Client Code Modification Policy
|‘a’ as % of ‘b’||Penalty as % of ‘a’|
Where ‘a’ = Value (Turnover) of non-institutional trades where client codes have been modified by the Company in a segment during a month.
‘b’ = Value (Turnover) of non-institutional trades of the company on the segment during the month.
For Raghunandan Capital Private Limited
We, at Raghunandan Capital Pvt Ltd, and / or Raghunandan Industries Pvt Ltd and / or its affiliates recognize the importance of protecting your personal and financial information. We assure that the information parted to us will be kept in strict confidentiality . We will use the information only to help us to service your account, to improve our services to you, to provide you with products you have requested, and to inform you about additional products or services that may be of interest to you. We do not sell your personal information to third parties.
However, RCPL/RIPL site contains links to and from other Web sites. RCPL/RIPL is not responsible for the privacy practices or the content of such Web sites
Raghunandan Capital Pvt Ltd and / or Raghunandan Industries Pvt Ltd or its affiliates, officers, directors, and employees may from time to time, have positions/holdings in securities/contracts mentioned herein & or derivatives/underlying thereof or be engaged in any other transaction involving such investments / securities and earn brokerage or other compensation or act as advisor or lender / borrower to such company (ies) or have other potential conflict of interest with respect to any recommendation and related information and opinions. Without limiting any of the foregoing, in no event shall Raghunandan Capital Pvt Ltd and / or Raghunandan Industries Pvt Ltd or any of its affiliates or any third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind.
This document contains important information regarding the terms and conditions which apply to your account with Raghunandan Capital Private Limited being the Member of National Stock Exchange of India Ltd., (NSE) having SEBI Registration No. INZ000307234 in Capital Market, Derivatives and Currency Derivatives Segment, Member of Bombay Stock Exchange Ltd. (BSE) having SEBI Registration No. INZ000307234 in Capital Market and Derivatives Segment, Member of Metropolitan Stock Exchange of India Ltd. (MSEI) having SEBI Registration No. INZ000307234 in Currency Derivatives Segment, Member of CDSL having SEBI Registration No. SEBI Registration No. IN-DP-213-2016.
Your access to and use of your account is subject to your compliance with all the terms and conditions set forth herein. PLEASE READ THIS DOCUMENT CAREFULLY and retain it for future reference.
The website is owned, operated and maintained by Raghunandan Capital Private Limited hereinafter referred to as “RCPL”, being a company duly incorporated under the Companies Act,1956 and having its registered office at bhaskar lane , jayendra ganj , Gwalior (M.P.) and corporate office at 26/257B , Sultanganj , Near ashish palace , Agra (U.P.)
Please note that the information contained herein is subject to change without notice
(a) Any person visiting the Web Site may access and use the Facilities by establishing an online persona with a unique ‘Client ID’ and ‘Password’, in the manner as indicated on the Web-Site. “Facilities” shall mean and include any information, materials, documents, chat-room facilities, downloads (software or otherwise), data, stock market quotation ticker tape facilities, and all other information and utilities contained or accessible on or through the Web Site as may be provided on the Web Site from time to time, [other than any information directly required in relation to the Services].
(b) Only persons who enter into an agreement with the “RCPL” and who have been provided with a unique Trading code and Password for trading by the “RCPL” in the manner as indicated on the Web-Site shall be entitled to avail the Services provided by the “RCPL”.
(c) The Terms shall be deemed to form part of the “RCPL”-Constituent Agreement and shall be deemed to be incorporated therein to the same extent as if these provisions had been set forth in full therein. The Constituent’s entitlement to avail the Services or any part thereof shall be subject to compliance with all the terms and conditions set forth herein.
The Services offered by the “RCPL” include the sale and purchase of dematerialised securities trading (in e-trading account on the internet and also in off-line trading.
(a) The Constituent shall be entitled to place an order for the sale or purchase of any Admitted Security through e-mail, writing, telephonic placement by the Constituent or his duly authorised representatives whose particulars has been provided by the Constituent to the “RCPL” and on receipt of such instructions those orders shall be forwarded for the execution.
(b) All orders entered by Constituent, either electronically or otherwise as detailed above, are based upon their investment decisions and their sole responsibility and will not hold, nor seek to hold the “RCPL” or any of its officers, directors, employees, agents, subsidiaries or affiliates, liable for any trading losses or other losses incurred by Constituent, including in the event that any order is placed by the Constituent on the basis of the Facilities or any information (including any investment information, advice, research reports, or any other information) that may be made available on the Web-Site.
(c) The “RCPL” shall be deemed to not have received any order whether electronically transmitted or otherwise until it has confirmed the receipt of such order as mentioned in sub-clause II.ii (a).
(d) The Constituent agrees that placing an order with the “RCPL”, either electronically or otherwise, does not guarantee execution of the order, regardless of the confirmation by the “RCPL” of the receipt of the order and/or its execution and the “RCPL” shall not be liable for any losses, damage or claims on account of the non-execution of any order placed.
(e) The Constituent hereby accepts all responsibility for knowing the status of all corporate benefits like rights and bonus issues, dividends and stock splits of shares he/she/it intends to trade in or held in his/her/its account. The Constituent further accepts all responsibility for knowing the correct ISIN numbers of the shares in his/her/its account and the eligibility of the shares to meet share pay in obligations to the NSE/BSE whether received by way of purchases, rights, bonuses, stock splits, off market transfers or otherwise.
(f) Prior to placing an order in connection with the sale/purchase or transfer of any securities in which Constituent requires any form of regulatory or other permission, the Constituent must advise the “RCPL” of the status of the securities and furnish necessary documents including opinions of legal counsel prior to the execution of the order. The Constituent acknowledges and accepts that delays may occur in relation to the processing of such orders, despite the necessary documents being furnished in a timely manner. The “RCPL” may at its sole discretion refuse to execute any such order till it is satisfied of the legality of the transaction. The Constituent is responsible for all costs associated with compliance or failure to comply with all the regulatory requirements and hereby agrees to fully indemnify the “RCPL” from any costs, losses, claims or other liability arising on account of such orders.
a)The order placed during the trading hours of the NSE/BSE/MCX-SX/USE shall be routed to and executed on the market system. However, in the event that the order is placed at any other time, the order shall be routed to and executed during the next succeeding trading session of the NSE/BSE/MCX-Sx/USE.
(b) The Constituent agrees and appoints the “RCPL” as its agent to take all necessary measures to complete the transactions and hereby authorises the “RCPL” to make any and all advances and expend monies as may be required.
(c) The Constituent acknowledges that whilst orders are normally routed through the market systems almost simultaneously with the placing of the order, the Constituent is aware that the “RCPL” has provided on the Web-Site a facility for reconfirmation of orders which are larger than those specified by the “RCPL”’s risk management policy and is also aware that the “RCPL” has the discretion to reject the execution of such orders based on such risk management policy. The RCPL shall not be liable for any delay or cancellation of any order due to the exercise of the “RCPL”’s discretion under such policy.
(d) The Constituent acknowledges and accepts that the “RCPL” has the sole discretion to reject or cancel any order that may be placed by the Constituent for any reason whatsoever, including for any breach of the Margin requirements as stipulated hereunder in Paragraph II.vi and the “RCPL” shall not be liable for any losses, damage or claims on account of such rejection or cancellation as the case may be.
(e) The Constituent acknowledges and accepts that the NSE/BSE may reject or cancel any trade suo moto without ascribing any reasons therefore and the “RCPL” shall not be liable for any losses, damage or claims on account of such rejection or cancellation as the case may be.
(f) The Constituent further acknowledges and accepts that it will receive the price at which the order was actually executed in the marketplace, which may be different from the price at which the security was traded when the order was entered into the “RCPL”’s system.
(g) The Constituent hereby agrees that “RCPL” shall not be responsible or liable for the execution of any order that may have been placed by the Constituent or any unauthorised use of the Constituent’s Trading Password by any person.
(h) The cancellations or modifications of 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 the “RCPL”. The Constituent agrees that the “RCPL” shall not be liable for any losses, damage or claims on account of the non-execution or delayed execution of an order of cancellation or modification. Unless otherwise specified by the “RCPL”, 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/MCX-Sx/USE.
(i) 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 the RCPL on account of any problems at the Exchange or for whatever reason, the Constituent in turn will be subject to late reporting of transactions.
(j) Any errors reported to the Constituent for any reason whatsoever will stand subsequently corrected to reflect the transaction that was effected in the market and the Constituent agrees that the “RCPL” shall not be liable for any damage, loss or claim in account of such error or correction thereof.
(a) Prior to placing any order for the purchase of any Admitted Security, the Constituent shall ensure that sufficient cash credit balance is available in its account with the “RCPL”. The Constituent is responsible for all of their orders, including any orders, which exceed the available cash, credit balances available to its account and are executed by the “RCPL”, inadvertently or otherwise.
(b) Any order accepted and executed, inadvertently or otherwise, without sufficient cash credit balance will be subject to cancellation or liquidation at the “RCPL”’s discretion, unless the Constituent immediately, upon demand by the “RCPL”, makes good the shortfall in the amount as indicated by the “RCPL.
(c) The date for payment in the case of purchase of securities by the Constituent will be viewed on the day to day basis by the “RCPL” and the same shall be intimated by the “RCPL” to the Constituent either telephonically or otherwise and the Constituent shall make up the deficiency of balance and bring it to cash credit with the reasonable margin to withstand his future transactions within the ‘margin’ limit provided herein after on the date intimated by the “RCPL” to the Constituent for the same (the “Intimated Date”) and which may be a date which is at least [two] working days in advance of the pay in date of the NSE/BSE. In the case where the payment is not made by the Intimated Date, the securities purchased by the “RCPL” 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.
(a) Prior to placing any order for the sale of any Admitted Security, the Constituent shall ensure that the concerned security is available in sufficient quantity in its/his/her account with the “RCPL”. The Constituent is responsible for all of their orders, including any orders, which exceed the available quantity of the relevant security and are executed by the “RCPL”, inadvertently or otherwise.
(b) The Constituent agrees and hereby authorises the “RCPL” to block as sold the relevant securities, as standing to its/his/her account, against its/his/her order to sell securities. If its/his/her order gets executed either fully or partially then the securities to the extent sold, would be unblocked on the trade date and the transaction would be effected. The Constituent agrees that it/he/she shall not withdraw/pledge or otherwise use or attempt to withdraw/pledge or otherwise use, the blocked securities. The Constituent hereby authorises the “RCPL” to dishonour any orders issued against the blocked security.
(c) The Constituent acknowledges and agrees that the proceeds of the sale will not be credited to the cash credit balance account of the Constituent until the securities have been delivered to the NSE/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 the “RCPL”, directly after settlement date.
(d) If the securities are not received on or before the settlement date or securities received are not in deliverable state or due to any other reason whatsoever, the Constituent is not able to deliver securities, the securities will be auctioned or closed out as per the rules of the NSE/BSE. Consequently, the Constituent will be responsible for any resulting losses and all associated costs including any penalty levied by the NSE/BSE/MCX-Sx/USE.
(a) The Constituent shall maintain such quantity of securities and such amount of cash credit balances (hereinafter referred to as the “Margin”) as required by the applicable statutes, rules, regulations, procedures or as deemed necessary or advisable by the “RCPL”, provided that the Margin shall not at any time be less than [20%] of the price of the Admitted Securities proposed to be purchased or sold. The Constituent agrees that no interest shall be payable on the Margin as maintained with the “RCPL”. The Constituent shall be permitted to trade upto a predetermined number of times of the Margin and the quantum of such multiple shall be determined at the sole discretion of the “RCPL”.
(b) 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.
(c) In case there is any change in policy relating to Risk Management pertaining to margin requirement and squaring up process the same would be reflected to the user and at the corporate office and terminals of the “RCPL” 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.
