This document contains important information regarding the terms and conditions, which apply to your E-Trading Account with SIC Stocks & Services Pvt Ltd. PLEASE READ THIS DOCUMENT CAREFULLY and retain it for future reference. Please note that the information contained herein is subject to change without notice.
Opening your SIC Stocks & Services Pvt Ltd Trading Account To start Trading with SIC Stocks & Services Pvt Ltd you need to open a trading Account and a Depository (or Demat shares) Account with SIC Stocks & Services Pvt Ltd Ltd. SIC Stocks & Services Pvt Ltd's sponsors. All receipts and payments for buying and selling of shares and all commissions and charges will be posted to your trading Account. Shares which you buy and sell through the trading Account will be received in or delivered from your demat Account.
Trading account refers to the account of client maintained by SIC STOCKS & SERVICES PVT LTD in their books of accounts.
Demat account refers to the account opened by you with Depository for holding securities in electronic form. For the purpose of Broking through SIC Stocks & Services Pvt Ltd demat account refers to the account opened by client with Central Depository Services (India) Limited (CDSL) through SIC STOCKS & SERVICES PVT LTD as Depository Participants (DP) If you already have a demat Account with SIC STOCKS & SERVICES PVT LTD, then the same Account can be linked to your Trading Account. Just give us your Account details at the time of becoming a Trading customer.
Before we can make your Account operative, we require that you fill and sign all forms / agreements which form part of your Account opening kit, and supply us with all the relevant legal documents and financial information which law requires us to maintain You warrant and represent that the information that you supply in your Account Application (or other information that SIC Stocks & Services Pvt Ltd may require) is accurate and truthful. You also expressly authorize SIC Stocks & Services Pvt Ltd to obtain reports concerning your credit standing and business conduct.
If your application is approved, SIC Stocks & Services Pvt Ltd will open a Trading Account (an "Account") for you. We reserve the absolute right to either accept or reject your application on any grounds whatsoever and you agree that you shall not dispute the result in any manner whatsoever.
You acknowledge that while SIC Stocks & Services Pvt Ltd does provide advice regarding the suitability or profitability of a Scrip or investment, or any other tax or legal advice it may add on from time to time, You assume full responsibility with respect to transactions in or for your Account and your investment decisions.
SIC Stocks & Services Pvt Ltd or SIC STOCKS & SERVICES PVT LTD and its officers, directors, employees, agents and affiliates will have no liability with respect to transactions in or for your Account and your investment decisions.
All transactions in your Account shall be subject to the constitution, rules, regulations, customs and usage of the exchange or market, and its clearing house, if any, where the transactions are executed by SIC Stocks & Services Pvt Ltd or its agents, including SIC Stocks & Services Pvt Ltd's subsidiaries and affiliates. Also, where applicable, the transactions shall be subject to the provisions of the Securities and Contracts Regulations Act (SCRA), as amended, and to the rules and regulations of the Securities and Exchange Board of India (SEBI), Central Depository Services (India) Limited (CDSL), the exchanges where SIC Stocks & Services Pvt Ltd will facilitate trading, and any applicable self-regulatory organization.
The stock broker may allow/disallow client from trading in any security or class of securities or derivatives contracts and impose such conditions for trading as it may deem fit from time to time.
The client is aware and acknowledges that the trading over the internet through computers involve many uncertain factors and complex hardware, software, systems, communication lines, peripherals etc. which are susceptible to interruption and dislocation and the stock brokers services may at any time be unavailable without further notice. The Stock Broker's and exchange do not make any representation or warranty that the stock broker's services will be available to the client at all times without any interruption. The client agrees that he shall not have any claim against the exchanges or the stock broker on account of any suspension interruption, non availability or malfunctioning of the stock broker's system or service or exchanges system or service for any reason whatsoever.
SIC Stocks & Services Pvt Ltd provides facility for delivery trading and margin trading.
You can open these Accounts if you are over 18 years and if you will operate this on an individual basis. It is open for resident Indian only.
Indian regulations require us to maintain basic financial details about each client. You need to provide us the details of your bank Account. Your signatures on the Account opening form need to be the same, as maintained in the bank records. All Resident Individuals need to provide us Income Tax returns details - IT PAN/GIR number, during your Account opening process.
For Intra-day Trades :-
0.1% on the buy side and 0.1% on the sell side.
For Delivery Based Trades :- 0.5% on the buy side and 0.5% on the sell side. This is subject to a minimum brokerage of 10 paise per share.
Other DP charges of Rs 25/- per scrip will be applicable.
Your demat Account can be held jointly with other people (typically relatives). For your demat Account, an instruction given to us by someone who knows your password will be necessary and sufficient condition to effect a transaction. Please note that normally regulations require both the Account holders to sign on instruction but that you are agreeable to any transactions on such Account being executed in the manner outlined above. Nomination
You can also nominate someone in your Demat Account, who becomes the beneficiary of the shares held in the Account in the unfortunate event of your demise.
