The Terms shall be deemed to form part of Member-Constituent Agreement and shall
be deemed to be incorporated therein to the same extent as if these provisions had
been setforth in full therein. The Constituent's entitlement to avail the Services
or any part there of shall be subject to compliance with all the terms and conditions
The word I / WE, ME / US, MY / OUR refers to person(s) who open the account(s) and
shall mean and include both singular and plural. Also, the words he and or she,
where ever maintained includes both the genders as the case may be applicable.
II.CONDITIONS OF USE OF THE SERVICES:
Participation: The Constituent shall ensure that he/she/it is eligible to enter
into this agreement. The Constituent having agreed to enter into this agreement
shall be deemed to have satisfied himself/herself/Itself with regard to eligibility
in this respect. During the currency of the agreement, it shall be the duty of the
Constituent to inform Steel City Securities Limited immediately any of the change
in constitution, Identity by change of name, residential status, address or any
other information as provided by the Constituent at the time of entering into this
Acting as a Sub Broker: He Constituent agrees that he/she/it will not act as Sub-Broker
without prior written permission of Steel City Securities Limited and without obtaining
certificate of registration from Securities and Exchange Board of India (SEBI).
Authorized Person: The Trading and other instructions for facilitating and carrying
out business issued telephonically or through any other means express or implied
by an authorized representative(s) of the Constituent shall be binding on the Constituent.
In the event of the authorized representative(s) being replaced, it shall be the
responsibility of the Constituent to inform Steel City Securities Limited of the
change in writing, failing which the Constituent shall be responsible for the trade
obligations arising out of the actions of both the representatives, old as well
as the new representative(s).If any transaction(s) under this agreement or under
any other agreement or otherwise with Steel City Securities Limited, has/have been
accepted by Constituent from time to time on the basis of the contract note(s)/bills/any
other correspondence dispatched / communicated to the Constituent by Steel City
Securities Limited and / or part or full settlement of the said transaction(s) by
the Constituent, then such transaction(s) shall be deemed to be executed by the
person authorized by the Constituent and the Constituent hereby agrees to ratify
and accept all such or other actions of such persons and undertakes to meet all
obligations arising from these transaction(s). The Constituent shall be bound by
all the transactions undertaken by Steel City Securities Limited pursuant to the
instructions of the authorized persons.
Understanding of Risks involved :The Constituent has read, understood, appreciated
and signed the Risk Disclosure Document also available on website at www.steelcitynettrade.com.
The Constituent declares and agrees as follows: The Constituent has read the Risk
Disclosure Document appended hereto and understood the trading and risks involved
in trading in these instruments and shall be wholly responsible for all investment
decisions and trades undertaken by him/her/it /them.
The Constituent shall be bound by the constitutions, byelaws, rules, regulations
and customs of the Exchange(s), Clearing Corporation(s) and Regulating Authorities.
The Constituent shall not, acting alone or in concert with others, directly or indirectly,
hold and control excess number of permitted Derivative contracts as fixed from time
to time by the Exchange(s).
Payment of margins by the Constituent does not necessarily imply complete satisfaction
of all dues. In spite of consistently having paid margins, the Constituent may,
on the closing of his trade, be obliged to pay (or entitled to receive) such further
sums as the market price of the instrument or contract may indicate)
All monies, securities or any other property, which Steel City Securities Limited
may hold on Constituent's account, shall be held subject to a general lien for the
discharge of the Constituent's obligations to Steel City Securities Limited.
The Constituent hereby authorizes Steel City Securities Limited to sell or close
out any part or the entire derivative contract held in the Constituent's account
with Steel City Securities Limited, if Steel City Securities Limited at its sole
discretion may deem it necessary for meeting the obligations of the Constituent.
The failure of the Constituent to understand the Risk involved or the failure of
Steel City Securities Limited to explain the risk to the Constituent shall not render
a contract as void or voidable and the Constituent shall continue to be responsible
for all risks and consequences for entering into trades in Derivatives.
Eligible Securities or products in Derivative segment vary from month to month on
rolling basis as per criteria decided by SEBI/NSE/BSE. The Exchange(s) may compulsorily
close out all Derivative contract positions in a particular underlying when that
underlying ceases to satisfy the eligibility criteria or the Exchange(s) is of the
view that continuance of Derivative contract in such underlying is detrimental to
the interest of market, keeping in view the market integrity and safety.
(e) Subject Matter of the Services: The Services offered by Steel City Securities
Limited include the sale and purchase of dematerialised securities trading on the
NSE/BSE (in e-trading account on the internet and delivery of shares in physical
mode wherever the same is traded on off-line on specific direction received by the
'Steel City Securities Limited' at any of their trading terminals) in the CM/F&O
segments of the market [and shall include trading in derivative products and such
other services/ products as may be permitted from time to time).
2.2 Order Entry:
The Constituent shall be entitled to place an order for the sale or purchase of
any Admitted Security during the market hours and all orders will be valid for the
day until the normal market closes. On closure of the market the orders (or the
pending part of the order) will automatically lapse.
All orders entered by the Constituent, either electronically or otherwise as detailed
above, are based upon their own investment decisions and their sole responsibility
and will not hold, nor seek to hold Steel City Securities Limited 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.
Steel City Securities Limited shall be deemed to not have received any order whether
electronically transmitted or otherwise until it has confirmed the receipt of such
order as mentioned in subclause 2.2 (a).
The Constituent agrees that placing an order with Steel City Securities Limited,
either electronically or otherwise, does not guarantee execution of the order, regardless
of the electronic confirmation by Steel City Securities Limited of the receipt of
the order and/or its execution and Steel City Securities Limited shall not be liable
for any losses, damage or claims on account of the non-execution of any order placed.
