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Rules & Regulations
WITH RESPECT TO ITORS SERVICES, IT IS HEREBY AGREED BETWEEN THE STOCK BROKER AND
CLIENT as follows:
1.1 In this Agreement (including the Recitals above), unless the context otherwise
requires the following words shall have the following meanings:-
- "the Exchange" means "The Bombay Stock Exchange Limited and/or National
Stock Exchange of India Limited" and includes a segment of the Exchange.
- "Exchange Provisions" means the Rules, Bye-laws, Regulations, Business
Requirement, Specifications, handbooks, notices, circulars and resolutions of the
Exchange or any segment of the Exchange in force from time to time and includes
the Minimum Requirements Handbook for ITORS prescribed by the Exchange, as amended
from time to time.
- "ITORS" means Internet based Trading through Order Routing System, being
a system approved by the Exchange for enabling clients to route their orders to
their Member-brokers over the internet.
- "ITORS Account Application" means the application submitted by the Client
to the Member to permit the Client to avail of the Member’s ITORS Service.
- "ITORS Service" or "Service" means the service offered by the Member to
its clients through ITORS whereunder the clients can route their orders for purchase,
sale and other dealings in securities through the Member’s ITORS System.
- "Member’s ITORS System" or "Member’s ITORS WebSite" means the web site
hosted by the Member on the internet through which the Member offers the ITORS Service
and includes the hardware and software used for hosting and supporting the WebSite.
- "Password" means an alphanumeric code used by the Client to validate his/her
username and access the Service.
- "SEBI" means the Securities & Exchange Board of India.
- "Username" means an alphanumeric login identification used by the Client
for accessing the Service.
1.2 In this Agreement, headings are used for convenience and ease of reference only
and shall not affect the construction or interpretation of any provision of this
1.3 In this Agreement, unless the context otherwise requires, reference to the singular
includes a reference to the plural and vice-versa, and reference to any gender includes
a reference to all other genders.
1.4 In this Agreement, unless the context otherwise requires, references to Recitals
and Clauses shall be deemed to be a reference to the recitals and clauses of this
1.5 References to any enactment are to be construed as referring also to any amendment
or re-enactment thereof and to any rule, bye-law, regulation, business requirement,
specification, order or other provision made under it.
2. Agreement to provide and avail of the ITORS service:
The Member agrees to provide the Member’s ITORS Service to the Client, and the Client
agrees to avail of the Member’s ITORS Service, on and subject to the terms and conditions
of this Agreement, the Exchange Provisions and the terms of the Member’s ITORS Web
3. User name and Password:
3.1 The Client will be entitled to a username and password, which will enable him
to access the Member’s ITORS System for availing of the Service.
3.2 The Client is aware that the Member’s ITORS System itself generates the initial
password and that the Member is aware of the same. The Client agrees and undertakes
to immediately change his initial password upon receipt thereof. The Client is aware
that subsequent passwords are not known or available to the Member.
3.3 The Client shall be responsible for keeping the Username and Password confidential
and secure and shall be solely responsible for all orders entered and transactions
done by any person whosoever through the Member’s ITORS System using the Client’s
Username and/or Password whether or not such person was authorised to do so.
3.4 The Client shall immediately inform the Member of any unauthorised use of the
Client’s Username or Password with full details of such unauthorised use including
the date of such unauthorised use, the manner in which it was unauthorisedly used,
the transactions effected pursuant to such unauthorised use, etc.
3.5 The Client acknowledges that he is fully aware of and understands the risks
associated with availing of a service for routing orders over the internet including
the risk of misuse and unauthorised use of his Username and/or Password by a third
party and the risk of a person hacking into the Client’s account on the Member’s
ITORS System and unauthorisedly routing orders on behalf of the Client through the
System. The Client agrees that he shall be fully liable and responsible for any
and all unauthorised use and misuse of his Password and/or Username and also for
any and all acts done by any person through the Member’s ITORS System on the Client’s
Username in any manner whatsoever.
