TERMS AND CONDITIONS
1. General Terms
a) These terms and conditions (“Terms”) contain important information pertaining to your trading and demat accounts with Muni Broking House Limited (hereinafter collectively referred to as “MUNI”, “our” or “us”). The Terms govern the relationship between us and you, the user (“You” or “Client”). Trading in the Cash, Derivatives and Currency Derivatives segments of the BSE and NSE is enabled through Muni Broking House Limited, a trading member of the Bombay Stock Exchange (“BSE”) and National Stock Exchange (“NSE”, together “Exchanges”) registered with the Securities & Exchange Board of India (“SEBI”) having Registration Number INZ000316338. Commodity trading on your account is enabled through MUNI, a trading member of the MCX (Registration No. 57350) registered with the SEBI having Registration Number INZ000316338. Commodity trading may also be enabled through Muni Broking House Limited., a trading member of MCX registered with SEBI having Registration Number INZ000316338. The Depository services for your account are enabled through Muni Broking House Limited, a Depository Participant with NSDL having SEBI Registration no: IN-DP-775-2024.
b) The website and the mobile applications named “Muni” (collectively referred to as the “Apps”; Website and Apps collectively referred to as the “Platform”) is owned, operated and maintained by Muni Broking House Limited, a Company incorporated under the Companies Act, 2013, with CIN: U66120WB2023PLC260758, and its corporate office at The Legacy, 25A, Shakespeare Sarani, Unit 41A/47, 4th Floor, Kolkata – 700017.
c) These Terms shall govern the relationship between MUNI and its clients (hereinafter “Client”, “you”, or “your”). Access to, and usage of your account and the Platform is subject to your compliance with the Terms set forth herein, read with the Policies and Procedures, and any other documents as may be applicable. This includes but is not limited to the various application forms and undertakings signed by you at the time of opening your account(s). Please note that the information contained herein is subject to change without notice. Please read this page carefully and retain it for future reference. You agree to any and all changes to the Terms without specific communication from MUNI, by Your continuing usage of the Platform and/or continuing to hold an account with MUNI.
2. Disclaimer
a) The Client understands and agrees that all investment and/or trading decisions are based on the Client’s own investment objectives and evaluation of prevailing financial circumstances. This extends to all decisions made by the Client on the basis of any information that may be available on the Platform. The Client understands that MUNI is merely a facilitator providing access to its Clients to participate in the financial and commodity markets, and that MUNI does not seek to influence or otherwise affect the decision-making process of its Clients in any way whatsoever.
b) The Client shall not hold nor seek to hold MUNI or any of its officers, directors, partners, employees, agents, subsidiaries, affiliates or business associates liable for any trading losses or damages incurred as a consequence of relying upon any information, opinions, advice or any other material whatsoever on the Platform or in any brochures, promotional material or any other literature promulgated by MUNI or any of its affiliates or partners.
c) The Client shall seek independent advice from professionals on the suitability of any investment decisions. The Client acknowledges that employees and representatives of MUNI are not authorised to give any such advice, and that the Client shall not solicit or rely upon any such advice from MUNI or any of its employees or representatives. Any advice of this nature inadvertently given by any employee or representative of MUNI shall strictly be construed as being in their personal capacity, and MUNI disclaims any liabilities arising thereto.
3. Account Opening and Registration
a) Before availing of any online trading services on the Platform, the Client is required to complete MUNI’s registration process, as may be prescribed from time to time. To register yourself, you are required to follow the procedure mentioned on the Platform, along with any instructions communicated to you by MUNI’s employees or representatives. Your account shall be opened after submission of the requisite documentation and its verification and at the sole discretion of MUNI.
b) Online account opening using Aadhaar is currently available only for residents of India opening individual accounts, where the person’s mobile number is linked to the Aadhaar. This is not permissible for non-residents or for any manner of non-individual accounts (HUFs, companies, LLPs, partnerships, etc.).
c) In case of online account opening using Aadhaar, data will be fetched from the KYC database and cannot be edited.
