Terms and conditions of referral program

Due to operational inconvenience this Referral Program has been suspended today (3rd June 2021) with immediate effect, until further notice. Henceforth, anyone who participates in this program or refers any client under this program shall not be eligible for any referral points, until further notice.

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

The benefits are not available for MCX Exchange/ Segment.

Benefits for Referrer:

The eligible Referrer shall be eligible to get 500 Referral Points- upon each successful account opening by the Referee..

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)

Terms & Conditions about Redemption:

1. The Referrer shall be eligible for Referral point if,

• Referrer is Resident Individual or HUF
• 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• The product is active / not withdrawn as per the withdrawal clause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 ,

• The Referee fails to mention referral code at required places.
• The Referrer 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. The Offer is valid from 1st May, 2021 onwards and shall be valid till the same is withdrawn by KSL.
3. In the event, if the Referrer refers certain Referee for opening of the account prior to May 01, 2021 i.e till April 30, 2021 but such Referee's account is opened successfully on or after 1st May, 2021 then the Referrer shall be eligible to Refer and Earn under this product/program.
4. The Referral shall get a onetime credit of 500 Referral Points for every successful account opening of Referee. The Referrer shall not be eligible to get a credit for more than 3 referrals in a month.
5. Referral scheme eligibility will be for the period when the referred account is opened irrespective of when the Referral was done. In case, the Referrer does 3 successful Referrals in a month, then the Referrer may continue referring but will not get any incentive for such successful Referrals during that month. Referrer's who have participated in the previous offer on June 01, 2021 to June 02, 2021, will be eligible for Referral reward upto 50 referral accounts if the accounts has been successfully opened on 1st or 2nd of June 2021.
6. The Referrer shall receive the credit of 500 Referral Points in the Referrer's ledger within 30 working days from the date of activation of the Referee's account. i.e., demat and trading account is opened after complete documentation and application verification in line with the SEBI/ Exchange regulations and internal policies and procedure of KSL.
7. Referral Points are valid only for 365 days from the date of its first generation, after which it expires on first generate first expire basis.
8. 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.
9. 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.
10. If Referee has been referred by two Referrers, then the person who has referred 1st will be considered.
11. The Referrer shall not be eligible to earn any Referral Points if the Referee fails to mention referral code at required places.
12. In the event of the details of the Referee already exists in the database of KSL as an existing client or prospective client, then it will not be considered under this scheme/product for the Referral Point and KSL reserves the right to exclude such accounts for calculation of any Referral Point.
13. 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. Further, I shall not recover any type of incentive / commission / fees from the referred client/s and there should be no financial transaction between me and the referred client/s.
14. 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.
15. 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.
16. 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.
17. I shall not claim any expenditure incurred by me while referring clients to KSL.
18. 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, which amendment shall be effective without KSL giving any advance notice to me at my registered email id or my registered mobile number or by displaying the same on KSL's website.
19. KSL shall have exclusive power to close / withdraw this product without giving any prior notice to me at my registered email id or my registered mobile number or through social media platform / SMS or my last communication address registered with KSL, without assigning any reason.
20. In the event, the product is voluntarily closed / withdrawn by KSL, the Referral Points 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 Referral Points shall stand forfeited forthwith.
21. 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 Referral Points shall be forfeited. Further upon my death, my legal heirs / successor / administrator, shall not be eligible to claim for Referral Points.
22. 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.
23. I shall not be eligible for any interest on the accumulated Referral/redeemedPoints.
24. The redemption amount shall be subjected to deduction of all applicable taxes/charges, if any.
25. 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.
26. All or any disputes arising out of or in connection with this product, shall be Referred to arbitration under the provisions of the Arbitration and Conciliation Act, 1996 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.
27. This product cannot be clubbed with any other offer /promotional product offered by KSL.
28. 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.
29. 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.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.
30. 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.
31. 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 and / or undertake any form of selling and / or advisory in secondary markets with respect to securities and should not manage the portfolio of any person who is being referred and / or place orders in the securities market. 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.
32. I shall not represent or act on behalf of KSL and induce or advise the Referee for placing orders in the Securities Market.
33. I shall not issue any contract notes, daily margin statements, statement of accounts, annual global transaction statements etc to the referred clients directly in violation of the terms and conditions of this agreement.
34. I shall not carry out IPV (In person Verification) and OSV (Original Seen and Verified) of the clients referred by me.
35. Referrer agreeing to the terms and conditions is prohibited to engage into any fraudulent account opening. Referrer agrees that, KSL reserves the right to withhold any such credit of Referral Points or incentives without any notice to any such Referrer who is involved in fraudulent account opening/ or unusually low activities in opened accounts of Referees
36. In order to curb fraudulent referring/account opening, KSL reserves the right to introduce upper limits on daily credit and change the existing limits of monthly credit of the Referral Points without giving any prior notice.

Note: In case you have applied to the Refer and Earn program before 1st May 2021, please review old T&C here

Note: The above terms and conditions of aforesaid Referral program shall differ for the Referral Partners or Social Media Influencers. In case, if a Referral Partner or Social Media Influencer requires any information about respective Referral Program, the individual may reach out to us on 18002099191