US Stocks Disclaimer

Angel One Limited (SBU)

 General Terms and Conditions for Investment in US Securities

INDEX OF DOCUMENTS

  VOLUNTARY DOCUMENTS PROVIDED BY THE STOCKBROKER/BROKER DEALER/GLOBAL ACCESS PROVIDER

Name of stockbroker/broker dealer/global access provider/trading member/clearing member: - Angel One Limited (SBU)

IFSCA Registration No. CMI2026BDK1061 Dated : 20^th May, 2026 Registered office address: Unit No. 256, Seats 1 to 4 located on first floor of Pragya Accelerator II, Building -15B, Block – 15, Road No- 1C, Zone-1, GIFT SEZ, GIFT City, Gandhinagar – 382050.

Ph: 91 22 4000 3600, Fax: 22 2835 8811. Website: https://www.angelone.in/ Correspondence office address: Unit No. 256, Seats 1 to 4 located on first floor of Pragya Accelerator II, Building -15B, Block – 15, Road No- 1C, Zone-1, GIFT SEZ, GIFT City, Gandhinagar – 382050.

Ph: 91 22 4000 3600 Fax: 22 2835 8811. Website: https://www.angelone.in/ 

Compliance officer name, phone no. & email id:-Mr. Aditya Shrivastava Phone no +919618910356 email ID : aditya.shrivastava@angelone.in 

CEO name, phone no. & email id: Mr. Ambarish Kengh, Phone no. Ph: 91 22 4000 3600 email support@angelone.in

For any grievance/dispute please contact Angel One Limited at the above address or email id. In case not satisfied with the response, please contact Mr. Soundararajan V, Chief Regulatory Officer, India International Exchange (IFSC) Ltd. at investorassistance@indiainx.com and Phone no. +91-79-61993100.

Angel One Limited,
Unit no. 256, Seat no. 1 to 4, First Floor,

Pragya Accelerator II, Building no. 15B ,

Block - 15, Road no. 1 C, Zone 1, Gift SEZ,

Gift City, Gandhinagar – 382050, Gujarat

Subject: Client due diligence information for Account Opening and Know Your Client (KYC) Details and additional declarations.

Dear Sir/ Madam,
I understand that Angel One Limited, a company registered with the Securities and Exchange Board of India (“SEBI”) as a trading member (hereinafter referred to as “Parent Entity”), operates a separate business unit in the International Financial Services Centre at GIFT City, Gujarat, providing services as permitted by the International Financial Services Centers Authority (hereinafter referred to as “Angel One” or “you" or “your”).

I am a client with your Parent Entity, and I am desirous of becoming a client with you for cross border business services. I undertake to trade only in the products for which I am permitted under the applicable rules, regulations, circulars, and guidelines prescribed by International Financial Services Centers Authority (“IFSCA”) and/or applicable regulatory requirements in India or of the other jurisdiction.

I am aware that you are required to conduct verification of identification of your clients at the time of commencement of an account-based relationship which includes in-person verification and comply with applicable laws in this regard.

As your Parent Entity has already undertaken my KYC and my KYC documents are available with your Parent Entity, I am hereby giving my consent for you to obtain my records/information of due diligence, including in-person verification, bank details, past disciplinary actions (if any) or any other required details, for Account Opening and Know Your Client (KYC) Process, carried out from your Parent Entity and rely on such information in order to commence an account based relationship with you and the overseas broker. I further undertake to notify you of any changes in the information already available with you, promptly and without any delay.

Additionally, I would like to make the following declarations contents of which hold good on the date of opening an account with you for undertaking IFSCA related activities vide your Global Access Provider License:

 1. I hereby declare that the KYC details furnished by me at the time of opening Indian Demat Account with your Parent Entity hold good as on date and are true and correct to the best of my knowledge and belief and I undertake to inform you of any changes therein, immediately. In case any of the above information is found to be false or untrue or misleading or misrepresenting, I am aware that I may be held liable for it.

2. I hereby consent to receiving information from Central KYC Registry through SMS/Email on the above registered number/email address.

3.I am also aware that for Aadhaar OVD based KYC, my KYC request shall be validated against Aadhaar details. I hereby consent to sharing my masked Aadhaar card with readable QR code or my Aadhaar XML/Digilocker XML file, along with passcode and as applicable, with KRA and other Intermediaries with whom I have a business relationship for KYC purposes only.

4. I am not a Politically Exposed Person (PEP) or related to a PEP.

5. I do not have any action / proceedings initiated / pending / taken by SEBI / IFSCA / Exchanges / any other authority against me during the last 3 years.

6. I am an individual Indian resident. I am not a resident of and will not transact, transfer or deal with any country which is notified under FATCA/CRS.

7. I am aware of the risks involved in dealing with capital markets and the products that I will be dealing in, I confirm that I have read and understood the contents of the Terms & Conditions and other documents.

I do hereby agree to be bound by such provisions as outlined in the Terms and Conditions and other documents agreed by me.

E-Signature of the Client

Declaration By Angel One SBU

I / We undertake that we have made the client aware of ‘Policy and Procedures’, tariff sheet and all the non-mandatory documents. I/We have also made the client aware of ‘Rights and Obligations’ document (s), RDD and Guidance Note. I/We undertake that any change in the ‘Policy and Procedures’, tariff sheet and all the non-mandatory documents would be duly intimated to the clients. I/We also undertake that any change in the ‘Rights and Obligations’ and RDD would be made available on our website, if any, for the information of the clients.  

Mandatory Disclosures

(As per Clause 38 of IFSCA Circular - Regulatory Framework for Global Access in the IFSC dated August 12, 2025)

Angel One Limited (“Angel One”) is mandated to disclose to investors risk factors relating to investments in Global Market, roles and responsibilities of entities involved in providing global access, Details of custody arrangements, Account structure, Trading related information including methodology used for calculating profit and loss of clients and other details as laid down under Clauses 38 and related provisions of IFSCA circular — Regulatory Framework for Global Access in the IFSC and the IFSCA (Capital Market Intermediaries) Regulations, 2025

A.    Risk Factors Relating to Investment in Global Markets

a. Market Risk

Investments are executed in markets outside the IFSC, which operate under different laws, trading hours, holiday calendars, disclosure norms, and investor-protection standards. Prices may fluctuate due to local or global market conditions.

b. Currency Risk

Foreign investments are subject to exchange-rate fluctuations. Adverse currency movements may reduce or negate investment gains when converted to the investor’s base currency.

c. Custody Risk

Securities or funds may be held with foreign brokers, custodians, or other intermediaries. Their insolvency, operational failure, or negligence could lead to partial or total loss of investments.

d. Liquidity and Settlement Risk

Settlement cycles and market liquidity may differ across jurisdictions. Variations in market practices or operational processes could cause delays in execution or settlement of trades.

e. Technology and Time-Zone Risk

Orders placed through electronic systems across different time zones are exposed to latency, outages, or price gaps due to time-zone differences and system dependencies.

f. Product and Suitability Risk

Products available in foreign markets may be complex and involve higher risk than domestic instruments. Investors must ensure that such products suit their financial condition, objectives, and risk tolerance.

g. Regulatory and Legal Risk

Foreign investments are governed by the laws and regulations of the relevant jurisdiction. Investor-protection standards, disclosure requirements, dispute-resolution mechanisms, and supervisory frameworks may vary from those in India or the IFSC. Investors should remain informed of applicable regulatory changes.

h. Taxation Risk

Investments may attract taxes, withholding, or reporting obligations in both India and the foreign jurisdiction. Tax treatment is subject to change without notice. Investors are responsible for ensuring compliance with all applicable tax laws and maintaining adequate records.

i. Remittance and Regulatory Compliance Risk

All fund transfers must comply with the applicable laws of India, the IFSC, and the foreign jurisdiction, including the Reserve Bank of India’s Liberalised Remittance Scheme (LRS). Any breach of such rules may attract regulatory or penal action.

B. Roles and responsibilities of entities involved in providing global access

Angel One Limited (“Company”) is an IFSCA registered Broker-Dealer. The Company has direct arrangements with DriveWealth LLC, a US based clearing broker registered with the U.S. Securities and Exchange Commission (SEC) and is a member of FINRA. DriveWealth LLC is a member of multiple US stock exchanges.

C. Details of custody arrangements

All trades placed by investors are executed through Drivewealth LLC. Drivewealth LLC is a self-clearing member of the DTCC and NSCC, which acts as a centralized clearing and settlement company for different securities and asset classes. The DTCC also serves as the central custodian at the depository level.

D. Account structure

Investors are required to register on the Angel One platform and complete all KYC procedures mandated under the applicable laws including Regulatory Framework for Global Access in the IFSC and the IFSCA (Capital Market Intermediaries) Regulations, 2025 and other regulatory guidelines. Upon successful AML-KYC verification, Angel One will open a trading account for the investor. US stocks trade execution/ settlement necessitates use of a U.S. clearing broker, Angel One may facilitate the opening of a clearing account with US broker (i.e. Drivewealth); the opening and continued operation of the clearing account shall be conditional upon the investor’s fulfillment of specific foreign broker’s KYC, onboarding and any other applicable requirements.

E. Trading related information including methodology used for calculating profit and loss of clients.

The trading activities related to US stocks on the Angel One platform and fulfilment and clearing of the trades are done by US based stockbrokers directly for the clients. All computation of holdings, average prices, quantity, and profit and loss are done based on the FIFO method as a general practice and shown to the investor on the Angel One platform. All reports of transactions, holdings and tax P&L are available on Angel One platform for the investor to download as per India tax reporting formats.

Illustration of FIFO methodology used while buying & selling of US shares.

FIFO stands for First-In, First-Out. It is a method used to track which shares are sold when you make a sale, especially when you’ve bought the same stock multiple times at different prices. Under FIFO, the oldest shares (first bought) are assumed to be sold first. This is the standard method used in India (as per Income Tax rules) and globally.

Example: Let’s say you buy shares of Company XYZ multiple times:

·       BUY - Jan 1 - 10 Shares - $100 per share

·       BUY - Feb 1 - 10 Shares - $120 per share

And then SELL 15 shares on 1 Mar at $150 per share. As per FIFO:

·       First, 10 shares from Jan 1 ($100 each) are sold

·       Then, 5 shares from Feb 1 ($120 each)

Realized Gain:

·       10 × ($150 − $100) = $500

·       5 × ($150 − $120) = $150

·       Total Realized Gain = $650

Note - When shares are sold, the invested value is not reduced by the sale proceeds. Instead, the invested value is adjusted based on the original cost of the shares sold, which is calculated using the FIFO (First In, First Out) method.

F.  Applicable fee structure

Investing in US stocks through Angel One is affordable and competitive in the industry, with minimal charges: Read more about Angel One charges at Brokerage Charges, Transaction & Govt. Charges | Angel One Pricing.

By agreeing to these Terms and Conditions, you acknowledge and agree to the applicable charges and fees.

A.    Applicable investor protection scheme or insurance coverage

Drivewealth LLC are members of the Securities Investor Protection Corporation (SIPC). SIPC currently protects the securities and cash in your brokerage account up to $ 50 Million of which $ 1 Million may be in cash.

The foregoing SIPC coverage amounts are stated as of the date of these Terms and Conditions and are subject to change from time to time at DriveWealth LLC’s discretion and/or as may be applicable under law. The Customer acknowledges and understands that the applicable coverage limits may change and is advised to review the then-current applicable SIPC and DriveWealth terms for the coverage limits in effect from time to time.

A. Applicable tax structure

For Indian residents:

• Short‑Term Capital Gains (STCG): If US stocks are sold within 24 months, gains are taxed as per your income‑tax slab.

• Long‑Term Capital Gains (LTCG): If sold after 24 months, gains are taxed at 12.5% + SC+ HEC without indexation.

Read all about Tax Implications on US Stocks at https://www.angelone.in/knowledge-center/share-market/taxation-on-us-stocks

B. Timely communication of corporate announcements

Corporate announcements such as mergers, dividends and bonus/splits are communicated to investors on a best effort basis on Angel One platform. Dividends, Bonus and other corporate actions are performed by the clearing broker in the US and will reflect on the Angel One platform. Dividends paid out to investors are credited directly to the investor's wallet post deduction of applicable withholding taxes.

C. Entry fee, exit fee, fund withdrawal charges, account transfer charges, account closure charges or any other charges shall be disclosed at the time of onboarding client and an undertaking that no other charge other than what is disclosed will be collected from the client.

Please find complete details of the applicable charges : Brokerage Charges, Transaction & Govt. Charges | Angel One Pricing

By agreeing to these Terms and Conditions, you acknowledge and agree to the applicable charges and fees.

D. Regulatory requirements with respect to trading in such foreign Jurisdiction

A resident Indian investor’s participation in global markets through the authorized Global Access Provider (GAP) is subject to compliance with all applicable laws and regulations, including the Foreign Exchange Management Act, 1999 (FEMA) and the Liberalized Remittance Scheme (LRS) of the Reserve Bank of India (RBI). In accordance with RBI LRS guidelines, any funds unutilized for their intended purpose must be repatriated to your registered bank account within 180 days. If you fail to withdraw or repatriate such unutilised funds within the prescribed timeline, Angel One may instruct DriveWealth to initiate the repatriation of such funds to your registered bank account. As a resident Indian, you are allowed to remit up to $250,000 a year.

Read more about Liberalised Remittance Scheme at : https://www.rbi.org.in/commonman/English/Scripts/FAQs.aspx?Id=1834

The Investor understands the trade Access Restriction with regards to Crypto-assets and instruments having underlying assets as crypto or any other instruments.

Investors can reach out to Angel One for any kind of complaints / grievances as per the process laid down in the Policy on Complaint Handling and Grievance Redressal - Global Access. Investors are requested to acknowledge that all disputes related to Global Access will not have access to the Rights of investors or investor protection; Dispute resolution mechanism; and Investor grievance redressal mechanism of the recognised stock exchanges in the IFSC.