4. Account Security and Passwords
a) MUNI shall provide each Client with a unique ID and password, enabling them to access online trading facilities through the Platform, over the telephone, or in any other manner permitted by MUNI. MUNI shall also provide the Client with the login credentials to its back-office, providing the Client access to various reports and statements. All terms regarding the use, reset and modification of such login credentials shall be governed by these Terms, as well as by any other relevant information on the Platform.
b) The trading terminal system on our Platform has a stringent two-factor authentication (“2FA”) secure system for every Client to access their accounts. This includes (i) entry of the Client ID and password; and (ii) authentication via TOTP generated by an authenticator app, an SMS/Email OTP. This 2FA mechanism is in place in compliance with the SEBI and Stock Exchange guidelines on internet-based trading.
c) A link to create a password & 2FA credentials is sent to all Clients along with the welcome email at the time of account opening. Such password and 2FA credentials set by each Client, will be unique to them, and is not known to anyone else. Passwords and 2FA credentials are privileged and confidential information and must be kept in strict confidentiality by each Client. These login credentials should not be shared with any third parties whatsoever.
d) In case of Call & trade facilities over the telephone, Clients are required to mention their Client ID and should call from their registered mobile number.
e) You may reset passwords at any point in time by selecting the ‘Forgot User ID or Password’ link under the ‘Login’ tab of the Website or the app. A reset link is immediately sent to your registered email ID upon this link being selected. A new unique password is required to be created for you to gain access to your trading account on the Platform.
f) The Client acknowledges that they shall be responsible for maintaining their Client ID and password in a secure and confidential manner. Clients shall solely be responsible for all orders entered and transactions executed on the Platform using their login credentials, irrespective of whether the person actually executing such transactions were authorised to do so or not. MUNI assumes no responsibility whatsoever for any liabilities arising out of unauthorised access to a Client’s password or 2FA login credentials.
g) The Client acknowledges that they are fully aware of and understand the risks associated with online trading services, including the risk of misuse and unauthorised access to their Client ID, password or login credentials by third parties. The Client also acknowledges the risk of third parties hacking into their Client ID on MUNI’s platform and unauthorised routing orders on behalf of the Client through the System.
h) Without prejudice to the provisions above, Clients agree to immediately inform MUNI in writing if they suspect or discover any unauthorised use of the Client’s ID, password or 2FA credentials, or notice any discrepancies that may be attributable to such unauthorised access, or discover a security flaw in MUNI’s online trading system available on the Platform (“Online Trading System”). Clients shall provide MUNI with complete details of such unauthorised use, including the date of such unauthorised use, the manner in which it occurred, the transactions effected pursuant to such unauthorised use, etc. Clients also agree to inform MUNI immediately if they are unable to retrieve their password or 2FA login credentials even after going through with the ‘Forgot Password” reset procedure.
i) Clients agree to notify MUNI immediately on a priority basis in case they discover any security flaws or vulnerabilities in the Platform or any other components of the Platform.
5. Modification of Details
a) The Client declares that the modification information provided by them, is true to the best of their knowledge.
b) The Client undertakes to inform Muni Broking House Limited of any discrepancies, changes, or incorrect information that they become aware of, immediately.
c) The Client understands and accepts that in case any information provided for modifying bank account details is incorrect or misleading, they would be held liable for all such consequences/actions taken.
d) The Client agrees that this change will affect the Trading and Demat account that they hold with Muni Broking House Limited.
6. Price Data
a) MUNI does not share real-time price data, except with third parties where it is required for the orderly functioning of the securities market, or where permitted by Applicable Law.
b) The Client agrees to use real-time price data shared with them via any of our platforms, only for the purpose of using the platform and activities that can be undertaken on our platforms. The Client represents and warrants that they shall not use real-time price data for any other purpose.
c) MUNI reserves the right to share market price data for investor education and awareness, with time lags as determined by Applicable Law.
