TERMS & CONDITIONS OF http://www.aasmaasecurities.com AND OFFLINE TRADING THROUGH
ANY OF THE TERMINALS OF AASMAA SECURITIES PVT LTD
The following should be read carefully and accepted prior to becoming a Constituent
for offline and online trading i.e. for trading, viewing, downloading, using, copying,
availing the facilities and/or any information, or any part thereof, as the case
may be, as may be made available from time to time on the Web-Site and/or entering
into any Equity, Stock F&O and Currency dealings through the agency of Aasmaa
Securities Pvt Ltd whether by use of any of the facilities available on the Web-Site,
or by any other means whatsoever. Whereas, ww.aasmaasecurities.com (hereinafter
referred to as the “Web-Site”) is a product and service provided by
AASMAA offers its services and the Web Site for use in accordance with the Terms
and Conditions of Use (the “Terms”) contained herein. Please read the
following, which contains important information concerning use of the Web Site.
The use of the Web Site is conditional upon and subject to, acceptance of and compliance
with, the Terms. And whereas for offline the Constituent can avail the facilities
subject to acceptance of and compliance with the terms contained herein
I. i Ownership of the Web-Site (a) AASMAA (hereinafter also referred to as the “Member”)
being a broker registered with the National Stock Exchange of India Limited (NSE),
Bombay Stock Exchange Ltd (BSE), METROPOLITAN Stock Exchange Limited (MSEI) thereby
being entitled to effect purchase and sale transactions of Equities, Stock F&O
and Currencies (hereinafter referred to as the “Stock & Currency Dealings”)
offline and online admitted to the NSE, BSE and MSEI (hereinafter referred to as
the “Admitted Stock & Currencies”), for and on behalf of third parties.
(b) www.aasmaasecurities.com is owned, operated and maintained by Aasmaa Securities
Pvt Ltd (AASMAA)
I. ii Registration for use of the Facilities and Services
(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 & Currency 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 (hereinafter referred to as the “Member-Constituent
Agreement”) with the Member and who have been provided with a unique Trading
Password for online trading and unique Client Code for offline trading (hereinafter,
such persons being referred to as the “Constituent”) by the Member in
the manner as indicated on the Web-Site for online trading and give exact code for
offline trading respectfully shall be entitled to avail the Services provided by
the Member.“Services” provided by the Member shall mean the purchase
and/or sale of the Admitted Equity, Stock F&O and Currency upon receipt of orders,
either electronically via the Web-Site or orally via telephone (as stipulated in
the Member Constituent Agreement) or written, from the Constituent to purchase and/or
sell the same and shall include such other services and facilities that may be offered
from time to time by the Member, in its position as a NSE, BSE and MSEI trading
(c) The Terms shall be deemed to form part of the Member-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.
(d) The words I/WE, ME/US, MY/OUR refer to person(s) who open the account(s) and
shall mean and include both singular and plural. AASMAA refers to Aasmaa Securities
II. CONDITIONS OF USE OF THE SERVICES
II.i Subject Matter of the Services
The Services offered by the Member include the sale and purchase of dematerialized
Equity, Stock F&O and Currency trading on the NSE, BSE and MSEI (in e-trading
account on the internet and also in off-line trading and delivery of Equity, Stock
F&O and Currency in physical mode wherever the same is traded on off-line on
specific direction received by the 'Member' at any of their terminals) in the cash/normal
segment of the market [and shall include trading in derivative products or in the
carry forward segment, and such other services/ products as may be permitted from
time to time].
II.ii Order Entry
(a) The Constituent shall be entitled to place an order for the sale or purchase
of any Admitted Equity, Stock F&O and Currency at any time, regardless of the
duration of the trading hours of the NSE, BSE and MSEI, through e-mail, writing,
telephonic placement by the Constituent or his duly authorized representatives whose
particulars has been provided by the Constituent to the member 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 Member 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 Website.
(c) The Member 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 Member, either electronically
or otherwise, does not guarantee execution of the order, regardless of the confirmation
by the Member of the receipt of the order and/or its execution and the Member 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
Equity, Stock F&O and Currency 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 Equity, Stock F&O and Currency in his/her/its account and
the eligibility of the Equity, Stock F&O and Currency to meet share pay in obligations
to the NSE, BSE and MSEI whether received by way of purchases, off market transfers
(f) Prior to placing an order in connection with the sale/purchase or transfer of
any Equity, Stock F&O and Currency in which Constituent requires any form of
regulatory or other permission, the Constituent must advise the Member of the status
of the Equity, Stock F&O and Currency and furnish necessary documents including
opinions of legal council 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 Member 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 Member from any costs, losses, claims or other liability
arising on account of such orders.
II.iii Order Execution
(a) In the event that the order is placed during the trading hours of the NSE, BSE
and MSEI, it 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 and MSEI.
(b) The Constituent agrees and appoints the Member as its agent to take all necessary
measures to complete the transactions and hereby authorizes the Member 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 Member has provided on the Web- Site a facility for reconfirmation
of orders which are larger than those specified by the Member's risk management
policy and is also aware that the Member has the discretion to reject the execution
of such orders based on such risk management policy. The Member shall not be liable
for any delay or cancellation of any order due to the exercise of the Member's discretion
under such policy.
(d) The Constituent acknowledges and accepts that the Member 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 Member 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 and MSEI may reject
or cancel any trade suo moto without ascribing any reasons therefore and the Member
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 Equity, Stock F&O and Currency was traded when the
order was entered into the Member's system.
(g) The Constituent hereby agrees that Member shall not be responsible or liable
for the execution of any order that may have been placed by the Constituent or any
unauthorized use of the Constituent's Trading Password by any person.