By continuing, I confirm that I have read, understood, and accepted these risks and disclosures.

Permitted Products Policy – Global Access

1.     Purpose

This policy outlines the framework followed by Angel One Limited for offering global financial products through its platform. Our objective is to ensure that only products permissible under the International Financial Services Centres Authority (IFSCA) regulations are made available to investors in a fair, transparent, and compliant manner.

2.  Regulatory Basis

Under Clause 20 of the IFSCA Circular dated August 12, 2025 on Regulatory Framework for Global Access in the IFSC, a Global Access Provider shall provide access only to financial products that are covered under the definition of ‘financial products’ applicable in the IFSC.

Guidance Note: Global Access Providers shall not provide access to crypto-assets or instruments having underlying assets as crypto or any other instruments that are not considered ‘financial products’ in the IFSC.

3. Restricted Products

The following categories are not offered through Angel One Platform:

a. Crypto-asset-based ETFs (e.g., Bitcoin or Ethereum ETFs).

b. Instruments whose underlying exposure is to crypto-assets.

4.  Monitoring and Review

All financial products undergo automated and compliance reviews before being made available to investors. There is continuous monitoring to ensure ongoing eligibility under IFSCA and FEMA regulations. Any ETFs/US Stocks found non-compliant will be restricted, and investors will be notified accordingly. Where required to ensure compliance with applicable laws, regulatory directions or internal compliance requirements, Angel One may, at its sole discretion, restrict transactions in, require the liquidation of, or liquidate such holdings on behalf of the Client after providing such prior notice, if any, as may be practicable under the circumstances.

5. Commitment to Transparency

Angel One maintains a transparent framework for product eligibility. Our compliance dashboard records every inclusion or exclusion with an audit trail to ensure accountability and regulatory oversight.

Policy on Complaint Handling and Grievance Redressal — Global Access

Objective

The objective of this policy is to establish a robust, transparent, and customer-centric framework for the efficient handling of complaints and the redressal of grievances. It ensures compliance with the International Financial Services Centres Authority (IFSCA) circular no. F. No. IFSCA-LPRA/3/2024-Legal and Regulatory Affairs dated December 2, 2024, and all other applicable guidelines/regulations released by IFSCA/INDIAINX and aims to protect the interests of financial consumers.

Applicability

This policy applies to all complaints and grievances received from Global Access clients, i.e., clients who have opened a Global Access account, i.e., Drivewealth account with Angel One Limited.

Policy approval: This policy is approved by the relevant authority.

Scope: Includes all financial products and services offered by Angel One Limited in the IFSC. Excludes anonymous, incomplete, or irrelevant complaints as outlined in Annexure 1.

Definitions

Complaint: An expression of dissatisfaction regarding financial products or services provided by Angel One Limited in IFSC.

Client/Consumer: A person who is engaged in a financial transaction or activity with Angel One Limited and includes a person on whose behalf the person engaged in the transaction or activity is acting.

Complaint Redressal Officer (CRO): He is responsible for handling complaints and ensuring impartial resolution.

Complaint Redressal Appellate Officer (CRAO): He is responsible for handling appeals against decisions made by the CRO.

Complaint handling procedure

Receipt of complaints

Complaints can be submitted via email or on the Help Centre section available on Angel One Limited website, i.e., https://www.angelone.in/  or the application.

Level 1

If a Client has any grievances/complaints, the Client can send an email to Complaint Redressal team at support@angelone.in Accepted complaints are acknowledged in writing within 3 working days of receipt.

If not accepted, the complainant is informed within 5 working days with valid reasons.

Level 2

If the Client's issue is unresolved after a period of 6 (six) working days from the date of first raising the issue at Level 1 or if the Client is not satisfied with the response provided at Level 1, the Client may, post completion of a 6 (six) business days period from the date of first raising the issue at Level 1, can send email to Complaint Redressal Officer at escalation@angelone.in .

Address:

Angel One Limited,
Unit no. 256, Seat no. 1 to 4, First Floor,

Pragya Accelerator II, Building no. 15B ,

Block - 15, Road no. 1 C, Zone 1, Gift SEZ,

Gift City, Gandhinagar – 382050, Gujarat

Processing of complaints

Complaints are handled impartially and professionally by the CRO or an alternate designated officer in case of conflict of interest. Additional information may be requested from complainants for effective resolution.

Complaints are resolved within 15 days of acceptance. In exceptional cases, resolution may take up to 30 days.

Complaint closure

Resolution: Detailed reasoning is provided for resolved or rejected complaints.

Communication: Complainants are informed of their right to appeal if dissatisfied with the outcome.

Level 3: Appeal mechanism

Filing an appeal

Dissatisfied complainants can file an appeal with the Complaint Redressal Appellate Officer within 21 days of receiving the CRO's decision.

Email id of CRAO: support@angelone.in

Address for written communication: Unit no. 256, Seat no. 1 to 4, First Floor,  Pragya Accelerator II, Building no. 15B , Block - 15, Road no. 1 C, Zone 1, Gift SEZ, Gift City, Gandhinagar – 382050, Gujarat

Resolution of appeals

The CRAO evaluates and resolves appeals impartially within 30 days.

Level 4: Reporting to the Authority/Regulator

Unsatisfied consumers may escalate complaints to the IFSCA at grievance-redressal@ifsca.gov.in  within 21 days of the CRAO's decision. Clients are requested to first submit a complaint with Angel One Limited for speedy resolution.

Role of Compliance Officer

The Compliance Officer shall ensure that handling and disposal of complaints by Angel One Limited are in accordance with the regulatory requirements specified by IFSCA.

Record maintenance

Comprehensive records are maintained electronically by Angel One Limited:

1. Complaints received and processed.

2. All correspondence exchanged between the Regulated Entity and the complainants.

3. All information and documents examined and relied upon by the Regulated Entity while processing the complaints.

4. Outcome of the complaints.

5. Reasons for rejection of complaints, if any.

6. Timelines for processing of complaints; and

7. Data of all complaints handled by Angel One Limited.

Records are retained for a minimum of 8 years or longer in case of pending litigation.

Reporting and disclosure

Annual reporting: Complaint statistics, including received, resolved, rejected, and pending cases, shall be disclosed in the Annual Report/on the website of Angel One Limited.

Reports on complaint handling shall be submitted to IFSCA/Regulator as per specified guidelines.

Online complaint handling system

Angel One Limited maintains an online system for efficient complaint submission, tracking, and resolution. This system is designed to cater to the complexity and scale of its operations.

Policy review

This policy is reviewed periodically to align with evolving regulatory requirements and client feedback.

Annexure 1

1.  Anonymous complaints (except whistleblower complaints)

2. Incomplete or un-specific complaints

3. Allegations without supporting documents

4. Suggestions or seeking guidance/explanation

5. Complaints on matters not relating to the financial products or services provided by the Regulated Entity

6. Complaints about any unregistered/un-regulated activity

7. References in the nature of seeking information or clarifications about financial products or services

Rights And Obligations Of Stockbroker / Broker Dealers/Global Access Providers And Clients

(as prescribed by IFSCA/SEBI and Stock Exchanges)

 1. The client shall invest/trade in those securities/contracts/other instruments admitted to dealings on the Exchanges as defined in the Rules, Byelaws and Regulations of IFSCA/Exchanges/ Securities and Exchange Board of India (SEBI) and circulars/notices issued there under from time to time.  

2. The stock broker/ broker dealer/global access provider and the client shall be bound by all the Rules, Byelaws and Regulations of the Exchange and circulars/notices issued there under and Rules and Regulations of SEBI/IFSCA and relevant notifications of Government authorities as may be in force from time to time. 

3. The client shall satisfy itself of the capacity of the stock broker/ broker dealer/global access provider to deal in securities and/or deal in derivatives contracts and wishes to execute its orders through the stock broker/broker dealer/global access provider and the client shall from time to time continue to satisfy itself of such capability of the stock broker/broker dealer/global access provider before executing orders through the stock broker/broker dealer/global access provider. 

4. The stock broker/broker dealer/global access provider shall continuously satisfy itself about the genuineness and financial soundness of the client and investment objectives relevant to the services to be provided. 

5. The stock broker/broker dealer/global access provider shall take steps to make the client aware of the precise nature of the Stock broker/broker dealer/global access provider’s liability for business to be conducted, including any limitations, the liability and the capacity in which the stock broker/broker dealer/global access provider acts.  

Client Information 

6. The client shall furnish all such details in full as are required by the stock broker/broker dealer/global access provider in "Account Opening Form” with supporting details, made mandatory by stock exchanges/SEBI/IFSCA from time to time.  

7. The client shall familiarize himself with all the mandatory provisions in the Account Opening documents. Any additional clauses or documents specified by the stock broker/broker dealer/global access provider shall be non-mandatory, as per terms & conditions accepted by the client. 

8. The client shall immediately notify the stock broker/broker dealer/global access provider in writing if there is any change in the information in the ‘account opening form’ as provided at the time of account opening and thereafter; including the information on winding up petition/insolvency petition or any litigation which may have material bearing on his capacity. The client shall provide/update the financial information to the stock broker/broker dealer/global access provider on a periodic basis. 

9. The stock broker/broker dealer/global access provider shall maintain all the details of the client as mentioned in the account opening form or any other information pertaining to the client, confidentially and that they shall not disclose the same to any person/authority except as required under any law/regulatory requirements. Provided however that the stock broker/broker dealer/global access provider may so disclose information about his client to any person or authority with the express permission of the client. 

Margins 

10. The client shall pay applicable initial margins, withholding margins, special margins or such other margins as are considered necessary by the stock broker/broker dealer/global access provider or the Exchange or as may be directed by SEBI/IFSCA from time to time as applicable to the segment(s) in which the client trades. The stock broker/broker dealer/global access provider is permitted in its sole and absolute discretion to collect additional margins (even though not required by the Exchange, Clearing House/Clearing Corporation or IFSCA/SEBI) and the client shall be obliged to pay such margins within the stipulated time. 

11. The client understands that payment of margins by the client does not necessarily imply complete satisfaction of all dues. In spite of consistently having paid margins, the client may, on the settlement of its trade, be obliged to pay (or entitled to receive) such further sums as the contract may dictate/require. 

Transactions And Settlements 

12. The client shall give any order for buy or sell of a security/derivatives contract in writing or in such form or manner, as may be mutually agreed between the client and the stock broker/broker dealer/global access provider. The stock broker/broker dealer/global access provider shall ensure to place orders and execute the trades of the client, only in the Unique Client Code assigned to that client.

13. The stock broker/broker dealer/global access provider shall inform the client and keep him apprised about trading/settlement cycles, delivery/payment schedules, any changes therein from time to time, and it shall be the responsibility in turn of the client to comply with such schedules/procedures of the relevant stock exchange where the trade is executed. 

14. The stock broker/broker dealer/global access provider shall ensure that the money/securities deposited by the client shall be kept in a separate account, distinct from his/its own account or account of any other client and shall not be used by the stock broker/broker dealer/global access provider for himself/itself or for any other client or for any purpose other than the purposes mentioned in Rules, Regulations, circulars, notices, guidelines of IFSCA/SEBI and/or Rules, Regulations, Bye-laws, circulars and notices of Exchange. 

15. Where the Exchange(s) cancels trade(s) suo moto all such trades including the trade/s done on behalf of the client shall ipso facto stand cancelled, stock broker/broker dealer/global access provider shall be entitled to cancel the respective contract(s) with client(s). 

16. The transactions executed on the Exchange are subject to Rules, Byelaws and Regulations and circulars/notices issued thereunder of the Exchanges where the trade is executed and all parties to such trade shall have submitted to the jurisdiction of such court as may be specified by the Byelaws and Regulations of the Exchanges where the trade is executed for the purpose of giving effect to the provisions of the Rules, Byelaws and Regulations of the Exchanges and the circulars/notices issued thereunder. 

Brokerage 

17. The Client shall pay to the stock broker/broker dealer/global access provider brokerage and statutory levies as are prevailing from time to time and as they apply to the Client’s account, transactions and to the services that stock broker/broker dealer/global access provider renders to the Client. The stock broker/broker dealer/global access provider shall not charge brokerage more than the maximum brokerage permissible as per the rules, regulations and bye-laws of the relevant stock exchanges and/or rules and regulations of IFSCA/SEBI. 

Liquidation And Close Out Of Position 

18. Without prejudice to the stock broker/broker dealer/global access provider's other rights (including the right to refer a matter to arbitration), the client understands that the stock broker/broker dealer/global access provider shall be entitled to liquidate/close out all or any of the client's positions for non-payment of margins or other amounts, outstanding debts, etc. and adjust the proceeds of such liquidation/close out, if any, against the client's liabilities/obligations. Any and all losses and financial charges on account of such liquidation/closing-out shall be charged to and borne by the client.

19. In the event of death or insolvency of the client or his/its otherwise becoming incapable of receiving and paying for or delivering or transferring securities which the client has ordered to be bought or sold, stock broker/broker dealer/global access provider may close out the transaction of the client and claim losses, if any, against the estate of the client. The client or his nominees, successors, heirs and assignee shall be entitled to any surplus which may result there from. The client shall note that transfer of funds/securities in favour of a Nominee shall be valid discharge by the stock broker/broker dealer/global access provider against the legal heir. 

20. The stock broker/broker dealer/global access provider shall bring to the notice of the relevant Exchange the information about default in payment/delivery and related aspects by a client. In case where defaulting client is a corporate entity/partnership/proprietary firm or any other artificial legal entity, then the name(s) of Director(s)/Promoter(s)/Partner(s)/Proprietor as the case may be, shall also be communicated by the stock broker/broker dealer/global access provider to the relevant Exchange(s).  

Dispute Resolution 

21. The stock broker/broker dealer/global access provider shall provide the client with the relevant contact details of the concerned Exchanges and IFSCA/SEBI.  