7. Orders
a) All orders and instructions routed through MUNI’s Platform via the Client’s ID, including but not limited to those for purchase, sale and pledge of any securities, shall be deemed to have been made by the Client.
b) MUNI shall in no way be responsible for any orders entered by the Client by mistake on the Platform. Every order entered by the Client through their Client IDs shall be deemed to be a valid order, for which the Client shall bear full responsibility.
c) While placing orders on the telephone, the Client agrees to provide information relating to the customer ID, including but not limited to any information that may be required to determine the identity of the Client.
d) Although orders are usually routed to the Exchange’s computer systems within a few seconds of the order being placed by the Client on the Platform, MUNI shall not be liable for any delays in the execution of any order, or for any resultant losses on account of such delays.
e) In case of a market order placed on the Platform, the Client understands that the price received shall be the price at which the order is executed by the Exchange’s computer system and that such price may be different from the prevailing price the security was trading at when the order was entered on the Platform.
f) The Client understands that all orders placed on the Platform shall be forwarded to the Exchange. In the event the order is placed during trading hours, it shall immediately be routed to and executed on the Exchange, subject to the availability of counterparties. The Client understands that MUNI does not exercise control over the execution of any orders that have already been sent to the Exchange. Fulfilment of all orders is subject to the vagaries of the market.
g) MUNI cannot guarantee the cancellation or modification of an order pursuant to a Client’s request to that effect. The order will be cancelled or modified only if the Client’s request for cancellation or modification is received by the Exchange before it is executed. Market orders are usually subject to immediate execution.
h) The Client shall not presume an order to have been executed, cancelled or modified until a confirmation from MUNI is received. Sometimes, due to technical or administrative reasons, a confirmation may not be immediately transmitted to or received by a Client. Such delay does not imply that the order has been executed, cancelled or modified, unless MUNI confirms so to the Client.
i) MUNI may, from time to time impose or vary limitations on the orders or instructions the Client may place on the Platform. Such limitations include, but are not restricted to exposure limits, turnover limits, limits on the number, value and/or types of securities for which orders may be placed, scrips in respect of which orders can be placed, etc. The Client is aware that MUNI may need to vary or increase such limitation, or impose new limitations altogether on an urgent basis, based on MUNI’s assessment of the risk involved and such other factors MUNI may consider relevant. The Client understands and agrees that MUNI may at any time, at its sole discretion and without prior notice, prohibit or restrict the Client’s ability to place orders or trade in securities through MUNI.
j) The Client understands that MUNI may be unable to inform the Client of any such variations, reductions or impositions in advance. The Client agrees that MUNI shall not be liable to the Client for any losses resulting from such variations, reductions or impositions, or for the Client’s inability to route any order through the Platform. The Client understands and agrees that MUNI may at any time, at its sole discretion and without prior notice, prohibit or restrict the Client’s ability to place orders or trade in any securities on the Platform.
k) MUNI may, at its sole discretion, reject any order on the Platform for any reason whatsoever, including but not limited to the non-availability of funds in the Client’s trading account, non-availability of securities in the Client’s Demat account, insufficient margin amounts, suspension of scrip-specific trading activities by or on an Exchange, and applicability of circuit breakers to a scrip for which orders have been placed. The Client agrees that in the event that an order is not accepted on the Platform for any reason, MUNI shall have the right to treat such order as having lapsed.
l) The Client understands that if, for any circumstance or for any reason, the markets close before the acceptance by the Exchange of any order, such order may be rejected. The Client further agrees that MUNI may reject any orders that are being rejected by the Exchange. In case of rejection of an order due to rejection by the Exchange, the Client agrees that the order shall remain declined and shall not be reprocessed in any circumstance.
m) Without prejudice to the provisions above, MUNI may at its sole discretion permit the execution of any orders, irrespective of the balance amount in the Client’s account. This may subsequently be recovered by MUNI during settlement.
n) Pending orders shall be handled as per exchange systems and norms after the market closes for the day.