(h) The cancellations or modifications to orders placed are not guaranteed. Cancellation
of orders is possible only if the original order remains pending at the NSE, BSE
and MSEI. 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 Member.
The Constituent agrees that the Member 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 Member, any order not executed
at the end of the relevant NSE, BSE and MSEI 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 and MSEI, shall not remain valid for execution at
any subsequent trading day at the NSE, BSE and MSEI.
(I) The Constituent also accepts responsibility for knowing the trading and settlement
cycles of the NSE, BSE and MSEI and the settlements pay in/pay out dates for funds
and Equity, Stock F&O and Currency and in the event any trades or transactions
are reported late to the Member 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 Member shall not be liable for any damage, loss
or claim in account of such error or correction thereof.
II. iv Purchase of the Admitted Equity, Stock F&O and Currency
(a) Prior to placing any order for the purchase of any Admitted Equity, Stock F&O
and Currency, the Constituent shall ensure that sufficient cash credit balance is
available in its account with the Member. 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 Member, 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 Member's
discretion, unless the Constituent immediately, upon demand by the Member, makes
good the shortfall in the amount as indicated by the Member.
(c) The date for payment in the case of purchase of Equity, Stock F&O and Currency
by the Constituent will be viewed on the day to day basis by the member and the
same shall be intimated by the member to the Constituent either telephonically or
otherwise as required for maintaining the account of outstanding as per NSE, BSE
and MSEI rules and the Constituent shall within two days 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 Member 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 and MSEI.
In the case where the payment is not made by the Intimated Date, the Equity, Stock
F&O and Currency purchased by the Member 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.
II. v Sale of the Admitted Equity, Stock F&O and Currency
(a) Prior to placing any order for the sale of any Admitted Equity, Stock F&O
and Currency, the Constituent shall ensure that the concerned Equity, Stock F&O
and Currency is available in sufficient quantity in its/his/her account with the
Member. The Constituent is responsible for all of their orders, including any orders,
which exceed the available quantity of the relevant Equity, Stock F&O and Currency
and are executed by the Member, inadvertently or otherwise.
(b) The Constituent agrees and hereby authorizes the Member to block as sold the
relevant Equity, Stock F&O and Currency, as standing to its/his/her account,
against its/his/her order to sell Equity, Stock F&O and Currency. If its/his/her
order gets executed either fully or partially then the Equity, Stock F&O and
Currency 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 Equity,
Stock F&O and Currency. The Constituent hereby authorizes the Member to dishonor
any orders issued against the blocked Equity, Stock F&O and Currency.
(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 Equity,
Stock F&O and Currency have been delivered to the NSE, BSE and MSEI/clearing
house and payout is received from the NSE, BSE and MSEI/clearing House. The proceeds
of all sales will be credited, to the cash credit balances account of the Constituent
as maintained by the Member, directly after settlement date.
(d) If the Equity, Stock F&O and Currency are not received on or before the
settlement date or Equity, Stock F&O and Currency received are not in deliverable
state or due to any other reason whatsoever, the Constituent is not able to deliver
Equity, Stock F&O and Currency, the Equity, Stock F&O and Currency will
be auctioned or closed out as per the rules of the NSE, BSE and MSEI. Consequently,
the Constituent will be responsible for any resulting losses and all associated
costs including any penalty levied by the NSE, BSE and MSEI.
(a) The Constituent shall maintain such quantity of Equity, Stock F&O and Currency
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 Member, provided that the Margin shall not at any
time be less than Prescribed margin percentage of the price of the Admitted Equity,
Stock F&O and Currency proposed to be purchased or sold. The Constituent agrees
that no interest shall be payable on the Margin as maintained with the Member. The
Constituent shall be permitted to trade unto a predetermined number of times of
the Margin and the quantum of such multiple shall be determined at the sole discretion
of the Member.
(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 in the
website www.aasmaasecurities.in and at the registered Office and terminals of the
member 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 member to keep a regular
check on his account and margin Requirements, for maintaining sufficient margin
with the member to undertake any transaction in his a/c in off line And online trading.
If the Member considers it necessary for its own protection, it may require the
Constituent to Immediately on demand deposit cash or Equity, Stock F&O and Currency
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 Equity, Stock F&O and Currency, the Constituent hereby
grants to the Member the right to sell any or all Equity, Stock F&O and Currency
extant in their account, buy any or all relevant Equity, Stock F&O and Currency
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 Member may exercise
any or all of the above rights, prior to or without any demand, for additional cash
or Equity, Stock F&O and Currency, 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 Member on any market where such business is usually transacted, or at public
auction or private sale, or the Member 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 Member
to sell or buy without any such demand, call or notice, at that time or at any time
(f) In addition to the above, if the Constituent does not credit its cash or Equity,
Stock F&O and Currency account as maintained with the Member, 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
Member, 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 Member 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 Member, any
trade would be executed by the Member only upon the realization of the funds of
the said cheque.
II.vii Confirmations and Contract Notes
(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
Website or the Constituent 1may enquire the balance as maintained by member or the
member shall keep sending the details of contract notes and the status of his account
on fortnight basis wherever the Constituent is availing the services of the member
'offline' from any terminals of the member.
(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
(c) The Member shall deliver to the Constituent via email or other electronic means
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,
Regardless of any apparent or alleged errors.
(d) 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
II. viii Charges
(a) The Constituent agrees to pay the brokerage charges, NSE, BSE and MSEI related
charges, statutory charges and any other charges (including but not limited to Equity,
Stock F&O and Currency 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 the Member. The brokerage shall
be paid in the manner intimated by the Member 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
(b) The Member shall debit the charges of the depository participant for the trades
and the bank charges for the realization of cheques etc. to the Constituent account.
