Terms and Conditions for Auto Invest
I/we do hereby agree and accept to be bound by the terms and conditions mentioned below as applicable for availing AutoInvest/Celebrations SIP – Systematic Investment Order online through my/our trading accounts maintained with Kotak Securities Limited (KSL). These Terms and Conditions, along with the terms of the,, Additional Terms and conditions applicable to the Client for availing securities trading services from Kotak Securities Limited, Voluntary Internet Trading Terms & Conditions, Running account authorization, Power of Attorney executed by the Client in favour of Kotak Securities Limited and contents of Risk Disclosure Document, Rights and Obligations, Policies and procedures, tariff sheet, guidance note etc form the contract between the Client and Kotak Securities Limited for availing of the Service.
Definitions
- Client- shall mean registered online client of Kotak Securities Limited. and have consented to the terms governing AutoInvest/Celebrations SIP service and have issued filled/accepted AutoInvest/Celebrations SIP Instruction Form.
- Start Date shall mean the day on which AutoInvest/Celebrations SIP order(s) will be placed by Kotak Securities Limited as per the Interval and other order related parameters selected by the Client. In case , the Start Date, as per the selected Interval, is a trading holiday, then the next trading day will be Due Day for purpose of placement of order.
- AutoInvest/Celebrations SIP Order shall mean the Client’s instruction(s) under the service specifying the different parameters for placement of AutoInvest/Celebrations SIP Orders by Kotak Securities Limited.
- Minimum Participation Amount shall mean the minimum amount specified by Kotak Securities Limited for availing Amount/Quantity based AutoInvest/Celebrations SIP which the Client can opt for in the AutoInvest/Celebrations SIP Instruction under this Service.
- Participation Amount shall mean the amount specified by the Client for availing Amount based AutoInvest/Celebrations SIP in the AutoInvest/Celebrations SIP Instruction under this Service.
- Fix Quantity shall mean the Quantity specified by the client for availing the Quantity Based AutoInvest/Celebrations SIP Order
- Frequency shall mean the intervals as specified by the Client in his AutoInvest/Celebrations SIP Instruction Form for availing the Service and commence from the date as instructed by the client. Minimum Period of AutoInvest shall be 6 months & that of Celebrations SIP shall be 3 years. However Kotak Securities Limited at its sole discretion decide to change frequency, minimum/maximum tenure of AutoInvest/Celebrations SIP validity with or without providing notice to the clients and without assigning any reasons thereof.
- Service shall mean the AutoInvest/Celebrations SIP Service offered by Kotak Securities Limited through its website www.kotaksecurities.com whereby the Client authorises Kotak Securities Limited to place buy transactions for such securities for such period and at such intervals as specified in AutoInvest/Celebrations SIP.
Scope of Service
Under this service, Kotak Securities Limited will place order on behalf of the Client in the Client’s trading account to purchase securities of such predetermined quantities or amounts on such intervals as instructed vide AutoInvest/Celebrations SIP Instruction Form or Place AutoInvest Order/Dedicate a Celebrations SIP section in the website.
The Client can avail AutoInvest/Celebrations SIP either on the basis of Quantity or Amount. The placement of order by Kotak Securities Limited as envisaged herein above shall be subject to availability of sufficient funds / limits to meet the contractual obligations arising out of such order.
Placement of order in case of Quantity based AutoInvest/Celebrations SIP – The Client shall specify the quantity of securities that he/she/they wishes to buy at each order placement. The order value of AutoInvest/Celebrations SIP under this option may vary with each order placement depending on the price of the security prevailing in the Exchange at the time of placement of Quantity based AutoInvest/Celebrations SIP order.
Placement of order in case of Amount based AutoInvest/Celebrations SIP – The Client shall specify the amount, subject to the Minimum Participation Amount specified by Kotak Securities Limited from time to time on its website www.kotaksecurities.com, for which each order will be placed at the time of start date . In this case, the number of securities for the purpose of placing order under the Service will be calculated by dividing AutoInvest/Celebrations SIP amount with the last traded price of such security. Any fractional quantity will be ignored and order will be placed for nearest smaller Whole Number. The Number of securities bought under this option, may vary with each order placement depending on the price of the security prevailing at the time of placement of the AutoInvest/Celebrations SIP order.