The Constituent hereby accepts all responsibility for knowing the status of all
corporate benefits like rights and bonus issues, dividends and stock splits of shares
he/she/it intends to trade in or held in his/her/its account. The Constituent further
accepts all responsibility for knowing the correct ISIN numbers of the shares in
his/her/its account and the eligibility of the shares to meet share pay in obligations
to the NSE/BSE whether received by way of purchases, rights, bonuses, stock splits,
off market transfers or otherwise.
Prior to placing an order in connection with the sale/purchase or transfer of any
securities in which Constituent requires any form of regulatory or other permission,
the Constituent must advise Steel City Securities Limited 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. Steel City Securities Limited may at its sole
discretion refuse to execute any such order till it is satisfied about the legality
of the transaction. The Constituent is responsible for all costs associated with
compliance or failure to comply with all the regulatory requirements and hereby
agrees to fully indemnify Steel City Securities Limited from any costs, losses,
claims or any other liability arising on account of such orders, orders whatsoever.
2.3 Order Execution:
The Constituent agrees and appoints Steel City Securities Limited as its agent to
take all necessary measures to complete the transactions and hereby authorises Steel
City Securities Limited to make any and all advances and expend monies as may be
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 Steel City Securities Limited has provided on the Web-Site a facility
for reconfirmation of orders which are larger than those specified by Steel City
Securities Limited risk management policy and is also aware that Steel City Securities
Limited has the discretion to reject the execution of such orders based on such
risk management policy. Steel City Securities Limited shall not be liable for any
delay or cancellation of any order due to the exercise of Steel City Securities
Limited discretion under such policy.The Constituent acknowledges and accepts that
Steel City Securities Limited has the sole discretion to reject or cancel any order
that may be placed by the Constituent for any reason whatsoever, including for any
breach of the Margin requirements as stipulated hereunder in Paragraph II.vi without
informing the constituent and Steel City Securities Limited shall not be liable
for any losses, damage or claims on account of such rejection or cancellation as
the case may be.
The Constituent acknowledges and accepts that the Exchange(s) may reject or cancel
any trade suo moto without ascribing any reasons therefor and Steel City Securities
Limited shall not be liable for any losses, damage or claims on account of such
rejection or cancellation as the case may be.
The Constituent further acknowledges and accepts that it will receive the price
at which the order was actually executed in the marketplace, which may be different
from the price at which the security was traded when the order was entered into
Steel City Securities Limited system.
The cancellations or modifications to orders placed is not guaranteed. Cancellation
of orders is possible only if the original order remains pending at the NSE/BSE.
The cancellation or modification of an order shall be deemed not to have been executed
unless a confirmation to such effect is received from Steel City Securities Limited.
The Constituent agrees that Steel City Securities Limited 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 Steel
City Securities Limited, any order not executed at the end of the relevant NSE/BSE
trading day shall stand cancelled. To remove any doubt, it is hereby clarified that
an order placed prior to or during the trading day at the NSE/BSE, shall not remain
valid for execution at any subsequent trading day at the NSE/BSE.
The Constituent also accepts responsibility for knowing the trading and settlement
cycles of the NSE/BSE and the settlements pay in/pay out dates for funds and securities
and in the event any trades or transactions are reported late to Steel City Securities
Limited on account of any problems at the Exchange(s) or for whatever reason, the
Constituent in turn will be subject to late reporting of transactions.
Any errors reported to the Constituent for any reason whatsoever will stand subsequently
corrected to reflect the transaction that was effected in the market and the Constituent
agrees that Steel City Securities Limited shall not be liable for any damage, loss
or claim on account of such error or correction thereof.
The constituent undertakes not to execute transactions for small/big quantities
by placing both buy and sell orders resulting in rise or fall of prices of illiquid
securities. The above activity if found to raise or depress the 'prices' and/or
'activity of such securities' artificially, will be violation of Rules, Bye- Laws
and circulars issued by the Exchange(s) from time to time.
2.4 Purchase of the Admitted Securities / Products:
Prior to placing any order for the purchase of any Admitted Security/Product the
Constituent shall ensure that sufficient margin is available in its account with
Steel City Securities Limited. The Constituent is responsible for all of their orders,
including any orders, which exceed the available margin, credit balances available
to its account and are executed by Steel City Securities Limited, inadvertently
Any order accepted and executed, inadvertently or otherwise, without sufficient
margin balance will be subject to cancellation or liquidation at Steel City Securities
Limited discretion, unless the Constituent makes good the shortfall in the amount.
The Constituent shall make payment for purchase of securities on very same day.
Steel City Securities Limited shall also view on the day to day basis for payments
and shall intimate to the Constituent either telephonically or otherwise as required
for maintaining the account of outstanding as per NSE/BSE rules and the Constituent
shall at once within hours shall make up the deficiency of balance and bring it
to cash credit with the reasonable margin to withstand his future transactions.
In the case where the payment is not made, the securities purchased by Steel City
Securities Limited on behalf of the Constituent shall be liable to be sold without
any further reference to the Constituent and any loss or damage as a result of such
sale would be borne solely by the Constituent. Such prompt action on part of the
Constituent is a requisite Compulsion as per nature of online market operations
which the Constituent is fully aware of.
In case of purchase of securities by the Constituent, at times Steel City Securities
Limited may be unable to deliver the securities to the said Constituent on the pay
out day due to non receipt of the securities from the stock exchange(s) or in case
on non receipt of the said securities from another Constituent of Steel City Securities
Limited who has sold the securities against the said purchase transaction. In cases
of such short delivery, the securities shall be delivered to the Constituent as
per the policy of Steel City Securities Limited as amended from time to time.