8. Trading and Settlement
a) The Client agrees that all orders placed through the Online Trading System shall be forwarded by the Online Trading System to the Exchange. All orders placed otherwise than through the Online Trading System shall be forwarded by the system to Exchange terminals or any other order execution mechanism at the discretion of MUNI. In the event that the order is placed during trading hours, it shall be routed to and executed on the market system.
b) Upon execution of any order at the Exchange, MUNI shall send the Client an electronic contract note as a confirmation via email. This shall be sent within 24 hours of the trade, subject to receipt of files from the Exchange. This shall be deemed to be valid delivery thereof by MUNI. It is the responsibility of the Client to review immediately upon receipt, all such order confirmations, and to follow up with MUNI in case such order confirmations are not received within a stipulated time period.
c) The Client shall immediately bring to MUNI’s notice errors in any reports, statements or contract notes of any executed trades, including but not limited to errors in execution prices, scripts, or quantities of securities. Any such discrepancies shall be notified by the Client to MUNI in writing by email within 24 hours of receipt of such erroneous reports, statements or contract notes. In all cases, MUNI shall have the right to accept or reject the Client’s objections.
d) The Client acknowledges that there may be a delay in the receipt of transaction status reports or statements from the respective Exchanges by MUNI. Accordingly, MUNI may forward such delayed reports or statements to the Client in respect of such transactions that were previously unreported. The Client shall not hold MUNI responsible for any losses suffered on account of such delayed reports or statements or for any errors in such reports or statements computed by or received from any Exchange.
e) The Client is aware and acknowledges that the electronic trading systems at the Exchange as well as at the MUNI offices are vulnerable to temporary disruptions, breakdowns or failures. In the event that such disruptions, breakdowns or failures transpire due to the breakdown of the system or disconnection of a network link, MUNI may cancel any or all of the Client’s orders or transactions on the Platform. MUNI may also be unable to cancel orders, and the Client may be unable to place, cancel or modify orders on the Platform. In such an event, MUNI shall not bear responsibility for any losses that may be incurred by the Client due to such eventualities.
f) MUNI shall, within 24 hours of execution of any trade or promptly as and when available from any other market participant, issue a contract note as per the terms of the SEBI (Brokers and Sub-Brokers) Rules and Regulations, 1992. The Client agrees that MUNI shall, in most cases, issue contract notes in digital form, which shall be sent by way of email to the email address provided by the Client.
g) The Client agrees that if, for any circumstance or for any reason, the markets close before the acceptance of the Order by the Exchange, the order may be rejected. The Client agrees further, that MUNI may reject Orders if the same are rejected by the Exchange for any reason. In case of rejection of an order due to rejection by the Exchange, the client agrees that the order shall remain declined and shall not be re-processed, in any event. Any such orders shall be considered as lapsed.
h) MUNI may, at its sole discretion, reject any order placed on the Platform or in any other manner due to any reason, including but not limited to the non-availability of funds in the trading account of the client, non-availability of securities in the demat account of the Client with a designated depository participant, insufficiency of margin amount if the Client has opted for margin trading, suspension of scrip- specific trading activities by or on an Exchange and the applicability of a circuit breaker to a scrip in which orders are placed.
i) MUNI shall not be responsible for the non-receipt of communication pertaining to trade confirmation due to any changes in the correspondence address or contact details of the Client that was not intimated to MUNI in writing. It is the Client’s responsibility to review all trade confirmations, contract notes, invoices and statements of account immediately upon receipt. The correctness of all such communication shall be deemed to be accepted if the Client does not object to MUNI in writing within 24 hours of receipt of such communication.
j) The Client agrees that MUNI may impose scrip-wise surveillance, scrip-wise limits, conditional trading or such other conditions as may be required for the purposes of risk management. The Client also understands that MUNI may impose surveillance measures that may differ from client to client, based on MUNI’s assessment of the risk involved and such other factors MUNI may consider relevant. This includes but is not limited to allowing/disallowing Clients from trading in any security or class of securities, derivatives contracts, leveraged trades etc.
k) All orders and instructions on the Platform, the transactions executed pursuant thereto, and the settlement of such transactions thereof shall be in accordance with the guidelines and provisions laid down by the SEBI and the relevant Exchanges. Clients agree to abide and be bound by all the relevant guidelines and provisions in force governing MUNI’s Platform and Clients’ usage thereof.
l) Cancellation or modification of an order pursuant to the Client’s request on that behalf is not guaranteed. The order may be cancelled or modified only if the Client’s request for cancellation and modification is received and the order is successfully cancelled or modified before it is executed. Market orders are subject to immediate execution wherever possible.