(d) The Constituent shall also remain in touch with the “RCPL” to keep a regular check on his account and margin requirements, for maintaining sufficient margin with the “RCPL” to undertake any transaction in his a/c. If the “RCPL” considers it necessary for its own protection, it may require the Constituent to immediately on demand deposit funds 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 funds or securities, the Constituent hereby grants to the “RCPL” the right to sell any or all securities existing in their account, buy any or all relevant securities which may be short in their account, cancel any or all open orders and/or close any or all outstanding contracts.
(e) In addition, Constituent acknowledges and agrees that the “RCPL” may exercise any or all of the above rights, prior to or without any demand, for additional funds or securities, or notice of sale or purchase, or other notice or intimation. Any such sales or purchases may be made at any time at the sole discretion of the “RCPL” on any market where such business is usually transacted, or at public auction or private sale, or the “RCPL” may purchase/sell for its own account. The making/giving of any prior demand or call or notice of the time and place of such sale or purchase shall not be considered as a waiver of any rights of the “RCPL” to sell or buy without any such demand, call or notice, at that time or at any time subsequently.
(f) In addition to the above, if the Constituent does not credit its funds or securities account as maintained with the “RCPL”, to make up any shortfall in the Margin, instantaneously, to enable restoration of the Margin in Constituent’s account, the position of the Constituent may be squared off by the “RCPL”, without any further reference to the Constituent and without prior notification, and any resultant or associated losses that may occur due to such squaring off shall be borne by the Constituent, and the “RCPL” is hereby fully indemnified and held harmless by the Constituent in this behalf.
In case where the payment by the Constituent towards the Margin is made through a cheque issued in favour of the “RCPL”, any trade would be executed by the “RCPL” only upon the realisation of the funds of the said cheque.
(a) The Constituent is required to ascertain the status of its/his/her order (including any rejection of the same) which would be posted on the relevant sections of the Web-Site or the Constituent may enquire the balance as maintained by RCPL or the RCPL shall keep sending the contract notes and the periodic status of his account wherever the Constituent is availing the services of the “RCPL””off-line” from any terminals of the “RCPL”.
(b) Constituent understands that it is its/his/her responsibility to review, upon first receipt, whether delivered to Constituent by mail, by e-mail, or other electronic means, all confirmations, statements, notices and other communications, including but not limited to, margin, maintenance calls, and prospectuses. Notices and other communications may also be provided to Constituent verbally, in writing or by other means.
(c) The “RCPL” shall deliver to the Constituent via email or other electronic means or otherwise a contract note of the trades executed on their behalf on the trade date, or should post such information on the website, within 24 hours of the execution of the order. The contract note shall be final and binding proof of the order placed by the Constituent and confirmation of trade, regardless of any apparent or inadvertent errors.
(d) All information contained in any confirmation, contract note or other communications shall be binding upon the Constituent in relation to all trades/transactions, whether the orders are given by the Constituent through the Web-Site or by telephonic means or otherwise.
(a) The Constituent agrees to pay the brokerage charges, NSE/BSE related charges, statutory charges/taxes and any other charges (including but not limited to security handling charges on settlement) as they exist from time to time and as they apply to the Constituent’s account, in respect of trades/transactions and services that the Constituent receives from the “RCPL”. The brokerage shall be paid in the manner intimated by the “RCPL” to the Constituent from time to time, including as a percentage of the value of the trade or as a flat fee or otherwise, together with the service tax/securities transaction tax/ sebi charges and other charges as may be applicable from time to time on the same. The Constituent further agrees to pay any applicable taxes that may be levied on the transaction.
(b) The RCPL shall debit the charges of the depository participant for the trades and the bank charges for the realisation of cheques etc. to the Constituent account.
(c) Notwithstanding anything contained in these Terms, any amounts which are overdue from the Constituent to the “RCPL” will be charged delayed payment charges at the rate of [1.5%] per month or such other rate as may be determined by the “RCPL” and notified on the web site and the Constituent hereby authorises the RCPL to directly debit the same to the account of the Constituent.
(a) The “RCPL” shall maintain such books of account in such manner so as to show and distinguish in connection with its business as a trading “RCPL” broker the moneys and securities received from or on account of each of the Constituents, and the moneys and securities received on its own account.
(b) The Constituent is required to ascertain all ledger balances of moneys and securities standing to its credit, which would be posted only on the relevant sections of the web site, and no separate intimation of the ledger balances of the Constituent in his account would be sent to the Constituent either physically or electronically unless specifically requested in writing by the Constituent. The information as contained in the ledger balances shall be binding upon the Constituent and the Constituent hereby agrees that the “RCPL” shall not be liable for any loss, damage or claim on account of any error in the information contained in the ledger balances.
(e) That the Constituent authorises the trading “RCPL” to maintain a running account for me/us/we for adjustment of any debit/credit resulting from any transactions by it/him/her in one settlement for adjustment towards it/her/his credit/debit in subsequent settlements.
(f) All transactions with The Stock Exchange, Mumbai (BSE) and/or the National Stock Exchange of India Limited and / or MCX Stock Exchange Ltd and / or United Stock Exchange of India Ltd (NSE/BSE/MCX-Sx/USE) will be subject to the rules, regulations and Bye-laws of that Exchange apart from the existing terms and conditions as mentioned thereof.
(g) To avoid any ambiguity it is hereby provided that notwithstanding anything contained in these Terms or in the “RCPL”-Constituent Agreement or any other understanding or agreement between the “RCPL” and Constituent, the “RCPL”’s own records of the orders, cancellations, modifications, trades and transactions, in whatsoever manner maintained shall be deemed to be and is hereby accepted by the Constituent as conclusive and binding on the Constituent for all purposes and further the Constituent shall not challenge the accuracy, truth, or correctness of the said records in any manner and for any purpose whatsoever.
The Constituent agrees to complete any further documentation that may be required in relation to any of the securities dealings or by any of the regulatory authorities or under the “RCPL”’s policies as may be notified from time to time or under any law, regulation, guidelines, rule, byelaw, order or other verdict having the force of law.
All transactions that are carried out by and on behalf of the Constituent shall be subject to Government notifications, the rules, regulations and guidelines issued by SEBI, the Reserve Bank of India and the National Securities Depository Limited, the Central Depository Services Limited, the Securities Contracts Regulation Act and the rules made there under, and the byelaws, constitution, rules, regulations, customs and usage of the NSE/BSE/MCX-Sx/USE, if any.
III. ADDITIONAL CONDITIONS IN RELATION TO ELECTRONIC ORDERS
The “RCPL” shall notify the securities for which this facility is made available from time to time on the Web Site. The “RCPL” would have the right to add or delete securities for which the facility is made available in its absolute discretion and details of the same would be posted on the Web Site and no separate intimation whatsoever thereof will be sent to the Constituent.
The Constituent shall immediately notify the “RCPL” in writing, delivered via e-mail, Speed Post and Registered AD, if the Constituent becomes aware of any loss, theft or unauthorised use of the Constituent’s Trading Password and account number; or any failure by the Constituent to receive an accurate written confirmation of an execution including the contract note for the same; or any receipt by the Constituent of confirmation of an order and/or execution which the Constituent did not place; or any inaccurate information in the Constituent’s account balances, securities positions, or transaction history. In the case where the Constituent notifies such loss, theft or unauthorised use of the Constituent’s Trading Password to the “RCPL”, the RCPL shall suspend the use of the account of the Constituent. However, the Constituent shall be responsible and liable for all transactions that are carried out by the use of the Constituent Trading Password. When any of the above circumstances occur, neither the RCPL 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.
The Constituent confirms and agrees that it will be the sole authorised user of the Trading Password /s to be given to it by the “RCPL”. The Constituent accepts sole responsibility for use, confidentiality and protection of the Trading Password /s as well as for all orders and information changes entered into the Constituent’s account using such Trading Password. The Constituent shall ensure that the Trading Password /s is/are not revealed to any third party or recorded in any written or electronic form. If the Constituent forgets the Trading Password, a request for change of the Trading Password should be sent to the “RCPL” in writing. On receipt of such a request the RCPL shall discontinue the use of the old Trading Password and shall generate a new Trading Password for the Constituent, which shall be communicated to the Constituent. However, the Constituent shall be responsible and liable for all transactions that are carried out by the use of the old Trading Password. Neither the “RCPL” nor any of its officers directors employees agents affiliates or subsidiaries will have any responsibility or liability and the the Constituent hereby grants to “RCPL” the right to with-hold its/his/her securities payment and/or funds pay-out from the stock exchange in part or full.
The Constituent shall use a Trading Password of 6-8 characters in length, which is a combination of letters and numbers. The Trading Password shall not be a combination relating to name or age or other personal information, which would render it easily deducible. The Trading Password shall be valid for a period of one month only. In the case where the Constituent wishes to change his Trading Password he can do so on the Web Site in the prescribed manner.
The Constituent shall memorise the Trading Password and not record it in written or electronic form. In the event that the Constituent does record the Trading Password in written or electronic form, he/she/it shall do so at his/her/its sole risk and responsibility.
Any order entered using the Trading Password is deemed to be that of the Constituent. If third parties gain access to the “RCPL”’s services through the use of the Trading Password, the Constituent will be deemed to be responsible for the same and hereby indemnifies and holds harmless the “RCPL” against any liability, costs or damages arising out of claims or suits by or against such third parties based upon or relating to such access and use, since the primary responsibility for such transaction shall be that of the Constituent.
The Constituent is responsible for installing and maintaining the communications equipment (including personal computers and modems) and telephone or alternative services required at the Constituent’s end and connectivity required for accessing and using the web site or related services. All communications service charges, levies and fees incurred by the Constituent in accessing the web site or related services will be borne by the Constituent.
For the purposes of these Terms, it is presumed that the Constituent has all the necessary and compatible infrastructure ready at its end for the purpose of accessing the web site of the RCPL prior to accessing the services provided pursuant to these Terms. The RCPL will not (and shall not be under any obligation to) assist the Constituent in installing the required infrastructure or obtaining the necessary equipment permits and clearances to establish connectivity or linkages to the web site of the “RCPL”.
The Constituent will install the necessary safeguards and access restrictions to prevent unauthorised use of Constituents computer systems and ensure that no unauthorised person can gain access to the computer systems.
(a) The Constituent agrees and hereby authorises the “RCPL” at its sole discretion and without any prior notice to the Constituent, to record any conversation between the Constituent and the “RCPL”. Such recording shall be deemed to be and is hereby accepted by the Constituent as conclusive and binding on the Constituent for all purposes and further the Constituent shall not challenge the accuracy, truth, or correctness of the said records in any manner and for any purpose whatsoever.
(b) The Constituent hereby agrees that the “RCPL” shall not be liable for any losses, damage or claim on account of transactions effected by the “RCPL” on behalf of the Constituent arising from any incorrect or erroneous transfer or collection of the order instructions from the Constituent.
Documents, which may be sent by electronic delivery between the parties, may be in any of the following manners
(a) an electronic mail (‘e-mail’) including any automated replies from the system of the “RCPL”,
(b) an electronic mail attachment, or
(c) in the form of an available download from the web site.
(d) by telephonic information duly recorded.
(e) by courier containing details of transaction confirmations, account statements requisition of any delivery related documents on the last known address of the Constituent.
Unless the Constituent informs the “RCPL” of the change of the address for communication in writing, all notices, circulars, communication or mail sent to the existing address shall be deemed to have been received by the Constituent irrespective of whether they are actually received or not.
Certain policies and/or procedures may be further outlined on the “RCPL”’s web site and material/literature and frequently asked questions (FAQ’s) may be provided to the Constituent. Through the use of the “RCPL”’s web site and services, the Constituent agrees to be bound by any and all such notices, policies and terms of doing business.
(a) The “RCPL”-Constituent Agreement to access to the use of the Web-Site, the Services, the Facilities and the Content may upon notice of one month be terminated by mutual consent of the Constituent and the “RCPL”.
(b) The termination of the “RCPL”-Constituent Agreement and access to the use of the Web-Site, the Services, the Facilities and the Content will not affect the rights and/or obligations of either the “RCPL” 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.
(c) The termination of the “RCPL”-Constituent Agreement and access to the use of the Web-Site, the Services, the Facilities and the Content will not affect the rights and/or obligations of either the “RCPL” 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.