(c) Notwithstanding anything contained in these Terms, any amounts which are overdue
from the Constituent to the Member will be charged delayed payment charges at the
rate of [2%] per month or such other rate as may be determined by the Member and
notified on the web site and the Constituent hereby authorizes the Member to directly
debit the same to the account of the Constituent. II.ix Constituents Cash Credit
and Equity, Stock F&O and Currency Accounts
(a) The Member 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 Equity, Stock F&O and Currency received from or on account of each of the
Constituents, and the moneys and Equity, Stock F&O and Currency received on
its own account.
(b) The Constituent is required to ascertain all ledger balances of moneys and Equity,
Stock F&O and Currency 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 the
Member shall not be liable for any loss, damage or claim on account of any error
in the information contained in the ledger balances.
(c) All payments in respect of transaction made by the Constituent to the company
shall be payable at Hyderabad, drafts and cheques in that behalf shall be drawn
in favour of the company and shall be payable at Hyderabad. Final settlement of
outstanding account in respect of transactions between the company and Constituent
and periodical settlement and termination of contract shall be struck and finalized
at the company Head Office at Hyderabad.
(d) The Constituent hereby authorizes and empowers AASMAA to adjust all the debts/credits
(funds/ Equity, Stock F&O and Currency) resulting from trading transactions
in any of the following segment of NSE, BSE and MSEI and vice-versa in order to
discharge any financial liability towards AASMAA in any segment.
(e) That the Constituent authorizes the trading member 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
(f) All transactions with NSE, BSE and MSEI will be subject to the rules, regulations
and Bye-laws of NSE, BSE and MSEI apart from the existing terms and conditions as
(g) To avoid any ambiguity it is hereby provided that notwithstanding anything contained
in these Terms or in the Member-Constituent Agreement or any other understanding
or agreement between the Member and Constituent, the Member'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.
II. x Set off, lien, pledge etc.
(a) Nothing in the Terms or the Member-Constituent Agreement shall deprive the Member
of any recourse or right, whether by way of lien, set-off, counter claim or otherwise
against any money or Equity, Stock F&O and Currency standing to the credit of
the Constituent's account.
(b) All the Equity, Stock F&O and Currency and monies credited to the account
of the Constituent as maintained by the Member shall be subject to a lien for the
discharge of any obligation or indebtedness of the Constituent to the Member. In
enforcing the lien the Member shall have the sole discretion of determining the
Equity, Stock F&O and Currency or assets that are to be liquidated and/or appropriated.
(c) The Member shall have the right to pledge the Equity, Stock F&O and Currency
standing to the credit of the Constituent's account for the purpose of raising any
finance from any person as may be required to meet the Margin obligations of the
Constituent. Further Constituent hereby authorizes the Member to pledge any Equity,
Stock F&O and Currency 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, for the purpose of securing to the Member a credit facility in connection
with meeting the margin requirements of any other Constituent, provided that the
Member shall be fully liable for any resultant failure of execution or default on
delivery obligations directly caused by such pledge of the Equity, Stock F&O
II. xi Further Documentation
The Constituent agrees to complete any further documentation that may be required
in relation to any of the Equity, Stock F&O and Currency dealings or by any
of the regulatory authorities or under the Member's 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.
II.xii 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 Forward Market Commission, the Reserve Bank of India and the National Equity,
Stock F&O and Currency Depository Limited, the Central Depository Services Limited,
the Forward Contracts Regulation Act and the rules made there under, and the byelaws,
constitution, rules, regulations, customs and usage of the NSE, BSE and MSEI, if
III. ADDITIONAL CONDITIONS IN RELATION TO ELECTRONIC ORDERS
III. i List of Dematerialized Equity, Stock F&O and Currency The Member shall
notify the Equity, Stock F&O and Currency for which this facility is made available
from time to time on the Web Site. The Member would have the right to add or delete
Equity, Stock F&O and Currency 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.
III. ii Protection of Constituent's Trading Password
The Constituent shall immediately notify the Member 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, Equity, Stock
F&O and Currency positions, or transaction history. In the case where the Constituent
notifies such loss, theft or unauthorized use of the Constituent's Trading Password
to the Member, the Member 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 Member 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.
III.iii Use of Constituent's Trading Password
The Constituent confirms and agrees that it will be the sole authorized user of
the Trading Password /s to be given to it by the Member. 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 Member in writing. On receipt
of such a request the Member 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 Member nor any of its officers directors employees agents affiliates or subsidiaries
will have any responsibility or liability to the In addition, the Constituent hereby
grants to AASMAA the right to with-hold its/he/her Equity, Stock F&O and Currency
payment and/or funds pay-out from the Equity, Stock F&O and Currency exchange
in part or full. Constituent or to any other person whose claim may arise through
the Constituent with respect to any of the circumstances described above.
III. iv Form of Trading Password
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.
III .v Recording of Trading Password
The Constituent shall memories 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
III.vi Responsibility for Use of the Trading Password
Any order entered using the Trading Password is deemed to be that of the Constituent.
If third parties gain access to the Member'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 Member 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.
III.vii Communications Equipment 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.
III. viii 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 the Member prior to accessing the services provided pursuant to
these Terms. The Member 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 Member.
III. ix Prevention of Unauthorized Use
The Constituent will install the necessary safeguards and access restrictions to
prevent unauthorized use of Constituents computer systems and ensure that no unauthorized
person can gain access to the computer systems.
IV. ADDITIONAL CONDITIONS IN RELATION TO ORAL ORDERS ON-LINE AND OFF-LINE
(a) The Constituent agrees and hereby authorizes the Member at its sole discretion
and without any prior notice to the Constituent, to record any conversation between
the Constituent and the Member. 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 Member shall not be liable for any losses,
damage or claim on account of transactions effected by the Member on behalf of the
constituent arising from any incorrect or erroneous transfer or collection of the
order instructions from the Constituent.