9. Margin
a) The Client agrees and undertakes to immediately deposit with MUNI such cash, securities, or any acceptable security which MUNI may require as margin. The Client agrees that MUNI may require the Client to deposit with MUNI a higher margin than that prescribed by the Exchange. MUNI may also require the Client to keep permanently with MUNI a margin of a value specified by MUNI, for the entire duration of time the Client desires to avail of Online Trading Service on the Platform. The Client acknowledges that the margin shall not be interest-bearing.
b) MUNI shall, at its sole discretion, have the irrevocable right to set off a part or entirely of the margin i.e.- by way of appropriating the relevant amount of cash or by sale or transfer of all or some of the securities which form part of the margin, against any dues of the Client or of any member of the Group of the Client (for the purposes of these Terms, “Group” shall mean all the individuals, group companies, firms, entities and persons specified in the schedule to the Member Client Agreement signed at the time of account opening) in the event of the failure of the Client or a member of the Group of the Client to meet any of their respective obligations under these Terms.
c) The Client authorises MUNI to determine the market value of all securities placed as margin after applying a haircut that MUNI may deem appropriate. The Client undertakes to monitor the market value of such securities on a continuous basis. The Client further undertakes to immediately replenish any shortfall in the value of the margin consequent to a fall in the market value of such securities placed as margin, whether or not MUNI intimates the Client of such shortfall.
d) MUNI may at its sole discretion prescribe the payment of margin in the form of cash, instead of or in addition to margin in the form of securities. The Client agrees to immediately comply with any such requirements communicated by MUNI regarding payment of margin in the form of cash.
e) Without prejudice to any of MUNI’s other rights, MUNI shall be entitled to liquidate or close out any or all of the Client’s positions for non-payment of margins or outstanding debts. The proceeds of such liquidation or close outs, if any, shall be adjusted against the Client’s liabilities and obligations. Any and all losses and financial charges on account of such liquidation or closing-out shall be charged to and borne by the Client.
f) The Client agrees to abide by the exposure limits, as set from time to time by MUNI, the Exchange, the Clearing Corporation or SEBI.
g) The Client is aware that MUNI is required to deposit sufficient margin with the Exchange to enable all its eligible clients to trade, subject to such limits as may be imposed. However, there may be times of extreme volatility wherein the deposits made by MUNI with the Exchange may not be sufficient to cover the positions of all its Clients. In such circumstances, MUNI’s trading terminals may be temporarily suspended on account of the cumulative effect of shortfall of margin obligations by various Clients. In these circumstances, no Client shall have the right to claim any damages from MUNI for any losses that they might incur on account of such suspension of trading.
h) The Client agrees that any securities or cash placed as margin with MUNI may in turn be placed as margin by MUNI with the Exchanges, banks, clearing corporations or any other institutions that MUNI may deem fit. The Client authorises MUNI to do all such acts and deeds that may be necessary for placing such securities or cash with the Exchanges/banks/clearing corporations/other institutions as margins.
i) Any reference in these Terms to sale or transfer of securities by MUNI shall be deemed to include sale of securities that form part of the margin maintained by the Client with MUNI. In exercise of MUNI’s right to sell securities under these Terms, the Client agrees that the choice of specific securities to be sold shall be solely at the discretion of MUNI.
10. Maintenance of Trading Account
a) Money pay-in to MUNI: The Client agrees that all payments due to MUNI shall be made within the specified time period, and in the event of any delay, MUNI may refuse, at our discretion, to carry out any transactions or close out any positions. Losses or costs, if any, incurred thereof shall be borne solely and completely by the Client. All payments made to MUNI shall be from the Client’s account(s) registered with MUNI. No payments shall be made to MUNI from: (i) any Client bank accounts not registered with MUNI; or (ii) any bank accounts belonging to any third parties.
b) Money pay-out by MUNI: Notwithstanding anything contained in any other agreement or arrangement between the Client and MUNI (if any), the Client hereby authorises MUNI to release all payments due to the Client from the trading account maintained on the Platform, against a specific request made by the Client to this effect.
