Terms and conditions of referral program

Referral Program

Referrer - A person (an existing client) who refers a new client (Referee).

Referee - A person whose reference is given by Referrer.

Referral Point - Points earned by the Referrer when the Referee successfully opens and activates the trading and demat account

Referrer Ledger - Ledger maintained for the purpose of crediting Referral amount

Benefits for Referrer:

The eligible Referrer shall be eligible to get Referral Points (whose validity is 365 days from the date of its first generation, after which it expires on first generate first expire basis), which will be 15% of the cumulative brokerage generated by his Referee. Consolidated Referral Points of current month will credit to Referrer on every 25th of next month.

Referral Points can be redeemed by the referrer in following two ways:

1. 1 Referral Point = 1 Indian Rupees, if Referrer opts to transfer Referral Points to Equity / MF ledger.
   or
2. 1 Referral Point = 1.33 Indian Rupees, if referrer opts to transfer Referral Points to net off future brokerage (future brokerage validity is 365 days from the date of Redemption)

Example: If Referee generates brokerages of Rs.20,000/-, the Referrer will receive 3,000 Referral Points (i.e. 15% of Rs. 20,000) in Referral Ledger. If Referrer transfers 3,000 Referral Points to Equity / MF ledger then Referrer will receive credit of Rs.3,000/-, which he can utilise towards purchase of securities or for taking fund payout to his designated bank account.

In case, Referrer transfers 3,000 Referral Points to net off future brokerage, then Referrer will receive credit of Rs.3,990/-, which he can utilise only for netting off future brokerage for next 365 days, no fund payout will be allowed.

Terms & Conditions about Redemption:

The Referrer shall be eligible for Referral point if,

1. Referrer is Resident Individual or HUF

• Referee continue to generate brokerage
• The trading account of the Referrer is active
• The product is active / not withdrawn as per the withdrawal clause
• The trading account of Referee opened within 60 calendar days from the date of acceptance by Referee.

2. The Referrer shall not be eligible to redeem Referral points if he,

• Fails to mention referral code at required places.
• Fails to transfer referral points towards Equity / MF ledger or netting off Future brokerage within 365 days as defined herein above

Terms and Conditions of Referrer in the Referral Program:

I / Referrer hereby declare/s, agree/s, understand/s, acknowledge/s and confirm/s that,

1. The participation in the product shall be deemed as my acceptance to the terms and conditions set out herein.

2. Referral Points are valid for 365 days from the date of its first generation, after which it expires on first generate first expire basis.

3. Consolidated Referral Points of current month will credit to Referrer on every 25th of next month.

4. The Referral Points earned through Refer & Earn referral product shall be exclusively credited to the Referral Ledger and redeemed Referral Points can be adjusted only against Equity/ MF Ledger or to net off future brokerage.

5. When Referral Points are redeemed to net off future brokerage, its validity is 365 days from the date of redemption after that the unutilised future brokerage shall be forfeited.

6. If Referee has been referred by two Referrers, then the person who has referred 1st will be considered.

7. The Referral point will be credited to the Referral Ledger on monthly basis, however this will be credited with the lag of 30 working days. Points earned in January will reflect & can be redeemed in February.

8. KSL’s decision on the computation of Referral Points, redemption of Referral points and validity of Referral Points shall be final, conclusive and binding on me. All the computations will be after netting off any incentives, freebies etc of the Referee.

9. I will have no access to any accounts of Referee including trade book, brokerage details of the Referee, books of KSL etc. The Referral Points credited by KSL to Referral Ledger shall be final, binding on me and shall not be challenged.

10. I need to have minimum 1,000 Referral Points within a year for redemption. Failing which, the first credited Referral Points will be forfeited and I shall not challenge the same before any forum.
    For Example - if I have received a credit of 200 Referral points on 1st January and second 500 Referral point on 1st October in Referral Ledger and failed to accumulate remaining 300 Referral points on or before 31st December, my first 200 Referral point shall be get forfeited by 31st December and so on.

11. At the time of closure of trading account by Referrer, adjustments of Referral Points will be made against the outstanding, if any irrespective of ways of transfer, in my trading account with KSL before releasing the final fund payout and balance redeemed amount if any will be automatically forfeited.