(a) The Constituent acknowledges and agrees that each participating stock exchange or association or agency asserts a proprietary interest in all of the market data it furnishes to parties that disseminate the said data. The Constituent shall use real-time quotes received on the web site of the “RCPL” only for the Constituent’s individual use and shall not furnish such data to any other person or entity. The Constituent is authorised to use materials which are made available by the “RCPL”’s web site for the Constituent’s own needs only, and the Constituent is not authorised to resell access to any such materials or to make copies of any such materials for sale or use to and by others. The Constituent shall not delete copyright or other intellectual property rights notices from printouts of electronically accessed materials from the “RCPL”’s web site.
(b) All materials published on the Web-Site, including, without limitation, information, text, photographs, images, graphics, software, audio, and video and/or other visual reproductions (hereinafter referred to as the “Content”) are intended solely for personal, non-commercial use. All rights pertaining to the Content or any part thereof shall vest only in the relevant owners of the same and no other person may modify, publish, transmit, participate in the transfer or sale of, reproduce (except as provided herein), create derivative works from, distribute, perform, display or in any way exploit, any of the Content, in whole or in part.
(c) To the extent that any part of the Content may be downloaded or copied, the same may be done only for personal non-commercial purpose(s) and use(s), and provided that all copyright and other notices contained in such Content are faithfully maintained and the Content shall not be stored in any media other than in the Visitor’s personal computer. In the event any software is downloaded from the Web-Site, such software, including without limitation any files, images incorporated in or generated by the software, and data accompanying the software, are licensed to the Visitor by for personal, non-commercial use and viewing only. The software may not be redistributed, sold, decompiled, reverse engineered or otherwise reduced to a human perceivable form. “RCPL” retains full and complete title and rights to all intellectual property in Web Site.
(d) “RCPL”. shall not be liable for truth, accuracy or completeness of the information or for any errors, mistakes or omissions therein or for any delays or interruptions of such information for whatever cause. It is expressly understood and agreed to by the Visitor that except as specifically provided herein, all warranties, express or implied, including any implied warranties or merchantability and/or fitness for a particular purpose, are hereby excluded.
(e) No information, market analysis, research report, etc. on the Website is to be construed as a representation with respect to shares, securities or other investment regarding the legality of an investment therein under the respective applicable investment or similar laws or regulations of any person or entity accessing the Website.
(f) Use of the Service is at any persons, including a Customer’s, own risk. The data and information provided on the Website is not advice, professional or otherwise, and should not be relied upon as such. Neither the information, nor any opinion contained in this Website constitutes a solicitation or offer by “RCPL” to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service. “RCPL” or their employees have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and companies mentioned herein. The investments discussed or recommended in the market analysis, research reports, etc. may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advisors as they believe necessary. Information herein is believed to be reliable but “RCPL” does not warrant its completeness or accuracy. The content of the articles and the interpretation of data are solely the personal views of the contributors and do not in any way reflect the views of “RCPL” Users are advised to peruse the articles and other data in the Website only as information and to rely on their own judgment when making investment decisions.
The Web Site may contain links to other web sites on the World Wide Web. “RCPL”. is not responsible for their resources or their content or the availability thereof.
(a) The Visitor shall remain solely responsible for all submissions on and to the Web Site. “RCPL”. is not responsible for the content or message of any submissions. The “RCPL” 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 “RCPL” necessarily endorse, support, sanction, encourage, verify, agree with, or reject, diminish or disagree with, the comments, opinions or statements posted by others on the Web-Site.
(b) While “RCPL” does not and cannot review every message posted or item submitted to/on the Web-Site, “RCPL” reserves the right, in its sole discretion, but assumes no duty, to delete, move, or edit submissions that it deems false, inappropriate, abusive, defamatory, obscene, in violation of copyright or trademark laws, or otherwise unacceptable, and the Visitor expressly acknowledges and accepts that its submissions may be edited, removed, modified, published, re-published, transmitted and displayed by in its sole discretion.
(c) The Web Site and its Facilities including the discussion groups and chat rooms shall be used only in a non-commercial manner. No part of the Web Site, discussion groups and/or chat rooms shall be used to solicit Visitors to become users of commercial online information services or for any other commercial services. The Visitor shall not disrupt or interfere with any aspect or element of the Web Site nor shall the Visitor do anything, which, in the sole judgment of “RCPL”, 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 “RCPL”, post or otherwise distribute any material containing any solicitation of funds, advertising or solicitation for goods or services. The Visitor shall not copy third party articles into the chat rooms or discussion groups available on the Web Site. No Visitor shall tout or hype a stock or company, or post the same note on multiple occasions in a single day (a practice known as ‘spamming’). The Visitor shall not upload to, or otherwise submit or publish through, the Web-Site any content or material which is libelous, defamatory, obscene, pornographic, abusive, or hateful, or which invades anyone’s privacy, encourages conduct that would constitute a criminal offense, or otherwise violates any third party rights or local, state, federal or international law or regulation.
(d) Those Visitors with formal connections or affiliations to or with a company being discussed in any forum, including among other things any and all positions of employment, directorships, consultancies and/or substantial share holdings, must identify themselves as such, and disclose such connection or affiliation, within their first post in that topic, company focus, or subject matter.
(e) The author or creator of any and all submissions in print or other forms or other uploads to the discussion groups and/or chat rooms, transfers and assigns to , by virtue of submission to the Web-Site and this agreement, the entire copyright, throughout the universe, in any and all media and forms of publication, reproduction, transmission, distribution, performance, or display,
The provisions of this agreement shall always be subject to government notifications, and rules, regulations & guidelines issued by SEBI & stock exchange rules, regulations & bye-laws that may be in force from time to time & the securities contract regulation Act. The Rules there under and any other applicable statutory provisions and/or regulations.
Now in existence or hereafter developed, in such work or other original materials; without separate, retained or reversionary rights being held by such author, creator or other person submitting such work. “RCPL” 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, “RCPL” 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.
(a) The Constituent hereby represents and warrants that the terms and conditions of these Terms have been clearly understood and that the information furnished to the “RCPL” is accurate and truthful
(b) The Constituent confirms that it/he/she is of legal age and he/she/it has obtained the necessary approvals from the relevant regulatory/ legal and compliance authorities to access the services provided pursuant to these Terms.
(a) Though orders are generally routed to the marketplace shortly after the time the order is placed by the Constituent on the system there may be a delay in the execution of the order due to any link/system failure at the Constituent/“RCPL”/NSE/BSE/MCX-Sx/USE’s end. The Constituent hereby specifically indemnifies and holds the “RCPL” harmless from any and all claims, and agrees that the “RCPL” shall not be liable for any loss, actual or perceived, caused directly or indirectly by government restriction, exchange or market regulation, suspension of trading, war, strike, equipment failure, communication line failure, system failure, security failure on the Internet, shut down of systems for any reason (including on account of computer viruses), unauthorized access, theft, any fraud committed by any person whether in the employment of the “RCPL” or otherwise or any problem, technological or otherwise, that might prevent the Constituent from entering the “RCPL”’s system or from executing an order or in respect of other conditions
(b) The Constituent further agrees that he/she/it will not be compensated by the “RCPL” for any “lost opportunity’ viz. notional profits on buy/sell orders which could not be executed or real loss from delay in executed orders due to any reason whatsoever, including but not limited to time lag in the execution of the order or the speed at which the system of the RCPL or of the Exchanges is operating or the delay in stock quotes or any shutting down by the RCPL of his system for any reason or the RCPL disabling the Constituent from trading on his system for any reason whatsoever.
(a) Under no circumstances, including but not limited to negligence, shall the “RCPL” or anyone involved in creating, producing, delivering or managing the Services be liable for any direct, indirect, incidental, special or consequential damages, even if the “RCPL” or such person has been advised of the possibility of such damages, that result from the use of or inability to use the service, delay in transmission of any communication, in each case for any reason whatsoever (including on account of breakdown in systems) or out of any breach of any warranty or due to any fraud committed by any person whether in the employment of the “RCPL” or otherwise.
(b) The Constituent agrees to fully indemnify and hold harmless the “RCPL” for any losses arising from the execution of incorrect/ ambiguous or fraudulent instructions that got entered through the system at the Constituent’s end.
The “RCPL” does not guarantee, and shall not be deemed to have guaranteed, the timeliness, sequence, accuracy, completeness, reliability or content of market information, or messages disseminated to the Constituent. The “RCPL” shall not be liable for any inaccuracy, error or delay in, or omission of,
(1) any such data, information or message, or
(2) the transmission or delivery of any such data, information or message; or any loss or damage arising from or occasioned by
(i) any such inaccuracy, error, delay or omission,
(ii) non-performance, or
(iii)interruption in any such data, information or message, due either to any act or omission by the “RCPL” or to any “force majeure” event (e.g., flood, extraordinary weather condition, earthquake or other act of God, fire, war, insurrection, riot, labour dispute, accident, action of government, communications, power failure, shut down of systems for any reason (including on account of computer viruses), equipment or software malfunction), any fraud committed by any person whether in the employment of the “RCPL”or otherwise or any other cause beyond the reasonable control of the “RCPL”.
The “RCPL” does not warrant that the service will be uninterrupted or error free. The service is provided on an “as is” and “as available” basis without warranties of any kind, either express or implied, including, without limitation, those of merchantability and fitness for a particular purpose. The Constituent agrees that the “RCPL” shall not be held responsible for any breakdown of the system either due to the fault of the systems of the “RCPL”or of the Exchanges or otherwise.
The “RCPL” may at any time amend these Terms, by modifying or rescinding any of the existing provisions or conditions or by adding any new provision or condition, by conspicuously posting notice of such amendment on the web site. The “RCPL” shall not be required to communicate any modification or rescission to the Constituent either through physical or electronic form, and any notice of amendment or modification is hereby waived by the Constituent. The continued use of the services of the “RCPL” after such notice will constitute acknowledgement and acceptance of such amendment. These Terms (as amended or modified from time to time) represent the entire agreement between the Constituent and the “RCPL” concerning the subject matter hereof. The continued use of the Services by the Constituent constitutes the Constituent’s acceptance of any and all modifications and amendments of the Terms.
If any provisions or of these Terms are held invalid or unenforceable by reason of any law, rule, administrative order or judicial decision by any court, or regulatory or self-regulatory agency or body, such invalidity or unenforceability shall attach only to such provision or terms held invalid. The validity of the remaining provisions and terms shall not be affected thereby and these Terms shall be carried out as if any such invalid or unenforceable provisions or terms were not contained herein.
The rights of the Constituent under these Terms are not transferable under any circumstances and shall be used only by the Constituent.
The instructions issued by an authorised representative of the Constituent shall be binding on the Constituent in accordance with the letter authorising the said representative to deal on behalf of the Constituent.
In the event of death or insolvency of the Constituent or of its otherwise becoming incapable of receiving and/or paying for or delivering or transferring securities which the Constituent has ordered to be bought or sold, the “RCPL” may close out the transaction of the Constituent and the Constituent or its legal representative/s or nominee/s shall be liable jointly or severally for any losses, costs and be entitled to any surplus which may result there from.
(a) The “RCPL” and the Constituent are aware of the provisions of the bye laws rules and regulations of the NSE/BSE/ MCX-Sx/USE relating to the resolution of the disputes/differences through the mechanism of arbitration provided by the Exchanges and agree to abide by the said provisions insofar as any disputes under these Terms relate to transactions that are to be carried out on the exchanges.
(b) In so far as any other disputes or differences in connection with these Terms or their performance (other than the disputes referred to in Paragraph VII.XIV(a) above) are concerned such disputes shall, so far as it is possible, be settled amicably between the Parties and in the case where after 30 days of consultation, the parties have failed to reach an amicable settlement, such disputes shall be submitted to arbitration and such arbitration shall be conducted in accordance with the Indian Arbitration and Conciliation Act, 1996 (the “Arbitration Act”) by an panel consisting of a sole arbitrator. The “RCPL” and the Constituent expressly consent and agree that the Chairman, shall be the persona designate to appoint the dais sole arbitrator. The venue of arbitration shall be Agra i and each party shall bear the cost of arbitration equally unless otherwise awarded by the sole arbitrator.