V. MEMBER CONSTITUENT COMMUNICATIONS
V.i Form of Communication
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 Member,
(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.
V.ii Change of Address
Unless the Constituent informs the Member 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.
V.iii Notices/ Policies
Certain policies and/or procedures may be further outlined on the Member's web site
and material/literature and frequently asked questions (FAQ's) may be provided to
the Constituent. Through the use of the Member'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 Member-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 the Member.
(b) The termination of the Member-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 Member 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.
VII. MISCELLANEOUS INFORMATION
VII.i Facilities and Web Content
(a) The Constituent acknowledges and agrees that each participating Equity, Stock
F&O and Currency 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 Member
only for the Constituent's Individual use and shall not furnish such data to any
other person or entity. The Constituent is authorized to use materials which are
made available by the Member's web site for the Constituent's own needs only, and
the Constituent is not authorized 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 Member'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) All Content is owned or controlled by AASMAA or the party credited as the provider
of such Content. The Content, and the entire Web-Site, including without limitation
all materials published by AASMAA and all postings On the Web-Site may be protected
by copyright pursuant to Indian copyright laws, international conventions, and other
copyright laws. AASMAA owns a copyright in the selection, coordination, arrangement
and enhancement of such Content, as well as in the original component of the Content
itself. All persons visiting and/or using any of the Facilities on the Web-Site
or viewing any of the Content thereof (hereinafter such person shall be referred
to as the “Visitor”, which term shall mean and include the Constituent
in relation to any use of the Facilities and Content) shall abide by all copyright
notices, conventions, and other copyright laws. The Visitor shall abide by all copyright
notices, information or restrictions contained in any Content accessed by or through
the Web-Site. Reproduction of the Web-Site site, in whole or in part, without the
prior written permission of AASMAA is strictly prohibited.
(d) 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'® 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 AASMAA
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. AASMAA retains full and complete title and rights to all intellectual property
in Web Site.
(e) AASMAA 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.
VII.ii Third Party Providers/Links
The Web Site may contain links to other web sites on the World Wide Web. AASMAA
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
Website. AASMAA is not responsible for the content or message of any submissions.
AASMAA 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 AASMAA 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 AASMAA does not and cannot review every message posted or item submitted
to/on the Web-Site, AASMAA 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 AASMAA in its sole discretion.
(c) The Web Site and its Facilities including the discussion groups and chat rooms
shall be used only in a noncommercial 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 AASMAA, 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 AASMAA, 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 Equity, Stock F&O and Currency 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 AASMAA, 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 & Equity, Stock F&O and Currency
exchange rules, regulations & byelaws that may be in force from time to time
& the forward contracts 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. AASMAA 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,
AASMAA 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.
VII.iv Warranties of Constituent
(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 Member 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/Member/NSE,
BSE and MSEI end. The Constituent hereby specifically indemnifies and holds the
Member harmless from any and all claims, and agrees that the Member shall not be
liable for any loss, actual or perceived, caused directly or indirectly by government
restriction, exchange or market regulation, suspension of trading, war, strike,
equipment failure, communication line failure, system failure, Equity, Stock F&O
and Currency failure on the Internet, shut down of systems for any reason (including
on account of computer viruses), unauthorized access, theft, any fraud committed
by any person whether in the employment of the Member or otherwise or any problem,
technological or otherwise, that might prevent the Constituent from entering the
Member'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
Member 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 Member or of the Exchanges is operating
or the delay
in Equity, Stock F&O and Currency quotes or any shutting down by the Member
of his system for any reason or the Member disabling the Constituent from trading
on his system for any reason whatsoever.
VII.vi Member's Liability
(a) Under no circumstances, including but not limited to negligence, shall the Member
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 Member 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 Member or otherwise.
(b) The Constituent agrees to fully indemnify and hold harmless the Member for any
losses arising from the execution of incorrect/ ambiguous or fraudulent instructions
that got entered through the system at the Constituent's end.
VII.vii Limitation of liability
The Member 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 Member 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 Member 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 Member or otherwise or any other cause beyond the reasonable
control of the Member.
VII.viii Interruption in service
The Member 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 Member shall not be held responsible for any breakdown of the system either
due to the fault of the systems of the Member or of the Exchanges or otherwise.
VII.ix Amendment/ Modification of the Terms
The Member 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 Member 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 Member
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 Member 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.
VII.xi No Assignment
The rights of the Constituent under these Terms are not transferable under any circumstances
and shall be used only by the Constituent.
VII.xii Authorized Representative
The instructions issued by an authorized representative of the Constituent shall
be binding on the Constituent in accordance with the letter authorizing the said
representative to deal on behalf of the Constituent.
VII.xiii 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 Equity, Stock
F&O and Currency which the Constituent has ordered to be bought or sold, the
Member may close out the transaction of the Constituent and the Constituent or its
legal representative shall be liable for any losses, costs and be entitled to any
surplus which may result there from.
VII.xiv Dispute Resolution
(a) The Member and the Constituent are aware of the provisions of the bye laws rules
and regulations of the NSE, BSE and MSEI 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.ivx (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 Member and the Constituent expressly
consent and agree that the Chairman, AASMAA shall be the persona designated to appoint
the dais sole arbitrator. The venue of arbitration shall be Hyderabad and each party
shall bear the cost of arbitration equally unless otherwise awarded by the sole
(c) The member 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 Member at Hyderabad
VII.xv Foreign Jurisdiction
This service does not constitute an offer to sell or a solicitation of an offer
to buy any Equity, Stock F&O and Currency, Equity, Stock F&O and Currency
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 Equity, Stock F&O and Currency 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 Equity, Stock F&O and
Currency, Equity, Stock F&O and Currency 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 Member-Constituent
Agreement, AASMAA/Member retains its right to:
(i) In its sole discretion to alter, limit or discontinue the Website or any Materials
in any respect. AASMAA 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 AASMAA of any provision of this Agreement shall be binding except
as set forth in writing signed by its duly authorized representative.