3.6 The Client shall log off from the ITORS Service at any time the Client is not
accessing or using the Service and any liability incurred to the Client as a consequence
of the Client not logging off the Service shall borne solely by the Client.
3.7 Without prejudice to the provisions of Clause 3.5, the Client shall immediately
notify the Member in writing with full details if :
- he discovers or suspects unauthorised access through his Username, Password
- he notices discrepancies that might be attributable to unauthorised access,
- he forgets his password or
- he discovers a security flaw in the Member’s ITORS System.
3.8 In any of the above events specified in Clause 3.7, the Client shall immediately
change his Password. However, if the Client is unable to change his Password by
reason of his having forgotten his Password or his Password having been unauthorisedly
changed by some other person or for any other reason then the Client shall immediately
request the Member in writing to discontinue his old Password; and thereupon the
Member shall cause the Member’s ITORS System to discontinue the use of the Client’s
old Password and the Member’s ITORS System shall generate a new Password for the
Client which shall be communicated to the Client. At no point in time shall the
Member be liable for any loss, whether notional or actual, that may be suffered
by the Client on account of the misuse of the Password.
4. Transactions and Settlements:
4.1 All orders for purchase, sale or other dealings in securities and other instructions
routed through the Member’s ITORS System via the Client’s Username shall be deemed
to have been given by the Client.
4.2 The orders and instructions and all contracts and transactions entered into
pursuant thereto and the settlement thereof will be in accordance with the Exchange
4.3 The Member may from time to time impose and vary limits on the orders that the
Client can place through the Member’s ITORS 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, the companies in respect of whose securities orders can be
placed, etc.). The Client is aware and agrees that the Member may need to vary or
reduce the limits or impose new limits urgently on the basis of the Member’s risk
perception and other factors considered relevant by the Member, and the Member may
be unable to inform the Client of such variation, reduction or imposition in advance.
The Client agrees that the Member shall not be responsible for such variation, reduction
or imposition or the Client’s inability to route any order through the Member’s
ITORS System on account of any such variation, reduction or imposition of limits.
The Client understands and agrees that the Member 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 Member.
4.4 Though orders will generally be routed to the Exchange’s computer systems within
a few seconds from the time the order is placed by the Client on the Member’s ITORS
System, the Member shall not be liable for any delay in the execution of any order
or for any resultant loss on account of the delay.
4.5 The Client agrees that the Member may, at its sole discretion, subject any order
placed by a Client to manual review and entry, which may cause delays in the processing
of the Client’s order or may result in rejection of such order.
4.6 In case of a market order, the Client agrees that he will receive the price
at which his order is executed by the exchange’s computer system; and such price
may be different from the price at which the security is trading when his order
is entered into the Member’s ITORS System.
The Client agrees and undertakes to immediately deposit with the Member such cash,
securities or other acceptable security, which the Member may require as margin.
The Client agrees that the Member shall be entitled to require the Client to deposit
with the Member a higher margin than that prescribed by the Exchange. The Member
shall also be entitled to require the Client to keep permanently with the Member
a margin of a value specified by the Member so long as the Client desires to avail
of the Member’s ITORS Service.
6. Cancellation Requests:
6.1 When the Client places a request to cancel an order, the cancellation of that
order is not guaranteed. The order will only be cancelled if the Client’s request
for cancellation is received and the order is successfully cancelled before it is
6.2 The Client shall not be entitled to presume an order as having been executed
or canceled until a confirmation from the Member is received by the Client.
6.3 The Exchange may anull a trade suo-moto without giving a reason therefor. In
the event of such anullment, the Member shall be entitled to cancel the relative
contract(s) with the Client.
7. Brokerage, Commissions and Fees:
7.1 The Client agrees to pay the Member brokerage, commission, fees, service tax
and other taxes and transaction expenses as they exist from time to time and as
they apply to the Client’s account and transactions, and the services that he receives
from the Member.
7.2 A schedule of brokerage, fees and commissions, applicable service and other
taxes and other transaction expenses shall be provided by the Member to the Client
from time to time upon request by the Client.