2.5 Sale of the Admitted Securities
Prior to placing any order for the sale of any Admitted Security, the Constituent
shall ensure that the concerned security is available in sufficient quantity in
its/his/her account with Steel City Securities Limited. 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 Steel City Securities Limited, inadvertently
The Constituent agrees and hereby authorises Steel City Securities Limited to block
or sell the relevant securities, as standing to its/his/her account, against its/his/her
order to sell securities. If its/his/her order gets executed either fully or partially
then the securities to the extent sold, would be unblocked on the trade date and
the transaction would be effected. The Constituent agrees that it/he/she shall not
withdraw/pledge or otherwise use or attempt to withdraw/pledge or otherwise use,
the blocked securities. The Constituent hereby authorises Steel City Securities
Limited to dishonour any orders issued against the blocked security.
The Constituent acknowledges and agrees that the proceeds of the sale will not be
credited to the margin account of the Constituent until the securities have been
delivered to the NSE/BSE/Clearing House and pay out is received from the NSE/BSE/Clearing
House. The proceeds of all sales will be credited, to the cash credit balances account
of the Constituent as maintained by Steel City Securities Limited, directly after
The constituent is made aware of the fact that he can put trades in either of sub
accounts viz. Investment or Trading and Trading account positions can be taken purely
for intra day purposes. All trading account positions have to be compulsorily squared
off before the end of the market or any other time as specified by Steel City Securities
Limited. In case any outstanding position remains, Steel City Securities Limited
will square off the same at the prevailing market price. In case the square off
cannot be done, the Trading account will get shifted to Investment account of the
Constituent. In case of short position, the Constituent has to arrange the Securities
or else the same will be got auctioned. No where is Steel City Securities Limited
liable for any losses arising out of the square off process, square off not happening,
and auction process. It's on the discretion of Steel City Securities Limited to
merge separate accounts as maintained by constituent in separate divisions and/or
Accounts maintained with Steel City Securities Limited Group. The constituent agrees
to abide by the said arrangement.
The constituent agrees voluntarily that in case the payments of the trading done
by him/her/it are not made in time or there is outstanding balance in his/her/its
name due towards Steel City Securities Limited then the constituent shall pay interest
at the rate of 24% per annum compounded daily basis on the said outstanding amount
to Steel City Securities Limited.
The Constituent shall maintain such quantity of securities and such amount of cash
credit balances (referred to as the “Margin”) as required by the applicable statutes,
rules, regulations, procedures or as deemed necessary or advisable by Steel City
Securities Limited, 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 Steel City Securities Limited. The Constituent shall be permitted to trade
upto a pre-determined number of times of the Margin and the quantum of such multiple
shall be determined at the sole discretion of Steel City Securities Limited.
The margin requirement and squaring up process for offline and online trading is
different. The margin in online account will not be considered in the offline account
and vice-versa unless specifically directed by Constituent. The accounting process
for both accounts is different and is independent of each other.
In case there is any change in policy relating to Risk Management pertaining to
margin requirement and squaring up process the same would be reflected in the website
http://www.steelcitynettrade.com and/or at the registered office and Branches of
Steel City Securities Limited and the onus is on the Constituent to keep check,
understand, and agree with the Risk Management policy pertaining to margin requirement
and squaring up process from time to time.
The Constituent shall also remain in touch with Steel City Securities Limited to
keep a regular check on his account and margin requirements, for maintaining sufficient
margin withSteel City Securities Limited to undertake any transaction in his a/c
in off line and online trading. If Steel City Securities Limited considers it necessary
for its own protection, it may require the Constituent to immediately on demand
deposit cash or securities to their account prior to any applicable settlement date
in order to assure due performance of their open contractual commitments. If Constituent
does not provide such additional cash or securities, the Constituent hereby grants
to Steel City Securities Limited the right to sell any or all securities extant
in their account, buy any or all relevant securities which may be short in their
account, cancel any or all open orders and/or close any or all outstanding contracts.
The constituent agrees and made aware that in case intra day loss is such that margin
position goes down, Steel City Securities Limited can sell any or all securities
in the account without giving notice to the constituent as it/he/she is also required
to keep track on its/his/her margin position Steel City Securities Limited may do
the square off/selling at any time during the day in account.
In addition, Constituent acknowledges and agrees that Steel City Securities Limited
may exercise any or all of the above rights, prior to or without any demand, for
additional cash or securities, or notice of sale or purchase, or other notice or
intimation. Any such sales or purchases may be made at any time at the sole discretion
of Steel City Securities Limited on any market where such business is usually transacted,
or at public auction or private sale, or Steel City Securities Limited 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 Steel City Securities Limited to sell or buy without any such demand,
call or notice, at that time or at any time subsequently.
In addition to the above, if the Constituent does not credit its cash or securities
account as maintained with Steel City Securities Limited, 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 Steel City Securities
Limited, 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 Steel City Securities Limited 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
Steel City Securities Limited, any trade may be executed by Steel City Securities
Limited only upon the realisation of the funds of the said cheque even otherwise
also the Constituent is fully responsible.
The constituent confirms that he/she/it has understood the risks involved in trading
securities on margin and fully agrees to abide by the procedures and policies of
Steel City Securities Limited which are listed below: -
The constituent can lose more funds than the deposit in his / her / its account.
The decline in value of securities that are purchased on margin may require the
constituent to provide additional funds to Steel City Securities Limited to avoid
the forced sale of those securities or other securities or assets in constituent's
Steel City Securities Limited can force the sale of the constituent's securities
or other assets in the constituent account(s). If the equity in constituent account
falls below the margin requirements, Steel City Securities Limited can sell the
securities held with it to cover margin deficiency. The Constituent will be responsible
for the shortfall, if any, in the account even after such a sale.