SIC Stocks & Services Pvt Ltd currently executes all trades at the National Stock Exchange of India Limited. For all the stocks which are in the compulsory rolling segment (EQ series, on NSE) trades will be executed in this segment.
Only demat stocks can be traded on SIC Stocks & Services Pvt Ltd.
Buy/ Sale: We may not allow certain shares for trading if price manipulation is suspected or stock being illiquid or for any other reason.
Validity period of the orders: All orders will be valid for the day until the normal market closes. On closure of the market the orders (or the pending part of the order) will automatically lapse.
Though orders are usually routed to the marketplace within seconds, certain orders, at SIC Stocks & Services Pvt Ltd's sole discretion, may be subject to manual review and entry, which may cause delays in the processing of your orders. You also understand that you will receive the price at which your order executes in the marketplace, which may be different from the price at which the Scrip or option is trading when your order is entered into our system.
You also understand that market orders may get executed at a price significantly unfavorable to you, depending upon market fluctuations.
Orders are pre-validated before placing on the exchange All orders placed on SIC Stocks & Services Pvt Ltd will be pre-validated against your cash and shares balances before placing them on the exchange. The validation rules are subject to change from time to time by SIC Stocks & Services Pvt Ltd. If the funds or the shares are insufficient to process the orders, then the order will be rejected.
Order acceptance After SIC Stocks & Services Pvt Ltd validates the order, it is placed on the exchange. The Exchange may accept or reject the order, based upon its internal rules and regulations. Modify/Cancel orders
SIC Stocks & Services Pvt Ltd has provided the facility to modify (price and quantity) or cancel un-executed orders. You can see the status or your orders through the order tracker (from getting started guide). However, between the submission of modify/cancel request and placing the same on the exchange all or some part of the pending order may get executed. And modification or cancellation can be applied only on the yet un-executed part of the order.
If full funds are not available in the Account and an order is processed, your payment via internet banking, personal chequet or demand draft payable to SIC Stocks & Services Pvt Ltd. must be promptly submitted to assure that such payment will be received on or prior to settlement date. If payment is not received by settlement date, or as market conditions warrant, your Account may be liquidated, without prior notification. In the event your Account is liquidated, you will be liable for any resulting losses and all associated costs incurred by SIC Stocks & Services Pvt Ltd.
The Client agrees that, if any order (including square off order) is not accepted or not executed or cancelled, on the website or on direct terminals for any reason whatsoever, the Stock Broker shall have the right to treat the order as having lapsed. The client can not claim any notional profit or consequent notional loss due to order not being executed or cancelled by the exchange.
Net purchases made in any Scrip by you will be credited to your Demat Account. Shares are available for credit as per the settlement schedule of the exchanges, after the full payment is made to the clearing house of the exchange.
Sometimes, the clearing house may not be able to deliver the full quantity expected. In such cases, the exchange will try to buy the short delivery by conducting an auction, resulting in a delayed delivery into your Account, or will force a close-out and credit the money into your Account, if delivery cannot be arranged even through an auction process. Sometimes it may also happen that the clients buying/selling obligation result in internal obligation because of the Exchange method of settling trades on net obligation at the broker level. If any selling client fails to deliver the required securities and due to this buyer does not get the security in payout then we may buy such short shares. Such shares will be delivered to the buying client and the selling client will be debited by the purchase price (together with brokerage and other costs thereon). If the shares are not received even after such purchase by us (generally done approximately around 2 pm), then the buyer will be credited with a close-out rate + 3% on the T+6th day of the Exchange and the seller will be debited by the same amount. Value of all purchase transactions will be debited to your Account immediately.
SIC Stocks & Services Pvt Ltd generally stipulates that Sell Orders can be accepted only against available shares in your Account, which are good and deliverable to the exchange. Any order inadvertently accepted without available shares in the Account will be subject, at SIC Stocks & Services Pvt Ltd's discretion, or as per the exchange's rules and regulations to cancellation or buy-in.
Available shares means shares for which you are beneficially entitled to as per CDSL records in your DEMAT account plus securities purchased by you in the settlement in which you intend to sell minus shares sold by you pending settlement with the Exchange. However, short sale can be done in scrips approved by us. List of scrips allowed under Short Sell is available on site.
For all sales done in your Account, if there is a net sales position as on that day in any scrip,, SIC Stocks & Services Pvt Ltd will block or transfer shares from your demat Account to the Pool Account for delivering to the clearing house of the Exchange.
Shares once transferred out of the Demat Account cannot be transferred back. Proceeds of the sale cannot be paid to you until the shares are delivered to the clearinghouse of the exchange and a credit is received thereof from exchange. To that extent, your withdrawable balance can be lesser than your cash Account balance. The balances will be retained in your Account unless you request otherwise. You may withdraw uninvested cash from your Account upon request to SIC Stocks & Services Pvt Ltd.
