REGISTRATION / ENROLMENT AND TERMINATION
By registering for this facility you understand that Pankaj Mangaldas Securities Private Limited and its group companies, directors, employees and associates (hereinafter singly and jointly referred to as “PM Securities”) reserves the right, in its sole discretion, to deny you access to this Website or any portion thereof without notice for the following reasons (a) any unauthorized access or use by you (b) if you assign or transfer (or attempt the same) any rights granted to you under this User Agreement or any other agreement that you may have entered with PM Securities; (c) if you violate any of the other terms and conditions of this User Agreement. Termination or cancellation of this Agreement shall not affect any right or relief to which PM Securities may be entitled, at law or in equity. Upon termination of this User Agreement, all rights granted to you will terminate and revert to PM Securities.
PM Securities, hereby grants you a limited, non-exclusive, non-assignable and non-transferable license to access to the Website provided and expressly conditioned upon your agreement that all such access and use shall be governed by all of the terms and conditions set forth in this User Agreement.
Unauthorized use of this Website and systems, including, but not limited to, unauthorized entry into PM Securities’s systems, online accounts, Client Desks, Partners & Distributor Desks, misuse of passwords or misuse of any other information, is strictly prohibited. You may not use this Website in any manner that could damage, disable, overburden, or impair this Website or service or interfere with any other party's use and enjoyment of this Website or service. You may not attempt to gain unauthorized access to any of our site or service and computer systems or networks connected to it, through hacking. You agree that you will not engage in any activities related to this web site that are contrary to the applicable laws or regulations in force. The users have the primary responsibility to keep their login-ids and passwords secure and to not display such crucial, important information to any third person. In case of any such leak of login-id & password, PM Securities cannot be responsible for the loss of such information, or for any act, omission, damages, claims, loss of personal information, etc arising from the use of such leakage of login-ids and passwords. PM Securities may, at its own discretion, use certain technology on its web sites to collect information from visitors and may compile aggregate statistical information about how visitors use its web sites, including information relating to the frequency of visits, the average length of visits, which pages are viewed during a visit. No individually identifiable information is collected for this purpose and PM Securities does not monitor individual visitor behavior.
PM Securities reserves its right, in its sole discretion, without any obligation and without any notice requirement, to change, improve or correct the information, materials and descriptions on this web site and to suspend and/or deny access to this web site for scheduled or unscheduled maintenance, upgrades, improvements or corrections. PM Securities may discontinue or change any service described in or offered on this web site or in any modules or parts thereof at any time if deems fit and proper. PM Securities (including its and their directors, employees, affiliates, agents, representatives or subcontractors) shall not be liable for any loss or liability resulting, directly or indirectly, from delays or interruptions due to electronic or mechanical equipment failures, telephone interconnect problems, defects, weather, strikes, walkouts, fire, riots, armed conflicts, acts of war, or other like causes. PM Securities shall have no responsibility to provide you access to the Website while interruption of the Website is due to any such cause shall continue.
PRODUCTS OFFERED ON THE WEBSITE
With respect to the data from Capital Markets and the products made available on the Website by PM Securities including but not limited to Mutual funds, stocks, reports etc, YOU HEREBY AGREE THAT:
You have read and understood the contents of the Offer Document(s) and Addendum(s) thereto of the respective Mutual Fund / Financial Products Scheme(s) (“Scheme(s)”) and agree to abide by the terms, conditions, rules and regulations of the Scheme(s) applicable from time to time.
You have understood the details of the Scheme(s) and have not received nor been induced by any rebate or gifts, directly or indirectly, in making this investment.
You confirm that in the event you are Non-Resident of Indian Nationality / Origin, that funds are remitted from abroad through approved banking channels or from the NRE / NRO / FCNR Account.
You confirm that the details provided by you are true and correct.
You hereby declare that the amount being invested by you in the Scheme(s) is derived through legitimate sources and is not held or designed for the purpose of contravention of any Act, Rules, Regulations or any statute or legislation or any other applicable laws or any Notifications, Directions issued by any governmental, regulatory or statutory authority/ies from time to time.
You agree that PM Securities sources the data from the Capital Markets and is therefore not responsible and/or should be held liable by you for the correctness or accuracy of any information received in that regard from the Capital Markets.
You agree that the National Stock Exchange (“NSE”) data displayed on the site is always delayed by five (5) minutes whereas the Bombay Stock Exchange (“BSE”) data displayed on the site is delayed by fifteen (15) minutes; and technical glitches if any, may further delay the data at times and that you will not hold PM Securities responsible for any such delays in receiving the data / feeds from time to time.