(c) The “RCPL” maintains offices at different places within the knowledge of the Constituent and the Constituent shall have all transaction with the principle office, but they may also avail facility at its branches as well. Branch Managers shall also have the power to recover payments or make the payments on behalf of the principles to such Constituents after obtaining the instruction in this behalf and may give acknowledgement of such transaction on behalf of the head office. However all transaction may be entered at branches shall be treated as transaction being done with the principle office and all information shall remain with the “RCPL” at “Agra”.
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.
(a) Notwithstanding anything contained in these Terms or in the “RCPL” -Constituent Agreement, “RCPL” retains its right to:
(i) In its sole discretion to alter, limit or discontinue the Website or any Material/s in any respect. “RCPL”shall have no obligation to take the needs of any user into consideration in connection therewith.
(ii) Deny in its sole discretion any user access to this Website or any portion thereof without notice.
(b) No waiver by of any provision of this Agreement shall be binding except as set forth in writing signed by its duly authorised representative.
(a) The Constituent agrees to abide by the “RCPL” Terms and Conditions and rules in force and changes in Terms and Conditions from time to time relating to their account.
(b) The Constituent agrees that the “RCPL” will be at liberty to close their account any time without assigning any reason whatsoever.
(c) The Constituent agrees that the “RCPL” can, at its sole discretion, withdraw any of the services/facilities given in their account either wholly or partially at any time without giving them any notice.
(d) The Constituent agrees that any change in their account status or change of address will be immediately informed to the “RCPL”.
(e) The Constituent agrees that all instructions relating to their account will be issued in writing satisfactory to the “RCPL” in form and content.
(f) The Constituent agrees that they shall not pay any amount in cash to any Sales Representative of the “RCPL” at the time of opening an account or carrying out any transaction in the normal course of the business.
(g) The Constituent agrees to accept the format provided by the “RCPL” in order to execute their fax instructions to the
(h) The Constituent agrees that the “RCPL” will send them communications/letters etc. through courier / messenger/mail or through any other mode at its discretion and the “RCPL” shall not be liable for any loss or delay arising there from.
(i) The Constituent agrees that the Pass Words will be dispatched by courier /email (or any other mode at the “RCPL” discretion) at their risk and consequence.
(j) The Constituent shall not hold the “RCPL” liable in any manner what so ever in respect of such dispatch of these items.< br>
(k) An account may be opened on behalf of a minor by his/her natural guardian or by a guardian appointed by a court of Competent Jurisdiction. The guardian shall represent the minor in all transactions of any description in the above account until the said minor attains majority. Upon the minor attaining majority, the right of the guardian to operate the account shall cease. The guardian agrees to indemnify the “RCPL” against the claim of above minor for any withdrawal/transactions made by him in the minor’s account.
(l) The Constituent agrees and undertakes to ensure that there would be sufficient funds/cleared balance/pre-arranged credit facilities in their account for effecting transactions. The Constituent agrees that the “RCPL” shall not be liable for any consequences arising out of non-compliance by the “RCPL” of my instructions due to inadequacy of funds and the “RCPL” can at its sole discretion decide to carry out the instructions notwithstanding the inadequacy of funds. There “RCPL” may do the aforesaid without prior approval from or notice to them and they shall be liable to repay with interest the resulting advance, overdraft or credit thereby created and all related charges arising thereby @ 18% compounded daily basis.
(m) The Constituent agrees that the “RCPL”. shall not be liable for any damages, losses (direct or indirect) whatsoever, due to disruption or non availability of any of services/facility/s due to technical fault/error or any failure in telecommunication network or any error in any software or hardware systems.
(n) The Constituent agrees that the “RCPL”. may disclose customer information, in strict confidence, to any of its agent/s and/or contractors with whom the “RCPL”. enters or has entered into any arrangement in connection with providing of services.
The Constituent agrees to repay to the “RCPL” on demand, unconditionally, the amounts of overdrafts or excesses against margin deposit that the “RCPL” may grant it/he/her from time to time, together with interest accrued thereon. The Constituent agrees that this does not imply that the “RCPL” is bound to grant them any credit or other facility whatsoever.
Internet refers to the network of computers / mobile phones / other electronic devices which share and exchange information. The Internet is at once a worldwide broadcasting capability, mechanism for information dissemination, and a medium for collaboration and interaction between individuals and their computers / mobile phones / other electronic devices capable of accessing the Internet without regard for geographic location.
Customer refers to any person who has a “RCPL”. Account and who has been authorised by the “RCPL”. to avail of the said facility.
Account refers to the Customer’s Savings and/or Current Account to which access is to be obtained through Electronic Payment Gateway for Netbanking.
Personal Information refers to the information about the Customer obtained in connection with Electronic Payment Gateway for Netbanking or otherwise.
|POLICIES AND PROCEDURES AS PER SEBI CIRCULAR NO. MIRDS/ SE /CIR-19/2009 DATED 3 DEC. 2009|
The stock broker may from time to time limit (quantity/value) refuse orders in one or more securities due to various reasons including market liquidity, value of security (ies), the order being for securities which are not in the permitted list of the stock Broker/exchange(s)/SEBI. Provided further that stock broker may require compulsory settlement/advance payment of expected settlement value/delivery of securities for settlement prior to acceptance/ placement of order(s) as well. The client agrees that the losses, if any on account of such refusal or due to delay caused by such limits, shall be borne exclusively by the client alone. The stock broker may require reconfirmation of orders, which are larger than that specified by the stock broker’s risk management, and is also aware that the stock broker has the discretion to reject the execution of such orders based on its risk perception.
The stock broker may from time to time impose and vary limits on the orders that the client can place through the stock broker’s trading system (including exposure limits, turnover limits, limits as to the number, value and/or kind of securities in respect of which orders can be placed etc.). The client is aware and agrees that the stock broker may need to vary or reduce the limits or impose new limits urgently on the basis of the stock broker’s risk perception and other factors considered relevant by the stock broker including but not limited to limits on account of exchange/ SEBI direction/limits (such as broker level/ market level limits in security specific/volume specific exposures etc.), and the stock broker may be unable to inform the client of such variation, reduction or imposition in advance. The client agree that the stock broker shall not be responsible for such variation, reduction or imposition or the client’s inability to route any order through the stock broker’s trading system on account of any such variation, reduction or imposition of limits. The client further agrees that the stock broker may at any time, at its sole discretion and without prior notice, prohibit or restrict the client’s ability to place orders or trade in securities through the stock broker, or it may subject any order placed by the client to a review before its entry into the trading systems and may refuse to execute/allow execution of orders due to but not limited to the reason of lack of margin/securities or the order being outside the limits set by stock broker/exchange/SEBI and any other reason which the stock broker may deem appropriate in the circumstances. The client agrees that the losses, if any on account of such refusal or due to delay caused by such review, shall be borne exclusively by the client alone.
The stock broker is required only to communicate/advise the parameters for the calculation of the margin/security requirements as rate (s)/percentage(s) of the dealings, through anyone or more means or methods such as post /speed post/courier / registered post/registered A.D/facsimile/telegram/cable/e-mail/voice mails/telephone (telephone includes such devices as mobile phones etc.) including SMS on the mobile phone or any other similar device; by messaging on the computer screen of the client’s computer; by informing the client through employees/agents of the stock broker; by publishing/displaying it on the website of the stock broker/making it available as a download from the website of the stock broker; by displaying it on the notice board of the branch/office through which the client trades or if the circumstances, so require, by radio broadcast/television broadcast/newspapers advertisements etc; or any other suitable or applicable mode or manner. The client agrees that the postal department/the courier company /newspaper company and the e-mail/ voice mail service provider and such other service providers shall be the agent of the client and the delivery shall be complete when communication is given to the postal department/the courier company /the e-mail /voice mail service provider, etc. by the stock broker and the client agrees never to challenge the same on any grounds including delayed receipt/non receipt or any other reasons whatsoever and once parameters for margin/security requirements are so communicated, the client shall monitor his/her/its position (dealings/trades and valuation of security) on his/her/its own and provide the required/deficit margin/security forthwith as required from time to time whether or not any margin call or such other separate communication to that effect is sent by the stock broker to the client and/ or whether or not such communication is received by the client.
The client is not entitled it trade without adequate margin/security and that it shall be his/her/its responsibility to ascertain beforehand the margin /security requirements for his/her /its orders/trades/deals and to ensure that the required margin/security is made available to the stock broker in such form and manner as may be required by the stock broker. If the client’s order is executed despite a shortfall in the available margin, the client, shall, Whether or not the stock broker intimates such shortfall in the margin to the client, make up the shortfall suo moto immediately. The client further agrees that he/she/it shall be responsible for all orders (including any orders that may be executed without the required margin in the client’s account) &/or any claim /loss/damage arising out of the non availability / shortage of margin / security required by the stock broker &/or exchange &/or SEBI.
The stock broker is entitled to vary the form (Le., the replacement of the margin/security in one form with the margin/security in any other form, say, in the form of money instead of share) &/or quantum &/or percentage of the margin &/or security required to be deposited/made available, from time to time.
The margin/security deposited by the client with the stock broker are not eligible for any interest.
The stock broker is entitled to include/appropriate any/all payout of fund &/or securities towards margin/security without requiring specific authorizations for each payout.
The stock broker is entitled to transfer funds &/ or securities from his account for one exchange &/or one segment of the exchange to his/her/its account for another exchange &/or another segment of the same exchange whenever applicable and found necessary by the stock broker.
The client also agrees and authorises the stock broker to treat/adjust his/her/its margin/security lying in one exchange &/or one segment of the exchange/towards the margin/security/pay in requirements of another exchange &/or another segment of the exchange.
The stock broker is entitled to disable/freeze the account &/or trading facility/any other service. Facility, if, in the opinion of the stock broker, the client has committed a crime/fraud or has acted in contradiction of this agreement or/is likely to evade/violate any laws, rules, regulations, directions of a lawful authority whether Indian or foreign or if the stock broker so apprehends.
The stock broker is entitled to charge brokerage within limits imposed by exchange which at present is as under:
a. For Cash Market Segment: The maximum brokerage chargeable in relation to trades effected in the securities admitted to dealings on the Capital Market segment of the exchange shall be 2.5% of the contract price exclusive of statutory levies. It is hereby further clarified that where the sale/purchase value of a share is Rs. 10/- or less a maximum brokerage of 25 paise per share may be collected.
b. For Option contracts: Brokerage for option contracts shall be charged on the premium amount at which the option contract was bought or sold and not on the strike price of the option contract. It is hereby clarified that brokerage charged on options contracts shall not exceed 2.5% of the premium amount or Rs. 100/ – (per lot) whichever is higher.
The client agrees that any amounts which are overdue from the client towards trading or on account of any other reason to stock broker will be charged with delayed payment charges at such rates as may be determined by the stock broker .The client agrees that the stock broker may impose fines/penalties for any orders/trades/deals/actions of the client which are contrary to this agreement/rules/regulations/bye laws of the exchange or any other law for the time being in force, at such rates and in such form as it may deem fit. Further where the stock broker has to pay any fine or bear any punishment from any authority in connection with/as a consequence of/in relation to any of the orders/trades/deals/actions of the client, the same shall be borne by the client. The client agrees to pay to the stock broker brokerage, commission, fees, all taxes, duties, levies imposed by any authority including but not limited to the stock exchanges (including any amount due on account of reassessment/backlogs etc.), transaction expenses, incidental expenses such as postage, courier etc. as they apply from time to time to the client’s account/transactions/services that the client avails from the stock broker.