22. The stock broker/broker dealer/global access provider shall co-operate in redressing grievances of the client in respect of all transactions routed through it.  

23. The client and the stock broker/broker dealer/global access provider shall refer any claims and/or disputes with respect to deposits, margin money, etc., to arbitration as per the Rules, Byelaws and Regulations of the Exchanges where the trade is executed and circulars/notices issued thereunder as may be in force from time to time. 

24. The stock broker/broker dealer/global access provider shall ensure faster settlement of any arbitration proceedings arising out of the transactions entered into between him vis-à-vis the client and he shall be liable to implement the arbitration awards made in such proceedings.  

25. The client/stock-broker understands that the instructions issued by an authorized representative for dispute resolution, if any, of the client/stock-broker shall be binding on the client/stock-broker in accordance with the letter authorizing the said representative to deal on behalf of the said client/stock-broker.  

Termination Of Relationship 

26. This relationship between the stock broker/broker dealer/global access provider and the client shall be terminated; if the stock broker/broker dealer/global access provider for any reason ceases to be a member of the stock exchange including cessation of membership by reason of the stock broker/broker dealer/global access provider's default, death, resignation or expulsion or if the certificate is cancelled by the Board.

27. The stock broker/broker dealer/global access provider and the client shall be entitled to terminate the relationship between them without giving any reasons to the other party, after giving notice in writing of not less than one month to the other parties. Notwithstanding any such termination, all rights, liabilities and obligations of the parties arising out of or in respect of transactions entered into prior to the termination of this relationship shall continue to subsist and vest in/be binding on the respective parties or his/its respective heirs, executors, administrators, legal representatives or successors, as the case may be.

28. The stock broker/broker dealer/global access provider shall ensure due protection to the client regarding client’s rights to dividends, rights or bonus shares, etc. in respect of transactions routed through it and it shall not do anything which is likely to harm the interest of the client with whom and for whom they may have had transactions in securities.   

29. The stock broker/broker dealer/global access provider and client shall reconcile and settle their accounts from time to time as per the Rules, Regulations, Bye Laws, Circulars, Notices and Guidelines issued by IFSCA/SEBI and the relevant Exchanges where the trade is executed.  

30. The stock broker/broker dealer/global access provider shall issue a contract note to his constituents for trades executed in such format as may be prescribed by the Exchange from time to time containing records of all transactions including details of order number, trade number, trade time, trade price, trade quantity, details of the derivatives contract, client code, brokerage, all charges levied etc. and with all other relevant details as required therein to be filled in and issued in such manner and within such time as prescribed by the Exchange. The stock broker/broker dealer/global access provider shall send contract notes to the investors within one working day of the execution of the trades in hard copy and/or in electronic form using digital signature.  

31. The stock broker/broker dealer/global access provider shall make pay out of funds or delivery of securities, as the case may be, to the Client within one working day of receipt of the payout from the relevant Exchange where the trade is executed unless otherwise specified by the client and subject to such terms and conditions as may be prescribed by the relevant Exchange from time to time where the trade is executed. 

32. The stock broker/broker dealer/global access provider shall send a complete `Statement of Accounts’ for both funds and securities in respect of each of its clients in such periodicity and format within such time, as may be prescribed by the relevant Exchange, from time to time, where the trade is executed. The Statement shall also state that the client shall report errors, if any, in the Statement within such time as may be prescribed by the relevant Exchange from time to time where the trade was executed, from the receipt thereof to the Stock broker/broker dealer/global access provider. 

33. The stock broker/broker dealer/global access provider shall send daily margin statements to the clients. Daily Margin statement should include, interalia, details of collateral deposited, collateral utilized and collateral status (available balance/due from client) with break up in terms of cash, Fixed Deposit Receipts (FDRs), Bank Guarantee and securities.  

34. The Client shall ensure that it has the required legal capacity to, and is authorized to, enter into the relationship with stock broker/broker dealer/global access provider and is capable of performing his obligations and undertakings hereunder. All actions required to be taken to ensure compliance of all the transactions, which the Client may enter into shall be completed by the Client prior to such transaction being entered into. 

Electronic Contract Notes (ECN) 

35. In case, client opts to receive the contract note in electronic form, he shall provide an appropriate e-mail id to the stock broker/broker dealer/global access provider. The client shall communicate to the stock broker/broker dealer/global access provider any change in the email-id through a physical letter. If the client has opted for internet trading, the request for change of email id may be made through the secured access by way of client specific user id and password.

36. The stock broker/broker dealer/global access provider shall ensure that all ECNs sent through the e-mail shall be digitally signed, encrypted, nontamper able and in compliance with the provisions of the IT Act, 2000. In case, ECN is sent through e-mail as an attachment, the attached file shall also be secured with the digital signature, encrypted and non-tamperable.

37. The client shall note that non-receipt of bounced mail notification by the stock broker/broker dealer/global access provider shall amount to delivery of the contract note at the e-mail ID of the client. 

38. The stock broker/broker dealer/global access provider shall retain ECN and acknowledgement of the e-mail in a soft and non-tamperable form in the manner prescribed by the exchange in compliance with the provisions of the IT Act, 2000 and as per the extant rules/regulations/circulars/guidelines issued by IFSCA/SEBI/Stock Exchanges from time to time. The proof of delivery i.e., log report generated by the system at the time of sending the contract notes shall be maintained by the stock broker/broker dealer/global access provider for the specified period under the extant regulations of IFSCA/SEBI/stock exchanges. The log report shall provide the details of the contract notes that are not delivered to the client/e-mails rejected or bounced back. The stock broker/broker dealer/global access provider shall take all possible steps to ensure receipt of notification of bounced mails by him at all times within the stipulated time period under the extant regulations of IFSCA/SEBI/stock exchanges. 

39. The stock broker/broker dealer/global access provider shall continue to send contract notes in the physical mode to such clients who do not opt to receive the contract notes in the electronic form. Wherever the ECNs have not been delivered to the client or has been rejected (bouncing of mails) by the e-mail ID of the client, the stock broker/broker dealer/global access provider shall send a physical contract note to the client within the stipulated time under the extant regulations of IFSCA/SEBI/stock exchanges and maintain the proof of delivery of such physical contract notes. 

40. In addition to the e-mail communication of the ECNs to the client, the stock broker/broker dealer/global access provider shall simultaneously publish the ECN on his designated web-site, if any, in a secured way and enable relevant access to the clients and for this purpose, shall allot a unique user name and password to the client, with an option to the client to save the contract note electronically and/or take a print out of the same. 

Law And Jurisdiction 

41. In addition to the specific rights set out in this document, the stock broker/broker dealer/global access provider and the client shall be entitled to exercise any other rights which the stock broker/broker dealer/global access provider or the client may have under the Rules, Bye-laws and Regulations of the Exchanges in which the client chooses to trade and circulars/notices issued thereunder or Rules and Regulations of IFSCA/SEBI.

42. The provisions of this document shall always be subject to Government notifications, any rules, regulations, guidelines and circulars/notices issued by IFSCA/SEBI and Rules, Regulations and Bye laws of the relevant stock exchanges, where the trade is executed, that may be in force from time to time. 

43. The stock broker/broker dealer/global access provider and the client shall abide by any award passed by the Arbitrator(s) under the Arbitration and Conciliation Act, 1996.

44. Words and expressions which are used in this document but which are not defined herein shall, unless the context otherwise requires, have the same meaning as assigned thereto in the Rules, Byelaws and Regulations and circulars/notices issued thereunder of the Exchanges/SEBI/IFSCA. 

45. All additional voluntary clauses/document added by the stock broker/broker dealer/global access provider should not be in contravention with rules/regulations/notices/circulars of Exchanges/SEBI/IFSCA. Any changes in such voluntary clauses/document(s) need to be preceded by a notice of 15 days.  Any changes in the rights and obligations which are specified by Exchanges/SEBI/IFSCA shall also be brought to the notice of the clients.  

46. If the rights and obligations of the parties hereto are altered by virtue of change in Rules and regulations of SEBI/IFSCA or Bye-laws, Rules and Regulations of the relevant stock Exchanges where the trade is executed, such changes shall be deemed to have been incorporated herein in modification of the rights and obligations of the parties mentioned in this document.      

Internet & Wireless Technology Based Trading Facility Provided By Stock Broker/Broker Dealer/Global Access Providers To Client (All the clauses mentioned in the ‘Rights and Obligations’ document(s) shall be applicable. Additionally, the clauses mentioned herein shall also be applicable.)  

47.  Stock broker/broker dealer/global access provider is eligible for providing Internet based trading (IBT) and securities trading through the use of wireless technology that shall include the use of devices such as mobile phone, laptop with data card, etc. which use Internet Protocol (IP). The stock broker/broker dealer/global access provider shall comply with all requirements applicable to internet based trading/securities trading using wireless technology as may be specified by SEBI/IFSCA & the Exchanges from time to time. 

48. The client is desirous of investing/trading in securities and for this purpose, the client is desirous of using either the internet based trading facility or the facility for securities trading through use of wireless technology. The Stock broker/broker dealer/global access provider shall provide the Stock broker/broker dealer/global access provider’s IBT Service to the Client, and the Client shall avail of the Stock broker/broker dealer/global access provider’s IBT Service, on and subject to IFSCA/SEBI/Exchanges Provisions and the terms and conditions specified on the Stock broker/broker dealer/global access provider’s IBT Web Site provided that they are in line with the norms prescribed by Exchanges/SEBI/IFSCA.    

49. The stock broker/broker dealer/global access provider shall bring to the notice of client the features, risks, responsibilities, obligations and liabilities associated with securities trading through wireless technology/internet/smart order routing or any other technology should be brought to the notice of the client by the stock broker/broker dealer/global access provider.  

50. The stock broker/broker dealer/global access provider shall make the client aware that the Stock broker/broker dealer/global access provider’s IBT system itself generates the initial password and its password policy as stipulated in line with norms prescribed by Exchanges/SEBI/IFSCA. 

51. The Client shall be responsible for keeping the Username and Password confidential and secure and shall be solely responsible for all orders entered and transactions done by any person whosoever through the Stock broker/broker dealer/global access provider’s IBT System using the Client’s Username and/or Password whether or not such person was authorized to do so.  Also the client  is aware that authentication technologies and strict security measures are required for the internet trading/securities trading through wireless technology through order routed system and undertakes to ensure that the password of the client and/or his authorized representative are not revealed to any third party including employees and dealers of the stock broker/broker dealer/global access provider 

52. The Client shall immediately notify the Stock broker/broker dealer/global access provider in writing if he forgets his password, discovers security flaw in Stock broker/broker dealer/global access provider’s IBT System, discovers/suspects discrepancies/ unauthorized access through his username/password/account with full details of such unauthorized use, the date, the manner and the transactions effected pursuant to such unauthorized use, etc.   

53. The Client is fully aware of and understands the risks associated with availing of a service for routing orders over the internet/securities trading through wireless technology and Client shall be fully liable and responsible for any and all acts done in the Client’s Username/password in any manner whatsoever.     

54. The stock broker/broker dealer/global access provider shall send the order/trade confirmation through email to the client at his request. The client is aware that the order/ trade confirmation is also provided on the web portal. In case client is trading using wireless technology, the stock broker/broker dealer/global access provider shall send the order/trade confirmation on the device of the client. 

55. The client is aware that trading over the internet involves many uncertain factors and complex hardware, software, systems, communication lines, peripherals, etc. are susceptible to interruptions and dislocations. The Stock broker/broker dealer/global access provider and the Exchange do not make any representation or warranty that the Stock broker/broker dealer/global access provider’s IBT Service will be available to the Client at all times without any interruption.

56. The Client shall not have any claim against the Exchange or the Stock broker/broker dealer/global access provider on account of any suspension, interruption, non-availability or malfunctioning of the Stock broker/broker dealer/global access provider’s IBT System or Service or the Exchange’s service or systems or non-execution of his orders due to any link/system failure at the Client/Stock broker/broker dealer/global access providers/Exchange end for any reason beyond the control of the stock broker/broker dealer/global access provider/Exchanges.

Risk Disclosure Document For Capital Market And Derivatives Segments

This document contains important information on trading in Equities/Derivatives Segments of the stock exchanges. All prospective constituents should read this document before trading in Equities/Derivatives Segments of the Exchanges. 

Stock exchanges/SEBI/IFSCA does neither singly or jointly and expressly nor impliedly guarantee nor make any representation concerning the completeness, the adequacy or accuracy of this disclosure document nor have Stock exchanges /SEBI/IFSCA endorsed or passed any merits of participating in the trading segments. This brief statement does not disclose all the risks and other significant aspects of trading.  

In the light of the risks involved, you should undertake transactions only if you understand the nature of the relationship into which you are entering and the extent of your exposure to risk. 

 You must know and appreciate that trading in Equity shares, derivatives contracts or other instruments traded on the Stock Exchange, which have varying element of risk, is generally not an appropriate avenue for someone of limited resources/limited investment and/or trading experience and low risk tolerance. You should therefore carefully consider whether such trading is suitable for you in the light of your financial condition. In case you trade on Stock exchanges and suffer adverse consequences or loss, you shall be solely responsible for the same and Stock exchanges/its Clearing Corporation and/or SEBI/IFSCA shall not be responsible, in any manner whatsoever, for the same and it will not be open for you to take a plea that no adequate disclosure regarding the risks involved was made or that you were not explained the full risk involved by the concerned stock broker/broker dealer/global access provider. The constituent shall be solely responsible for the consequences and no contract can be rescinded on that account. You must acknowledge and accept that there can be no guarantee of profits or no exception from losses while executing orders for purchase and/or sale of a derivative contract being traded on Stock exchanges. 

 It must be clearly understood by you that your dealings on Stock exchanges through a stock broker/broker dealer/global access provider shall be subject to your fulfilling certain formalities set out by the stock broker/broker dealer/global access provider, which may inter alia include your filling the know your client form, reading the rights and obligations, do’s and don’ts, etc., and are subject to the Rules, Byelaws and Regulations of relevant Stock exchanges, its Clearing Corporation, guidelines prescribed by SEBI/IFSCA and in force from time to time and Circulars as may be issued by Stock exchanges or its Clearing Corporation and in force from time to time. 