VII. xvii Other General Terms and Conditions
(a) The Constituent agrees to abide by the AASMAA's Terms and Conditions and rules
in force and changes in Terms and Conditions from time to time relating to their
(b) The Constituent agrees that the AASMAA will be at liberty to close their account
any time without assigning any reason whatsoever.
(c) The Constituent agrees that the AASMAA 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 AASMAA.
(e) The Constituent agrees that all instructions relating to their account will
be issued in writing satisfactory to the AASMAA in form and content.
(f) The Constituent agrees that they shall not pay any amount in cash to any Sales
Representative of the AASMAA 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 AASMAA in order
to execute their fax instructions to the AASMAA.
(h) The Constituent agrees that the AASMAA will send them communications/letters
etc. through courier / messenger/mail or through any other mode at its discretion
and the AASMAA 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 (or
any other mode at the AASMAA'® discretion) at their risk and consequence.
(j) The Constituent shall not hold the AASMAA liable in any manner what so ever
in respect of such dispatch of these items.
(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 AASMAA 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/prearranged credit facilities in their account for effecting
transactions. The Constituent agrees that the AASMAA shall not be liable for any
consequences arising out of non-compliance by the AASMAA of my instructions due
to inadequacy of funds and the AASMAA can at its sole discretion decide to carry
out the instructions notwithstanding the inadequacy of funds. Their AASMAA 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 @ 24% compounded daily basis.
(m) The Constituent agrees that the AASMAA shall not be liable for any damagees,
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 AASMAA may disclose customer information, in
strict confidence, to any of its agent/s and/or contractors with whom the AASMAA
enters or has entered into any arrangement in connection with providing of services.
VII. xviii Accounts
The Constituent agrees to repay to the AASMAA on demand, unconditionally, the amounts
of overdrafts or excesses against margin deposit that the AASMAA may grant it/he/her
from time to time, together with interest accrued thereon. The Constituent agrees
that this does not imply that the AASMAA is bound to grant them any credit facility
VIII. ELECTRONIC PAYMENT GATEWAY
VIII.i Definitions and Interpretations
"Electronic Payment Gateway for Net banking Terms and Conditions" shall
mean the terms and conditions as modified from time to time applicable to Electronic
Payment Gateway for Net banking offered through the AASMAA in the HDFC or other
bank a/c and accepted by the customer. "Confidential Information" refers
to information obtained by the customer, through the AASMAA, for the effective availability
of Services or Payment Instruction Services" Electronic Payment Gateway for
Net banking services."Payment Instruction" shall mean an instruction given
by a Customer to transfer funds from the Account held by the Customer to the account
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
VIII.iii Electronic Payment Gateway for Net banking Services
Electronic Payment Gateway for Net banking Services is the AASMAA's Service which
provides access to account information, the Internet with the help of concerned
bank. The terms Electronic Payment Gateway for Net banking and Electronic Payment
Gateway for Net banking services/facility may be interchangeably used.
VIII. iv Customer
Customer refers to any person who has a AASMAA Account and who has been authorized
by the AASMAA to avail of the said facility.
VIII. v Account
Account refers to the Customer's Savings and/or Current Account to which access
is to be obtained through Electronic Payment Gateway for Net banking.
VIII.vi Personal Information
Personal Information refers to the information about the Customer obtained in connection
with Electronic Payment Gateway for Net banking or otherwise.
VIII.vii Application for Electronic Payment Gateway for Net banking The AASMAA may
offer Electronic Payment Gateway for net banking to select Customers at its discretion
in collaboration with the concerned bank. The Constituent agrees that in order to
be eligible for Electronic Payment Gateway for Net banking it/he/she would need
to be a current Internet user or have access to the Internet and knowledge of how
the Internet works and have Net Banking facility with its/his/her bank. The Constituent
accepts that the application for Electronic Payment Gateway for Net banking does
not automatically imply acceptance by the AASMAA.
VIII. viii Software
The AASMAA or the concerned bank will advise from time to time the Internet software
such as Browsers, which are required for using Electronic Payment Gateway for Net
banking. There will be no obligation on the AASMAA to support all the versions of
this Internet software. The Constituent agrees that the Constituent shall be responsible
for upgrading their software, hardware and the operating system at their cost from
time to time so as to be compatible with that of the AASMAA. The AASMAA or the bank
shall be at liberty to change, vary or upgrade its software, hardware, operating
systems, etc., from time to time and shall be under no obligation to support the
software, hardware, operating systems used by the Constituent and that the same
shall be their sole responsibility.
VIII.ix Electronic Payment Gateway for Net banking Service
(a) The AASMAA shall endeavor to provide through Electronic Payment Gateway for
Net banking, such services as the AASMAA may decide from time to time. The AASMAA
reserves the right to decide the type of services which may be offered on each account
and may differ from customer to customer. These facilities shall be offered in a
phased manner at the discretion of the AASMAA. The AASMAA may also make additions/deletions
to the services offered through Electronic Payment Gateway for Net banking at its
sole discretion. The availability / non availability of a particular service shall
be advised through e-mail or web page of the AASMAA or written communication.
(b) In case of Joint accounts and accounts with two or more signatories, the AASMAA
will offer such services as restricted by the terms and conditions governing the
operation of such accounts.