The stock broker maintains centralized banking and securities handling processes and related banking and depository accounts at designated place. The client shall ensure timely availability of funds/securities in designated form and manner at designated time and in designated bank and depository account(s) at designated place, for meeting his/her/its pay in obligation of funds and securities. The stock broker shall not be responsible for any claim/loss/damage arising out of non availability/short availability of funds/securities by the client in the designated account(s) of the stock broker for meeting the pay in obligation of either funds or securities. If the client gives orders /trades in the anticipation of the required securities being available subsequently for pay in through anticipated payout from the exchange or through borrowings or any off market delivery(s) or market delivery(s) and if such anticipated availability does not materialize in actual availability of securities/funds for pay in for any reason whatsoever including but not limited to any delays/shortages at the exchange or stock broker level/non release of margin by the stock broker etc., the losses which may occur to the client as a consequence of such shortages in any manner such as on account of auctions/square off/closing outs etc., shall be solely to the account of the client and the client agrees not to hold the stock broker responsible for the same in any form or manner whatsoever.
In case the payment of the margin/security is made by the client through a bank instrument, the stock broker shall be at liberty to give the benefit/credit for the same only on the realization of the funds from the said bank instrument etc. at the absolute discretion of the stock broker.
Where the margin/security is made available by way of securities or any other property, the stock broker is empowered to decline its acceptance as margin/security &/or to accept it at such reduced value as the stock broker may deem fit by applying haircuts or by valuing it by marking it to market or by any other method as the stock broker may deem fit in its absolute discretion.
The stock broker has the right but not the obligation, to cancel all pending orders and to sell/close/liquidate all open positions/securities/share at the pre-defined square off time or when mark to market (M-T-M) percentage reaches or crosses stipulated margin percentage mentioned on the website, whichever is earlier. The stock broker will have sole discretion to decide referred stipulated margin percentage depending upon the market condition. In the event of such square off, the client agrees to bear all the losses based on actual executed prices. In case open position (Le. short/long) gets converted into delivery due to non square off because of any reason whatsoever, the client agrees to provide securities/funds to fulfill the payin obligation failing which the client will have to face auctions or internal close outs; in addition to this the client will have to pay penalties and charges levied by exchange in actual and losses, if any. Without prejudice to the foregoing, the client shall also be solely liable for all and any penalties and charges levied by the exchange(s).
The stock broker is entitled to prescribe the date and time by which the margin/security is to be made available and the stock broker may refuse to accept ant payments in any form after such deadline for margin/security expires.
Notwithstanding anything to the contrary in the agreement or elsewhere, if the client fails to maintain or provide the required margin/fund/security or to meet the funds/margins/securities pay in obligations for the orders/trades/deals of the client within the prescribed time and form, the stock broker shall have the right without any further notice or communication to the client to take any one or more of the following steps:
1. To withhold any payout of funds/securities.
2. To withhold/disable the trading/dealing facility to the client.
3. To liquidate one or more security(s) of the client by selling the same in such manner and at such rate which the stock broker may deem fit in its absolute discretion. It is agreed and understood by the client that securities here includes securities which are pending delivery/receipt.
4. To liquidate/square off partially or fully the position of sale &/or purchase in anyone or more securities/contracts in such manner and at such rate which the stock broker may decide in its absolute discretion.
5. To take any other steps which in the given circumstances, the stock broker may deem fit.
The client agrees that the loss(s) if any, on account of anyone or more steps as enumerated herein above being taken by the stock broker, shall be borne exclusively by the client alone and agrees not to question the reasonableness, requirements, timing, manner, form, pricing etc., which are chosen by the stock broker.
Stock broker 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 stock broker from the exchange, the clearing corporation/ clearing house or other company or entity liable to make the payment and the client has fulfilled his/her/its obligations first. The policy and procedure for settlement of shortages in obligations arising out of internal netting of trades is as under:
1. The securities delivered short are purchased from market on T+3 day which is the Auction Day on Exchange, and the purchase consideration (inclusive of all statutory taxes & levies) is debited to the short delivering seller client.
2. If securities cannot be purchased from market due to any reason whatsoever on T+3 day they can be covered from the market on any subsequent trading days. In case any reason whatsoever (any error or omission) any delay in covering of securities leads to higher losses, stock broker will not be liable for the same. Where the delivery is matched partially or fully at the Exchange Clearing, the delivery and debits/credits shall be as per Exchange Debits and Credits.
3.In cases of securities having corporate actions all cases of short delivery of cum transactions which cannot be auctioned on cum basis or where the cum basis auction payout is after the book closure/record date, would be compulsory closed out at higher of 10% above the official closing price on the auction day or the highest traded price from first trading day of the settlement till the auction day.
We have margin based RMS System. Client may take exposure upto the amount of margin available with us. Client may not be allowed to take position in case of non-availability/shortage of margin as per our RMS policy of the company. The existing position of the client is also liable to square off/close out without giving notice due to shortage of margin/non making of payment for their pay-in obligation/outstanding debts.
Notwithstanding anything to the contrary stated in the agreement, the stock broker shall be entitled to terminate the agreement with immediate effect in any of the following circumstances:
•If the action of the Client are prima facie illegal/improper or such as to manipulate the price of any securities or disturb the normal/proper functioning of the market, either alone or in conjuction with others.
•If there is any commencement of a legal process against the Client under any law in force;
On the death/lunacy or other disability of the Client;
•If a receiver, administrator or liquidator has been appointed or allowed to be appointed of all or any part of the undertaking of the Client;
•If the Client has voluntarily or compulsorily become the subject of proceedings under any bankruptcy or insolvency law or being a company, goes into liquidation or has a receiver appointed in respect of its assets or refers itself to the Board for Industrial and Financial Reconstruction or under any other law providing protection as a relief undertaking;
•If the Client being a partnership firm, has any steps taken by the Client and/or its partners for dissolution of the partnership;
•If the Client have taken or suffered to be taken any action for its reorganization, liquidation or dissolution;
•If the Client has made any material misrepresentation of facts, including (without limitation) in relation to the security;
•If there is reasonable apprehension that the Client is unable to pay its debts or the Client has admitted its inability to pay its debts, as they become payable;
•If the Client suffers any adverse material change in his/her/its/financial position or defaults in any other agreement with the Stock broker;
•If the Client is in breach of any term, condition or covenant of this Agreement;
•If any covenant or warranty of the Client is incorrect or untrue in any material respect; However notwithstanding any termination of the agreement, all transactions made under/pursuant to this agreement shall be subject to all the terms and conditions of this agreement and parties to this agreement submit to exclusive jurisdiction of courts of law at the place of execution of this agreement by Stock Broker.
Client account will be considered as inactive if the client does not trade for a period of one year. Calculation will be done at the beginning of every month and those clients who have not traded even a single time will be considered as inactive. Steps will be taken for transferring the shares/credit balance, if any, to such client within one week of identifying the client as inactive. Whenever such inactive account holders restart trading, a telephonic / personal confirmation will be made from the client to ensure that there is no error in identification of the client.
|Seats Of Arbitration-REGIONAL ARBITRATION CENTRES(RAC)||STATES & UNION TERRITORIES COVERED BY THE RAC|
|DELHI||Delhi,Haryana,UttarPradesh,HimachalPradesh,Punjab,Jammu & Kashmir,Chandigarh,Rajasthan,Uttranchal.|
|CHENNAI||Andhra Pradesh,Karnataka,Kerala,Tamilnadu,Andaman & Nicobar,Lakshadweep,Pondicherry.|
|MUMBAI||Maharashtra,Gujrat,Goa,Daman,Diu,Dadra & Nagar Haveli,Madhya Pradesh.|
|Parties to Dispute||Place of filling the Application for Arbitration||Place of Hearing|
|TM* V/s Trading Member||(a) If the dealing Offices of both Trading Members From where the dealing was carried is situated in any one of the states covered by the particular RAC,then the Application for Arbitration shall be filed by the Applicant-Trading Member in that RAC.||The hearing shall be held at the RAC where the Applicant-Trading Member has filed the Application for Arbitration and the Respondent-Trading Member shall attend the hearing in that particular RAC.|
|If the dealing Offices of both Trading Members From where the dealing was carried is situated in any one of the states covered by the particular RAC,then the Application for Arbitration shall be filed by the Applicant-Trading Member in that RAC. If the dealing offices of both Trading Members from where the dealing was carried out are situated in states covered by different RACs then the Application for Arbitration shall be filed in the RAC covering the state in which the Respondent-Trading Members dealing office is situated.|
|TM V/s C* & C V/s TM||The Application for Arbitration shall be filed by the Applicant at the RAC covering the state in which the Constituent Ordinarily Resides.||The hearing shall be held in that RAC where the Applicant has filed the Application for Arbitration and the Respondent shall attend the hearing in that particular RAC.|
6.Unless otherwise specifically agreed in writing between the Trading Member and the Constituent, in respect of any claims, disputes and differences arising out of internet trading between the Constituent and Trading Member, the seat of arbitration shall be the Regional Arbitration Centre within the area in which the Constituent ordinarily resided at the time of relevant trading, provided however in respect of a Non-Resident Indian Constituent, the seat of arbitration shall be the RAC in the area of which the correspondence office of the Trading Member is situated.
*”TM” stands for “Trading Member” and “c” stands for “Constituent”
For more details please refer to Chapter XI of the Bye-Laws and Chapter 5 of Capital Market Trading Regulations of The National Stock Exchange of India Ltd.
Anti Money Laundering Policy
The Prevention of Money Laundering Act, 2002 came into effect from 1st July 2005. SEBI vide circular dated 18th January 2006 required market intermediaries to lay down policy framework for A nti Money Laundering measures to be followed. SEBI has also issued Master Circular dated 19th December 2008 & circular CIR/MIRSD/1/2014 dt. 12.03.2014. Subsequently amended in Prevention of Money Laundering (Maintenance of Records) Rules, 2005 as per the gazette notification dated June 1, 2017.
The PMLA 2002 and Rules notified thereunder impose an obligation on intermediaries to verify identity of clients, maintain records and furnish information to the Financial Intelligence Unit (FIU)-India.
What is Money Laundering?
Money Laundering defined as cleansing of dirty money obtained from legitimate or illegitimate activities including drug trafficking, terrorism, organized crime, fraud and many other crimes with the objective of hiding its source and rendering it in legally usable form. It is any act or attempted act to conceal or disguise the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. The process of money laundering involves creating a web of financial transactions so as to hide the origin of and true nature of these funds.
This is done three phases- placement Phase, Layering Phase & Integration Phase.
The Prevention of Money Laundering Act, 2002 (PMLA) forms the core of the legal framework put in place by India to combat money laundering. PMLA and the Rules notified there under came into force with effect from July 1, 2005.
The PMLA and rules notified there under impose obligation on banking companies, financial institution and intermediaries to verify identity of clients, maintain records and furnish information to FIU-INDIA. PMLA defines money laundering offence and provides for the freezing, seizure and confiscation of the proceeds of crime. Monitor / maintain record of all cash transactions of the value of more than Rs. 10 lacs or its equivalent in foreign currency.
Policy of Raghunandan Capital Private Limited
Raghunandan Capital Private Limited has resolved that it would, as an internal policy, take adequate measures to prevent money laundering and shall put in place a frame work to report cash and suspicious transactions to FIU as per the guidelines of PMLA Rules, 2002.
Implementation of this Policy
Mr. Rahil Uddin is the Principal Officer who is responsible for compliance of the provision of the PMLA and AML Guidelines act as a central reference point and play an active role in identification & assessment of potentially suspicious transactions. Ensure that Group discharges its legal obligations to report suspicious transaction to the concerned authorities.
Rights and Powers of Principal Officer
The principal officer ensures that:-
The main aspect of this policy is the customer due diligence process which means:-
The customer due diligence process includes three specific parameters:-
(A) Element of Client Due Diligence (CDD)
The CDD measures comprise the following:
Reliance on third party for carrying out Client Due Diligence (CDD)
(B) Client Identification Procedure
To have a mechanism in place to establish identity of the client along firm proof of address to prevent opening of any account which is fictitious / benami / anonymous in nature.