Stock exchanges does not provide or purport to provide any advice and shall not be liable to any person who enters into any business relationship with any stock broker/broker dealer/global access provider of Stock exchanges and/or any third party based on any information contained in this document. Any information contained in this document must not be construed as business advice. No consideration to trade should be made without thoroughly understanding and reviewing the risks involved in such trading. If you are unsure, you must seek professional advice on the same. 

In considering whether to trade or authorize someone to trade for you, you should be aware of or must get acquainted with the following:-

1. Basic Risks:

 1.1  Risk of Higher Volatility: Volatility refers to the dynamic changes in price that a security/derivatives contract undergoes when trading activity continues on the Stock Exchanges. Generally, higher the volatility of a security/derivatives contract, greater is its price swings. There may be normally greater volatility in thinly traded securities / derivatives contracts than in active securities /derivatives contracts. As a result of volatility, your order may only be partially executed or not executed at all, or the price  at which your order got executed may be substantially different from the last traded price or change substantially thereafter, resulting in notional or real losses. 

1.2  Risk of Lower Liquidity: Liquidity refers to the ability of market participants to buy and/or sell securities / derivatives contracts expeditiously at a competitive price and with minimal price difference. Generally, it is assumed that more the numbers of orders available in a market, greater is the liquidity. Liquidity is important because with greater liquidity, it is easier for investors to buy and/or sell securities / derivatives contracts swiftly and with minimal price difference, and as a result, investors are more likely to pay or receive a competitive price for securities / derivatives contracts purchased or sold. There may be a risk of lower liquidity in some securities / derivatives contracts as compared to active securities / derivatives contracts. As a result, your order may only be partially executed, or may be executed with relatively greater price difference or may not be executed at all. 

1.2.1 Buying or selling securities / derivatives contracts as part of a day trading strategy may also result into losses, because in such a situation, securities / derivatives contracts may have to be sold / purchased at low / high prices, compared to the expected price levels, so as not to have any open position or obligation to deliver or receive a security / derivatives contract. 

1.3 Risk of Wider Spreads: Spread refers to the difference in best buy price and best sell price. It represents the differential between the price of buying a security / derivatives contract and immediately selling it or vice versa. Lower liquidity and higher volatility may result in wider than normal spreads for less liquid or illiquid securities / derivatives contracts. This in turn will hamper better price formation. 

1.4 Risk-reducing orders:  The placing of orders (e.g., "stop loss” orders, or "limit" orders) which are intended to limit losses to certain amounts may not be effective many a time because rapid movement in market conditions may make it impossible to execute such orders. 

1.4.1  A "market" order will be executed promptly, subject to availability of orders on opposite side, without regard to price and that, while the customer may receive a prompt execution of a "market" order, the execution may be at available prices of outstanding orders, which satisfy the order quantity, on price time priority. It may be understood that these prices may be significantly different from the last traded price or the best price in that security / derivatives contract. 

 1.4.2   A "limit" order will be executed only at the "limit" price specified for the order or a better price. However, while the customer receives price protection, there is a possibility that the order may not be executed at all. 

 1.4.3   A stop loss order is generally placed "away" from the current price of a stock / derivatives contract, and such order gets activated if and when the security / derivatives contract reaches, or trades through, the stop price. Sell stop orders are entered ordinarily below the current price, and buy stop orders are entered ordinarily above the current price. When the security / derivatives contract reaches the pre -determined price, or trades through such price, the stop loss order converts to a market/limit order and is executed at the limit or better. There is no assurance therefore that the limit order will be executable since a security / derivatives contract might penetrate the pre-determined price, in which case, the risk of such order not getting executed arises, just as with a regular limit order. 

1.5  Risk of News Announcements: News announcements that may impact the price of stock / derivatives contract may occur during trading, and when combined with lower liquidity and higher volatility, may suddenly cause an unexpected positive or negative movement in the price of the security / contract. 

 1.6  Risk of Rumors: Rumors about companies / currencies at times float in the market through word of mouth, newspapers, websites or news agencies, etc. The investors should be wary of and should desist from acting on rumors. 

  1.7 System Risk:  High volume trading will frequently occur at the market opening and before market close. Such high volumes may also occur at any point in the day. These may cause delays in order execution or confirmation. 

  1.7.1 During periods of volatility, on account of market participants continuously modifying their order quantity or prices or placing fresh orders, there may be delays in order execution and its confirmations.

1.7.2 Under certain market conditions, it may be difficult or impossible to liquidate a position in the market at a reasonable price or at all, when there are no outstanding orders either on the buy side or the sell side, or if trading is halted in a security / derivatives contract due to any action on account of unusual trading activity or security / derivatives contract hitting circuit filters or for any other reason. 

1.8 System/Network Congestion:  Trading on exchanges is in electronic mode, based on satellite/leased line based communications, combination of technologies and computer systems to place and route orders. Thus, there exists 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 control and may result in delay in processing or not processing buy or sell orders either in part or in full. You are cautioned to note that although these problems may be temporary in nature, but when you have outstanding open positions or unexecuted orders, these represent a risk because of your obligations to settle all executed transactions. 

2. As far as Derivatives segments are concerned, please note and get yourself acquainted with the following additional features: - 

2.1 Effect of "Leverage" or "Gearing": In the derivatives market, the amount of margin is small relative to the value of the derivatives contract so the transactions are 'leveraged' or 'geared'. Derivatives trading, which is conducted with a relatively small amount of margin, provides the possibility of great profit or loss in comparison with the margin amount. But transactions in derivatives carry a high degree of risk. 

You should therefore completely understand the following statements before actually trading in derivatives and also trade with caution while taking into account one's circumstances, financial resources, etc. If the prices move against you, you may lose a part of or whole margin amount in a relatively short period of time. Moreover, the loss may exceed the original margin amount. 

A. Futures trading involve daily settlement of all positions. Every day the open positions are marked to market based on the closing level of the index / derivatives contract. If the contract has moved against you, you will be required to deposit the amount of loss (notional) resulting from such movement. This amount will have to be paid within a stipulated time frame, generally before commencement of trading on next day. 

B. If you fail to deposit the additional amount by the deadline or if an outstanding debt occurs in your account, the stock broker/broker dealer/global access provider may liquidate a part of or the whole position or substitute securities. In this case, you will be liable for any losses incurred due to such close-outs. 

C. Under certain market conditions, an investor may find it difficult or impossible to execute transactions. For example, this situation can occur due to factors such as illiquidity i.e. when there are insufficient bids or offers or suspension of trading due to price limit or circuit breakers etc. 

D. In order to maintain market stability, the following steps may be adopted: changes in the margin rate, increases in the cash margin rate or others. These new measures may also be applied to the existing open interests. In such conditions, you will be required to put up additional margins or reduce your positions. 

E. You must ask your broker to provide the full details of derivatives contracts you plan to trade i.e. the contract specifications and the associated obligations. 

2.2  Currency specific risks:  

1. The profit or loss in transactions in foreign currency-denominated contracts, whether they are traded in your own or another jurisdiction, will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency.  

2. Under certain market conditions, you may find it difficult or impossible to liquidate a position. This can occur, for example when a currency is deregulated or fixed trading bands are widened.  

3. Currency prices are highly volatile. Price movements for currencies are influenced by, among other things: changing supply-demand relationships; trade, fiscal, monetary, exchange control programs and policies of governments; foreign political and economic events and policies; changes in national and international interest rates and inflation; currency devaluation; and sentiment of the market place. None of these factors can be controlled by any individual advisor and no assurance can be given that an advisor's advice will result in profitable trades for a participating customer or that a customer will not incur losses from such events.  

2.3  Risk of Option holders: 

1. An option holder runs the risk of losing the entire amount paid for the option in a relatively short period of time. This risk reflects the nature of an option as a wasting asset which becomes worthless when it expires. An option holder who neither sells his option in the secondary market nor exercises it prior to its expiration will necessarily lose his entire investment in the option. If the price of the underlying does not change in the anticipated direction before the option expires, to an extent sufficient to cover the cost of the option, the investor may lose all or a significant part of his investment in the option.  

2. The Exchanges may impose exercise restrictions and have absolute authority to restrict the exercise of options at certain times in specified circumstances.  

4  Risks of Option Writers:   

1. If the price movement of the underlying is not in the anticipated direction, the option writer runs the risks of losing substantial amount.  

2. The risk of being an option writer may be reduced by the purchase of other options on the same underlying interest and thereby assuming a spread position or by acquiring other types of hedging positions in the options markets or other markets. However, even where the writer has assumed a spread or other hedging position, the risks may still be significant. A spread position is not necessarily less risky than a simple 'long' or 'short' position.  

3. Transactions that involve buying and writing multiple options in combination, or buying or writing options in combination with buying or selling short the underlying interests, present additional risks to investors. Combination transactions, such as option spreads, are more complex than buying or writing a single option. And it should be further noted that, as in any area of investing, a complexity not well understood is, in itself, a risk factor. While this is not to suggest that combination strategies should not be considered, it is advisable, as is the case with all investments in options, to consult with someone who is experienced and knowledgeable with respect to the risks and potential rewards of combination transactions under various market circumstances.  

3. Trading Through Wireless Technology/ Smart Order Routing Or Any Other Technology:  

Any additional provisions defining the features, risks, responsibilities, obligations and liabilities associated with securities trading through wireless technology/ smart order routing or any other technology should be brought to the notice of the client by the stock broker/broker dealer/global access provider.  

4. General  

4.1 The term ‘constituent’ shall mean and include a client, a customer or an investor, who deals with a stock broker/broker dealer/global access provider for the purpose of acquiring and/or selling of securities / derivatives contracts through the mechanism provided by the Exchanges. 

4.2  The term ‘stock broker/broker dealer/global access provider’ shall mean and include a stock broker/broker dealer/global access provider, a broker or a stock broker/broker dealer/global access provider, who has been admitted as such by the Exchanges and who holds a registration certificate from SEBI/IFSCA. 

Guidance Note – Do’s And Don’ts For Trading On The Exchange(S) For Investors

Before You Begin To Trade:

1. Ensure that you deal with and through only SEBI/IFSCA registered intermediaries. You may check their SEBI/IFSCA registration certificate number from the list available on SEBI/IFSCA website www.sebi.gov.in/https://www.ifsca.gov.in.

2. Ensure that you fill the KYC form completely and strike off the blank fields in the KYC form. Ensure that you have read all the mandatory documents viz. Rights and Obligations, Risk Disclosure Document, Policy and Procedure document of the stock broker/broker dealer/global access provider. 

3. Ensure to read, understand and then sign the voluntary clauses, if any, agreed between you and the stock broker/broker dealer/global access provider. Note that the clauses as agreed between you and the stock broker/broker dealer/global access provider cannot be changed without your consent. 

4. Get a clear idea about all brokerage, commissions, fees and other charges levied by the broker on you for trading and the relevant provisions/ guidelines specified by IFSCA/SEBI/Stock exchanges. 

5. Obtain a copy of all the documents executed by you from the stock broker/broker dealer/global access provider free of charge. 

6. In case you wish to execute Power of Attorney (POA) in favour of the Stock broker/broker dealer/global access provider, authorizing it to operate your bank and demat account, please refer to the guidelines issued by IFSCA/SEBI/Exchanges in this regard.

Transactions And Settlements

7. The stock broker/broker dealer/global access provider may issue electronic contract notes (ECN) if specifically authorized by you in writing. You should provide your email id to the stock broker/broker dealer/global access provider for the same. Don’t opt for ECN if you are not familiar with computers.  

8. Don’t share your internet trading account’s password with anyone. 

9. Don’t make any payment in cash to the stock broker/broker dealer/global access provider.  

10. Make the payments by account payee cheque in favour of the stock broker/broker dealer/global access provider. Ensure that you have a documentary proof of your payment/deposit of securities with the stock broker/broker dealer/global access provider, stating date, scrip, quantity, towards which bank/ demat account such money or securities deposited and from which bank/ demat account. 

11. Note that facility of Trade Verification is available on stock exchanges’ websites, where details of trade as mentioned in the contract note may be verified. Where trade details on the website do not tally with the details mentioned in the contract note, immediately get in touch with the Investors Grievance Cell of the relevant Stock exchange.  

12. In case you have given specific authorization for maintaining running account, payout of funds or delivery of securities (as the case may be), may not be made to you within one working day from the receipt of payout from the Exchange. Thus, the stock broker/broker dealer/global access provider shall maintain running account for you subject to the following conditions: 

i. Such authorization from you shall be dated, signed by you only and contains the clause that you may revoke the same at any time. 

ii. The actual settlement of funds and securities shall be done by the stock broker/broker dealer/global access provider, at least once in a calendar quarter or month, depending on your preference. While settling the account, the stock broker/broker dealer/global access provider shall send to you a ‘statement of accounts’ containing an extract from the client ledger for funds and an extract from the register of securities displaying all the receipts/deliveries of funds and securities. The statement shall also explain the retention of funds and securities and the details of the pledged shares, if any.  

iii.On the date of settlement, the stock broker/broker dealer/global access provider may retain the requisite securities/funds towards outstanding obligations and may also retain the funds expected to be required to meet derivatives margin obligations for next 5 trading days, calculated in the manner specified by the exchanges. In respect of cash market transactions, the stock broker/broker dealer/global access provider may retain entire pay-in obligation of funds and securities due from clients as on date of settlement and for next day’s business, he may retain funds/securities/margin to the extent of value of transactions executed on the day of such settlement in the cash market.

iv. You need to bring any dispute arising from the statement of account or settlement so made to the notice of the stock broker/broker dealer/global access provider in writing preferably within 7 (seven) working days from the date of receipt of funds/securities or statement, as the case may be. In case of dispute, refer the matter in writing to the Investors Grievance Cell of the relevant Stock exchanges without delay. 