(c) In case of Minor accounts, the natural guardian undertakes to give all instructions
relating to the operation of the account and further undertakes not to reveal the
Customer ID and Password to the minor.
(d) The AASMAA shall take reasonable care to ensure the security of and prevent
unauthorized access to the Electronic Payment Gateway for Net banking service using
technology reasonably available to the AASMAA.
(e) The Constituent agrees that it/he/her shall not use or permit to use Electronic
Payment Gateway for Net banking or any related service for any illegal or improper
VIII. x Electronic Payment Gateway for Net banking Access
(a) The Constituent understands that the AASMAA would allot them a Customer-ID and
password for their account, which will enable them to have excess to Electronic
Payment Gateway for Net banking to perform Net banking for bank account. The Constituent
will be required to change the password assigned by the AASMAA on accessing Electronic
Payment Gateway for Net banking for the first time. As a safety measure the Constituent
changes the password as frequently thereafter as possible. In the absence of any
specific request from them for personally collecting the Password, the Password
shall be sent to the Constituent by courier at its/his/her risk and consequences
to the address notified by them for correspondence, and the AASMAA shall be not
liable or held responsible in any manner whatsoever, if the Password falls in the
hands of unauthorized person/s.
(b) In addition to Customer-ID and Password the AASMAA may, at its discretion, require
the Constituent to adopt such other means of authentication including but not limited
to digital certification and / or smart cards. The Constituent agrees that it/he/she
shall not attempt or permit others to attempt accessing the account information
stored in the computers of the AASMAA through any means other than the Electronic
Payment Gateway for Net banking service. The Constituent is aware that the transaction
through Electronic Payment Gateway for Net banking can be effected by use of their
password for their AASMAA account and passwords for Net Banking for the operation
of their bank account for Net Banking. The Constituent shall not request/demand
any evidence of proof for transactions undertaken through the Net and the audit
trail of the log-in would be conclusive proof to establish that the transactions
VIII. xi Password
The Constituent understands and agrees that it/he/she must:
(a) Keep the password totally confidential and not reveal the password to any third
(b) Choose a password that shall consist of a mix of alphabets, numbers and special
characters, which must not relate to any readily accessible personal data such as
it/his/her name, address, telephone number, driver license etc. or easily guessable
combination of letters and number
(c) Commit the password to memory and not record them in a written or electronic
(d) Not let any unauthorized person have access to their computer or leave the computer
unattended while accessing Electronic Payment Gateway for Net banking.
(e) In case the Constituent forgets the password for their account in the AASMAA,
it/he/she can request for change of the password. Such replacement shall not be
construed/deemed as the commencement of a new contract.
VIII.xii Transaction Processing
All the requests for instantaneous transactions will be given effect instantaneously.
In case requests for effecting any transactions are received on weekly offs/holiday/public
holidays, with AASMAA/NSE, BSE and MSEI & bank, they shall be effected on the
immediately succeeding working day on the terms and conditions prevailing on that
day. The Constituent shall not hold the AASMAA or the bank responsible for not processing/effecting
any transactions in case the AASMAA does not receive instruction to this effect
even though they have forwarded the same. The Constituent hereby agrees to abide
by the following terms and conditions in addition to the terms and conditions as
applicable to Electronic Payment Gateway for Net banking:
(a) The Constituent shall be free to utilize the Payment Instruction Services through
Electronic Payment Gateway for Net banking for transfer of funds for such purpose,
as they shall deem fit
(b) The Constituent however agrees not to use or permit the use of the Payment Instruction
Services or any related services for any illegal or improper purposes. Whilst utilizing
the Payment Instruction Services for making any payments for any services obtained
whether on-line or otherwise, they shall ensure that
(c) The Constituent has the full right and/or authority to access and avail of the
services obtained and they shall observe and comply with the applicable laws and
regulations in each jurisdiction in applicable territories. They shall not access
to family/relatives/friends or any other person's account through this gateway facility
for transfer of funds and if done so then the Constituent shall be solely responsible
for the said transfer of funds. And further undertake if any such claim is made
by the third party so effected then they shall be solely responsible and not AASMAA
in any manner.
(d) The Constituent shall not involve the AASMAA as a party to such transaction.
(e) The Constituent shall provide the AASMAA with such information and/or assistance
as is required by the AASMAA for the performance of the Services and/or any other
obligations of the AASMAA under this Agreement.
(f) The Constituent shall not at any time provide to any person, with any details
of the accounts held by me/us with the AASMAA including, the passwords, account
number which may be assigned to me/us by the AASMAA from time to time.
The Constituent hereby acknowledges that it/he/she is availing the Payment Instruction
Service at it/his/her own risk. These risks would include but not be limited to
the following risks:
(a) Misuse of Password: The Constituent acknowledges that if any third person obtains
access to their password of the Customer, such third person would be able to provide
Payment Instructions to the AASMAA. They shall ensure that the terms and conditions
applicable to the use of the password as contained in the Electronic Payment Gateway
for Net Banking Terms and Conditions are complied with at all times.
(b) Internet Frauds: The Internet per se is susceptible to a number of frauds, misuse,
hacking and other actions, which could affect Payment Instructions to the AASMAA.
Whilst the AASMAA shall aim to provide Equity, Stock F&O and Currency to prevent
the same, there cannot be any guarantee from such Internet frauds, hacking and other
actions, which could affect Payment Instructions to the AASMAA. The Constituent
shall separately evolve/ evaluate all risks arising out of the same.