c) Securities pay-in to MUNI: Delivery of all securities required for fulfilment of trades must be made from the Client to MUNI within 24 hours of execution of the sale order, or one day before the pay-in date, whichever is earlier. The Client shall solely be responsible for reimbursing MUNI for any losses that may accrue to MUNI in the event of a default in delivery of the securities by MUNI to the Exchange, which in turn are attributable to any delays in delivery of the securities by the Client to MUNI. Losses for the purposes of this clause shall include, but not be restricted to auction debits and penalty charges incurred by MUNI as a result of non-delivery of securities on the Exchange on the settlement date. In the event the Client has sold any securities on the Platform against purchases made in previous settlements, such sales shall solely be at the risk of the Client. The Client understands that such trades run the risk of short delivery of securities and subsequent auction debits and penalties levied by the relevant Exchange.
d) Securities pay-out by MUNI: MUNI is entitled to directly credit the demat account of the Client, or maintain the trading account of the Client on the Platform on a running account basis.
e) No securities belonging to any third parties shall be sold or otherwise transacted upon by the Client through their trading account on the Platform. The Client shall bear sole responsibility for any violations of this clause, including penal action by the SEBI or the Exchanges.
f) In the event the Client places an order on the Platform for securities in the no-delivery period, such securities shall be credited to the Client account only at the designated time for settlement of trades as per the schedule notified by the Exchange.
g) In the event that any sums of money are due from the Client to MUNI, the Client authorises MUNI to withhold the credit of any securities to the Client account until the relevant sums of money are provided by the Client to MUNI in order to fulfil their obligations under these Terms.
h) MUNI is entitled to consider any cash or security available with it that is lying to the credit of the Client as margin received from the Client.
11. Fees and Brokerage
a) The Client agrees to pay MUNI all brokerages, transaction charges, commissions, fees, GST, and other taxes or levies, by whatever name so called, as informed to the Client by MUNI from time to time. MUNI shall be entitled to deduct such fees or levies from the Client’s account or trading ledger, in lieu of the services received by the Client from MUNI.
b) All brokerages, transaction charges, commissions and fees listed on MUNI’s Platform are subject to change from time to time, in compliance with the rules prescribed by the Exchanges and SEBI, and at MUNI’s discretion as per its business practices. MUNI shall notify the Client with details of any changes with respect to such brokerages, transaction charges, commissions and fees, along with the dates upon which such charges shall become effective. MUNI shall inform Clients of any such changes through an email and/or SMS sent to the Client’s registered email ID and contact number.
c) An updated schedule of brokerages, transaction charges, commissions and fees applicable for the various services provided by MUNI on the Platform is available on the website.
12. Client Account Termination and Suspension
a) There may be circumstances, including but not limited to the breach of applicable law and the Terms, wherein MUNI will be required to suspend/terminate services offered to the Client, which will prevent the Client from utilising certain/all/any features available on the Platform.
b) Upon suspension/termination of MUNI’s services, regardless of the reason(s), the Client’s right to use the services immediately ceases. MUNI will not be liable to the Client or any third party for any claims or damages arising out of any suspension/ termination of services or any other actions taken in connection with such suspension/termination.
c) The right of MUNI to terminate or suspend the Client’s account is in addition to any remedy or obligation prescribed by applicable law. If the Client is aggrieved by any act of MUNI in this regard, the Client may write to MUNI as per the grievance redressal policy as laid down in these Terms, with supporting documentation/evidence. MUNI may deal with the grievance in accordance with applicable law. The decision of MUNI to reinstate services is final.
13. Communications
You hereby expressly agree to receive communication (including transactional messages) or by way of SMS and/or E-mail or through WhatsApp from the Company or any third party in connection with the Platform Services or Your registration on the Platform. You can unsubscribe/ opt-out from receiving communications through SMS and e-mail anytime by writing at support@munibroking.com.
Whatsapp Groups
The Company reserves a right to create any Whatsapp groups (“Groups”) through its representatives (hereinafter referred to as “Group Admin”) who are expressly authorized to control, monitor and administer the Groups on its behalf.