Steel City Securities Limited can sell constituent's securities or other securities
without contacting him/her/it. Some Constituents mistakenly believe that Steel City
Securities Limited must contact them for margin call to be valid, and that Steel
City Securities Limited cannot liquidate the securities or other assets in their
accounts to meet the call unless Steel City Securities Limited has contacted them
first. This is not the case. Steel City Securities Limited will attempt to notify
the constituents of margin calls, but it is not required to do so. It may not be
feasible, it is not possible when the market falls or raises within minutes or hours
triggering for necessary immediate urgent action which the Constituent shall be
fully aware of as being the very nature of online market condition. However even
if Steel City Securities Limited has contacted the constituent and provided a specific
date by which the constituent can meet a margin call, Steel City Securities Limited
can still take necessary steps to protect its financial aspects, including immediately
selling the securities without notice to the constituent.
The constituent is not entitled to choose which securities or other assets in his/her/it's
account(s) are liquidated or sold to meet a margin call. Because the securities
are collateral for margin loan, Steel City Securities Limited has the right to decide
which securities to sell in order to protect its interests.
Steel City Securities Limited can increase its margin requirements at any time and
is not required to provide the constituent with advance written notice. These changes
in Steel City Securities Limited policy often take effect immediately and may result
in issuance of margin call. Constituent's failure to satisfy the call may cause
Steel City Securities Limited to liquidate or sell securities in Constituent's account
The constituent is not entitled to an extension of time on a margin call. While
an extension of time to meet margin requirements may be available to constituents
under certain conditions, a constituent does not have a right to the extension
Margins in Derivatives Trading: In the Derivatives segment, the Constituent is liable
to pay an initial margin up-front on or before creating a position such margin shall
be decided upon by Steel City Securities Limited or the Exchange from time to time.
Furthermore, the Constituent is liable to pay (or receive) Daily margins depending
on whether the price of the Derivatives contract moves for or against the position
undertaken. The Constituent may also be liable to pay with holding margins, special
margins or such other margins as considered necessary by Steel City Securities Limited
or the Exchange from time to time. Steel City Securities Limited is permitted in
its sole and absolute discretion to collect additional margins (even though not
imposed by the Derivatives segment, the Clearing House or SEBI) and the Constituent
shall be obliged to pay such margins.
Mark to Market Margins in Derivatives: For Derivatives contracts, the Constituent
agrees that Steel City Securities Limited shall raise bills on daily basis. The
Constituent also agrees to pay an up-front margin at the beginning of each day that
will be sufficient to cover the daily margins for the entire duration of the day.
If at any time during the week, the cumulative Mark to Market (MTM) margin falls
short Margin available in the Constituent's account, the Constituent agrees to heed
Steel City Securities Limited additional Margin calls. As the up-front daily margin
calls are purely for operational convenience, the Constituent will ensure that the
Margins are adequate at all times and will immediately make good any short fall
that Steel City Securities Limited may communicate..
Payment by Constituent through Cheque: In case where the payment by the Constituent
towards the Margin is made through a cheque issued in favor of Steel City Securities
Limited, the said cheque will be credited to the Constituent's account only after
realisation of funds in Steel City Securities Limited bank account.
Margin in form of Securities: The Constituent may place margin with Steel City Securities
Limited in form of securities as approved by Steel City Securities Limited. Such
securities may, at the discretion of Steel City Securities Limited, be marked under
lien in favor of Steel City Securities Limited from the Depository Account of the
Constituent or such securities may be placed in a separate Depository account titled
'Steel City Securities Limited.' to be earmarked as margin from the Constituent.
The Constituent agrees and authorizes Steel City Securities Limited to determine
the market value of securities placed as margin after applying a haircut that Steel
City Securities Limited deems appropriate from time to time. The Constituent's securities
are valued at the latest market price available (' Marked to Market') on a continuous
basis by Steel City Securities Limited. The Constituent undertakes to monitor the
adequacy of the collateral and the market value of such securities on a continuous
basis. If due to price fluctuations, there is erosion in the value of margins, the
Constituent agrees to replenish any short fall in the value of Margins immediately,
whether or not Steel City Securities Limited intimates such shortfall.
Type of Margin: Steel City Securities Limited may at its sole discretion prescribe
the payment of margin in the form of cash instead of securities. The Constituent
accepts to comply with Steel City Securities Limited requirement of payment of margin
in the form of cash failing which Steel City Securities Limited may sell, dispose,
transfer or deal in any other manner the securities already placed with it as margin
or square off all or some of the positions of the Constituent as it deems fit in
its discretion without further reference to the Constituent and any resultant or
associated losses that may accrue due to such square off/ sale shall be borne by
the Constituent, and Steel City Securities Limited is hereby fully indemnified and
harmless by the Constituent in this behalf.
Margin Merging: The constituent agrees and empowers/authorize Steel City Securities
Limited to act at its discretion of merging balances kept under various accounts
held with Steel City Securities Limited such as Online Trading Account, NSDL (or
CDSL) DP Account, CM Trading Account and F&O Trading Account etc., to nullify
the debit in any other account of the Constituent held with M/s Steel City Securities
Limited without taking any further instructions from the Constituent. Similarly
the constituent agrees and empowers/authorize Steel City Securities Limited to merge
the securities kept with Steel City Securities Limited in various accounts in order
to nullify the debit in any account of the constituent.
The constituent hereby authorize Steel City Securities Limited to change or alter
the list of Securities on which margin trading is allowed.