You agree that the authenticity of the data received from Capital Markets is not guaranteed by PM Securities and that PM Securities shall assume no responsibility or liability in any manner whatsoever for such data and your subsequent trade, action etc. acting upon such data.
You agree that, PM Securities (Including its and their officers, directors, employees, affiliates, group companies agents, representatives or subcontractors) shall not be, in any event, be liable, whether in contract or tort, for any direct, special, indirect, consequential or incidental damages or other damages of any kind whatsoever arising out of the use or inability to use www.PM Securities.in for any purpose whatsoever even if PM Securities or any other such party has been advised of the possibility thereof. PM Securities and its affiliates, officers, directors, employees and agents shall have no liability in tort, contract, or otherwise to user and/or any third party. This limitation on liability includes, but is not limited to, the transmission of any viruses which may infect a user's equipment, failure of mechanical or electronic equipment or communication lines, telephone or other interconnect problems (e.g., you cannot access your internet service provider), unauthorized access, theft, operator errors, strikes or other labor problems or any force majeure. PM Securities cannot and does not guarantee continuous, uninterrupted or secure access to this web site.
The links in this site will allow you to leave the Website. The linked sites are not under the control of the Website. The Website has not reviewed, nor approved these sites and is not responsible for the contents or omissions of any linked site or any links contained in a linked site. The inclusion of any linked site does not imply endorsement by “www.pmsec.in" / “www.pmsecportal.com” / “www.consortiumbrokers.com of the site.
You shall indemnify, defend and hold harmless PM Securities (including its and their officers, directors, employees, affiliates, group companies, agents, representatives or subcontractors) from any and all claims and losses imposed on, incurred by or asserted as a result of or related to: (a) your access and use of “www.pmsec.in" / “www.pmsecportal.com” / “www.consortiumbrokers.com (b) any non-compliance by user with the terms and conditions hereof; or (c) any third party actions related to users receipt and use of the information, whether authorized or unauthorized. Any clause declared invalid shall be deemed severable and not affect the validity or enforceability of the remainder. These terms may only be amended in a writing signed by PM Securities. If PM Securities takes action (by itself or through its associate companies) to enforce any of the provisions of this User Agreement, including collection of any amounts due hereunder, PM Securities shall be entitled to recover from you (and you agree to pay), in addition to all sums to which it is entitled or any other relief, at law or in equity, reasonable and necessary attorney's fees and any costs of any litigation.
This User Agreement constitutes the entire agreement between the parties, and is inclusive of any other written agreement existing between you and PM Securities. By using the information on www.pmsec.in" / “www.pmsecportal.com” / “www.consortiumbrokers.com, you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you. www.pmsec.in" / “www.pmsecportal.com” / “www.consortiumbrokers.com does not guarantee the accuracy, completeness or timeliness of, or otherwise endorse in any way, the views, opinions or recommendations expressed in the Information, does not give investment advice, and does not advocate the purchase or sale of any security or investment by you or any other individual. The Information is not intended to provide tax, legal or investment advice, which you should obtain from your professional advisor prior to making any investment of the type discussed in the Information. The Information does not constitute a solicitation by the information providers, www.PM Securities.in or other of the purchase or sale of securities. The service is provided "as is," without warranty of any kind, either express or implied, including without limitation, any warranty for information, data, services, uninterrupted access, provided through or in connection with the service. specifically, www.PM Securities.in disclaims any and all warranties, including, but not limited to: (i) any warranties concerning the availability, accuracy, usefulness, or content of information, products or services; and (ii) any warranties of title, warranty of non-infringement, warranties of merchantability or fitness for a particular purpose. This disclaimer of liability applies to any damages or injury caused by any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communication line failure, theft or destruction or unauthorized access to, alteration of, or use of record, whether for breach of contract, tort, negligence, or under any other cause of action. Neither www.pmsec.in" / “www.pmsecportal.com” / “www.consortiumbrokers.com nor any of its employees, agents, successors, assigns, affiliates, group companies or content or service providers shall be liable to you or other third party for any direct, indirect, incidental, special or consequential damages arising out of use of service or inability to gain access to or use the service or out of any breach of any warranty. Because some countries do not allow the exclusion or limitation of liability for consequential or incidental damages, the above limitation may not apply to you. In such countries, the respective liability of (www.PM Securities.in), its employees, agents, successors, assigns, affiliates, group companies and content or service providers respective liability is limited to the amount provided under said law. Further, you agree and understand that all services provided are non-refundable and that you should carefully consider whether our services are able to meet your needs. Transactions between user of this site and PM Securities shall be governed by and construed in accordance with the Securities and Exchange Board of India (“SEBI”) Regulations and laws of India, without regard to the laws regarding conflicts of law. Any litigation regarding this agreement or any transaction between customer and PM Securities or any action at law or in equity arising out of or relating to these agreement or transaction shall be filed only in the Competent Courts of Mumbai and the customer hereby acknowledges, agrees, consents and submits to the jurisdiction of such courts for the purpose of litigating any such action.