The choice of time for placement of AutoInvest/Celebrations SIP order on the Exchange platform on the each frequency day shall be at the discretion of Kotak Securities Ltd.
Obligation of the Client
- The Client Agrees that; a. The Client shall place duly filled AutoInvest/Celebrations SIP Instruction Form on the date specified by the Client to avail the Service. The Client may set up various AutoInvest/Celebrations SIP Instruction with different frequency and time period for same or different securities. b. The Client may cancel the AutoInvest/Celebrations SIP Instruction selected by him at anytime before the order placement has been initiated by Kotak Securities Limited before the Due Day but not later than such time. The Client understand that, once Kotak Securities Ltd has generated orders based on start date and frequency then order (s) for that trading day cannot be cancelled or modified. c. The client shall opt securities from the list of securities displayed on the website www.kotaksecurities.com under Place an AutoInvest Order/Dedicate a celebrations SIP section. The Kotak Securities Limited shall have the absolute discretion to decide on the list of securities to made eligible for purchase under this service. The Kotak Securities Ltd shall also at its sole discretion decide to add or disable or withdraw a particular security to/from the eligible list with or without providing notice to the clients and without assigning any reasons thereof. . The Client has the right to change scrip(s) or weightages thereof in any permutation /combination. d. Only Market order will be placed under the Service as per the AutoInvest/Celebrations SIP Instruction which will be executed as per Order Matching mechanism of the exchanges. However, when the orders are placed there is a possibility that different clients get the same scrip at different rates. e. Kotak Securities Limited will place orders under the Service in the account of the Client only if there is sufficient funds / limit available in the client account at the time of order placement.. The Client shall ensure that payment is made on or before Payin date, failing which Kotak Securities Limited shall have the right to liquidate securities and or charge interest on delayed payment as per the risk management and other policies of the company. f. The authorization given to Kotak Securities Limited will stand rescind under AutoInvest/Celebrations SIP, in case such AutoInvest/Celebrations SIP Instruction is cancelled by the Client and Kotak Securities Limited will not place further order on such AutoInvest/Celebrations SIP. g. The Client agrees to select a start date while placing AutoInvest/Celebrations SIP request. The Order under the service will be placed from the start date selected by the client. Thereafter, the orders would be placed on the basis of the frequency for the period chosen by the client. Further, the client agrees that AutoInvest/Celebrations SIP request created with the start date will be the first trigger date and orders would be triggered on trading days only. h. If the client’s trading account is deactivated due to any reason or closed, then the Equity SIP orders will also get automatically stopped during the period of such deactivation. i. In case AutoInvest/Celebrations SIP order of the client is not placed for an uncertain / long period due to the disablement of the securities, kotak Securities Ltd may have the right to cancel the future SIP instructions of the client.
Disclaimer and Warranties
- The Client understands and declares that a. Kotak Securities Limited is merely acting as the Client’s agent for placing orders as per the AutoInvest/Celebrations SIP instructions given by the Client under the Service. The execution of trades happens on the exchange platform and depending upon the order matching mechanism of the exchange. Thus there is a possibility that orders may be executed only partially or may even remain unexecuted. b. Kotak Securities Limited shall not be required to obtain approval for placing orders on respective Due Days as per the interval specified by the Client in his Equity AutoInvest/Celebrations SIP till the culmination of Period of AutoInvest/Celebrations SIP once he has authorised Kotak Securities Limited by a duly filled AutoInvest/Celebrations SIP Form. c. The quantity / amount of AutoInvest/Celebrations SIP order will depend upon the prevailing price of the security at the time of placement order on the Due Dates and therefore quantity based AutoInvest/Celebrations SIP, the value of order may be significantly different from its previous order. d. By availing the Service, the Client is not entering into any Portfolio Management arrangement or otherwise. The stock recommendations provided by Kotak Securities Limited should not be considered as an investment advice and the Client should take independent professional advice before deciding the stocks for investment under Autoinvest/Celebrations SIP facility. The client understand that investment in securities is always subject to market list. e. Kotak Securities Limited shall not be responsible for non-execution / rejection of the AutoInvest/Celebrations SIP Instruction. Further no Partial Orders will be executed in case the limits are insufficient. f. AutoInvest/Celebrations SIP order placed on the Due Date which are not