Steel City Securities Limited will pass to the constituent whatever corporate benefits
are received from the companies directly like dividends and bonus shares. For other
corporate benefits/actions like Rights issues/Open offers etc. where shareholders
are required to apply to the company, it is the constituent's responsibility to
track announcements of such corporate benefits and then apply to the company if
constituent so desires. Steel City Securities Limited shall not be liable for any
real/notional loss suffered by the constituent, if constituent fails to apply for
such corporate benefits in time for the shares held by Steel City Securities Limited
on behalf of the constituent. In some cases, Steel City Securities Limited at the
constituent request may apply on behalf of the constituent for a Rights issue/Open
Offer for the shares held by Steel City Securities Limited on behalf of constituent.
Steel City Securities Limited shall not be liable for any loss/claim whatsoever
in case such application is rejected by the Registrar/Company/manager to the issue
for any reason.
2.7 Confirmations and Contract Notes:
The Constituent is required to ascertain the status of its/his/her order (including
any rejection of the same) which would be posted on the relevant sections of the
Web-Site or the Constituent may enquire the balance as maintained by Steel City
Securities Limited or Steel City Securities Limited shall keep sending the details
of contract notes through courier wherever the Constituent is availing the services
of Steel City Securities Limited ‘off-line' from any trading terminals of Steel
City Securities Limited.
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
(c) Steel City Securities Limited shall deliver to the Constituent a contract note
of the trades executed on their behalf on the trading date via e-mail/digitally
signed document/post or courier or by any of the means of communication specified
in clause 5.1 of this agreement or should post such information on the website.
The contract note shall be final and binding proof of the order placed by the Constituent,
regardless of any apparent or alleged errors.
All information contained in any confirmation, contract note or other communications
shall be binding upon the Constituent in relation to all transactions, whether the
orders are given by the Constituent through the Web-Site or by telephonic means
The Constituent agrees to pay the brokerage charges, NSE/BSE related charges, statutory
charges and any other charges (including but not limited to security handling charges
on settlement) as they exist from time to time and as they apply to the Constituent's
account, in respect of transactions and services that the Constituent receives from
Steel City Securities Limited. The brokerage shall be paid in the manner intimated
by Steel City Securities Limited to the Constituent from time to time, including
as a percentage of the value of the trade or as a flat fee or otherwise, together
with the service tax as may be applicable from time to time on the same. The Constituent
further agrees to pay any applicable taxes that may be levied on the transaction.
Steel City Securities Limited shall debit the charges of the depository participant
for the trades and the bank charges for the realisation of cheques etc. to the Constituent
Not withstanding anything contained in these Terms, any amounts which are overdue
from the Constituent to Steel City Securities Limited will be charged delayed payment
charges at the rate of [2%] per month or such other rate as may be determined by
Steel City Securities Limited and notified on the web site and the Constituent hereby
authorises Steel City Securities Limited to directly debit the same to the account
of the Constituent.
2.9 Constituents Margin and Securities Accounts:
Steel City Securities Limited shall maintain such books of account in such manner
so as to show and distinguish in connection with its business as a trading member
broker the moneys and securities received from or on account of each of the Constituents,
and the moneys and securities received on its own account.
The Constituent is required to ascertain all ledger balances of moneys and securities
standing to its credit, which would be posted only on the relevant sections of the
web site, and no separate intimation of the ledger balances of the Constituent in
his account would be sent to the Constituent either physically or electronically.
The information as contained in the ledger balances shall be binding upon the Constituent
and the Constituent hereby agrees that Steel City Securities Limited shall not be
liable for any loss, damage or claim on account of any error in the information
contained in the ledger balances.
(c) The Constituent hereby authorizes and empowers Steel City Securities Limited
to adjust all the debts/credits (funds/stocks) in any of the segment of NSE / BSE
vis-à-vis F & O, Equity, Depository, groups companies/subsidiaries or with other
debit/credit balance of the Constituent with Steel City Securities Limited or vice-versa.
(d) The Constituent confirm to maintain running account for funds and securities
with Steel City Securities Limited for all segments i.e. Capital Market, F&O
and other segments and the account so maintained shall not be settled on each settlement
and the amount payable or receivable shall remain in account subject to fulfillment
of margin stipulations as envisaged in the agreement. No interest shall be payable
by Steel City Securities Limited on such securities / funds so retained.
(e) All transactions with the Exchange(s), will be subject to the rules, regulations
and Bye-laws of that Exchange(s) apart from the existing terms and conditions as
2.10 Set off, lien, pledge:
Nothing in the Terms or Steel City Securities Limited-Constituent Agreement shall
deprive Steel City Securities Limited of any recourse or right, whether by way of
lien, set-off, counter-claim or otherwise against any money or security standing
to the credit of the Constituent's account.
All the securities and monies credited to the account of the Constituent as maintained
by Steel City Securities Limited shall be subject to a lien for the discharge of
any obligation or indebtedness of the Constituent to Steel City Securities Limited
group companies/subsidiaries. In enforcing the lien Steel City Securities Limited
shall have the sole discretion of determining the securities or assets that are
to be liquidated and/or appropriated.
Steel City Securities Limited shall have the right to pledge the securities standing
to the credit of the Constituent's account for the purpose of raising any finance
from any person or body as may be required to meet the Margin obligations of the
Constituent. Further Constituent hereby authorizes Steel City Securities Limited
to pledge any securities standing to its credit, to any person, whether received
by execution of an order for purchase or blocked pending the fulfillment of an order
for sale or kept as margin with Steel City Securities Limited by the Constituent
for the purpose of securing to Steel City Securities Limited a credit facility in
connection with meeting the margin requirements of any other Constituent, provided
that Steel City Securities Limited shall be liable for any resultant failure of
execution or default on delivery obligations directly caused by such pledge of the
The Constituent shall indemnify and keep indemnified Steel City Securities Limited
harmless from and against all claims, demands, actions, proceedings, losses, damages,
liabilities, charges, and/or expenses that are occasioned or may be occasioned to
Steel City Securities Limited directly or indirectly, owing to bad delivery of shares/securities
and/or as a result of fake/forged/stolen shares/securities/transfer documents that
are introduced or that may be introduced by or through the Constituent during the
course of its dealings/operations on the Exchange(s).The Constituent confirms having
read and understood the terms and conditions of Steel City Securities Limited -
Constituent Agreement and those relating to various services and products and accepts
and agrees to be bound by the terms and conditions including those excluding/limiting
Steel City Securities Limited and Exchange's liabilities.