13. In case you have not opted for maintaining running account and pay-out of funds/securities is not received on the next working day of the receipt of payout from the exchanges, please refer the matter to the stock broker/broker dealer/global access provider. In case there is dispute, ensure that you lodge a complaint in writing immediately with the Investors Grievance Cell of the relevant Stock exchange. 

14. Please register your mobile number and email id with the stock broker/broker dealer/global access provider, to receive trade confirmation alerts/ details of the transactions through SMS or email, by the end of the trading day, from the stock exchanges.

In Case Of Termination Of Trading Membership

15. In case, a stock broker/broker dealer/global access provider surrenders his membership, is expelled from membership or declared a defaulter; Stock exchanges gives a public notice inviting claims relating to only the "transactions executed on the trading system" of Stock exchange, from the investors. Ensure that you lodge a claim with the relevant Stock exchanges within the stipulated period and with the supporting documents. 

16. Familiarize yourself with the protection accorded to the money and/or securities you may deposit with your stock broker/broker dealer/global access provider, particularly in the event of a default or the stock broker/broker dealer/global access provider’s insolvency or bankruptcy and the extent to which you may recover such money and/or securities may be governed by the Bye-laws and Regulations of the relevant Stock exchange where the trade was executed and the scheme of the Investors’ Protection Fund in force from time to time.

Disputes/ Complaints

17. All disputes at India International Exchange (IFSC) ltd will be referred to Singapore International Arbitration Centre.

Tariff Sheet

Please find the tariff sheet at : Brokerage Charges, Transaction & Govt. Charges | Angel One Pricing

By agreeing to these Terms and Conditions, you acknowledge and agree to the applicable charges and fees.

Global Access Terms & Conditions

A.  General Provisions

1. These Terms and Conditions ("T&Cs") set forth the rights, obligations, and relationship between the Separate Business Unit of Angel One Limited, established in Gift-City ("GAP") and the Customer. Angel One Limited acts in its capacity as a Global Access Provider and facilitates the Customer's access to the services of a U.S. Securities and Exchange Commission ("SEC") registered broker-dealer ("Broker Dealer"). The Customer acknowledges and agrees to be bound by these T&Cs in connection with access to the services provided by GAP. The Customer shall read, understand and comply with the policies, procedures, terms and guidelines made available by the GAP on its website, as may be updated or amended by the GAP from time to time.

2. The Customer acknowledges and agrees that, for the purpose of investing in U.S. securities, the Customer shall be required to establish and maintain an account with GAP and a brokerage account with the Broker Dealer. The Customer further agrees to be bound by these T&Cs, the Broker Dealer’s Customer Account Agreement, and all other terms, conditions, policies, and requirements as may be prescribed by GAP and/or the Broker Dealer from time to time. By opening an account with GAP, the Customer acknowledges that they have read, understood, and agree to be bound by these T&Cs, disclosures, and Privacy Policy. In the event of any inconsistency between these T&Cs and agreements entered between the Customer and the Broker Dealer, these T&Cs shall prevail in relation to the services provided by GAP and the relationship between GAP and the Customer, subject to applicable law and regulatory requirements.

3. The Customer must register for an account and complete KYC (Know Your Customer) procedures as per the IFSCA (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022, which may include the submission of personal documents and information. The Customer consents to GAP relying upon and using the information and KYC records already available with Angel One Limited for the purpose of providing the services contemplated herein, subject to applicable law. Where required under applicable laws, including the IFSCA (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022 and/or the requirements of the Broker Dealer, the Customer shall promptly furnish such additional information, declarations, documents, or complete such additional verification or KYC requirements as may be requested by GAP and/or the Broker Dealer from time to time.

4. All services provided to the Customer are subject to International Financial Services Centres Authority (“IFSCA”) regulations, exchange rules, AML obligations, FATCA, CRS, sanctions laws, anti-fraud obligations, and other applicable legal requirements. GAP or the Broker Dealer may request additional documentation, monitor transactions, or restrict services for compliance purposes. The Customer acknowledges that trading involves financial risk and must comply with all regulatory requirements, including the IFSCA (Capital Market Intermediaries) Regulations, 2025, and as amended from time to time. Approval of the investment account remains at the sole discretion of the GAP and/or the Broker Dealer.

5.     The Customer understands and acknowledges that GAP facilitates the Customer's access to the services of the Broker Dealer pursuant to a fully disclosed brokerage arrangement. The Customer acknowledges that the Broker Dealer is registered with the SEC and is a member of the Financial Industry Regulatory Authority ("FINRA"), the Securities Investor Protection Corporation ("SIPC") and is responsible for opening, maintaining, and servicing the Customer's brokerage account, executing orders, and providing clearing, settlement, and custody services in respect of the Customer's investments in U.S. securities.

6. The Customer acknowledges that global access transactions in U.S. securities are not transactions executed on a Recognised Stock Exchange in the IFSC. Accordingly, the rights of investors or investor protection, dispute resolution mechanism and investor grievance redressal mechanism available through such Recognised Stock Exchanges in the IFSC shall not be available in respect of such global access transactions.

7. These T&Cs supersede all prior agreements, understandings, communications, and arrangements between GAP and the Customer to the extent they relate to the subject matter herein. GAP reserves the right to amend, modify, or update these T&Cs from time to time. Any such amendment shall become effective upon publication of the revised T&Cs on GAP's website or through such other modes of communication as may be prescribed by applicable law or determined by GAP. The Customer is responsible for periodically reviewing these T&Cs and shall be deemed to have accepted any amendments upon continued access to or use of the services, unless otherwise required under applicable law.

B. Client Representations And Warranties

8. The Customer represents and warrants that: (a) The Customer is 18 years of age or older; (b) The Customer is a resident and citizen of India only; (c) The Customer is legally entitled to accept these T&Cs and enter into agreement with GAP for availing the services; (d) any and all information furnished by the Customer during the course of the Customer journey to set-up brokerage account is/and shall be true, correct, updated and accurate; (e) The Customer shall keep all of its information up to date; (f) The brokerage account is for the Customer’s personal investment purpose only and that the Customer understands that the Customer shall not be using/permitted to use brokerage account for any other purpose including to undertake margin trading, purposes prohibited under applicable laws. (g) The Customer unequivocally assures that the Customer has not been classified as a wilful defaulter, debarred by the Securities and Exchange Board of India (“SEBI”) or IFSCA or any other statutory authority from dealing in the securities market, or prohibited to participate in securities market by any financial institution or the regulatory authority in India or other jurisdiction (h) The Customer is not: an employee of, or affiliated with any national securities exchange or the FINRA, another member firm of a national securities exchange or the FINRA, or a bank, trust company or insurance company, or a director, 10% beneficial shareholder, policy-making officer, or otherwise an affiliate of a publicly traded-company, unless the Customer has specifically notified the GAP and the Broker Dealer to that effect. Further, Customer assures GAP that the Customer shall ensure to promptly notify GAP, in writing, if there is any change in the above-mentioned representations. The GAP reserves the right to close the Customer’s brokerage account at any time for any reason whatsoever.

9.     Any order, instruction, request or communication relating to the Customer’s brokerage account submitted through the GAP platform or through any other channel authorised by GAP and/or the Broker Dealer shall be deemed to have been made by the Customer and shall constitute a valid and duly authorised instruction of the Customer. The Customer is responsible for the confidentiality, and use of, and shall safeguard and shall not permit others to use, the Customer's account credentials, such as Customer's username, password or security device. The Customer agrees to provide immediate notice to the GAP of any theft or loss of such credentials, or any unauthorized access to the Customer's account. Using the Customer's credentials to affect any action will constitute conclusive evidence that the GAP may treat such action as authorized. The Customer is responsible for all transactions entered using the Customer's credentials. The GAP is not and shall not be held liable for loss or damage caused by any third-party using Customer's credentials. By using our services, the Customer consents to the verification of the Customer’s bank account details through penny drop or any other permissible verification method, including those based on the Customer’s registered mobile number.

C.    Platform Usage

10.  The Customer shall not use any automated system, including but not limited to 'robots', 'offline readers', or 'scrapers', to access the GAP’s platform without prior written approval of GAP. Where APIs are provided, the Customer shall not misuse, reverse engineer, overload, or compromise the systems. GAP may suspend or revoke API access at its discretion. Furthermore, the Customer shall not frame, hotlink, or deep link any platform content, nor collect or harvest personally identifiable data of other users. Any action that unreasonably encumbers the platform’s infrastructure, bypasses security measures, or misrepresents the Customer’s identity is strictly prohibited.

11.  All content, trademarks, systems, APIs, software, reports, and intellectual property on GAP’s App and platform are owned by or licensed to the GAP, the Broker Dealer, or their respective licensors. The display of any third-party names, logos, trademarks, or other identifiers on the App or platform, including those of companies whose securities are available for investment, is solely for identification and informational purposes and does not imply any ownership, affiliation, endorsement, or licensing arrangement with the GAP. The Software is protected by the copyright laws of India and applicable international treaties. Unauthorized use, modification, translation, reverse engineering, decompilation, or creation of derivative works is strictly prohibited. These T&C do not entitle the Customer to receive printed manuals, technical support, or system enhancements unless expressly provided.

12.  Customers are solely responsible for knowing the rights and terms for all securities purchased, sold and maintained in the Customer’s brokerage account including mergers, reorganizations, stock splits, name changes or symbol changes, dividends, etc. Certain securities – including bonds, convertible securities, warrants, stock rights and securities subject to exchange offers or tenders – may grant the Customer valuable rights that may expire unless the Customer takes specific action, and the Customer is solely responsible for knowing all expiration dates, redemption dates, and the circumstances under which rights associated with securities or property may expire or be called, cancelled, or modified.

13.  GAP in no way represents or warrants that, the GAP shall notify the Customer of any upcoming expiration or redemption dates, nor shall the GAP take any action on the Customer’s behalf, except as required by law and the rules of regulatory authorities.

14.  The Customer is responsible for trading in accordance with any rules or policies applicable to the Customer's order (e.g., trading hours, order types, etc.). The GAP does not guarantee execution of every order and it does not guarantee execution at the posted or opted price; market rules, decisions, system failures or other matters may prevent or delay execution of the Customer's orders or cause orders not to receive the posted or opted price.

15.  The Customer may place orders and communicate instructions through the GAP platform and through such other channels as may be expressly designated and made available by GAP from time to time, subject to the procedures, authentication requirements and restrictions prescribed by GAP and/or the Broker Dealer. GAP shall not be responsible for any order or instruction that is not received through an authorized channel or that is not successfully transmitted due to any technical, communication, system, network or other failure beyond GAP's reasonable control.

16.  The Customer understands and acknowledges that it may not always be possible for GAP to cancel or modify an order after it has been placed. Where an order cannot be cancelled or modified, the Customer shall remain solely responsible for all executions resulting from such order, notwithstanding any request submitted by the Customer to cancel or modify the order.

17.  The GAP will not be responsible for any losses caused due to discontinuing of brokerage account or any services, or any liquidation of the Customer’s property, or closure of the Customer brokerage account, including any tax liabilities.

18.  The Customer agrees to the terms or conditions of GAP’s promotions programs that the Customer participates in, including but not limited to the Customer referral program. The Customer understands that any such promotions may have significant limitations on eligibility or rewards.

19.  The Customer understands that the Brokerage Account will be opened as cash accounts. No margin trading or pattern day trading shall be permitted. Where Instant Trading is made available, the Brokerage Account may be established as a Margin Account by the Broker Dealer solely to facilitate Instant Trading, without providing any margin or leverage facility. Instant Trading shall be subject to the Broker Dealer’s applicable terms, disclosures and eligibility requirements, including funding of the relevant purchase by the applicable settlement date.

20.  The GAP uses another Broker Dealer, to execute orders, and therefore, the executing Broker Dealer shall have the benefit of all GAP rights hereunder.

D.    Operational Procedures

21.  The Customer shall maintain a valid mobile number registered with GAP for purposes of authentication; communication, transaction-related notifications and such other purposes as may be required for availing the services. The Customer shall promptly notify GAP of any change in the registered mobile number and complete such verification or authentication requirements as may be prescribed by GAP from time to time.

22.  Customers agree that it is the Customer’s responsibility to review order execution confirmations and statements of the Customer brokerage account promptly upon receipt. These documents will be considered binding on the Customer unless the Customer notifies the GAP of an objection within five days after Brokerage Account statements are sent. Such objections have to be communicated in writing. In all cases, the GAP shall raise the Customer’s concerns to the Broker Dealer, and Broker Dealer reserves the right to determine the validity of the Customer’s objection. If the Customer objects to a transaction for any reason, the Customer understands and agrees that the Customer is obligated to take action to limit any losses that may result from such transaction and that the Customer will bear sole responsibility for any losses relating to the transaction, even if the Customer’s objection to the transaction is ultimately determined to be valid. Nothing in this clause limits the Customer’s other responsibilities in these T&Cs or under the Customer Account Agreement between the Customer and Broker Dealer.

23.  Before investing in any mutual fund, the Customer agrees to read and understand the terms of its prospectus and acknowledges that certain mutual funds reserve the right to change or suspend their purchasing or redemption procedures under certain circumstances. Customers accept that trading in mutual funds may be subject to special fees, limitations or restrictions imposed by the fund, Broker Dealer, or both.

24.  The Customer acknowledges that all order routing, execution venue selection and best execution decisions are undertaken solely by the Broker Dealer in accordance with applicable law. GAP shall have no responsibility or liability in relation thereto. GAP may, where it considers an order or transaction to be suspicious or requiring further review for regulatory, AML, sanctions, fraud prevention, risk management or other compliance purposes, review, delay, reject, suspend or otherwise restrict such order or transaction. The Customer acknowledges that such review or action may result in delay or non-execution of an order and that GAP shall not be liable for any resulting loss or consequence, except to the extent otherwise required under applicable law.