Online confirmation will be available to the Client upon execution or cancellation
of an order placed by him through the Member’s ITORS System. This shall be followed
by a confirmation, which may be sent by postal mail, electronic mail or other electronic
means. It is the responsibility of the Client to review upon first receipt, whether
delivered to him online, by postal mail, by electronic mail, or other electronic
means, all confirmations of transactions or cancellations.
9. Investment Advice:
9.1 The Client acknowledges that the Member shall not be liable to provide him with
any legal, tax, investment or accounting advice or advice regarding the suitability
or profitability of a security or investment.
9.2 The Client also acknowledges that the Member’s employees are not authorized
to give any such advice and that the Client will not solicit or rely upon any such
advice from the Member or any of its employees.
9.3 The Client agrees that in the event of the Member or any employee or official
of the Member providing any information, recommendation or advice to the Client,
the Client may act upon the same at the sole risk and cost of the Client, and the
Member shall not be liable or responsible for the same.
9.4 The Client assumes full responsibility with respect to his investment decisions
9.5 The Member, its officers, directors, partners, employees, agents and affiliates
will have no liability with respect to any investment decisions or transactions
of the Client.
10. Supplemental to main member – Client agreement:
This Agreement is supplemental to, and does not supersede, the Main Member-Client
Agreement. Save and except as modified expressly or by implication by this Agreement
the Exchange Provisions or the terms of the Member’s ITORS WebSite, the provisions
of the Main Member-Client Agreement shall apply mutatis mutandis to the extent applicable
to dealings between the Member and the Client pursuant to or otherwise relating
to the Member’s ITORS Service.
11. Representations and Warranties of Client:
The Client represents and warrants to the Member that:
11.1 All the information provided and statements made in the Client’s ITORS Account
Application are true and correct and are not misleading (whether by reason of omission
to state a material fact or otherwise) and the Client is aware that the Member has
agreed to provide the Member’s ITORS Service to the Client on the basis, inter alia,
of the statements made in the Client’s ITORS Account Application.
11.2 The Client is aware and acknowledges that trading over the internet involves
many uncertain factors and complex hardware, software, systems, communication lines,
peripherals, etc. which are susceptible to interruptions and dislocations; and the
Member’s ITORS Service may at any time be unavailable without further notice. The
Member and the Exchange do not make any representation or warranty that the Member’s
ITORS Service will be available to the Client at all times without any interruption.
The Client agrees that he shall not have any claim against the Exchange or the Member
on account of any suspension, interruption, non-availability or malfunctioning of
the Member’s ITORS System or Service or the Exchange’s service or systems for any
11.3 The Client has the required legal capacity to, and is authorised to, enter
into this Agreement and is capable of performing his obligations and undertakings
11.4 All actions required to be taken to ensure compliance of all the transactions,
which the Client may enter into pursuant to this Agreement with all applicable laws,
shall be completed by the Client prior to such transaction being entered into.
11.5 The Client shall abide by the Exchange Provisions and the terms of the Member’s
ITORS WebSite in force from time to time.
11.6 Any instructions given by an authorised representative of the Client to the
Member (or to the Member’s representative) shall be binding on the Client.
12. Representations and Warranties of the member:
The Member represents and warrants to the Client that :- The Member’s ITORS System
has been approved by the Exchange. Where the ITORS system has not been approved
by the Exchange, the Member has applied/ proposes to apply to the Exchange to approve
the said ITORS System and the Member will commence the Member’s ITORS Service only
after the Exchange has approved the Member’s ITORS System.
13. Market Data:
13.1 The Client understands that the Exchange asserts a proprietary interest in
all of the market data it furnishes, directly or through the Member or otherwise.
The Client understands that the Exchange does not guarantee the timeliness, sequence,
accuracy or completeness of market data or any other market information, or any
messages disseminated by it. Neither the Member nor the Exchange shall be liable
in any way for incorrect, misleading, incomplete or dated data or information and,
if the Client acts on the basis of the same, he shall do so at his own risk and
13.2 The Client shall not furnish market information provided by the Exchange to
any other person or entity for consideration or otherwise and in the event the Client
uses such information he shall do so at his own risk and cost.