2.11 Further Documentation:
The Constituent agrees to complete any further documentation that may be required
in relation to any of the securities dealings or by any of the regulatory authorities
or under Steel City Securities Limited Policies as may be notified from time to
time or under any law, regulation, guideline, rule, byelaw, order or other edict
having the force of law.
2.12 Compliance with Laws:
All transactions that are carried out by and on behalf of the Constituent shall
be subject to Government notifications, the rules, regulations and guidelines issued
by SEBI, the Reserve Bank of India and the National Securities Depository Limited,
the Central Depository Services (India) Limited, the Securities Contracts Regulation
Act and the rules made there under, and the byelaws, constitution, rules, regulations,
customs and usage of the NSE/BSE, if any.
Any and all disputes arising out of or in connection with this agreement or its
performance shall be settled by arbitration in accordance with the By Laws of the
Exchange(s) as amended from time to time as the case may be;-
3. ADDITIONAL CONDITIONS IN RELATION TO ELECTRONIC ORDERS:
3.1 Protection of Constituent's Trading Password:
The Constituent shall immediately notify Steel City Securities Limited in writing,
delivered via e-mail, Speed Post and Registered AD, if the Constituent becomes aware
of any loss, theft or unauthorized use of the Constituent's Trading Password and
account number; or any failure by the Constituent to receive an accurate written
confirmation of an execution including the contract note for the same; or any receipt
by the Constituent of confirmation of an order and/or execution which the Constituent
did not place; or any inaccurate information in the Constituent's account balances,
securities positions, or transaction history. In the case where the Constituent
notifies such loss, theft or unauthorized use of the Constituent's Trading Password
to Steel City Securities Limited, Steel City Securities Limited 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 Steel City
Securities Limited nor any of its officers, directors, employees, agents, affiliates
or subsidiaries will have any responsibility or liability to the Constituent or
to any other person whose claim may arise through the Constituent with respect to
any of the circumstances described above.
3.2 Trading Password:
The Constituent shall select of use a Trading Password of 6-8 characters in length,
which can be a combination of letters and numbers. The Trading Password shall not
be a combination relating to name or age or other personal information, which would
render it easily deducible. The Constituent is advised to change its Trading Password
at least once in a fortnight for security purposes. It is also advisable to the
constituent that the Trading Password should not to be recorded in written or electronic
form and should be kept secret without access to anyone and it shall be his/her/it’s
own made and totally confidential.
3.3 Constituent's Infrastructure:
For the purposes of these Terms, it is presumed that the Constituent has all the
necessary and compatible infrastructure ready at its end for the purpose of accessing
the web site of Steel City Securities Limited prior to accessing the services provided
pursuant to these Terms. Steel City Securities Limited 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 Steel City Securities Limited. All communications
service charges, levies and fees incurred by the Constituent in accessing the web
site or related services will be borne by the Constituent.
4. Steel City Securities Limited-CONSTITUENT COMMUNICATIONS:
4.1 Form of Communication:
Documents, which may be sent, exchanged between the parties in any one or more of
the following manners.
An electronic mail ('e-mail') including any automated replies from the system of
Steel City Securities Limited.
(b) An electronic mail attachment, or
(c) In the form of an available download from the web site.
(d) By telephonic information duly recorded.
By courier / speed post containing details of transaction confirmations, account
statements requisition of any delivery related documents on the last known address
of the Constituent by telegrams/by under certificate of posting/by affixing it on
the door at the last known business or residential address.
(f) By post
(g) By registered post
By advertising it, at least one prominent daily newspaper having circulation in
the area where the last known business or residential address of the Constituent
Any one communication as above sent by Steel City Securities Limited to the Constituent
shall be deemed to have been property delivered or served and suffice, even if such
communication is returned to Steel City Securities Limited as unclaimed/refused/undelivered,
if the same is sent to the ordinary business address and/or ordinary place of residence
and/or last known address and or e-mail address of the Constituent, in any one of
the one or more of the ways as mentioned above from (a) to (h).
4.2 Digitally Signed Documents:
With the regulatory authorities allowing the usage of digitally signed contract
notes and Bills, the constituent specifically authorizes Steel City Securities Limited
to make available these digitally signed documents on its portal, website and also
authorizes Steel City Securities Limited to send these documents by e-mail. The
constituent further confirms that he/she/it does not need any physical contract
notes as Steel City Securities Limited is already making these documents available
in a digitally signed format via email to him-her/it/by e-mail and in future shall
make it available on Steel City Securities Limited Portal/Website also.
Steel City Securities Limited-Constituent Agreement and access to the use of the
Web-Site, the Services, the Facilities and the Content may upon notice of one month
be terminated by mutual consent of the Constituent and Steel City Securities Limited.
The termination of Steel City Securities Limited-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 Steel City Securities Limited or
the Constituent incurred prior to the date of such termination and the parties shall
enjoy the same rights and shall have the same obligations in respect of such transactions.