25.  GAP may suspend, restrict, or terminate the Customer's brokerage account or any related services immediately, with or without prior notice, for breach of these T&Cs, suspicious activities, AML concerns, sanctions risks, fraud prevention, regulatory requirements, or other operational reasons. Furthermore, if the Customer fails to adhere to any referenced documents or additional policies, the GAP may initiate appropriate legal proceedings. Clauses relating to indemnity, limitation of liability, regulatory compliance, data usage, outstanding obligations, and dispute resolution shall survive the termination of this relationship.

26.  If the GAP discontinues the Customer’s brokerage account or any services related to the brokerage account, the Customer agrees that the GAP is authorized to instruct the Broker Dealer to (i) liquidate any holding(s) in the Customer’s brokerage account and send the Customer any net proceeds (after satisfying any outstanding obligations and deducting any applicable closure fees, administrative costs, or legal recoveries), and (ii) close the Customer’s brokerage account with the Broker Dealer. This is without limitation to the GAP’s other rights under this Agreement or otherwise. “Outstanding obligations” includes all indebtedness, debit balances, liabilities, or other obligations of any kind of the Customer to the GAP, whether existing or hereafter arising.

27.  GAP has entered into an agreement with the Broker Dealer who is the clearing agent for securities transactions in the Customer’s account and carries the Customer’s account. The Customer acknowledges and agrees that the Broker Dealer shall be solely responsible for providing brokerage services in relation to the Customer's brokerage account, including, as applicable, the execution of orders, clearing, settlement, custody, insurance and other brokerage-related services. The Broker Dealer may perform such services directly or through its affiliates or duly authorized service providers, in accordance with applicable laws and regulations. The Broker Dealer shall be solely responsible and liable to the Customer for the provision of such services, and GAP shall have no responsibility or liability in relation thereto.

28.  The Customer acknowledges and agrees that, as a condition of opening and maintaining the brokerage account, the Broker Dealer may, at its sole discretion and in accordance with applicable laws and the Broker Dealer's Customer Account Agreement, lend securities held in the Customer's brokerage account to third parties. By opening and maintaining the brokerage account, the Customer expressly consents to such securities lending arrangements. GAP shall have no responsibility or liability in relation matters, claims, losses, liabilities, obligations, and acts or omissions arising out of or in connection with such securities lending arrangements.

29.  The securities lending arrangements, including the Customer's rights, obligations, eligibility, opt-out rights, and any benefits arising therefrom, shall be governed exclusively by the Broker Dealer's Customer Account Agreement and such other terms, conditions, and policies as may be prescribed by the Broker Dealer from time to time. The Customer may opt out of the securities lending arrangements by submitting a request to GAP through support@angelone.in, or through such other mechanism as may be prescribed by the Broker Dealer from time to time. GAP shall facilitate the forwarding of such request to the Broker Dealer, where applicable. Any income, rebate, consideration, or other benefit arising from the securities lending arrangements shall be determined and provided solely by the Broker Dealer in accordance with the Broker Dealer's Customer Account Agreement. GAP shall have no responsibility or liability in respect of the securities lending arrangements or any matters, claims, losses, liabilities, obligations, benefits, or acts or omissions arising out of or in connection therewith, all of which shall remain the sole responsibility of the Broker Dealer.

30.  All securities, funds and other assets of the Customer held with or through GAP, the Broker Dealer, custodian, clearing broker or any other relevant intermediary, shall, to the extent permitted under applicable law and the applicable customer agreements, be subject to a lien and right of set-off in favour of GAP in respect of any undischarged liabilities or obligations of the Customer arising in connection with the services provided by GAP or otherwise payable to GAP or its applicable Group Entities. GAP shall be entitled to instruct the Broker Dealer or relevant intermediary to withhold, debit, sell, liquidate or otherwise appropriate such securities, funds or other assets for satisfaction with such liabilities or obligations, subject to applicable law and the terms governing the Customer's brokerage account.

31.  The Customer agrees to promptly return any assets erroneously distributed to them. GAP and Broker Dealer reserve the right to liquidate positions, restrict trading, debit accounts, or exercise lien and set-off rights to recover unpaid obligations, taxes, penalties, settlement dues, or any other recovery that is unpaid by the Customer. Fees, commissions, and other applicable charges shall be paid as per the prevailing fee structure, which the GAP reserves the right to revise with prior notice.

32.  The Customer understand and agrees that cash balances held in the brokerage account may be swept into one or more deposit programmes maintained by the Broker Dealer or its service providers in accordance with the Broker Dealer's Customer Account Agreement and other terms as may be applicable.  GAP shall have no responsibility or liability in relation to the operation of such deposit programmes, including any enrolment, allocation, interest earned, payment, suspension, modification, termination, losses, claims, liabilities, delays, acts or omissions of the Broker Dealer, participating banks or any other third-party service providers in connection therewith.

33.  The Customer agrees to receive contract notes, trade confirmations and other transaction-related documents in electronic or digital form through the email address, mobile number, account interface or other electronic means registered with GAP, in accordance with applicable law and regulatory requirements. Such electronic delivery shall constitute valid delivery to the Customer.

34.  The Customer shall promptly access, review and verify all such documents and shall notify GAP of any discrepancy or error within the period prescribed under these T&Cs, applicable law or the terms governing the Customer's brokerage account, as applicable. Where a document is made available through the GAP platform or account interface, the Customer shall be responsible for accessing the same. Where any document is issued directly by the Broker Dealer, custodian or other relevant service provider, the Customer acknowledges and agrees that such document may be delivered directly to the Customer or made available electronically through GAP and shall be governed by the applicable terms of the relevant service provider.

35.  GAP may transmit statements, confirmations, notices, communications, regulatory documents, tax documents and other information required or permitted to be provided to the Customer in electronic form, including through email, SMS, the GAP platform or other electronic means permitted under applicable law. The Customer agrees that electronic transmission or electronic availability of such documents shall constitute valid delivery, subject to applicable law.

36.  For the purposes of providing, administering, supporting and facilitating the global access services, the Customer acknowledges that GAP may engage or appoint third-party service providers, agents, authorised persons, channel partners, referral partners, technology providers, banking partners, payment intermediaries, custodians, clearing or settlement service providers and other persons as may be required for the provision of such services. GAP may disclose Customer information including  customer’s personal data to such persons to the extent necessary for the relevant purpose and permitted under applicable law, subject to the applicable Privacy Policy of GAP and data protection requirements under applicable law.

37.  The Customer expressly consents to GAP sharing the Customer’s personal data, including information relating to securities holdings, portfolio, transactions, account details, statements and reports, with its authorised persons, channel partners and referral partners, to the extent necessary for providing and facilitating the global access services. The Customer further authorises such persons to contact the Customer and, where specifically authorised by GAP, communicate or share relevant statements, reports, portfolio and investment-related information on behalf of GAP, in accordance with applicable law and GAP’s policies and procedures.

38.  The GAP reserves the right to freeze, restrict, or close the Customer's brokerage account, without prior notice to the Customer, if the brokerage account has not initiated any trading activity during a consecutive twelve-month period. GAP may consider such accounts as "inactive" or "dormant" and may, at its sole discretion, either close the account or levy a monthly inactive account fee for continued safekeeping. Inactive or dormant accounts shall be subject to additional verification, restrictions, or compliance with refresh requirements prior to any reactivation. The GAP may maintain restrictions until all reactivation and enhanced due diligence requirements are completed to its satisfaction.

39.  The Customer is aware and acknowledges that trading over the internet involves many uncertain factors and complex hardware, software, systems, communication lines, peripherals, etc., which are susceptible to interruptions and dislocations; and the GAP Platform and online trading service may at any time be unavailable without prior notice/intimation to the Customer. The GAP and the Broker Dealer do not make any representation or warranty that the GAP platform or online trading service will be always available to the Customer without any interruptions. The Customer agrees that the Customer shall not have any claims against GAP on account of any suspension, interruption, unavailability or malfunctioning of GAP’s online trading system or service of the GAP or the Broker Dealer's service or systems for any reason whatsoever.

40.  The Customer understands that the Broker Dealer may, at any time and without prior notice for any reason, including where required by law or for operational or regulatory reasons, add, remove, suspend, restrict or otherwise limit the availability of any security or financial product. The Customer acknowledges that GAP shall have no liability for any losses arising from such addition, removal, restriction or suspension of any security or financial product.

41.  To the extent permitted under applicable law, regulations and the applicable account arrangements, the Customer authorizes GAP to effect or facilitate the transfer of debit or credit balances, funds or securities between the Customer's accounts or segments maintained with GAP or its relevant intermediaries, where such transfer is required for settlement, reconciliation, adjustment, servicing or other purposes connected with the Customer's transactions. Such transfers may be affected through appropriate journal entries or other permissible accounting or operational mechanisms.

42.  Notwithstanding anything contained herein, where GAP incurs any fee, charge, levy, penalty, tax, interest, cost or expense from the Broker Dealer, any exchange, clearing corporation, custodian, bank, payment intermediary, regulator or governmental authority, which is directly attributable to the Customer, the Customer authorises GAP to recover the same from the Customer's brokerage account or any monies payable to the Customer, to the extent permitted by applicable law.

43.  Without prejudice to the foregoing, the Customer acknowledges and agrees that GAP may levy and recover from the Customer any applicable charges, fees, costs and expenses relating to services provided to the Customer, including any applicable account maintenance, transaction, administrative or other charges, as may be applicable from time to time. The Customer further authorizes GAP to debit or recover such amounts from any monies payable to the Customer or, to the extent permitted under applicable law, and the arrangements with the Broker Dealer, from the Customer's brokerage account or other assets held through the GAP or the Broker Dealer.

44.  The nomination made by the Customer in respect of the Customer’s securities held with Angel One Limited in India shall, subject to applicable laws and regulatory requirements, continue to apply to the Customer’s securities held through the Global Access Services, including through the overseas Broker.

45.  The address provided by the Customer in connection with investment in Indian securities account shall be treated as the Customer’s registered address for all purposes relating to the global access services.

E.    Information Sharing And Data Privacy

46.  The Customer acknowledges and agrees that GAP may collect, use, process and disclose the Customer’s personal data and financial information to its Group Entities, the Broker Dealer and relevant third-party service providers, to the extent necessary for providing the services, complying with applicable laws and regulations, preventing fraud and fulfilling other lawful purposes, in accordance with the GAP’s Privacy Policy and applicable data protection laws. The Customer agrees to be onboarded by such third-party providers, provide required KYC documentation, and open respective accounts subject to the third party's terms and conditions. The Customer acknowledges that any financial transactions carried out in this context are executed strictly between the Customer and the third-party provider; GAP acts merely as a facilitator and is not liable for any errors or omissions regarding such transactions. The collection, processing, storage, and sharing of Customer information shall be governed by GAP’s Privacy Policy, the Digital Personal Data Protection Act 2023 (DPDPA), and other applicable global data protection regulations.

47.  The Customer hereby grants its consent and permits the GAP to share the Customer’s KYC and other information with its Group Entities, and/or with Third Party Service Providers offering various products and services (including with the Broker Dealer), to enable them to promptly respond to the Customer’s queries / interests and fulfill statutory compliance obligations. The Customer retains the right to withdraw consent or request the erasure of personal data, subject to the GAP’s legal and regulatory retention obligations under its applicable law. The Customer represents that the Customer has read, understood, and agreed to be bound by GAP’s Privacy Policy.

F.     Taxation And Compliance

48.  The Customer acknowledges that it is the Customer’s responsibility to declare and pay any income, gains, or similar to all applicable tax authorities, make any tax filings, and to pay any and all taxes, duties (“tax”) when due in all applicable jurisdictions.  The Customer understands and acknowledges that all fees are exclusive of applicable taxes, duties and governmental levies, which shall be borne by the Customer. The Customer undertakes and warrants to the GAP that the Customer will do so and will comply in full with all applicable tax laws and obligations to which the Customer is subject.

49.  The Customer certifies that all information provided in Form W-8BEN (or any equivalent IRS form), including any renewal or updated submission, has been examined by the Customer and is, to the best of the Customer’s knowledge and belief, true, correct, and complete. The Customer acknowledges and agrees that such forms may be executed and submitted electronically, including through OTP-based authentication or other digital confirmation methods enabled through the platform, and the Customer assumes full responsibility for the accuracy, completeness, and validity of all information provided.

50.  The Customer authorizes the GAP to provide any such Form W-8BEN to any withholding agent that has control, receipt, or custody of the income of which the Customer is the beneficial owner or any withholding agent that can disburse or make payments of the income of which the Customer is the beneficial owner. The Customer agrees that the Customer will submit a new Form W-8BEN to GAP/ Broker Dealer within 30 days if any certification made on any previously submitted Form W-8BEN becomes incorrect. The Customer understands that the IRS does not require Customer consent to any provisions of such Form W-8BEN other than the certifications required to establish the Customer’s status as a non-U.S. Person and, if applicable, obtain a reduced rate of withholding. The Customer agrees that, notwithstanding the letter of those Foreign Tax Rules, the Customer shall be liable and responsible for compliance therewith and shall indemnify and hold harmless the GAP from and against any tax obligations or penalties incurred by the Customer or GAP in connection therewith.

51.  The Customer understands that dividends and other income from U.S. securities may be subject to withholding tax under applicable U.S. law and the India–U.S. tax treaty, and that such withholding is applied by the Broker Dealer, custodian bank, or other withholding agent. The Customer further acknowledges that the Broker Dealer, custodian, or withholding agent may, at their discretion or pursuant to IRS requirements, decline to accept an electronically authenticated W-8BEN or treat such form as unverifiable for the purposes of granting treaty benefits, which may result in higher or maximum-rate withholding.