14. Representations and Warranties
Clients represent and warrant to MUNI the following:
a) They are capable of being a valid counterparty to these Terms, including but not limited to being of 18 years, and not barred by any law from accessing the Platform or any services offered by MUNI, and that these Terms are not in contravention to the rights of any party with whom such Client has any agreements, at any time prior to agreeing to these Terms and while continuing to using the Platform and availing MUNI services.
b) They shall always provide MUNI with valid and updated personal/corporate details about themselves that MUNI may require, including documentary proof thereof. Such details include but are not restricted to PAN Number and Unique Identification Number issued by SEBI. The Client warrants to MUNI that all such details represented to MUNI are factually true.
c) All securities deposited by the Client with MUNI, whether in respect of margin requirements or otherwise, are owned by the Client, and the title thereof is clear and free of encumbrances.
d) The Client has made efforts to make themselves aware of the various risks associated with executing transactions on the various Exchanges, and in particular, the risks involved in online trading via the internet on the Platform. The Client agrees not to pursue any claims against the Exchange or MUNI on account of any suspension, interruption, non-availability or malfunctioning of the online trading system of the Exchange, or of MUNI’s Platform, for any reasons whatsoever.
e) The Client shall always ensure the security and confidentiality of their account password and 2FA credentials and shall undertake not to reveal these details to any unauthorised persons or third parties.
f) The Client shall bear full responsibility for all orders entered onto the Platform through their account.
MUNI represents and warrants to the Client that it has complied with and shall continue to comply with all statutory and regulatory directions in order to offer internet trading services on the Platform in the cash as well as derivatives segment of the various Exchanges.
15. Eligibility to Use
By accepting the Terms of Use, You hereby represent that:
a) You are of 18 (eighteen) years of age or older and in case of You are acting as guardian on behalf of a minor, You have the necessary authority to register/sign up on the Platform for the availing the Services on behalf of the minor;
b) You are of legal age to form a binding contract, are not a person barred from receiving the Platform Services under the applicable laws and are competent to enter into a binding contract. The Company reserves the right to refuse access to the Platform to new Users and any such user who has been suspended, disqualified, debarred and/or removed by the Company for any regulatory and/or statutory authority reason whatsoever shall not been entitled to avail the Platform Services; and
c) You agree to abide by the Terms of Use, offer documents, investor application form, demat account opening form and Risk Disclosure documents and any other information provided by You on and through the Platform for the provision of the Platform Services;
d) The money You invest is from Your bank account (primary holder’s bank account in case of Investment Account held jointly), and the same is from legitimate sources and remitted through approved banking channels;
e) You are prohibited from selling, trading, or otherwise transferring Your Account to another party or impersonating any other person for the purposing of creating an account with the Platform;
f) Before investing, You shall seek independent financial planning, legal, accounting, tax or other professional advice, if required; and
g) You shall be solely responsible for all the investment decisions executed by You on the Platform in Your portfolio and the Company shall nowhere be responsible for any loss or harm incurred by You due to the investment activities carried out in Your portfolio.
16. Intellectual Property
a) All intellectual property, including in relation to the Platforms, including any software, techniques and processes used, and any trademarks, logos, images, material, content, designs, information and other content available on the Platform belongs exclusively to MUNI or is licensed to MUNI. By no means is any proprietary right or license in any intellectual property impliedly or expressly granted by MUNI to the Client or any other user of the Platform (together “Users”) through the User’s use of the Platform.
b) You shall not copy, decompile, reverse engineer, or otherwise attempt to discover any source code, license, use or assign any intellectual property in the Platform, copy any logos, brand names, marketing or branding material or pictures from the Platform, remove any copyright and other proprietary notices contained in any content on the Platform, or use spiders, crawlers or robots for the purpose of accessing the Platform, or any content on the Platform.
c) Any unauthorized use of MUNI’s intellectual property rights in connection with any other good, service or offering will constitute an infringement of the intellectual property rights of MUNI and may be actionable under the applicable laws.