6. MISCELLANEOUS INFORMATION
6.1 Third Party Providers/Links:
The Web Site may contain links to other web sites on the World Wide Web. Steel City
Securities Limited is not responsible for their resources or their content or the
The Visitor shall remain solely responsible for all submissions on and to the Web
Site. Steel City Securities Limited is not responsible for the content or message
of any submissions. Steel City Securities Limited 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 Steel City Securities Limited necessarily endorse, support, sanction, encourage,
verify, agree with, or reject, diminish or disagree with, the comments, opinions
or statements posted by others on the Web-Site.
While Steel City Securities Limited does not and cannot review every message posted
or item submitted to/on the Web-Site, Steel City Securities Limited 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 Steel City Securities Limited
in its sole discretion.
The Web Site and its Facilities including the discussion groups and chat rooms shall
be used only in a non-commercial manner. No part of the Web Site, discussion groups
and/or chat rooms shall be used to solicit Visitors to become users of commercial
online information services or for any other commercial services. The Visitor shall
not disrupt or interfere with any aspect or element of the Web Site nor shall the
Visitor do anything, which, in the sole judgment of Steel City Securities Limited,
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 Steel City Securities Limited, post or otherwise distribute any material
containing any solicitation of funds, advertising or solicitation for goods or services.
The Visitor shall not copy third party articles into the chat rooms or discussion
groups available on the Web Site. No Visitor shall tout or hype a stock or company,
or post the same note on multiple occasions in a single day (a practice known as
'spamming'). The Visitor shall not upload to, or otherwise submit or publish through,
the Web-Site any content or material which is libelous, defamatory, obscene, pornographic,
abusive, or hateful, or which invades anyone's privacy, encourages conduct that
would constitute a criminal offense, or otherwise violates any third party rights
or local, state, federal or international law or regulation.
Those Visitors with formal connections or affiliations to or with a company being
discussed in any forum, including among other things any and all positions of employment,
directorships, consultancies and/or substantial share holdings, must identify themselves
as such, and disclose such connection or affiliation, within their first post in
that topic, company focus, or subject matter.
The author or creator of any and all submissions in print or other forms or other
uploads to the discussion groups and/or chat rooms, transfers and assigns to Steel
City Securities Limited, by virtue of submission to the Web-Site and this agreement,
the entire copyright, throughout the universe, in any and all media and forms of
publication, reproduction, transmission, distribution, performance, or display,
now in existence or hereafter developed, in such work or other original materials;
without separate, retained or reversionary rights being held by such author, creator
or other person submitting such work. Steel City Securities Limited 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, Steel City Securities Limited
may use the name and electronic address of the author, creator and/or other person
submitting the work in publishing, promoting, advertising, and publicizing their
publications and information products and services, and in any merchandising.
7.4 Warranties of Constituent:
The Constituent hereby represents and warrants that the terms and conditions of
these Terms have been clearly understood and that the information furnished to Steel
City Securities Limited is accurate and truthful.
The Constituent confirms that it/he/she is of legal age and he/she/it has obtained
the necessary approvals from the relevant regulatory/ legal and compliance authorities
to access the services provided pursuant to these Terms.
7.5 Limitation of liability:
Steel City Securities Limited 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. Steel City Securities
Limited shall not be liable for any inaccuracy, error or delay in, or omission of,
any such data, information or message, or the transmission or delivery of any such
data, information or message; or any loss or damage arising from or occasioned by
any such inaccuracy, error, delay or omission, nonperformance, or interruption in
any such data, information or message, due either to any act or omission by Steel
City Securities Limited or to any "force majeure" event (e.g., flood, extraordinary
weather condition, earthquake or other act of God, fire, war, insurrection, riot,
labour dispute, accident, action of government, communications, power failure, shut
down of systems for any reason including on account of like computer viruses, equipment
or software malfunction, any fraud committed by any person whether in the employment
of Steel City Securities Limited or otherwise or any other cause beyond the reasonable
control of Steel City Securities Limited. The above Force Majeure events do not
exempt the Constituent to fulfill the obligations in his/her/its account with Steel
City Securities Limited.
7.6 Interruption in service:
Steel City Securities Limited 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 Steel City Securities Limited shall not be held responsible for any breakdown
of the system either due to the fault of the systems of Steel City Securities Limited
or of the Exchange(s) or otherwise.for any breakdown of the system or failure either
due to the fault of the systems of Steel City Securities Limited or of the Exchange(s)
7.7 Amendment/ Modification of the Terms:
Steel City Securities Limited 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.
Steel City Securities Limited shall not be required to communicate any modification
or rescission to the Constituent either through physical or electronic form. The
continued use of the services of Steel City Securities Limited after such notice
will constitute acknowledgment and acceptance of such amendment. These Terms (as
amended or modified from time to time) represent the entire agreement between the
Constituent and the Steel City Securities Limited concerning the subject matter
hereof. However, the Constituent has the right to terminate the agreement through
communication in writing as per the termination clause subject to the meeting of
the financial and other obligations under this agreement.
If any provisions or of these Terms are held invalid or unenforceable by reason
of any law, rule, administrative order or judicial decision by any court, or regulatory
or self-regulatory agency or body, such invalidity or unenforceability shall attach
only to such provision or terms held invalid. The validity of the remaining provisions
and terms, their repeatations any where shall not be affected thereby and these
Terms shall be carried out as if any such invalid or unenforceable provisions or
terms were not contained herein.
7.9 No Assignment:
The rights of the Constituent under these Terms are not transferable to any one
under any circumstances and shall be used only by the Constituent.
7.10 Death or Insolvency:
In the event of death or insolvency of the Constituent or of its otherwise becoming
incapable of receiving and/or paying for or delivering or transferring securities
which the Constituent has ordered to be bought or sold, Steel City Securities Limited
may close out the transaction of the Constituent and the Constituent or its legal
representative(s), heirs shall be liable for any losses, costs and be entitled to
any surplus which may result there from.