52.  All such withholding including any excess or additional tax arising from incomplete, inaccurate, outdated, or electronically submitted forms; signature-verification limitations; custodian acceptance criteria; operational constraints; or changes in law, IRS rules, or foreign tax requirements shall be solely borne by the Customer. The Customer agrees to indemnify and hold harmless the GAP from and against any tax obligations, claims, penalties, losses, liabilities, or costs arising out of or connected with the Customer’s W-8BEN status, foreign tax rules, or withholding-related requirements. The GAP shall not be responsible for obtaining or facilitating any refund, credit, reduction, or adjustment of such withholding taxes from the Broker Dealer, custodian, withholding agent, IRS, or any tax authority in India or overseas.

53.  The Customer acknowledges that gains, losses and income from foreign securities including short-term and long-term capital gains, dividends, interest and any other income may be taxable in India under the Income-tax Act, 1961 and applicable rules. The Customer shall be solely responsible for determining, reporting, and discharging all Indian tax liabilities arising therefrom, irrespective of any withholding applied in the United States or any other jurisdiction.

54.  The Customer is solely responsible for maintaining adequate records, trade statements, contract notes, confirmations and supporting documents for the purposes of computing capital gains, reporting foreign income and assets in India, complying with obligations under applicable laws, and meeting any other tax, disclosure or regulatory requirements applicable to foreign investments. GAP shall neither be responsible for maintaining such records on behalf of the Customer nor for providing tax, accounting or compliance advice.

55.  The Customer acknowledges, understands and confirms that, upon the death of the Customer, any tax, duty, levy, charge or other fiscal liability arising in connection with the Customer’s US Stocks business, including in relation to the transfer, transmission, distribution or inheritance of the Customer’s brokerage account, securities or other assets to any nominee, designated beneficiary, legal heir or other person entitled thereto, shall be determined and governed by the applicable laws and regulations in the United States and India, as may be applicable from time to time. Any such taxes, duties, levies, charges or liabilities arising upon or in connection with such transfer, transmission or inheritance shall be borne and payable by the person inheriting or otherwise receiving the relevant assets, and the Customer acknowledges that GAP shall have no liability or responsibility in respect thereof.

G.    Payment, Foreign Exchange And Remittance Rules

56.  The Customer undertakes that all remittances made using the GAP services are strictly in accordance with the permitted capital account transactions under the Foreign Exchange Management Act, 1999 and the Liberalized Remittance Scheme of the Reserve Bank of India (“RBI”) and shall not be used for any purpose prohibited under Schedule III of the FEM (Current Account Transactions) Rules, 2000 or otherwise under FEMA. The Customer is solely responsible for monitoring the aggregate remittances made under LRS (including through other channels and platforms) and ensuring that such remittances do not exceed the applicable annual LRS limit prescribed by the RBI from time to time.

57.  The Customer confirms that the funds utilised for remittances are self-owned funds of the Customer, are not borrowed funds, are not third-party funds and are not being remitted for or on behalf of any other person. The Customer shall bear all banking charges, wire transfer fees, correspondent bank charges, intermediary bank charges and any similar charges incurred in connection with funding or withdrawal of the brokerage account.

58.  The Customer acknowledges and consents that, upon conversion of funds deposited by the Customer into foreign currency, the GAP may notify the Broker Dealer of such conversion to enable the Customer to receive available funds for trading equivalent to the converted amount in the US Stocks Account. The Customer authorises the GAP to remit the converted funds to the Broker Dealer, including any portion not utilised for placing trades, without affecting the Customer’s corresponding available funds for trading. Any unutilised funds shall be repatriated in accordance with applicable laws and procedures.

59.  GAP may provide access through its platform to electronic payment gateways or interfaces operated by banks, payment aggregators or other payment service providers for facilitating transfer of funds from the Customer's designated bank account for the purpose of permitted overseas investments. Such facilities may include, where applicable, currency conversion and transfer of funds to the designated account of the Broker Dealer or other relevant intermediary. The Customer acknowledges that GAP only provides access to or facilitates access to such payment interfaces and does not operate, control or guarantee the availability, security, accuracy or performance of any bank, payment gateway, payment aggregator or other payment service. GAP shall not be responsible for transaction errors, delays, failures, unauthorized access, fraud, hacking, malfunction or other losses arising from or attributable to such third-party payment services, except to the extent required under applicable law.

60.  Currency conversion through any payment gateway, bank or payment intermediary shall be undertaken at the applicable rate determined by the relevant bank or intermediary and may be subject to applicable fees, charges, spreads, deductions and delays. GAP does not guarantee any foreign exchange rate and shall not be responsible for losses arising from currency fluctuations or third-party conversion or payment processing.

61.  The Customer shall not use the GAP services for any prohibited purpose including, without limitation, speculative or leveraged transactions, margin trading, derivative contracts not permitted under LRS, crypto or virtual digital asset transactions, gambling, lottery, betting, or for remitting funds for any other resident or non-resident person.

62.  The Customer agrees to comply with all documentation, declaration and due diligence requirements prescribed by the Authorized Dealer Bank, including but not limited to the A2 form, purpose codes, PAN validation, KYC/AML checks, sanctions screening and any additional information sought by the AD Bank or any regulator.

63.  The Customer agrees that any Tax Collected at Source under the Income-tax Act, 1961, or any analogous provision applicable to outward remittances under the Liberalised Remittance Scheme, shall be solely to the Customer’s account. Any claim of credit, refund or adjustment shall be pursued by the Customer directly with the Indian tax authorities, and the GAP shall have no obligation to assist, advise or intervene in any such claim.

64.  The Customer understands that actions or directions issued by RBI, IFSCA, SEBI, Authorized Dealer Bank, the Broker Dealer, foreign custodians, exchanges, or other regulatory or governmental authorities may require suspension of remittances, blocking of transactions, freezing of assets, or mandatory liquidation of securities without prior notice. The Customer agrees that all consequences, losses, tax implications, or costs arising therefrom shall be solely to the Customer’s account and that the GAP shall have no liability whatsoever in this regard.

65.  The Customer acknowledges that all currency conversion including INR to USD and USD to INR conversions are carried out by the Authorized Dealer Bank or other banking intermediaries at their then prevailing rates, and that the GAP does not control the foreign exchange rates, spreads, margins, charges or fees applied by such entities.

66.  The Customer understands that both outward and inward remittances may be subject to deductions by correspondent banks, intermediary banks, payment processors, custodians, clearing corporations or other service providers, and that the net amount credited to or debited from the Customer’s bank account or brokerage account may be lower than the gross amount due to such charges, fees, taxes or levies.

67.  The Customer acknowledges that the Authorized Dealer Banks may, at their discretion or pursuant to regulatory requirements, place a hold on, decline, reverse, delay, or subject outward or inward remittances to enhanced due diligence, and that such actions are entirely outside the control of the GAP. The Customer agrees that the GAP shall not be liable for any consequence, delay, loss, or cost arising from such actions.

68.  The GAP shall not be liable for any delays, short credits, deductions, additional charges, losses, errors, omissions, or failures of performance imposed or caused by banks, custodians, intermediaries, third-party banking units, payment processors, or clearing and brokerage partners, or regulators in relation to any remittance, whether outward or inward, or account funding/withdrawal transaction. The Customer explicitly acknowledges that the processing of banking transactions is entirely dependent on such external networks, and the GAP disclaims any liability for financial losses resulting from third-party banking system failures.

69.  The Customer shall be responsible for any account transfer, portfolio transfer or securities transfer fees charged by the Broker Dealer or any other intermediary in connection with the transfer of securities or cash.

70.   If, following any transaction or adjustment, Customer’s account has a negative balance, Customer shall remain liable to pay the outstanding amount to GAP. GAP may recover such amounts from any available funds, securities or other assets in Customer’s account, including by liquidating positions, to the extent permitted under applicable law and our arrangements with Broker Dealer. Where the negative balance cannot be recovered from available funds or assets, GAP may continue to carry the outstanding amount and take appropriate recovery or provisioning measures in accordance with its policies and applicable law.

H.    Risk Acknowledgement And Liability Disclaimers

71.  The Customer explicitly acknowledges that: (i) all investments in foreign securities are subject to market risk, including the risk of loss of principal; (ii) international investing involves currency fluctuations, remittance delays, repatriation restrictions, and foreign exchange risks, which may result in gains or losses independent of the performance of the underlying securities; (iii) liquidity constraints, execution delays, wide spreads and price impact may adversely affect the ability to buy or sell securities at desired prices; (iv) foreign markets are subject to their own legal, regulatory, tax and operational risks, which may be materially different from those in India. The Customer remains solely responsible for compliance with all applicable foreign exchange regulations.

72.  The Customer acknowledges that the Broker Dealer is responsible for all matters relating to the brokerage account, including account opening, customer acceptance, order execution, clearing, settlement, custody, corporate actions, securities lending, margin (if applicable), statements, confirmations, tax withholding, and compliance with applicable U.S. securities laws. GAP acts solely in its capacity as a Global Access Provider and facilitator under the IFSCA Global Access framework and shall not be liable for any act or omission of the Broker Dealer except to the extent expressly required under applicable law.

73.  The Customer agrees that all trading losses, market losses, foreign exchange losses, settlement losses, income or opportunity losses arising from or in connection with the use of global access services shall be borne solely by the Customer, and that the GAP shall not be liable therefor, except to the limited extent required under applicable law.

74.  The Customer acknowledges that the global access services are provided in accordance with the Global Access framework and directions issued by the IFSCA, pursuant to which GAP is permitted to provide access only to such instruments that qualify as “financial products” under the laws and regulations applicable in the IFSC. Acting in its capacity as a regulated Global Access Provider, the GAP shall have the sole and final discretion, exercised in good faith for regulatory compliance purposes, to determine, classify, interpret, or re-classify whether any security, instrument or product is eligible to be offered under the Global Access framework, including where such instrument is, directly or indirectly, linked to, derived from, references, or otherwise associated with crypto-assets or any other prohibited or non-permitted underlying. The Customer understands and acknowledges that there shall be zero permissible exposure to crypto-assets, including through Exchange-Traded Funds (ETFs) that track, hold, or reference digital assets. In the event that the Customer accidentally acquires or becomes exposed to any such crypto-linked instrument, the Customer is strictly required to entirely sell off and liquidate the exposure within seven (7) calendar days from the date the exposure occurs. If the Customer fails to liquidate such holdings within the granted seven-day period, the GAP reserves the absolute right to automatically step in and mandatorily liquidate or compulsorily exit the positions on behalf of the Customer without prior notice.

75.  Where the GAP determines, whether due to regulatory directions, supervisory guidance, interpretational assessment, or internal risk or compliance considerations, that any instrument is not eligible to be offered, the GAP may, without prior notice, suspend, restrict, delist, or discontinue access to such instrument and take any consequential action as may be required, including mandatory liquidation or compulsory exit of holdings. The Customer expressly agrees that the prior availability or continued offering of any instrument shall not be construed as confirmation of its regulatory permissibility, shall not create any expectation or right of continued access, and shall not operate as a waiver, representation, or estoppel against the GAP.

76.  The Customer further acknowledges that regulatory actions or directions by Indian, IFSC, US or other foreign regulators, stock exchanges, Broker Dealer, clearing corporations, depositories, custodians or other authorities may require the GAP to suspend access, block transactions, restrict services, or liquidate securities without prior notice, and that the Customer shall bear all consequences, losses, costs and tax implications arising from any such action.

77.  The Customer acknowledges that corporate actions, including but not limited to rights issues, tender offers, mergers, stock splits, spin-offs, exchange offers, redemptions, and reorganizations, are subject to the policies, timelines, and operational procedures of the Broker Dealer, custodians, issuers, depositories, exchanges, and other market participants. GAP shall not be liable for any delay, failure, omission, or inability to notify or process any corporate action except to the extent required under applicable law.

78.  There may be instances where, due to operational, regulatory, system or timing constraints, the Customer is not able to submit elections or exercise certain rights, and in such cases the default option, if any, as applied by the Broker Dealer or custodian may be implemented. The GAP shall not be liable for any loss, foregone benefit or difference in outcome arising from the inability to support, transmit or process corporate action elections or other entitlements for any security.

79.  The Customer acknowledges that the GAP does not provide investment, fiduciary services, portfolio management, legal, accounting, tax or financial advice and does not make any recommendation or suitability assessment in relation to any security, trade or strategy. Any information, tools or content made available are for informational purposes only.

80.  To the extent permitted by law, the GAP (including its directors, officers, employees and affiliates) shall not be liable for any indirect, consequential, incidental, special, punitive, exemplary or economic loss, or loss of profits, revenues, data or goodwill, arising out of or in connection with the global access services, whether based on contract, tort, equity or otherwise.

81.  Nothing in these Terms shall exclude any liability which cannot be excluded under applicable law; however, in no event shall the aggregate liability of the GAP in respect of any claim arising out of or in connection with global access services, exceed the fees, if any, actually received by the GAP from the Customer in relation to such services during the one (1) month immediately preceding the event giving rise to the claim.

82.  The Customer is responsible for knowing the terms of any securities, or other products in the Customer's brokerage account, including but not limited to upcoming corporate actions (e.g., tender offers, reorganizations, stock splits, bankruptcy or class action rights, etc.). The GAP has no obligation to notify the Customer of any such or similar terms, corporate actions, expiration dates, deadlines, required actions, or dates of meetings, nor is the GAP obligated to take any action without written notice from the Customer to the GAP.

83.  Customer understands that GAP has not authorized any agents, representatives, employees or other person to make any representation, or to make any promise, assurance, warranty, undertaking or commitment as to return on investment of the Customer whether in writing or otherwise on behalf of GAP.