There are following documents/activities upon which we can rely:-
Documents to be obtained as part of customer identification procedure for new clients:
PAN Card, it is mandatory, it can be verified its genuineness with Income Tax website and cross verify the PAN card copy with the original. “verified with original” stamp should be taken as proof of verification. Other proofs for identity are voter’s identity card, Passport, Ration Card or any Government/PSU/bank issued photo identity card or any other documents prescribed by the regulatory authorities.
Address proof in the form of voter’s identity card, Passport, Bank Statement, Ration Card and latest Electricity/telephone bill in the name of the client or any other document prescribed by the regulatory authorities.
Copy of the Registration/Incorporation Certificate;
Copy of the Memorandum & Articles of the Association;
Copy of the latest audited Annual Statement of the corporate client;
Latest Income Tax return filed with Income Tax deptt.;
Latest Net worth Certification;
Copy of the PAN card and the Director index No.(DIN);
Board Resolution for appointment of the Authorized Person who will operate the account;
Proof of address and any identity of Authorized Person
Authorization letter for the person authorized to open and operate the account
Annual statement/returns of the partnership firm
PAN card of partners;
Proof of identity and address of the authorized person.
Officially valid documents like PAN card, voters ID, Passport, etc of
person(s) authorized to transact on behalf of the trust;
PAN card; Authorization letter for the entity authorized to act on their behalf.
of the following must be obtained:
Officially valid documents like PAN Card, Voters ID, passport, etc of the person(s) authorized to transact;
POA in favour person authorized to transact;
Resolution of the managing body of such association or body of individuals;
Any document required to establish the legal existence of such an association or body of individual.
Copy of the passport;
Copy of the PIS permission issued by the bank;
Copy of the bank statement copy of the demat statement;
Copy of PAN card;
Proof of overseas address and Indian address;
If the account is handled through a mandate holder, copy of the valid POA/mandate.
Further, as per amendments to the Prevention of Money laundering (Maintenance of Records) Rules, 2005, it is stated as below:-
“Provided that in case of officially valid document furnished by the client does not contain updated address, the following documents shall be deemed to be officially valid documents for the limited purpose of proof of address:-
(C) Client for Special Category (CSC)
Clients of special category (CSC) include the following- i. Non resident clients’ ii. High net-worth clients,
(D) Policy for acceptance of clients
The following safeguards are to be followed while accepting the clients:-
No account is opened in a fictitious / benami name or on an anonymous basis. To ensure this we must insist the client to fill up all the necessary details in the KYC form in our presence and obtain all the necessary documentary evidence in support of the information filled in KYC. We identify the client whether he is debarred entity or not?
We must verify all the documents submitted in support of information filled in the KYC form with the originals and in-person verification should be done by our own staff. Moreover new client should either be introduced by an existing customer or by the senior official of the company.
In case we have any doubt that in-complete / fictitious information is submitted by the client, we must ask for such additional information so as to satisfy ourselves about the genuineness of the clients.
We should not continue to do business with such a person and file a suspicious activity report. We should also evaluate whether there is suspicious trading in the account and whether there is a need to freeze or close the account.
We should be careful while accepting clients of special category like NRIs, HNIs, Trust, Charities, NGOs, Politically Exposed Persons (PEP), persons of foreign origin, companies having closed share holding/ownership, companies dealing in foreign currency, overseas in high risk countries, non face to face clients, clients with dubious background. Current/Former senior high profile politician, Companies offering foreign exchange, etc.) or clients from high-risk countries or clients belonging to countries where corruption/fraud level is high. Scrutinize minutely the records/documents pertaining to clients belonging to aforesaid category.
Do not compromise on submission of mandatory information / documents. Client’s account should be opened only on receipt of mandatory information along with authentic supporting documents as per the regulatory guidelines. Do not open the accounts where the client refuses to provide information / documents and we should have sufficient to reject the client towards this reluctance.
(E) Risk based Approach
It is recognized that certain clients may be of a higher or lower risk category depending on the circumstances such as the client’s background, type of business relationship or transaction etc. As such, the registered intermediaries shall apply each of the client due diligence measures on a risk sensitive basis. The basic principle enshrined in this approach is that the registered intermediaries shall adopt an enhanced client due diligence process for higher risk categories of clients. Conversely, a simplified client due diligence process may be adopted for lower risk categories of clients. In line with the risk-based approach, the type and amount of identification information and documents that registered intermediaries shall obtain necessarily depend on the risk category of a particular client. Further, low risk provisions shall not apply when there are suspicions of ML/FT or when other factors give rise to a belief that the customer does not in fact pose a low risk.
We shall carry out risk assessment to identify, assess and take effective measures to mitigate its money laundering and terrorist financing risk with respect to its clients, countries or geographical areas, nature and volume of transactions, payment methods used by clients, etc. The risk assessment shall also take into account any country specific information that is circulated by the Government of India and SEBI from time to time, as well as, the updated list of individuals and entities who are subjected to sanction measures as required under the various United Nations’ Security Council Resolutions http://www.un.org/sc/committees/ 1267/aq_sanctions_list.shtml and http://www.un.org/sc/ committees/1988/ list.html).
The risk assessment carried out shall consider all the relevant risk factors before determining the level of overall risk and the appropriate level and type of mitigation to be applied. The assessment shall be documented, updated regularly and made available to competent authorities and self-regulating bodies, as and when required
Factors of risk perception of the client
Factors of Risk Perception having regard to Client`s Location ( Registered / Correspondence/ other address)
Particulars – Risk Perception
Nature of Business Activity, Trading Turnover etc.
-Retail clients (average daily turnover < Rs 1 Crore) – Low Risk
Manner of Making Payment
(C) Suspicious Transaction identification and reporting
Suspicious transaction means a transaction whether or not made in cash, which to a person acting in good faith gives rise to a reasonable ground of suspicious that it may involve the proceeds of crime; or appears to be made in circumstance of unusual or unjustified complexity; or appear to have no economic rationale or bona fide purpose.
Identity of client
Non-face to face client;
False identification documents;
Clients in high-risk jurisdiction;
Accounts opened with names very close to other established business entities;
Identification documents which could not be verified within reasonable time;
Receipt back of welcome kit undelivered at the address given by the client; Doubt over the real beneficiary of the account; Suspicious background or links with criminals.
Unexplained transfers between such multiple accounts Activity in Accounts;
Large number of accounts having a common parameters as common partners / directors / promoters / address / email address / telephone numbers introducer or authorized signatory;
Use others different accounts by clients alternatively;
Activity inconsistent with what be expected from declared business; Unusual activity compared to past transactions; Sudden activity in dormant accounts.
Nature of Transactions
Source of funds is doubtful;
Unusual or unjustified complexity;
Appears to be case of insider trading;
No economic rationale or bonafied purpose;
Transactions reflect likely market manipulation;
Suspicious off market transaction;
Purchases made on own account transferred to a third party through an off market transaction through DP account.
Value of Transaction
Value just under the reporting threshold amount in an apparent attempt to avoid reporting;
Inconsistent with the clients apparent financial standing;
Inconsistency in the payment pattern by client;
Block deal which is not at market price or prices appear to be artificially inflated/deflated;
Large sums being transferred from overseas for making payments.
Identifying and Reporting suspicious transaction
The Principle Officer for any suspicious transaction will transaction filtered out of the following filters in detail. As the Business dynamics are very varied and complex, defining transaction types for reporting will not be undertaken at this juncture. Having said that, the Principal Officer will review all the transactions thrown out by the filters and decides on a case-to case basis to report to FIU with in stipulated time with complete details.
These filters will be reviewed regularly for any updations and modifications to make the system more robust and effective.
What to Report
The amount of the transaction and the currency in which it was denominated;
The date on which the transaction was conducted;
The nature of the transactions; The parties to the transaction; The reason of suspicion.
Retention of records
Records pertaining to active clients and staff details collected for recruitment shall be kept safely. Further company has a policy to retain all records relating to PMLA provision for at least a period of 5 years. We have also retained the statutory and regulatory compliance relating records and co-operate with law enforcement authorities with timely disclosure of information.
Intermediaries shall take appropriate steps to evolve an internal mechanism for proper maintenance and preservation of such records and information in a manner that allows easy and quick retrieval of data as and when requested by the competent authorities. Further, the records mentioned in Rule 3 of PML Rules have to be maintained and preserved for a period of ten years from the date of transactions between the client and intermediary.
As stated in sub-section 5.5, intermediaries are required to formulate and implement the CIP containing the requirements as laid down in Rule 9 of the PML Rules and such other additional requirements that it considers appropriate. The records evidencing the identity of its clients and beneficial owners as well as account files and business correspondence shall be maintained and preserved for a period of five years after the business relationship between a client and intermediary has ended or the account has been closed, whichever is later.”
Thus the following document retention terms shall be observed: –
In situations where the records relate to on-going investigations or transactions which have been the subject of a suspicious transaction reporting, they shall be retained until it is confirmed that the case has been closed.
List of Designated Individuals/Entities
An updated list of individuals and entities which are subject to various sanction measures such as freezing of assets/accounts, denial of financial services etc., as approved by the Security Council Committee established pursuant to various United Nations’ Security Council Resolutions (UNSCRs) can be accessed at its website at http://www.un.org/sc/committees/1267/consolist.shtml. Registered intermediaries are directed to ensure that accounts are not opened in the name of anyone whose name appears in said list. Registered intermediaries shall continuously scan all existing accounts to ensure that no account is held by or linked to any of the entities or individuals included in the list. Full details of accounts bearing resemblance with any of the individuals/entities in the list shall immediately be intimated to SEBI and FIU-IND.
Procedure for freezing of funds, financial assets or economic resources or relatedservices
As per section 51A, of the Unlawful Activities (Prevention) Act, 1967 (UAPA), relating to the purpose of prevention of, and for coping with terrorist activities was brought into effect through UAPA Amendment Act, 2008. In this regard, the Central Government has issued an Order dated August 27, 2009 detailing the procedure for the implementation of Section 51A of the UAPA. Under the aforementioned Section, the Central Government is empowered to freeze, seize or attach funds and other financial assets or economic resources held by, on behalf of, or at the direction of the individuals or entities listed in the Schedule to the Order, or any other person engaged in or suspected to be engaged in terrorism. The Government is also further empowered to prohibit any individual or entity from making any funds, financial assets or economic resources or related services available for the benefit of the individuals or entities listed in the Schedule to the Order or any other person engaged in or suspected to be engaged in terrorism. The obligations to be followed by intermediaries to ensure the effective and expeditious implementation of said Order has been issued vide SEBI Circular ref. no: ISD/AML/CIR-2/2009 dated October 23, 2009, which needs to be complied with scrupulously.
Information to be maintained
Company will maintain and preserve the following information in respect of transactions referred to in Rule 3 of PMLA Rules for the period of 10 years.
Monitoring of transactions
We have initiated to regular monitoring of transactions for ensuring effectiveness of the AML procedures. In this respect we have an understanding of the normal activity of the client so that it can identify deviations in transactions / activities.
We shall pay special attention to all complex, unusually large transactions / patterns which appear to have no economic purpose. The intermediary may specify internal threshold limits for each class of client accounts and pay special attention to transactions which exceeds these limits. The background including all documents/office records /memorandums/clarifications sought pertaining to such transactions and purpose thereof shall also be examined carefully and findings shall be recorded in writing. Further such findings, records and related documents shall be made available to auditors and also to SEBI/stock exchanges/FIUIND/other relevant Authorities, during audit, inspection or as and when required. These records are required to be preserved for ten years as is required under the PMLA.
We shall ensure a record of the transactions is preserved and maintained in terms of
Section 12 of the PMLA and that transactions of a suspicious nature or any other transactions notified under Section 12 of the Act are reported to the Director, FIU- IND. Suspicious transactions shall also be regularly reported to the higher authorities within the intermediary.
Further, the compliance cell of the intermediary shall randomly examine a selection of transactions undertaken by clients to comment on their nature i.e. whether they are in the nature of suspicious transactions or not.
Hiring of Employees
We shall have adequate screening procedures in place to ensure high standards when hiring employees, having regard to the risk of money laundering and terrorist financing and the size of the business, we ensure that all the employees taking up such key positions are suitable and competent to perform their duties. The Company HR is instructed to cross check all the references and should take adequate safeguards to establish the authenticity and genuineness of the persons before recruiting. The department obtains the adequate documents for verification thereof.