14.1 Any notice or other communication to be given by any party to the other in
connection with this Agreement shall be in writing and shall be deemed duly served
if delivered personally or sent by facsimile transmission or by prepaid registered
post or by e-mail to the addressee at the address or (as the case may be), the e-mail
or facsimile number (if any), of that party set opposite its name below: To the
Member at : To the Client at : Name of the person concerned : Address : 38-B/39,
Khatau Bldg, 2nd Flr, Alkesh Dinesh Mody Marg Fort, Mumbai - 400 001 Tel. 022 -
22641234, 30272000 / 2222 Fax. 022 - 30272006 or at such other address, facsimile
number or e-mail address as the party to be served may have notified the other in
accordance with the provisions of this Clause. Notwithstanding anything stated above,
communication relating to orders, margins, maintenance calls and other similar matters
in the ordinary course of dealings between the Member and the Client may be communicated
15. Extraordinary Events:
The Member and/or its agents will not be liable for losses caused directly or indirectly
by government restriction, Exchange or market rulings, suspension of trading, computer,
communication, telephone or system failure, war, earthquakes, flood, accident, power
failure, equipment or software malfunction, strikes or any other conditions beyond
the Member’s control.
16. Amendment to Agreement:
The Client understands and agrees that the Member may discontinue his ITORS Service
in part or in its entirety and change the terms of the Service (including the terms
on the Member’s ITORS Website) at any time and from time to time, without prior
17. Termination of Agreement:
17.1 The Client agrees that the Member may at any time terminate this Agreement.
The Client is aware and accepts that in view of the nature of the transactions and
dealings involved in providing the Service it may not be possible for the Member
to give advance notice of such termination or suspension to the Client.
17.2 The Client may at any time terminate this Agreement by not less than seven
days notice to the Member, provided that unless the Member otherwise permits, the
Client shall not be entitled to terminate this Agreement so long as any amount is
payable or securities are deliverable by the Client to the Member.
17.3 The termination of this Agreement shall not affect any rights or obligations
of either party which have accrued prior to the termination or which may arise out
of or in connection with acts done or omitted prior to the termination.
17.4 The provisions of Clauses 14, 20 and 21 of this Agreement shall survive the
termination of this Agreement.
In the event of any provisions of this Agreement being held to be or becoming invalid,
unenforceable or illegal for any reason, this Agreement shall remain otherwise in
full force apart from the said provision which will be deemed deleted. The parties
shall however attempt to replace the deleted provision with a legally valid provision
that reflects the same purpose as the deleted provision to the greatest extent possible.
No forbearance, relaxation or inaction by any party at any time to require the performance
of any provision of this Agreement shall in any way affect, diminish, or prejudice
the right of such party to require the performance of that or any other provision
of this Agreement or be considered to be a waiver of any right, unless specifically
agreed in writing.
20. Law and Jurisdiction:
20.1 This Agreement shall be governed by and construed in all respects in accordance
with the laws of the Republic of India and, subject to the provisions of Clause
21, the courts at Mumbai, India shall have jurisdiction over this Agreement and
the arbitration proceedings in relation to the Agreement.
20.2 This Agreement and all contracts and transactions between the Member and the
Client pursuant hereto shall be subject to the Exchange Provisions, the Rules, Bye-Laws,
Regulations, and other provisions of its clearing house, if any, the provisions
of the Securities and Exchange Board of India Act, 1992, the Securities Contracts
(Regulation) Act of 1956 and the rules and regulations made there under and as amended
from time to time.
21. Dispute Resolution:
Any claim, dispute or difference arising between the Parties hereto in respect of
this Agreement or any contracts, dealings or transactions pursuant hereto or any
rights, obligations, terms or conditions as contained in this Agreement or the interpretation
or construction of this Agreement shall be subject to the grievance redressal procedure
of the Exchange and shall be subject to the arbitration procedure as prescribed
by the Exchange Provisions.