84.  MARKET DATA IS PROVIDED “AS IS” AND “AS AVAILABLE”, AND THERE MAY BE DELAYS, OMISSIONS AND INACCURACIES IN SUCH DATA. NEITHER THE GAP NOR ITS AGENTS, AFFILIATES, OR THIRD-PARTY PROVIDERS OR ANYONE ELSE INVOLVED IN CREATING, PRODUCING, DELIVERING, OR MANAGING THE DELIVERY OF SUCH MARKET DATA CAN GUARANTEE THE ACCURACY, ACCESSIBILITY, ADEQUACY, AVAILABILITY, COMPLETENESS, CONTINUED AVAILABILITY, CORRECTNESS, CURRENTNESS, FITNESS FOR A PARTICULAR PURPOSE, MERCHANTABILITY, NON-INFRINGEMENT, TIMELINESS, OR TITLE. WITHOUT LIMITING THE FOREGOING GAP EXPRESSLY DISCLAIMS THAT ANY AUTOMATED OR MANUAL SYSTEM WILL OPERATE UNINTERRUPTED OR ERROR FREE

85.  THE GAP HAS TAKEN COMMERCIALLY REASONABLE EFFORTS TOWARDS GUARDING AGAINST UNAUTHORIZED USE OF ANY INFORMATION TRANSMITTED BY CUSTOMER, HOWEVER, NEITHER THE GAP NOR ITS AFFILIATES MAKE ANY REPRESENTATIONS OR GUARANTEES THAT THE SERVICES PROVIDED BY / THROUGH IT WILL NOT RESULT IN THEFT AND/OR UNAUTHORIZED USE OF DATA OVER THE INTERNET. THE CUSTOMER EXPRESSLY AGREES THAT HIS/ HER USE OF THE ONLINE PAYMENT SERVICE (INCLUDING BUT NOT LIMITED TO CREATING MANDATES, AUTO DEBIT / AUTO PAY, RECURRING PAYMENTS) IS ENTIRELY AT THE OWN RISK AND RESPONSIBILITY OF THE CUSTOMER.

86.  NEITHER THE GAP, NOR ANY OF ITS REPRESENTATIVES: PROVIDE THE CUSTOMER WITH INVESTMENT ADVICE OR RECOMMENDATION; OFFER ANY OPINION REGARDING THE SUITABILITY OF ANY SECURITY, ACCOUNT TYPE, ORDER, TRANSACTION, OR INVESTMENT ADVISOR OR STRATEGY; SOLICIT ANY ORDER OR TRANSACTION; MONITOR CUSTOMER INVESTMENTS, OR THE APPROPRIATENESS OF THE CUSTOMER ACCOUNT OR SERVICE LEVEL; ALERT THE CUSTOMER TO ANY RECOMMENDED CHANGE TO THE CUSTOMER'S INVESTMENTS, ACCOUNTS, OR SERVICES; OR PROVIDE LEGAL, TAX, OR ACCOUNTING ADVICE (COLLECTIVELY, "ADVICE"). NOTHING ON THE GAP’S WEBSITE IS OR SHALL BE DEEMED A RECOMMENDATION OR SOLICITATION TO BUY OR SELL SECURITIES, FUTURES OR ANY OTHER INVESTMENT PRODUCTS, OR AS TO THE MANNER IN WHICH THOSE PRODUCTS ARE BOUGHT OR SOLD, OR TO ENGAGE IN ANY INVESTMENT STRATEGY. THE CUSTOMER WILL NOT SEEK, ACCEPT OR RELY ON ANY ADVICE FROM GAP OR ITS REPRESENTATIVES, OR ANY COMMUNICATION THAT COULD BE CONSTRUED AS SUCH. DISCUSSION / POSTS ON DIFFERENT TYPES OF INVESTMENT PRODUCTS AVAILABLE TO THE CUSTOMER, IS NOT INVESTMENT ADVICE. THE GAP IS NOT RESPONSIBLE FOR THE SUITABILITY OR APPROPRIATENESS OF ANY ORDER, TRADE, INVESTMENT, INVESTMENT STRATEGY, SELECTION OF ADVISOR OR OTHER ACTIVITY OF THE CUSTOMER. THE CUSTOMER AGREES THAT ANY ORDER SUBMITTED TO OR TRANSACTION EXECUTED BY THE BROKER DEALER VIA THE GAP PLATFORM IS SOLELY THE CUSTOMER'S OWN DECISION AND IS BASED ON THE CUSTOMER'S OWN EVALUATION OF ITS PERSONAL FINANCIAL SITUATION, NEEDS, AND INVESTMENT OBJECTIVE(S). THE GAP DOES NOT ENDORSE AND IS NOT RESPONSIBLE FOR ANY ADVICE, REPRESENTATION, CONTENT OR OTHER INFORMATION PROVIDED BY THIRD PARTIES, INCLUDING BUT NOT LIMITED TO ANY SUCH INFORMATION OR THIRD PARTY REFERENCED BY OR ACCESSED THROUGH ANY GAP’S WEBSITE, OR PLATFORM.

87.  THE CUSTOMER ACKNOWLEDGES AND UNDERSTANDS THAT ALL INVESTMENTS INVOLVE RISK, THAT LOSSES MAY EXCEED THE PRINCIPAL INVESTED, AND THAT THE PAST PERFORMANCE OF A SECURITY, INDUSTRY, SECTOR, MARKET, OR FINANCIAL PRODUCT DOES NOT GUARANTEE FUTURE RESULTS OR RETURNS. THE CUSTOMER IS SOLELY RESPONSIBLE FOR ALL INVESTMENT DECISIONS ASSOCIATED WITH THE CUSTOMER’S ACCOUNT INCLUDING ANY RISKS IN CONNECTION WITH THE PURCHASE OR SALE OF SECURITIES (WHICH INCLUDES THE RISK OF LOSS).

88.  THE CUSTOMER ACKNOWLEDGES THAT TRADING SECURITIES, OR ANY PRODUCT ON A FOREIGN MARKET INVOLVES HIGH RISK. TRADING OUTSIDE ORDINARY MARKET HOURS POSES SPECIAL RISKS, INCLUDING RISK OF LOWER LIQUIDITY, HIGHER VOLATILITY, CHANGING PRICES, UNLINKED MARKETS, NEWS ANNOUNCEMENTS AFFECTING PRICES, AND WIDER SPREADS. THE CUSTOMER REPRESENTS THAT THE CUSTOMER IS KNOWLEDGEABLE OF, AND ABLE TO ASSUME, THESE RISKS.

89.  GOVERNMENTS OF COUNTRIES IN WHICH THE CUSTOMER RESIDES, OR COUNTRIES IN WHICH THE CUSTOMERS INVESTS, MAY TAKE ECONOMIC AND/OR POLITICAL ACTIONS THAT ARE AVERSE TO INVESTORS AND SUCH ACTIONS MAY NEGATIVELY AFFECT THE CUSTOMER'S ACCOUNT. CUSTOMER AGREES THAT THE GAP IS AND SHALL NOT BE LIABLE FOR SUCH ACTIONS. THE CUSTOMER AGREES THAT THE GAP (AND ITS AFFILIATES) IS NOT LIABLE FOR ANY LOSSES OR DAMAGES THE CUSTOMER MAY INCUR AS A RESULT OF ANY SUCH ACTION.

90.  THE CUSTOMER ACCEPTS THE GAP PLATFORM IS PROVIDED "AS IS", AND WITHOUT WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO: THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE, PURPOSE OR APPLICATION; TIMELINESS; FREEDOM FROM INTERRUPTION; OR ANY IMPLIED WARRANTIES ARISING FROM TRADE USAGE, COURSE OF DEALING OR COURSE OF PERFORMANCE. UNDER NO CIRCUMSTANCES SHALL THE GAP (OR ANY OF ITS AFFILIATE) BE LIABLE FOR ANY PUNITIVE, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL LOSS OR DAMAGES, INCLUDING LOSS OF BUSINESS, PROFITS OR GOODWILL. THE GAP (AND ANY OF ITS AFFILIATE) SHALL NOT BE LIABLE TO THE CUSTOMER BY REASON OF DELAYS OR INTERRUPTIONS OF SERVICE OR TRANSMISSIONS, OR FAILURES OF PERFORMANCE OF THE GAP PLATFORM, REGARDLESS OF CAUSE, INCLUDING, BUT NOT LIMITED TO: THOSE CAUSED BY HARDWARE OR SOFTWARE MALFUNCTION; CYBERATTACKS; BROKER DEALER’S SYSTEM, TELECOMMUNICATIONS OR BANKING INTERRUPTIONS; GOVERNMENTAL, EXCHANGE, SANCTIONS OR OTHER REGULATORY ACTION; ACTS OF GOD; WAR, TERRORISM, PUBLIC HEALTH EVENTS (INCLUDING PANDEMICS); OR THE GAP'S FAILURE TO ACT TO PREVENT SERVICE DISRUPTION OR SYSTEM FAILURE. THE CUSTOMER RECOGNIZES THAT THERE MAY BE DELAYS OR INTERRUPTIONS IN THE USE OF THE GAP’S SYSTEM, INCLUDING, FOR EXAMPLE, THOSE CAUSED INTENTIONALLY BY GAP FOR PURPOSES OF SERVICING THE GAP SYSTEM.

91.  The Customer agrees to indemnify, hold harmless and defend the GAP, its affiliates, and their respective officers, directors, employees, agents, and representatives from any and all liabilities, losses, costs, judgments, penalties, claims, actions, damages, or expenses (collectively, "Losses") including, without limitation, reasonable legal, professional, and court costs arising from or relating to: (i) any action taken in reliance on any representation, information or instruction received from the Customer; (ii) The Customer's breach of this T&Cs; (iii) any action taken by the GAP to enforce its rights under these T&Cs or in accordance with its policies; (iv) any inquiry, information request, or other action by a third party related to the Customer's brokerage account, including to the Customer’s assets, liabilities, transactions, instructions, actions, or inactions; (v) The Customer's violation or infringement of any intellectual property right held by the broker dealer, GAP or its affiliates.

92.      The Customer acknowledges and consents that communications, calls, chats, emails, and electronic interactions may be monitored or recorded for compliance, security, audit, training, and regulatory purposes. Furthermore, these T&Cs, read with the Privacy Policy, shall be treated as an electronic record under the Information Technology Act, 2000, and applicable rules thereunder. It is an enforceable electronic contract generated by a computer system and does not require any physical or digital signatures.

I.      Grievance Redressal

93.      GAP shall use commercially reasonable efforts to facilitate communication between the Customer and the Broker Dealer in relation to matters falling within the Broker Dealer's responsibility. The investigation and resolution of matters pertaining to the Broker Dealer, shall remain the sole responsibility of the Broker Dealer.

94.      For any support requests or queries, Customers may contact support@angelone.in or as provided in the Policy on Complaint Handling and Grievance Redressal. In the event of any grievances, complaints, or concerns regarding these T&Cs, Customers may write to compliance@angelone.in. The GAP shall endeavor to address and resolve complaints within reasonable timelines.

J.     Legal Governance And Dispute Resolution

95.      These Terms shall be governed, interpreted, and construed in accordance with the laws of India and IFSCA Regulations. Notwithstanding the foregoing, Customer agrees that (i) GAP has the right to bring any proceedings before any court/forum of competent jurisdiction and you irrevocably submit to the jurisdiction of such courts or forum; and (ii) any proceeding brought by Customer shall be exclusively before the courts in Mumbai, India.

K.    Account Closure

96.      The Customer may request closure of the GAP account and/or the brokerage account maintained with the Broker Dealer, subject to completion of all applicable verification, settlement, regulatory, tax and other requirements. Any such closure shall be subject to the cancellation or completion of pending orders and settlement of all outstanding transactions, liabilities, fees, charges and other obligations of the Customer. Securities and cash remaining in the Customer’s brokerage account shall be transferred, withdrawn or otherwise dealt with in accordance with applicable law and the procedures and requirements prescribed by GAP, the Broker Dealer and the relevant intermediaries.

97.      Upon death, insolvency or legal incapacity, GAP may suspend the account until all succession, probate, nomination or legal requirements are completed.

L.    Miscellaneous

98.      If any provision of these T&Cs is determined to be invalid, illegal or unenforceable, in whole or in part, under any applicable law, such provision shall, to the extent of such invalidity, illegality or unenforceability, be severed or modified to the minimum extent necessary, and the validity, legality and enforceability of the remaining provisions of these T&Cs shall not be affected or impaired.

99.      No failure, delay, forbearance, relaxation or inaction by GAP in exercising or enforcing any right, power or remedy under these T&Cs shall constitute or be deemed to constitute a waiver of that or any other right, power or remedy. No waiver shall be effective unless expressly agreed in writing by GAP. Any waiver in respect of a particular instance shall not constitute a waiver in respect of any subsequent instance or any other provision.

100.   Customer agrees that the GAP may, at its sole discretion, assign, transfer, subcontract, novate, or otherwise deal with any or all of its rights and/or obligations under these T&CS, including in connection with any merger, acquisition, amalgamation, corporate restructuring, business or asset sale, or similar transaction, without requiring any further notice or consent from Customer. Customer further agrees that Customer shall not assign, transfer, or otherwise deal with any of Customer’s rights or obligations under these T&Cs without the prior written consent of the GAP.

Overseas Broker’s Terms of Services

By continuing, I confirm that I have read, understood, and accepted the following:

·       DriveWealth Customer Account Agreement

·       Margin Risk Disclosure Statement

·       Cash Management Program Disclosure Statement - Bank Sweep

·       Trading Disclosure

·       Privacy Policy

·       Terms of Use

·       All DriveWealth Disclosures and Agreements

·       Rule 14b1(c): Rule 14b-1(c) of the Securities Exchange Act, unless you object, requires us to disclose to an issuer, upon its request, the names, addresses, and securities positions of our customers who are beneficial owners of the issuer's securities held by us in nominee name. The issuer would be permitted to use your name and other related information for corporation communication only.

·       W-8BEN

Market Data Agreements

I acknowledge that I have read the market data agreements below from the represented exchanges. I hereby certify that I qualify as a non-professional pursuant to the definitions described herein.
·       NASDAQ Subscriber Agreement

·       NYSE/AMEX Subscriber Agreement