You can deposit amount in your Account by using Internet banking, or by personal cheque or a demand draft. Credit will be available in your Account after the funds are cleared.
There could be negative balance in your Account due to reasons like charges debit, inadvertently processing buy orders without available balance etc. In such cases, your payment via Internet banking, via personal cheque or demand draft payable to SIC Stocks & Services Pvt Ltd. must be promptly submitted.
If payment is not received in reasonable time, your Account may be liquidated, without prior notification. In the event your Account is liquidated, you will be liable for any resulting losses and all associated costs incurred by SIC Stocks & Services Pvt Ltd.
All other transactions in your Demat Account (Account transfers for trades other than what is done with SIC Stocks & Services Pvt Ltd), pledge/unpledge, off-market transfers and all such other transitions which CDSL allows can be done by mailing instruction slips to us, with the correct signatures of all holders. All rules, regulations and time deadlines prescribed for those transactions, as per the client agreement and CDSL rules will continue to apply for such transactions and instructions.
Indian rules currently require issuance of contract notes for all buying and selling of shares. SIC Stocks & Services Pvt Ltd will issue physical contract notes, till such time that the legal requirement to do so exist.
Contract notes will be sent by courier/ post/E-Mail.
Client can buy or sell shares subject to 25%/ 50%/ 100% scripwise margin. Different scrips attracts different margin and list of scrip is available on site.
Apply for a SIC Stocks & Services Pvt Ltd trading Limit Against Shares margin instead of paying margin in cash. .. Unlock 50% of the value of the current portfolio value! And the best part is that you can continue to enjoy all your shareholder benefits such as rights, dividends, bonuses or interest.
Limit against Share Your minimum value of your Shares should be Rs. 1 lac and maximum value for limit against shares to be accepted is Rs. 10 lacs. (There can be limit against mix of both Shares)
You can avail 50% of the value of the scrip's as your limit.
Minimum three scrip's should be submitted for Limit against Shares and each scrip should not be more than 30% of total value of securities accepted towards margin. Shares must be in your name and third party shares will not be accepted towards margin.
Scrip Accepted for Limit Against Shares
Shares to be accepted towards margin should form part of NIFTY/ SENSEX (53 scrips) only. Only Demat scrip will be accepted for limit against shares.
This can be done in two ways--
Either shares to be accepted towards margin can be Transferred to us in our demat account
You can pledge shares in our favor. If shares are in demat a/c. with us than we need a separate authorization to create pledge in client a/c.
If shares are in demat a/c. with other DP than no additional documentation is required and client need to contact his DP to create pledge in our favor. Shares can be pledged from any Depository (CDSL) and any Depository Participant across the country. C. Who Can Apply: Only Indian individuals can apply! (Minors, Hindu Undivided Families, NRIs, companies can not apply. Further, partly paid up, or shares in the name of individuals in companies of which they are Directors/ Promoters cannot be accepted). D. Features-
4 times exposure to be given as per current practice
Long Position-Any cash amount due for o/s. position at the end of settlement should be paid by client by T+ 4 day
Short position-Any security pay in for o/s. position at the end of settlement should be received in our pool a/c. by T+ 4 day
Client should keep a watch on market value of securities margin and o/s. position and be ready to put additional shares/ cash towards shortfall in margin to avoid compliance action.
We may initiate compliance action in case of any default in payments of any dues receivable by us from client.
Compliance action includes but not limited to --
Squaring off of outstanding transactions.
We have full LIEN ON CASH AND SECURITIES BALANCES in trading account /depository account of client and may sale such securities lying with us or stock lying in client depository account with us. Any loss arising out of squaring off or sale of securities will be to client account and we will not be liable for any cost or damage or any consequences thereof.
Locking / suspending client account and no further transactions will be allowed till the time all dues are settled or till the time as may deem fit by us.
Withholding payout of securities bought by client against any dues receivable by us. Levy of interest @16 p.a. for any delay in receipt of our dues which includes pay in amount, margin amount, fees, commission or nay other charges. We may take any one or all compliance actions as mentioned above and will intimate to the client on compliance action being taken and details thereof.
To avoid compliance action, client should deposit additional funds, squared off outstanding transactions or sale other securities lying in his depository account to make his CCB positive. Client should always look at his exposure, M to M losses, pay in and other obligation, alerts forwarded by us, etc. to enable himself to take necessary action in a timely manner.
SIC STOCKS & SERVICES PVT LTD hereby undertakes to maintain the details of the client as mentioned in the client registration form or any other information pertaining to the client, in confidence and that he shall not disclose the same to any person/entity except as required under the law:
Provided however that SIC STOCKS & SERVICES PVT LTD shall be allowed to share the details of the client as mentioned in the client registration form or any other information pertaining to the client with parties/entities other than required under law with the express permission of the client.