(c) Mistakes and Errors: The filling in of applicable data for transfer would require
proper, accurate and complete details. For instance, the Constituent is aware that
they would be required to fill in the account number of the AASMAA to whom the funds
are to be transferred. In the event of any inaccuracy in this regard, the funds
could be transferred to incorrect accounts and there is no guarantee of recovery
thereafter. The Constituent shall therefore take all care to ensure that there are
no mistakes and errors and that the information given by me/us to the AASMAA in
this regard is error free, accurate, proper and complete at all points of time.
On the other hand in the event of my Account receiving an incorrect credit by reason
of a mistake committed by some other person, the AASMAA or the bank shall be entitled
to reverse the incorrect credit at any time whatsoever without the consent of the
Customer I/We shall be liable and responsible to AASMAA and accede to accept the
AASMAA's instructions without questions for any unfair or unjust gain obtained by
me as a result of the same.
(d) Transactions: The transactions, which the Constituent may require, the transfer
of the funds may not fructify The AASMAA is merely providing it/him/her services
whereby the said funds would be transferred from their instructions.
(e) Technology Risks: The technology for enabling the transfer of funds and the
other services offered by the AASMAA could be affected by virus or other malicious,
destructive or corrupting code, program or macro. It may also be possible that the
site of the AASMAA or the bank may require maintenance and during such time it may
not be possible to process the request of the Customers. This could result in delays
in the processing of instructions or failure in the processing of instructions and
other such failures and inability. The Constituent understands that the AASMAA disclaims
all and any liability, whether direct or indirect, whether arising out of loss Of
profit or otherwise arising out of any failure or inability by the AASMAA to honour
any customer instruction for whatsoever reason. The Constituent understands and
accepts that the AASMAA shall not be responsible for any of the aforesaid risks.
The Constituent also accepts that the AASMAA shall disclaim all liability in respect
of the said risks.
(f) Limits: The Constituent is aware that the AASMAA may from time to time impose
maximum and minimum limits on funds that may be transferred by virtue of the payment
transfer service given to it/him/her hereunder. The Constituent realizes and accepts
and agrees that the same is to reduce the risks on it/him/her. For instance, the
AASMAA may impose transaction restrictions within particular periods or amount restrictions
within a particular period or even each transaction limits. The Constituent shall
be bound by such limits imposed and shall strictly comply with them.
(g) Indemnity: The Constituent shall indemnify the AASMAA from and against all losses
and damages that may be caused as a consequence of breach of any of the Electronic
Payment Gateway for Net banking Terms and Conditions and the terms and conditions
mentioned herein above.
(h) Withdrawal of Facility: The AASMAA shall be entitled to withdraw this service
at any time whatsoever
(i) Charges: The Constituent hereby agrees to bear the charges as may be stipulated
by the AASMAA from time to time for availing of these services.
(j) Binding nature of above terms and conditions: The Constituent agrees that by
use of this facility, the Constituent shall deemed to have agreed to all the above
terms and conditions and such terms and conditions shall be bound on it/him/her
in the same manner as if it/he/she has agreed to the same in writing.
IX. AUTHORITY TO THE AASMAA
(a) Electronic Payment Gateway for Net banking transactions in the Customer's Account(s)
are permitted only after authentication of the Customer-ID and Password. The Constituent
agrees that they grant express authority to the AASMAA or the bank for carrying
out transactions performed by them through Electronic Payment Gateway for Net banking.
The AASMAA shall have no obligation to verify the authenticity of any transaction
received from the Constituent through Electronic Payment Gateway for Net banking
or purporting to have been sent by them via Electronic Payment Gateway for Net banking
other than by means of verification of their Customer-ID and the password.
(b) The display or printed output that is produced by the Constituent at the time
of operation of Electronic Payment Gateway for Net banking is a record of the operation
of the internet access and shall not be construed as the AASMAA's record of the
relative transactions. The AASMAA's or bank own record of transactions maintained
through computer systems or otherwise shall be accepted as conclusive and binding
for all purposes unless any discrepancy is pointed out within one week from the
date of access or from the date of sending the periodical statement, whichever is
(c) All transactions arising from the use of Electronic Payment Gateway for Net
banking, to operate a joint account, shall be binding on all the joint account holders,
jointly and severally.
X. ACCURACY OF INFORMATION
The Constituent agrees that it/he/she are responsible for the correctness of information
supplied to the AASMAA through the use of Electronic Payment Gateway for Net banking
or through any other means such as electronic mail or written communication. The
AASMAA accepts no liability for the consequences arising out of erroneous information
supplied by them. The Constituent agrees that if it/he/she notice any error in the
account information supplied to it/him/her through Electronic Payment Gateway for
Net banking or by the use of any of the Electronic Payment Gateway for Net banking
services, the Constituent shall advise the AASMAA & bank as soon as possible.
The AASMAA will endeavor to correct the error promptly.
The Constituent complies with the Terms and advise the AASMAA and the bank in writing
under acknowledgment immediately after it/he/she suspect that their Customer-ID
or password is known to another person and/or notice an unauthorized transaction
in their Electronic Payment Gateway for Net banking account. The Constituent agrees
that it/he/she shall be liable for some or all loss from unauthorized transactions
in the Electronic Payment Gateway for Net banking accounts if it/he/she has breached
the Terms or contributed or caused the loss by negligent actions such as the following:
(a) Keeping a written or electronic record of Electronic Payment Gateway for Net
(b) Disclosing or failing to take all reasonable steps to prevent disclosure of
the Electronic Payment Gateway for Net banking password to anyone including AASMAA
staff and/or failing to advise the AASMAA of such disclosure within reasonable time
(c) Not advising the AASMAA and the bank in a reasonable time about unauthorized
access to or erroneous transactions in the Electronic Payment Gateway for Net banking
accounts. The AASMAA shall in no circumstances be held liable to the Customer if
Electronic Payment Gateway for Net banking access is not available in the desired
manner for reasons including but not limited to natural calamity, floods, fire and
other natural disasters, legal restraints, faults in the telecommunication network
or Internet or network failure, software or hardware error or any other reason beyond
the control of the AASMAA. The AASMAA shall under no circumstances shall be liable
for any damages whatsoever whether such damages are direct, indirect, incidental,
consequential and irrespective of whether any claim is based on loss of revenue,
investment, production, goodwill, profit, interruption of business or any other
loss of any character or nature whatsoever and whether sustained by the Constituent.