12. Referral Points lying in Referral Ledger / Points redeemed for brokerage netting off shall not be considered towards the margin for my trading account with KSL.

13. I shall not claim any expenditure incurred by me while referring clients to KSL.

14. KSL has absolute rights to modify / revise/ amend /alter the percentage, redemption rates, categories of client or any terms and conditions of this product at its sole discretion by giving a day’s advance notice to me at my registered email id or my registered mobile number or by displaying the same on KSL’s website.

15. KSL shall have exclusive power to close / withdraw this product by giving 3 day’s prior notice to me at my registered email id or my registered mobile number through social media platform / SMS or my last communication address registered with KSL, without assigning any reason.

16. In the event, the product is voluntarily closed / withdrawn by KSL, the referral points (minimum 1,000) accumulated till the date of such closure / withdrawal will be transferred to net off of future brokerage by me. In the event of cancellation of the product being regulatory or for any other non-avoidable reason, all the future and accumulated Referral points shall stand forfeited forthwith.

17. Post closure / withdrawal by KSL or closure of trading account by me or upon death, KSL shall retain all the clients referred by me and those clients shall continue to remain the clients of KSL or continue to do transactions through KSL and all the Referral points shall be forfeited. Further upon my death, my legal heirs / successor / administrator, shall not be eligible to claim for Referral points.

18. The acts, actions taken by KSL are in good faith in response to any oral or electronic instruction or enquiry by me in respect of any matter in relation to this product and fulfilment of any benefits thereon. I shall not be entitled to claim or allege any loss, damage, liability, expense etc. attributable directly or indirectly, to any such good faith action of KSL.

19. I shall not be eligible for any interest on the accumulated Referral / redeemed Points.

20. The redemption amount shall be subjected to deduction of all applicable taxes/charges, if any.

21. I indemnify and hold harmless KSL, its Affiliates, group companies/ associates and their respective directors and employees from and against any damage, loss, cost or liability (including all expenses and costs of enforcing rights under this terms and conditions) arising out of or resulting from (i) any use or disclosure (ii) any leakage of the Confidential Information and (iii) breach or violation of any of the covenants or terms of this product.

22. All or any disputes arising out of or in connection with this product, shall be Referee to arbitration under the provisions of the Arbitration and Conciliation Act 2015 or as may be amended from time to time. The arbitration proceedings shall be presided by a sole arbitrator appointed by KSL. The venue of arbitration shall be at Mumbai and language of the Arbitration shall be English. The Court in Mumbai shall alone shall have exclusive jurisdiction over any dispute.

23. This product cannot be clubbed with any other offer /promotional product offered by KSL.

24. Under no circumstances, I will print any visiting cards, pamphlets, brochures, rubber stamps, stationery items or any material using the name and logo of KSL or conveying any direct or indirect association with KSL.

25. KSL shall not be held liable/responsible for any actions, claims, demands, losses, damages, costs, charges and expenses, which I may suffer, sustain or incur by participating in this product.

26. Once Referral Points are redeemed as per my choice to transfer in Equity / MF ledger or netting off towards future brokerage, I have no option to change my choice later.

27. My relationship with KSL shall be on a principal to principal basis and nothing contained in this document shall be construed to create any relationship of agency, partnership, joint venture and/or employment. KSL at its sole discretion shall have the absolute right to accept or reject the clients being referred without assigning any reason to me. The decision of KSL in this regard shall be final, binding on me and not questionable.

28. Under no circumstances, I will represent as an agent of KSL to those clients who are interested in accessing the secondary market through KSL and induce or lure the said clients in accessing the secondary markets through KSL or any other stock broker. It is clearly understood that my role is very limited to the extent of referring clients to KSL to get them registered as clients of KSL and that I shall not offer any facility for the said clients for trading in secondary markets through KSL. Further, I shall be liable for all consequences that arise as a result of any activity carried out by me outside my role defined herein as a Referrer.

29. I shall not represent or act on behalf of KSL and induce or advise the Referee for placing orders in the Securities Market.