Terms & Conditions

Risk of Higher Volatility: Volatility refers to the dynamic changes in price that a security / F&O contract / currency derivatives contract undergoes when trading activity continues on the Stock Exchange. Generally, higher the volatility, greater is its price swings.

Risk of Lower Liquidity: Liquidity refers to the ability of market participants to buy and/or sell securities expeditiously at a competitive price and with minimal price difference. There may be a risk of lower liquidity in some securities as compared to active securities.

Risk of Wider Spreads: Spread refers to the difference in best buy price and best sell price. Lower liquidity and higher volatility may result in wider than normal spreads for less liquid securities.

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.

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

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

System Risk: High volume trading will frequently occur at the market opening and before market close. Such high volumes may cause delays in order execution or confirmation. Under certain market conditions, it may be difficult or impossible to liquidate a position at a reasonable price or at all.

System/Network Congestion: Trading on NSE / BSE is in electronic mode, based on satellite/leased line based communications. There exists a possibility of communication failure or system problems or slow or delayed response from system or trading halt, which may result in delay in processing or not processing buy or sell orders either in part or in full.

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.

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.

• Futures trading involve daily settlement of all positions. Every day the open positions are marked to market based on the closing level. If the contract has moved against you, you will be required to deposit the amount of loss.
• If you fail to deposit the additional amount by the deadline, the broker/member may liquidate a part of or the whole position. You will be liable for any losses incurred due to such close-outs.
• Under certain market conditions, an investor may find it difficult or impossible to execute transactions due to factors such as illiquidity or suspension of trading due to price limit or circuit breakers.
• In order to maintain market stability, 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 existing open interests.

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. 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.

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

If the price movement of the underlying is not in the anticipated direction, the option writer runs the risk of losing a substantial amount. Transactions that involve buying and writing multiple options in combination present additional risks to investors. Combination transactions, such as option spreads, are more complex than buying or writing a single option.

The profit or loss in transactions in foreign currency-denominated contracts 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. Under certain market conditions, you may find it difficult or impossible to liquidate a position. Currency prices are highly volatile and influenced by various factors including government policies, interest rates, inflation, and market sentiment.

Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.

You should familiarise yourself with the protections accorded to the money or other property you deposit particularly in the event of a firm insolvency or bankruptcy.

For rights and obligations of the clients, please refer to the member-client agreement.

Urja Investment Pte. Ltd. ("UIPL") normally offers trading facility in all compulsory dematerialized stocks listed on the Stock Exchanges. However UIPL discourages/restricts trading in penny stocks as they are susceptible to manipulation and risky for investors. "Penny Stocks" include stocks appearing in the list of illiquid securities issued by Exchanges, highly illiquid stocks with low market capitalization, 'Z' Group Securities, and any securities restricted by Exchanges or UIPL.

As part of Risk Management, UIPL restricts clients to buy/sell penny stocks only on the basis of 100% upfront margin and on delivery basis. UIPL shall not be held liable for restricting/prohibiting trade in penny stocks.

UIPL shall set client's exposure limits depending on the type of securities provided as Margin, available funds in the client's ledger, Fixed Deposits/Bank Guarantees, and the client profile/financial status. Exposure limits are also set based on categories of stocks/position client can trade. The exposure limits set by UIPL do not by themselves create any right for the Client and are liable to be withdrawn at any time without notice.

In case of derivatives, clients shall be allowed to trade only up to the applicable client-wise position limits set by the Exchanges/Regulators. UIPL may demand additional margin from the client if required.

The client will pay brokerage, taxes, STT, delay payment charges, settlement charges, Bank charges, document handling charges, Account Maintenance Charges and all other statutory taxes and charges as applicable. If there is any upward revision in Brokerage Slabs, the same will be intimated with a prior notice of 15 days. Brokerage charges shall never exceed the maximum limits permitted by SEBI/Stock Exchanges/Government Authorities.

Clients are required to settle the pay-in/provide margin within the time limits provided by Exchange/SEBI/UIPL Risk Management system. In case of failure, delayed payment charges shall be levied at 1.5% per month or at such rate as may be prescribed by UIPL. Such charges shall be directly debited to the client's account at the end of every week.

UIPL shall have the sole discretion to square off the open position of the Client and/or sell client's securities in case the client fails to meet settlement/margin obligations in time. UIPL shall not be responsible for any losses incurred by the client due to such squaring off. UIPL reserves the right to square off under the following circumstances:

• Where the limits given to the Client have been breached.
• Where the Client has defaulted on existing obligations and/or failed to make payments within the stipulated time period.
• Where the margin or security placed by the Client falls short of the applicable minimum margin.
• Where Mark to Market loss has reached the stipulated percentage of margins and the Client has not replenished the margin.
• If the open position is neither squared off nor converted to delivery within the stipulated time.

In case the client defaults on existing obligations and the trade has been internally netted off by UIPL, there could be internal shortages. The internal shortages are marked against the client at the sole discretion of UIPL. In case of failure of delivery, the same shall be met through fresh market purchases and the loss will be charged to the defaulting client's account. UIPL shall not be responsible for losses on account of such shortages.

UIPL may suspend or close the trading account pursuant to SEBI or any other Regulatory directive. Client can initiate temporary suspension/closure by giving a written request 15 days in advance, subject to clearance of all dues. Trades during suspension shall not be permitted. All rights, liabilities and obligations arising out of transactions entered into prior to closure/suspension shall continue to subsist.

Deregistration/termination shall be at the sole discretion of UIPL. UIPL may deregister the client if the client breaches the terms and conditions, provides false information, or is suspected to be involved in activities in violation of applicable Rules and Regulations. Such deregistration shall not affect the rights and liabilities in respect of transactions executed before the date of deregistration.

If the Trading and/or demat account is not operated for a continuous period of six months, it will be considered an 'Inactive Account' and blocked for further transactions. The client must submit a duly signed written request for re-activation. During the blocked period, UIPL shall have the authority to liquidate the client's position if there are any dues.

• The Client will be entitled to a username and password, which will enable access to the ITORS System.
• The Client is 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 using the Client's Username and/or Password.
• The Client shall immediately inform the Trading Member of any unauthorised use with full details.
• The Client acknowledges the risks associated with routing orders over the internet including misuse, unauthorised use, and hacking, and agrees to be fully liable for any unauthorised use.
• The Client shall log off from the ITORS Service when not in use. Any liability incurred due to not logging off shall be borne solely by the Client.

• All orders routed through the ITORS System via the Client's Username shall be deemed to have been given by the Client.
• The orders, instructions, contracts and transactions will be in accordance with the Exchange Provisions.
• The Client acknowledges that ITORS is an internet-based system and there are associated risks including failure of hardware, software, internet connectivity, and communication lines.