XII. DISCLOSURE OF PERSONAL INFORMATION
The Constituent agrees that the AASMAA or its contractors may hold and process the
Constituent's Personal Information on computer or otherwise in connection with Electronic
Payment Gateway for Net banking services as well as for statistical analysis and
credit scoring. The Constituent also agrees that the AASMAA may disclose, in strict
confidence, to other institutions, such Personal Information as may be reasonably
necessary for reasons inclusive of, but not limited to, the following
(a) For participation in any telecommunication or electronic clearing network in
compliance with a legal directive
(b) For credit rating by recognized credit scoring agencies.
(c) For fraud prevention purposes.
XIII. AASMAA'S LIEN
The AASMAA shall have the right of set-off and lien, irrespective of any other lien
or charge, present as well as future on the deposits held in the Constituent accounts
and stocks whether in single name or joint name(s), group account to the extent
of all outstanding dues, whatsoever, arising as a result of the Electronic Payment
Gateway for Net banking service extended to and/or used by them.
The grant of facility of Electronic Payment Gateway for Net banking to them is not
transferable under any circumstance and shall be used only by the Constituent.
XV. TERMINATION OF ELECTRONIC PAYMENT GATEWAY FOR NETBANKING SERVICE
(a) The Constituent may request for termination of the Electronic Payment Gateway
for Net banking facility any time by giving a written notice of at least 15 days
to the AASMAA. The Constituent agrees that they will remain responsible for any
transactions made on their Electronic Payment Gateway for Net banking account(s)
through Electronic Payment Gateway for Net banking prior to the time of such cancellation
of the Electronic Payment Gateway for Net banking Service.
(b) The closure of all their Accounts will automatically terminate the Electronic
Payment Gateway for Net banking service.
(c) The AASMAA may suspend or terminate Electronic Payment Gateway for Net banking
facilities without prior notice if these terms and conditions are breached or even
otherwise without assigning any reason.
The AASMAA and the Constituent may give notices under these Terms and Conditions:
(a) Electronically to the mailbox of either party. Such notices will be regarded
as being in writing. In writing by delivering them by hand or by sending them by
post to the last address given by them and in the case of the AASMAA to the following
address: 8-2- 293/82/A,707, 708, 709, #211, Fortune Monarch,Road No. 36, Jubilee
Hills,Hyderabad - 500 033,Telangana, India.
(b) In addition, the AASMAA may also publish notices of general nature, which are
applicable to all Customers of Electronic Payment Gateway for Net banking on its
web site. Such notices will have the same effect as a notice served individually
to the Constituent.
XVII. GOVERNING LAW
These terms and conditions and/or the operations in the accounts of the Customer
maintained by the AASMAA and/or the use of the services provided through Electronic
Payment Gateway for Net banking shall be governed by the laws of the Republic of
India and no other nation. The Customer and the AASMAA agree to submit to the exclusive
Jurisdiction of the Courts located in Hyderabad, India as regards any claims or
matters arising under these terms and conditions. AASMAA accepts no liability whatsoever,
direct or indirect, for non-compliance with the laws of any country other than the
Republic of India. The mere fact that the Electronic Payment Gateway for Net banking
Service can be accessed through Internet by a Customer in a country other than India
shall not be interpreted to imply that the laws of the said country govern these
terms and conditions and/or the operations in the Electronic Payment Gateway for
Net banking accounts of the Customer and/or the use of Electronic Payment Gateway
for Net banking.
The clause headings in this agreement are only for convenience and do not affect
the meaning of the relative clause. The Constituent shall not assign this agreement
to anybody else. AASMAA may subcontract and employ agents to carry out any of its
obligations under this contract. I do hereby solemnly affirm and declare as under:
1. That the above-mentioned authorized person/members of my family are regularly
trading/investing through you on NSE, BSE and MSEI and/or any Equity, Stock F&O
and Currency exchange(s). For all purposes of operations of my account with you,
the above accounts shall be termed as Group Account.
2. That I hereby authorize you to sell Equity, Stock F&O and Currency standing
in my account and to transfer the proceeds of the sale of such Equity, Stock F&O
and Currency to the abovementioned accounts to set off all outstanding debit amounts
in their respective accounts.
3. That I hereby authorize you to set off all outstanding debit amounts in the above
mentioned accounts maintained by you in any segment of any Equity, Stock F&O
and Currency exchange(s), against the amount standing to the credit of Constituent's/Family/Group
account maintained by you in respect of any segment of any Equity, Stock F&O
and Currency exchange(s).
4. That I have given the above authority to AASMAA with my free consent and without
any pressure, threat or coercion from any corner whatsoever.
5. That in future I shall not make any claim from AASMAA in any manner whatsoever
of any amount adjusted from the credit in my account to set off the outstanding
debit amounts in the above-mentioned accounts and I further state that if anybody
on my behalf claims the above said adjusted amount, the said act shall be null and
void and shall be ineffective from all corners.
6. That this is my true irrevocable statement and shall remain binding on me.
7. That I hereby undertake to intimate you from time to time of any additions of
the Constituents to the said Group Account for the purpose of either allowing them
to trade on my behalf or for the purpose adjustment of balance interest.