We shall ensure compliance with the record keeping requirements contained in the SEBI Act, 1992, Rules and Regulations made there-under, PMLA as well as other relevant legislation, Rules, Regulations, Exchange Bye-laws and Circulars. We shall maintain such records as are sufficient to permit reconstruction of individual transactions (including the amounts and types of currencies involved, if any) so as to provide, if necessary, evidence for prosecution of criminal behavior.
We Shall there be any suspected drug related or other laundered money or terrorist property, the competent investigating authorities would need to trace through the audit trail for reconstructing a financial profile of the suspect account. To enable this reconstruction, registered intermediaries shall retain the following information for the accounts of their clients in order to maintain a satisfactory audit trail: (a) the beneficial owner of the account; (b) the volume of the funds flowing through the account; and (c) for selected transactions:-
We shall ensure that all client and transaction records and information are available on a timely basis to the competent investigating authorities. Where required by the investigating authority, they shall retain certain records, e.g. client identification, account files, and business correspondence, for periods which may exceed those required under the SEBI Act, Rules and Regulations framed there-under PMLA, other relevant legislations, Rules and Regulations or Exchange bye-laws or circulars.
6.5 More specifically, all the intermediaries shall put in place a system of maintaining proper record of transactions prescribed under Rule 3 of PML Rules as mentioned below:-
Company adopted an ongoing employee training program so that the members of the staff are adequately trained in AML procedures. Training requirements have specific focuses for frontline staff, back office staff, compliance staff, risk management staff and staff dealing with new customers. It is crucial that all those concerned fully understand the rationale behind these guidelines, obligations and requirements, implement them consistently and are sensitive to the risks of their systems being misused by unscrupulous elements. The said training programme is being conducted through personal meeting/presentation.
Implementation of AML measures requires back office and trading staff to demand certain information from investors which may be of personal nature or which have hitherto never been called for. Such information can include documents evidencing source of funds/income tax returns/bank records etc. This can sometimes lead to raising of questions by the customer with regard to the motive and purpose of collecting such information. There is, therefore, a need for the back office and trading staff to sensitize their customers about these requirements as the ones emanating from AML framework. The back office and trading staff should prepare specific literature/ pamphlets etc. so as to educate the customer of the objectives of the AML programme.
Reporting to FIU
In terms of the PMLA rules, Intermediaries are required to report information relating to cash and suspicious transactions to the Director, Financial Intelligence Unit- India (FIU-IND)
All cash transactions of the value of more than rupees ten lakhs or its equivalent in foreign currency;
All series of cash transactions integrally connected to each other which have been valued below rupees ten lakhs or its equivalent in foreign currency where such series of transactions have taken place within a month;
The cash transaction report (CTR) (wherever applicable) for each month should be submitted to FIU-IND by 15th of the succeeding month.
All are requested not to accept cash from the clients whether against obligations or as margin for purchase of commodities or otherwise. All payments shall be received from the clients strictly by account payee crossed cheques drawn in favour of Raghunandan Capital Private Limited.
All are requested to analyze and furnish details of suspicious transactions, whether or not made in cash. It should be ensured that there is no undue delay in analysis and arriving at a conclusion.
The intermediary shall furnish to FIU-IND information of all suspicious transactions whether or not made in cash.
The Principal Officer should record his reasons for treating any transaction or a series of transactions as suspicious. It should be ensured that there is no undue delay in arriving at such a conclusion. The Principal Officer will be responsible for timely submission of CTR and STR to FIU-IND concerning also the Red flags as indicated by FIU for generation of alerts and identification of suspicious transaction. Utmost confidentiality should be maintained in filing of CTR and STR to FIU-IND. The reports may be transmitted by speed/registered post/e-mail/fax at the notified address.
All cash transactions where forged or counterfeit currency notes or bank notes have been used as genuine or where any forgery of a valuable security or a document has taken place facilitating the transactions may reported in Counterfeit Currency Reports (CCR).
Prevention of Money Laundering (Maintenance of Records) Rules, 2005
Prevention of Money Laundering (Maintenance of Records) Rules, 2005 has been amended as per the gazette notification dated June 1, 2017:-
Review of policy
The aforesaid AML policy is reviewed periodically to meet the compliance requirements of PMLA 2002. The principal officer is the authority to give directions to concern for addition, changes, modifications etc. as directed by SEBI/FIU-IND.
Above said policies are reviewed by us on regular basis to keep it updated as per the various amendments in the PMLA rules.
In case any further information /clarification is required in this regard, the Principal Office may be contacted as follows :-
Mr. Rahil Uddin
Address: 26/257 B, Near Ashish Palace,
SultanGanj, Agra – 282004
Tel : 0562-4266600 | Fax : 0562-2526550
For Raghunandan Capital Private Limited
Raghunandan Capital (P) Ltd. has designed following RMS Policy for trading in Equity / Derivatives / Currency Derivatives Segments. The Policy shall be applicable to all the clients trading through RCPL in Equity / Derivatives / Currency Derivatives Segments of NSE / BSE / MCX-SX / USE as the case may be.
|Sl||PARTICULARS||Total Available Margin|
|(i)||Net Credit Balance in Running A/c||100%|
|(ii)||Margin Deposit (Funds)||100%|
|(iii)||Margin Deposit (Shares lying with us / Shares lying in POA A/c after applicable haircut) To be considered upto 100% of clear balance equal to (i) and (ii) above||100%|
|INTRA DAY TRADING LIMITS (Margin Tag)||LIMIT MULTIPLIER CM||LIMIT MULTIPLIER F&O/CD|
|On Total Available Margin||As per Applicable VAR Margin||As per Applicable Span + MTM Margin|
|CARRY FORWARD TRADING LIMITS (Delivery Tag)|
|In case daily MTM till 03.00 p.m. is less than 25 % of Total Available Margin||2-3 Times of Available Free Balance||As per Applicable Span + MTM Margin|
|In case daily MTM during the day is more than 25 % of but less than 75 % of Total Available Margin till 03.00 p.m.||2 Times of Total Available Margin less MTM during the Day||1 times of Total available Margin less MTM during the Day|
2. MARGIN CALLS :
First Margin Call will be given as soon as the MTM Loss reaches 50 % of the Total Available Margin and client will be asked to submit fresh margin or reduce the positions and the client will be in square off mode until he provides fresh margin or his MTM comes below 40% of Free Balance.
Second Margin Call Call will be given when MTM Loss exceeds 65% of Available Clear Balance and if client does not bring in fresh margin or reduces his exposure himself before MTM reaches 80% of clear balance his positions will be squared off without further notice.
For this purpose calls to be made on registered Mobile No / emails sent to registered email addresses/ fax sent of registered fax no shall be treated as valid delivery of margin calls.
In case of Square off of the positions best efforts to be made to leave open positions to the extent that could ordinarily be carried forward as per Exchange norms on the available free balance after setting aside the MTM Loss for the day till 3.00 p.m..
In case of Square off of the positions best efforts to be made to leave open positions to the extent that could ordinarily be carried forward as per Exchange norms on the available free balance after setting aside the MTM Loss for the day till 3.00 p.m..
While closing out, the positions with highest margin/highest MTM Loss will be closed out first.
For Margin Tag the time limit will be 3.15 p.m. for squaring off outstanding positions and after 3.15 p.m. Square Off mode will be activated and no fresh orders will be allowed in margin tag.
3. All the cheques once committed for carry forward positions / intra day limits must be deposited and cleared irrespective of margin requirement during subsequent days.
RMS department shall maintain the list of all the fake cheque commitments and ensure due clearance of the same
4. In equity Segment all debits must be cleared off latest by T+2, else RMS will sell deliveries on T+3 by 02.30 p.m. to regularize the account.
5. All the new listings in T 2 T settlement will be disabled for selling by default by the RMS department and only the clients who transfer their shares in advance to the pool account will be able to sell on the listing day.
6. Defaulter List shall be prepared and bought to the notice of Management on monthly basis. The Management reserves the right to remove any person form defaulter list in consultation with concerned VPs.
7. Payment control Report for debit recovery from the clients is made on daily basis and follow-up for the payment on regular basis done by RMS department.
Internal Control Policy
A) Client Registration, Documents maintenance:
Account opening Process and documents maintenance is taken care of in house by a separate account opening department centrally. The process is maintained in such a manner that from verification to enabling the UCC upload, different persons are involved and responsible for each step so that the concept of maker checker is effectively taken care of. Proper MIS is sent for the different steps so that proper control and checks are exercised. Forms received at our various locations are received at centralized account opening department after the basic checking of the account opening kit and in person-verification of documents/proofs received with its original. After opening the code, welcome kit & copy of documents executed is sent by the post to the address given in the account opening form along with all the concerned telephone numbers and email id’s where the client can make his queries/complaints along with the details entered in the Client Master. After opening of accounts we also do periodic review of the client’s & obtain their financial & other details. Particulars of client’s or change in client master details of the client’s are done as per the specific request of clients after receiving documentary proofs if required. All the documents are kept in such a manner so that it can be retrieved whenever required after opening of the account. Our marketing personals are provided regular training to make them update about the various exchange norms so that they can provide appropriate information to prospective client’s while offering services related to financial markets. We ensure that promotional schemes must adhere the exchange norms in this regard.
B) Closure of Client Accounts/Dormant Account
Accounts are closed on request of the client or after giving intimation from our side to the client. In case of client request accounts are closed only after verification all the documents & settlement of all the dues & securities etc.
For closure of client account, we receipt the letter from client, who want to close his/her client account and give a receipt to the client. We make this client code inactive in our back office, so that no trade can be done/punched in his/her client code. For Transfer of client from one branch to another branch, we have change in our back office. A daily file is generated from our back office to verify whether any trade has been done in any code which is dormant in nature & if any such case is found then it should be verified from the concerned clients to ensure that said trade is done by the respective client only.
C) Order Receipt and Execution
Orders are received from the clients telephonically or personally and are executed as per the instructions of the clients. Dealers receiving the telephonic orders make necessary verification before executing the orders. At most of the locations, the telephone lines are recorded for which logs are maintained for a period of 1 month.
There is system of trade confirmation via SMS and Telephonically on the numbers given by the clients in the Account opening form. No discretionary powers are exercised at any location to execute client orders. Controls like executing orders by personal visits and voice confirmation by the dealers are adopted for receipt of order from respective client only.
D) Sending Contract Notes, Daily Margin statement, Quarterly Statement of Accounts to clients:
All the Contact notes alongwith daily margin statement for the trades executed are centrally sent by email on daily basis within 24 hours trades executed to our clients. Log file are maintained for the contract notes sent to the clients. The quarterly statements are dispatch within the stipulated time by email. All client are provided access to the web based back office where all the reports including contract notes, settlement obligation, daily margin reports ,etc are provided to the clients.
E) Collection of pay in, margin, limits setting for exposures & turnover for clients, terminals, branches & Authorised Person (AP)
We take the clients payin only by first party cheque which is self authorized by the client. Similarly the upfront margin for Future and options is taken in the form of First party chq (Self authorized) and pledged stocks (haircut applicable as per exchange).The premium for options is taken only through cheque and MTM is also settled by cheques only.
Clients can deposit the cheques at our local branches & we provides its credit to the clients after receiving scanned copy of the cheques so that third party transactions can’t be made
The limits and exposure is provided as per the clients debit and credit positions, along with stocks lying with us, margin requirement for the open positions in f&o segment, MTM check and ageing report is also taken in consideration. Payments are made to clients as per the request of client in case of running case and in any other case payment is to clients through cheques in compliance of exchange norms.
F) Squareoff of positions/Liquidation of securities without consent of clients
The Clients are informed of any increase in margin, or any increase in MTM losses beyond their collaterals through emails, phones and sending sms to the clients mobile number. We provide opportunities to the clients to bring in adequate margin to such extent so that our position does not remain uncovered. If payment is not received despite reminders then we square off the positions after giving prior intimation to the clients and the details is communicated by telephone, SMS or email.
