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 earn Referral Points on completion of various stages as follows:

1. 300 Referral Points upon each successful Referee account opened in a month, subject to a maximum cap of 4 referral accounts.
2. Whenever the Referee person trades, 10% value of the brokerage generated will be credited to the Referrer as Referral Points, for 2 years. The benefits cannot be availed by the Referrer for referee’s trades in MCX Exchange/ Segment.

(For detailed explanation of the Referrer's earnings read Point 3, 4, 5 & 6 below)

Referral Points earned can be redeemed by the Referrer in the following way:

• 1 Referral Point = 1 Indian Rupees, if Referrer opts to transfer Referral Points to Equity.
• 1 Referral Point = 1.33 Indian Rupees, if Referrer opts to transfer Referral Points to net off future brokerage

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• The product is active / not withdrawn as per the withdrawal clause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 is 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 use the referral code/referral link of the referrer at the time of account opening;
• If the Referee had an account with KSL and was closed. Such accounts which are reopened under this program will not be considered as successful referrals

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. The Offer is valid from 12th May, 2023 onwards and shall be valid till the same is withdrawn by KSL.
2. The Referrer shall get a one-time credit of 300 Referral Points for every successful account opening of Referee 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. The Referrer shall not be eligible to get a credit for more than 4 referrals in a month (i.e. 1200 Referral Points) on the basis of successful account opened.
3. The rewards for such Referrals will be credited as Referral Points to the Referrer's ledger on (T+3) basis, meaning T + 3 working days:

a. Say for instance, the Referrer had a successful account opened on 1st of the month (which was a Monday); in this case 300 Referral Points shall be credited to the Referrer's ledger on 4th of the month (Thursday).

b. Weekly and market holidays are excluded from (T+3) days.

c. In case, the Referrer does 4 successful Referrals in a month, then the Referrer may continue referring but will not get the one-time incentive of 300 Referral Points on further successful Referrals during that month.

• For e.g. Anubhav referred 10 clients in the month of March, of which 8 successfully opened an account with KSL.
• Anubhav gets one-time credit of (300 * 4) 1200 Referral Points for the first three successful accounts opened in March
• At the same time, Anubhav would continue to earn 10% share from brokerage of all accounts opened for 2 years d. Referral scheme eligibility will be for the period when the referred account is opened irrespective of when the Referral was done

4. The credit of Referral Points on the basis of 10% of brokerage generated by each of the Referee shall be as follows:

• Actual of 10% of brokerage, shall be transferred into equivalent Referral Points. For e.g. if the Referee has generated a brokerage of Rs. 10,000 in a particular month. The Referrer stands to gain 10% of 10,000 i.e. 1,000 Referral Points.
• There is no upper cap on the brokerage commission earned on a monthly basis.
• The Referrer stands to earn brokerage commission for the first 2 years on each Referral.
• Earnings from 10% brokerage commission will be calculated at the end of the month, and credited to the Referrer's Ledger on 25th of the following

5. If Referee has been referred by two Referrers, then the person who has referred 1st will be considered.
6. The Referrer shall not be eligible to earn any Referral Points if the Referee fails to mention referral code at required places.
7. 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.
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. 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.
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. 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.
11. 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.
12. I shall not claim any expenditure incurred by me while referring clients to KSL.
13. 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.
14. 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.
15. 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.
16. 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.
17. 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.
18. I shall not be eligible for any interest on the accumulated Referral/redeemed Points.
19. The redemption amount shall be subjected to deduction of all applicable taxes/charges, if any.
20. 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.
21. 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.
22. This product cannot be clubbed with any other offer /promotional product offered by KSL.
23. 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.
24. 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 or netting off towards future brokerage, I have no option to change my choice later.
25. 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.
26. 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.
27. I shall not represent or act on behalf of KSL and induce or advise the Referee for placing orders in the Securities Market.
28. 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.
29. I shall not carry out IPV (In Person Verification) and OSV (Original Seen and Verified) of the clients referred by me.
30. 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
31. 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.

To check previous T&C from 12th July, 2022 to 11th May, 2023, click here