Research Reports that are published by Nirmal Bang Securities Private Limited (hereinafter
referred to as “NBSPL”) are for private circulation only. NBSPL is a registered
Research Analyst under SEBI (Research Analyst) Regulations, 2014 having Registration
no. INH000001766. NBSPL is also a registered Stock Broker with National Stock Exchange
of India Limited , BSE Limited ,Metropolitan Stock Exchange of India Limited , Multi
Commodity Exchange of India Limited , National Commodity and Derivative Exchange
Limited and Indian Commodity Exchange Limited in cash and Equity and Commodities
NBSPL has other business divisions with independent research teams separated by
Chinese walls, and therefore may, at times, have different or contrary views on
stocks and markets.
NBSPL or its associates have not been debarred / suspended by SEBI or any other
regulatory authority for accessing / dealing in securities Market. NBSPL, its associates
or analyst or his relatives do not hold any financial interest (Except Investment)
in the subject company. NBSPL or its associates or Analyst do not have any conflict
or material conflict of interest at the time of publication of the research report
with the subject company. NBSPL or its associates or Analyst or his relatives may
or may not hold beneficial ownership of 1% or more in the subject company at the
end of the month immediately preceding the date of publication of this research
NBSPL or its associates / analyst has not received any compensation / managed or
co-managed public offering of securities of the company covered by Analyst during
the past twelve months. NBSPL or its associates have not received any compensation
or other benefits from the company covered by Analyst or third party in connection
with the research report. Analyst has not served as an officer, director or employee
of Subject Company . NBSPL / analyst has not been engaged in market making activity
of the subject company.
Analyst Certification:The research analysts and authors of these reports,
hereby certify that the views expressed in this research report accurately reflects
my/our personal views about the subject securities, issuers, products, sectors or
industries. It is also certified that no part of the compensation of the analyst(s)
was, is, or will be directly or indirectly related to the inclusion of specific
recommendations or views in this research. The analyst(s) principally responsible
for the preparation of this research report and has taken reasonable care to achieve
and maintain independence and objectivity in making any recommendations.
This report is for the personal information of the authorized recipient and does
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soliciting any action based upon it. Nothing in this research shall be construed
as a solicitation to buy or sell any security or product, or to engage in or refrain
from engaging in any such transaction. In preparing this research, we did not take
into account the investment objectives, financial situation and particular needs
of the reader.
This research has been prepared for the general use of the clients of NBSPL and
must not be copied, either in whole or in part, or distributed or redistributed
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but we do not make any representation or warranty that it is accurate, complete
or up-to-date and it should not be relied upon as such. We accept no obligation
to correct or update the information or opinions in it. NBSPL or any of its affiliates
or employees shall not be in any way responsible for any loss or damage that may
arise to any person from any inadvertent error in the information contained in this
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to this statement from time to time. Nevertheless, NBSPL is committed to providing
independent and transparent recommendations to its clients, and would be happy to
provide information in response to specific client queries.
Before making an investment decision on the basis of this research, the reader needs
to consider, with or without the assistance of an adviser, whether the advice is
appropriate in light of their particular investment needs, objectives and financial
circumstances. There are risks involved in securities trading. The price of securities
can and does fluctuate, and an individual security may even become valueless. International
investors are reminded of the additional risks inherent in international investments,
such as currency fluctuations and international stock market or economic conditions,
which may adversely affect the value of the investment. Opinions expressed are subject
to change without any notice. Neither the company nor the director or the employees
of NBSPL accept any liability whatsoever for any direct, indirect, consequential
or other loss arising from any use of this research and/or further communication
in relation to this research. Here it may be noted that neither NBSPL, nor its directors,
employees, agents or representatives shall be liable for any damages whether direct
or indirect, incidental, special or consequential including lost revenue or lost
profit that may arise from or in connection with the use of the information contained
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