executed at the Market Price till the end of the day would expire and Kotak Securities Limited shall not held responsible for non-execution of such order. However, such expiry of order shall not affect the placement of subsequent AutoInvest/Celebrations SIP orders on the subsequent Due Days. g. Kotak Securities Limited, at its sole discretion, reserves the right to either temporarily or permanently, withdraw or suspend the Service to the Client or at any time without giving any notice or assigning any reason for the same. In case of temporary withdrawal, the privileges may be reinstated by Kotak Securities Limited at its sole discretion. h. Kotak Securities Limited, in its sole discretion, in accordance with its risk management policy, may disallow buy option in certain securities. Further, certain securities may not be allowed for trading on Exchanges on account of corporate action such as stock split, issue of bonus shares, merger etc. In the above cases, if the scrip is not allowed for trading then the AutoInvest/Celebrations SIP order in such securities may not be placed or get rejected for any reasons mentioned above during period when such securities are disallowed. Subsequent AutoInvest/Celebrations SIP order for the said securities will be placed by Kotak Securities Limited only when such securities are allowed for trading. Further Kotak Securities Limited may, at its sole discretion, cancel the AutoInvest/Celebrations SIP with regard to such securities, which is disallowed for uncertain and/or long period for the reasons mentioned herein above. i. The client agrees that Kotak Securities Limited will not be held responsible and liable for any compensation for non-placement / rejection of the AutoInvest/Celebrations SIP orders in the above cases or for any reasons beyond its control. j. The client agrees that there is a possibility of communication failure or system problems or slow or delayed response from system or trading halt, or any such other problem/glitch whereby not being able to establish access to the trading system/network, which may be beyond Kotak Securities Limited control and may result in delay in processing or not processing AutoInvest/Celebrations SIP orders either in part or in full. These may occur as the trading is facilitated through satellite/leased line based communications & combination of various technologies. k. Kotak Securities Limited and other service providers shall not be held liable for any loss or damage incurred or suffered by the client due to any delay, error, defect, failure or interruption in the provision of Facility arising from or caused by any reason whatsoever. l. The risk management policies and other internal policies of Kotak Securities Limited applicable on the clients and trades executed by them would be applicable on the trades executed through this facility also. m. The client agrees that he/she is not entering into a contractual or portfolio management arrangement by using the services. n. The Rules & Regulations as prescribed by the exchange will be applicable to client trades.
Limitation of Liability
Without prejudice to any other provisions of these Terms and Conditions, Kotak Securities Limited shall not be liable to the Client for any loss or damage whatsoever or howsoever caused arising directly or indirectly whether for consequential loss or damage or loss of profit, business, revenue, goodwill or anticipated savings which may arise in respect of the Service or arising out of the performance of the Services or otherwise.
Force Majeure
Kotak Securities Limited shall not be liable for any failure to perform any of its obligations under this Agreement if the performance is prevented, hindered or delayed by a Force Majeure Event (defined below) and in such case its obligations shall be suspended for so long as the Force Majeure Event continues. "Force Majeure Event" means any event due to any cause beyond the reasonable control of Kotak Securities Limited, including without limitation, unavailability of any communication system, breach or virus in the processes, communication failure or system problems or slow or delayed response from system or trading halt, or any such other problem/glitch whereby not being able to establish access to the trading system/network, which may be beyond control and may result in delay in processing or not processing AutoInvest/Celebrations SIP orders either in part or in full, sabotage, fire, flood, explosion, acts of God, civil commotion, strikes or industrial action of any kind, riots, insurrection, war, acts of government, computer hacking, un-authorised access to computer data and storage devices, computer crashes, etc.
Amendment
Kotak Securities Limited, at its sole discretion, is entitled to amend/modify/alter the aforesaid Terms and Conditions and such amendment/modification/alteration be displayed on www.kotaksecurities.com to intimate such amendment/modification/alteration to the Client. The continued use of the Website by the Client shall be deemed to be an acceptance by the Client of the amended/ modified/altered Terms and Conditions. The Service is in addition to the existing products and services provided by Kotak Securities Limited. Availing this Service by the Client does not bar the Client from availing other products and services offered by Kotak Securities Limited.
