional actions as may be necessary, appropriate or reasonably
requested to carry out or evidence the transactions in respect of the services availed
by the CLIENT from time to time.
44. Dispute Resolution:The MEMBER and the CLIENT are
aware of the provisions of the bye laws rules and regulations of the Exchange relating
to the resolution of the disputes / differences through the mechanism of arbitration
provided by the Exchanges and agree to abide by the said provisions in so far as
any disputes under these Terms relate to transactions that are to be carried out
on the Exchanges.
45. 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 Member’s website 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 MEMBER’s website.
46. Proprietary Trading: The MEMBER discloses herewith
that it undertakes Proprietary trading in addition to CLIENT based trading.
The CLIENT confirms having read and understood the terms and conditions of the MEMBER
CLIENT 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
the MEMBER’s and Exchanges’ liabilities.
47. Research / Trading Recommendation: The CLIENT understands
that the MEMBER produces fundamental and trading research/ notes/ trading calls
/ technical calls, particularly on companies, industry, stock markets, commodity
markets and economy from time to time (collectively hereinafter referred to as "material")
through email or by access to the website of MEMBER or through SMS or any other
mode on a voluntary basis.
By agreeing to receive such material, CLIENT understands that this material provided
is only for his/its personal information and CLIENT undertakes that the same shall
not be reproduced or redistributed to any other person. CLIENT understands that
his material is not an offer or the solicitation of an offer to buy any security.
By sending this material on CLIENT’s request, MEMBER or any of its officers, directors,
personnel and employees shall not be liable for any loss, damage of any nature,
including but not limited to direct, indirect, punitive, special, exemplary, consequential,
as also any loss of profit in any way arising from the use of this material in any
manner. CLIENT understands that the investments discussed in this material may not
be suitable for all investors. CLIENT shall, therefore, before dealing and/or transacting
in any of the products referred to in this material, make its own investigation,
seek appropriate professional advice. CLIENT alone shall be fully responsible /
liable for his/its investments / disinvestments on the basis of this material.
CLIENT also agrees that MEMBER may discontinue providing such material and that
it would have no responsibility to update any information provided to CLIENT nor
does it represent that the information provided in the material is complete. Further
by providing such material MEMBER is not acting as CLIENT’s portfolio or financial
adviser nor does it assumes any fiduciary duties.