G)Transfer of Trades
The trade is not transfer to one client to another client account. If in rare case if any error is occurred from dealer, then we take the letter from both the client and modify the same within the prescribed time in exchange online.
H) Policy of Internal Shortage
We have followed the policy prescribed by the Exchange in case of internal shortage
I) Investor Redressal Mechanism
Investor Satisfaction being of utmost importance, investor redressal mechanism is the most important activity for which necessary mechanism and systems are in place. All the investor grievances are monitored and redressed by the Compliance Officer of the Company who reports directly to the Board of Directors and this essentially takes care of the necessary escalation in case of any long pending and serious compliant, otherwise the same are taken care of by the Compliance Officer with the support of the Compliance team. The clients can email their grievances on the email ID email@example.com which is displayed on our website and the same also mentioned on the contract notes and other correspondence if any sent to the client from time to time. All the mails received are duly monitored and redressed by the Compliance Officer. The register of grievances is centrally maintained for better control and Monitoring, thus the grievances received in writing, mail, verbally, etc. are centrally monitored and redressed and recorded with all the necessary steps taken for redressal of the same. Proper analysis is undertaken to analyze the nature of complaints received, pattern of complaints and concentration if any at a particular location, so that every effort is taken to remove the root cause of grievance by the client. Periodic visits and inspections are undertaken for the branches and sub brokers to get the feedback of clients on the issues like receipt of contract notes, trade confirmation, SOA & margin statements etc. Depending on the feedback received necessary corrective steps are introduced into the system. For ensuring that the funds received from the particular clients are properly accounted for, scanned copy of all the cheques collected at various locations is received at the Head Office where centralized accounting is maintained, by which it is ensured that the cheques are credited to the account of the correct client and also from the particular accounts mentioned in the client account master in the Back office software maintained centrally. No other separate software is maintained for maintaining client account details.
Thus every attempt is made to redress the grievance/problems of the clients and introduce systematic changes into the processes so that such instances are avoided.
J) Allotment, Surrender of trading terminals, Opening & Closing of Branches.
K) Branch & AP Audits
We have designated a Compliance team which is headed by the Compliance Officer for periodic inspection of Branch & Sub-Brokers Audit on periodic basis. We ensure that all the areas as per the exchange norms are covered under the inspection. After the inspection a report is provided to concerned office with findings of the inspection along with the suggestions for better compliance. We also ensure that Notice Boar & SEBI registration certificates are displayed at the branch/ AP office. We have appointed auditor for conducting the internal audits as per the exchange norms. Findings & suggestions of the Internal Auditors are referred to audit committee which is designated to comply with the findings of the internal & rectify the discrepancies if any found.
For Raghunandan Capital Private Limited
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Client Code Modification Policy
|‘a’ as % of ‘b’||Penalty as % of ‘a’|
Where ‘a’ = Value (Turnover) of non-institutional trades where client codes have been modified by the Company in a segment during a month.
‘b’ = Value (Turnover) of non-institutional trades of the company on the segment during the month.
For Raghunandan Capital Private Limited
Inactive/Dormant Account Policy
The objective of the policy is to appropriately deal with the Inactive/dormant clients, where clients have not traded for one year.
The policy is also applicable for accounts which have been marked inactive on account of Rules, Bye laws, circulars and guidelines issued by SEBI, Exchanges and Internal Risk Management Policies.
Procedure to handle Inactive/dormant accounts:
If there is no transaction (buy/sell) entered into by the account holder for twelve months, the account will be marked as “INACTIVE/DORMANT”.
All the accounts marked as “INACTIVE/DORMANT” needs to be monitored carefully in order to avoid unauthorized transactions in the account. If the client wants to make the account “ACTIVE” after twelve months or after providing the required documents supporting the financial status, the client needs to submit a request to reactivate his/her account. In case there is any change in the information such as; address, mobile number, email ID, bank/demat account, financial disclosure provided in KYC at the time of registration as client, the same has to be submitted along with the request. After proper verification of the updated / revised details and approval from the compliance officer / or concerned department in-charge of registration of clients, the account can be made “ACTIVE” and transaction can take place. Process for reactivation of Inactive /dormant account which are inactive for twelve months.
The Client can follow any of the below processes
– such as Aadhar Card, Electricity Bill Passport Copy. Identity Proof such as Aadhar Card, Passport Copy, Pan Card and financial Information required for trading in derivative segment. The Client may also courier/post the same for activation of account, or
This policy may be reviewed as and when there are any changes introduced by any statutory authority or as and when it is found necessary to change on account of business needs and Risk Management policy.
The policy may be reviewed by the Compliance Officer/authorized person and place the changes in the policy.
A copy of this policy shall be made available to all the relevant staff/persons such as Compliance officer/department in-charge of registration of clients and sub- broker /authorized persons.
For Raghunandan Capital Private Limited
NISM SERIES VII-SORM CERTIFICATION
SEBI notification no. LAD-NRO/GN/2010-11/21/29390 published in the Gazette of India on December 10, 2010 and the Exchange circular NSE/INSP/16536 dated December 15, 2010, Exchange circular NSE/INSP/27495 September 2, 2014, persons associated with a registered stockbroker/trading member/clearing member who are involved in, or deal with in specified functioned functions are required to have a valid NISM Series VII Certification.
Raghunandan Capital Private Limited (refereed herein as “Raghunandan”)has internal policy on applicability of NISM series VII-SORM certification
Raghunandan conducts its business to ensure to have Internal control or risk management, redressal of investor grievances, activities having a bearing on operational risk and dealing with assets or funds of investors or clients.
Raghunandan enforce the above circular in the following areas/ activities for the better/ effective management:-
Internal control or risk management
Redressal of investor grievances
Activities having a bearing on operational risk and dealing with assets or funds of investors or clients
For Raghunandan Capital Private Limited
Code of Conduct &
Controls relating to
To protect investors from and to stop unauthenticated news circulation by the Employees / Staffs or other dealing person of Raghunandan Capital Private Limited
As per the code of conduct for Stock Broker in SEBI (Stock Brokers and Sub‐brokers) Regulations, 1992 and SEBI circular CIR/ISD/1/2011 dated March 23, 2011, all SEBI registered market intermediaries are required to have proper internal codes of conduct to obstruct the market news circulation through blogs/chat forums/email by employees without adequate caution may cause considerable damage to the normal functioning and behavior of the market and distort the mechanisms thereof.
Therefore all the employees of Raghunandan Capital Private Limited should follow internal codes of conduct and controls. Employees/staff etc. working in the office will not encourage or circulate rumours or unverified information obtained from the client, industry and trade or any other sources without verification.
Implementation of code of Conduct
In this regard, Raghunandan Capital Private Limited implements the codes of conduct for the various modes of communication. Company Directors/ Officers / Employees/ Staff etc.
are prohibited from:-
Raghunandan Capital Private Limited and is not allowed.
There will be no access to chat forums/ Messenger sites to Employees/ staff excepts senior officials including Directors, Compliance Officer. All the logs of such sites shall be treated as records and are maintained by the IT deptt. Any information or market related news received by staff in official mail or their personal mail should be forwarded after seen and approved by the Compliance officer.
If an employee violated the provisions contained in SEBI Act/Rules/Regulations etc. and shall be liable for disciplinary action/ strict actions.
Where the Client has any grievances, he should promptly notify the same to our Compliance Officer in writing, mentioning sufficient details along with supporting documents to e-mail ID of the Compliance Officer and the grievances email ID. The complaint shall be analyzed and redressed and replied to the client within 7 days/ sufficient time period from the date of the complaint with the resolution of the complaint.
For Raghunandan Capital Private Limited
Policy on Conflict of Interests
SEBI vide its circular no. CIR/MIRSD/5/2013 dated August 27, 2013 issued a General Guidelines for dealing with Conflicts of Interest of Intermediaries, Recognized Stock Exchanges, Recognized Clearing Corporations, Depositories and their Associated Persons in Securities Market. SEBI decided to put in place comprehensive guidelines to collectively cover such entities and their associated persons, for elimination / avoidance of their conflict of interest and educating the Associated Persons as defined in Securities and Exchange Board of India.
SEBI guidelines intends Intermediaries and their Associated Persons to comply with the following –
2. Policies and Internal Procedures to Identify and avoid or to deal or manage actual or potential Conflict of Interest
In order to strive for achieving management of conflict of interests, Raghunandan Capital Private Limited shall endeavor-
The conflict of interest policy aims to ensure that the Company’s clients are treated fairly and at the highest level of integrity and that their interests are protected at all times. It also aims to identify conflicts of interest between:-
In addition it aims to prevent conflicts of interest from adversely affecting the interest of its Client.
Conflicts of Interest Policy sets out how:-
“Conflict of Interest”
Conflicts of Interest can be defined in many ways, including any situation in which an individual or else is in a position to exploit a professional or official capacity in some way for their personal or corporate benefit. A conflict of interest is a manifestation of the moral hazard problem, particularly when a financial institution provides multiple services and the potentially competing interests of those services may lead to a concealment of information or dissemination of misleading information. A conflict of interest exists when a party to a transaction could potentially make gain from taking actions that are detrimental to the other party in the transaction.
Identification of Conflicts of Interests
The Company shall take adequate steps to identify conflicts of interest. In identifying conflicts of interest, the Company will take into account situations where the Company or an employee or a Relevant Person:
Potential Conflict of Interest
In order to avoid, manage or deal with conflict of interest with the intermediary or the Associated Persons, it is important to identify the possible areas of conflict of interest. Raghunandan Capital Private Limited lists out the following potential conflict of interest that may affect the company:-
Measures to avoid or to deal or manage actual or potential Conflict of Interests(COI)
Conflict of interest should arise, it needs to be managed promptly and fairly. The Company puts in place following arrangements to ensure that:
The Company respects the confidentiality of information it receives regarding its Clients and operates a “Need to Know” approach and complies with all applicable laws in respect of the handling of that information. Access to confidential information is restricted to those who have a proper requirement for the information consistent with the legitimate interest of a Client of the Company. The Company operates internal organizational arrangements to avoid conflicts of interest by controlling, managing or restricting, as deemed appropriate, the flow of confidential information between different areas of business or within a specific division or department.
Disclosure to clients of possible source or potential areas of conflict of interest(COI):
i. Raghunandan Capital Private Limited or its associated persons should, in writing,
disclose to a client any COI in respect of that client including –
Policies and procedures
The Company has developed and implemented policies and procedures throughout its business to prevent or manage potential conflicts of interest. Our employees receive guidance and training in these policies and procedures, and they are subject to monitoring and review processes.
Procedure to comply with the policy
3. Internal code of conduct governing operations
Raghunandan Capital Private Limited and Associated Persons shall abide by the Code of Conduct contained in the Schedule II of the Securities and Exchange Board of India (Stock-Brokers and Sub- Brokers) Regulations, 1992, as amended, for accomplishment of the objectives of the SEBI Code.
4. Standards of appropriate conduct in the performance of the activities,
Raghunandan Capital Private Limited and its Associated Persons shall adopt the following standards of appropriate conduct in the performance of the activities.
5. Communication of policies, procedures and code to all concerned
This Policy on management of Conflict of Interest offers general guidance in addition to policies and procedures and is not meant to replace any of those policies or procedures
6. Implementation and Review of policy of management on Conflict of Interest
This policy shall come into effect from the date of approval of the Board of Directors of the company for its implementation so as to provide necessary guidance enabling identification, elimination or management of conflict of interest situations and that the same shall be reviewed and assessed annually by the company management.
For Raghunandan Capital Private Limited
Annexure-I: Risk disclosures
RISK DISCLOSURES ON DERIVATIVES
SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of individual Traders dealing in equity Futures and Options (F&O) Segment”. wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.
IT'S TIME TO HAVE SOME FUN!
Your family deserves this time more than we do.
Share happiness with your family today & come back soon. We will be right here.
Investment to ek bahana hai,
humein to khushiyon ko badhana hai.