The terms of this agreement are exclusively based on and subject to Indian law. You hereby consent to the exclusive jurisdiction and venue of courts in Mumbai, Maharashtra, India in all disputes arising out of or relating to the use of this website. Use of this website is unauthorized in any jurisdiction that does not give effect to all provisions of these terms and conditions, including without limitation this paragraph.
Right to sell clients’ securities or close existing position of a client, without giving notice to the client.
As per clause 5 of the agreement entered between the client and the stock broker, the stock broker is entitled to liquidate/close-out all or any of the client’s positions for non-payment of margins or other amounts, outstanding debts, etc. and adjust the proceeds of such liquidation/close-outs, if any, against the clients liabilities/obligations.
Any client having negative ledger due to MTM losses or unsettled obligation will have to regularize the same by transferring funds or selling off collaterals by T+2 (T+1 in case of MTM obligations) or as prescribed by the regulators / exchanges from time to time failing which necessary action will be taken by the broker to regularize the account.
Also, in the event of persisting margin shortfall / ledger debits the F&O position would be squared off and later on adequate collaterals will be squared off to recover the Mark to Market losses in case no action is initiated by the client or his authority.
For the above purpose, Risk Management team of the Stock-broker will take into consideration the applicable margin/collateral requirement based on the set standards considering the risk element involved in the same.
The above policy is applicable for overdue and/ or shortage in payment not made by the client whether arising out of margin shortfall or on account of pay/ in payout obligations. Margins of the client will be monitored intra-day during the market hours, and the position or collaterals of the client may be liquidated, at the discretion of the Company, in case of any shortfall without any notice to the client. While arriving at the amount of margin shortfall or obligation due, the Company reserves the right to consider/disregard cheques and securities under clearance.
The client is requested to keep a track of their margin positions and ensure that appropriate margins are placed with the Company at all points of time to avoid any forceful square up. The Company, at its discretion may in addition or on a standalone basis levy delayed payment charges and/ or additional penalties.
In terms of the above policy, any and all losses and financial charges on account of such liquidation/closing-outs shall be charged to and borne by the client.
IMPOSITION OF PENALTY/INTEREST ON DELAYED PAYMENT
Pankaj Mangaldas Securities Private Limited nrequires all its clients to make the payment towards settlement obligation on or before due date. In case of debit balance in cash segment, penal interest will be levied to the client’s account to deter them from delaying the payment in future.
Clients are further required to make payment of margin towards their Derivatives segment exposure. While Pankaj Mangaldas Securities Private Limited accepts approved securities as margin, however Pankaj Mangaldas Securities Private Limited is not the beneficial owner of these securities ; hence client has to arrange for own funds/securities for payment of margin to the exchange for positions taken.
Clients are requested to make payment of margin in the form of funds to avoid charging of interest in F&O segment. Accordingly, whenever clients provide securities margin (or there is shortfall in payment of securities margin) instead of margin in the form of funds towards exposure in F&O, Pankaj Mangaldas Securities Private Limited reserves the right to charge interest on the debit balance lying in F&O segment.
No ledger credit will be given for margin paid by the client in the form of securities. The company may determine the rate of interest to be charged, at its sole discretion. Same will be communicated in debit note on interest sent to the clients. Default interest rate is 30% per annum.
Interest is levied on a daily compounding basis. Pankaj Mangaldas Securities Private Limited may reduce the interest rate at its sole discretion depending on various factors including credit history of the client. Revised interest rate will be communicated through the relationship manager/e-mail communication and will be reflected in the debit notes.
However, any increase in rate of interest from the rate of interest previously charged to the client will be done with advance notice of 15 days to the client. Interest will be calculated considering the balance lying across all exchange segments on any given day. Margins provided by the client in the form of funds shall be interest free and Pankaj Mangaldas Securities Private Limited shall not be liable to pay any interest on the same.
In case of excess margins used by the client during the day which is over and above the set limits for the client by means of special / adhoc margins requested through the relationship manager, the client will be levied upto 1% of the excess margins utilized or Rs. 1000 per request per day.
Charges for value added services, platforms, features and tools within platforms, alerts, contract notes, SMS, research, portfolio optimizer, WhatsApp notifications, small case orders, API access, Webinars, Trainings, Pledge requests, Payment through cheques will be levied as per charges defined and services opted by clients.
*GST will be charged wherever applicable.