7.11 Foreign Jurisdiction:
This service does not constitute an offer to sell or a solicitation of an offer
to buy any shares, securities or other instruments to any person in any jurisdiction
where it is unlawful to make such an offer or solicitation. This service is not
intended to be any form of an investment advertisement, investment advice or investment
information and has not been registered under any securities law of any foreign
jurisdiction and is only for the information of any person in any jurisdiction where
it may be lawful to offer such a service. Further, no information on the Web Site
is to be construed as a representation with respect to shares, securities or other
investments regarding the legality of an investment therein under the respective
applicable investment or similar laws or regulations of any person or entity accessing
the Web Site.
Notwithstanding anything contained in these Terms or in Steel City Securities Limited-Constituent
Agreement, Steel City Securities Limited retains its right to: In its sole discretion
to alter, limit or discontinue the Website or any Materials in any respect. Steel
City Securities Limited shall have no obligation to take the needs of any user into
consideration in connection therewith. Deny in its sole discretion any user access
to this Website or any portion thereof without any notice.
No waiver by Steel City Securities Limited of any provision of this Agreement shall
be binding except as set forth in writing signed by its duly authorised representative.
7.13 Other General Terms and Conditions:
The Constituent agrees that any change in their account status or change of any
address will be immediately informed to Steel City Securities Limited. Unless the
Constituent informs Steel City Securities Limited of the change of the address for
communication in writing, all notices, circulars, communication or mail sent to
the existing address (physical or e-mail) shall be deemed to have been received
by the Constituent irrespective of whether they are actually received or not.
The Constituent agrees that they shall not pay any amount in cash to any Representative
of Steel City Securities Limited at the time of opening an account or carrying out
any transaction in the normal course of the business. Steel City Securities Limited
shall not be responsible for any loss on account of cash payment by the Constituent
being contrary to instruction of Steel City Securities Limited.
The Constituent agrees to accept the format provided by Steel City Securities Limited
in order to execute their fax instructions to Steel City Securities Limited.
The Constituent agrees that Steel City Securities Limited will send them communications/letters
etc. through courier / messenger/mail or through any other mode at its discretion
and Steel City Securities Limited shall not be liable for any loss or delay arising
The Constituent agrees that the Passwords will be dispatched by courier (or any
Other mode at Steel City Securities Limited discretion) at their risk and consequence.
The Constituent shall not hold Steel City Securities Limited liable in any manner
what so ever in respect of such dispatch of these items.
An account may be opened on behalf of a minor by his/her natural guardian or by
a guardian appointed by a court of Competent Jurisdiction. The guardian shall represent
the minor in all transactions of any description in the above account until the
said minor attains majority. Upon the minor attaining majority, the right of the
guardian to operate the account shall cease. The guardian agrees to indemnify Steel
City Securities Limited against the claim of above minor for any withdrawal/transactions
made by him in the minor's account.
The Constituent agrees and undertakes to ensure that there would be sufficient funds/clear
balance/pre-arranged credit facilities in their account for effecting/completing
the transactions. The Constituent agrees that Steel City Securities Limited shall
not be liable for any consequences arising out of non-compliance by Steel City Securities
Limited of his/herr/its instructions due to inadequacy of funds and Steel City Securities
Limited can at its sole discretion decide to carry out the instructions notwithstanding
the inadequacy of funds. Steel City Securities Limited may do the aforesaid without
prior approval from or notice to the Constituents and the Constituents shall be
liable to repay with interest the resulting advance, overdraft or credit thereby
occurred and all related charges arising thereby @ 24% compounded daily basis. The
Constituent hereby authorizes Steel City Securities Limited to directly debit the
same to the account of the Constituent at the end of each transaction. The Constituent
also authorizes Steel City Securities Limited to debit charges for Depository Services
to the trading account.
The Constituent agrees that Steel City Securities Limited shall not be liable for
any damages, losses (direct or indirect) whatsoever, due to disruption or non availability
of any of services/facility/s due to technical fault/error or any failure in telecommunication
network or any error in any software or hardware systems.
The Constituent agrees that Steel City Securities Limited may disclose customer
information, in strict confidence, to any of its agent/s and/or contractors with
whom Steel City Securities Limited enters or has entered into any arrangement in
connection with providing of services.
The Constituent agrees that Steel City Securities Limited/its directors/employees/associates
shall not be responsible for any losses incurred in the trading transactions and
have not promised/guaranted the return on the amount so invested.
The clause headings in this agreement are only for convenience and do not effect
the meaning of the relative clause. The Constituent shall not assign this agreement
to anybody else. Steel City Securities Limited may subcontract and employ agents
to carry out any of its obligations under this contract.
This agreement is severable in respect of trades/ orders executed by Steel City
Securities Limited at NSE/BSE or any other Exchange. In the event any provision
of the agreement is bound to be invalid or unenforceable in relation to any of the
Exchanges at which the trades/ orders are executed, this agreement shall be severable
and the same shall continue to be valid and enforceable in relation to Stock Exchange(s).
The agreement is being executed in full sense after understanding the reduced terms
and conditions herein above.
Hereby the Constituent has studied and aware and agreed to all the terms, conditions,
details, information, instructions, guidelines, market nature & awareness… etc
put-up-in the website of SCSLsteelcitynettrade.com and accept to be fully bound
by them inadvertently, earnestly with a truthful spirit of transacting as per the
plans, designs, requirement of the Constituent and also the Constituent acknowledges
that he/she/it is preferring to use all these such provided facilities, services
on the site of SCSL for his/her/its own convenience of time, space, speed, economy
but not as a compulsion or favour to SCSL.