17. Client Content and Platform Use
The User is responsible for all the content that they post, upload, modify, publish, transmit, or share on the Platform (including using any artificial intelligence models, and with respect to its appropriateness, legitimacy, lawfulness and ownership) and must ensure that the content posted is in conformity with these Terms and applicable laws. Further, MUNI is committed to protecting the principles of equality, free speech, privacy and personal liberty applicable to all Users of the Platform. However, the User shall not upload, modify, publish, transmit, or share any information or content that:
a) does not belong to the User/User does not have any right to,
b) is obscene, pornographic, paedophilic, or invading another’s privacy,
c) is harmful to children, is insulting or harassing on the basis of gender, or is racially or ethnically objectionable,
d) is relating to or encouraging money laundering or gambling, or an online game that causes user harm,
e) is in the nature of an online game that is not verified as a permissible online game,
f) is promoting enmity between different groups on the grounds of religion or caste with the intent to incite violence,
g) infringes any intellectual property rights, other proprietary rights or any law in force,
h) deceives or misleads the addressee about the origin of a message or knowingly and intentionally provides any misinformation or false information,
i) is identified as fake or false or misleading by a fact check unit of the Indian Government, in relation to any business of the Indian government,
j) is an advertisement, surrogate advertisement, or promotion of an online game that is not a permissible online game, or of any online gaming intermediary offering such an online game,
k) impersonates another person,
l) threatens unity, integrity, defence, safety, security or sovereignty of India, friendly relations with other states or public order, or causes incitement to the commission of any cognizable offence or prevents investigation of any offence or is insulting other nation,
m) contains anything to intentionally harm a computer resource, such as viruses,
n) is false and published with the intent to mislead or harass persons or entities for financial gain or to cause injury, and
o) violates any other law.
MUNI does not have any obligation to monitor any User content on the Platform. However, MUNI, at its discretion and in accordance with applicable law, may review any content and may also remove any content from the Platform if it is determined at MUNI’s sole discretion that such content is in violation of the Terms or any applicable law. Such actions do not in any manner negate or dilute MUNI’s position as an intermediary under applicable laws or impose any liability on MUNI with respect to the content. Where any User content is removed from the Platform, MUNI will make reasonable efforts to inform the User who had posted such content about such removal. In case the User is aggrieved by MUNI’s actions under this clause, they may write to MUNI at support@munibroking.com, and MUNI will take action as per the Terms or as per any applicable law.
18. Third Party Sites
a) The Platform may contain links or direct Users to various third-party platforms. If the User uses or clicks on any of these links, the User may be directed/redirected to such external platforms.
b) If the User decides to visit any such external link, the User does so at their own risk, responsibility and liability. MUNI does not endorse any platform linked to it or the information appearing therein or any of the products or services described therein on the Platform. Any display of third-party goods/services offered through the Platform does not in any way imply, suggest, or constitute any reputation, sponsorship, endorsement or approval by MUNI of any such third parties. The User agrees that MUNI is in no way responsible for the timeliness, accuracy or completeness of information that they may obtain from these third parties and which may be posted/published on the third-party platforms, and as may be amended from time to time.
c) The User agrees and understands that when using the Platform, they will be exposed to User content from a variety of sources and by different Users, and that MUNI is not responsible for the accuracy, usefulness, safety, or intellectual property rights of or relating to such User content.
19. Indemnities
a) The Client is aware that authentication technologies and strict security measures are required for internet-based trading. The Client agrees to indemnify and hold MUNI, its affiliates, partners, directors, employees, and agents harmless against any losses that may be suffered by it, its other customers, or any third parties:
(i) as a consequence of any claim or action that may be initiated by a third party that is in any way the result of improper use of user ID, password or 2FA login credentials by the Client,
(ii) from failures or delays in the debit process from the bank account for transfer funds including for mutual funds, and
(iii) in case of bank delays or any technical issue at MUNI’s end that may lead to the delay of the fulfilment of an order and the resultant change in the NAV at which the order is placed, in the case of mutual funds.
b) In the event of death, insolvency or liquidation of the Client, or their otherwise becoming incapable of receiving, paying for, delivering or transferring securities which the Client has ordered to be transacted upon through the Platform, MUNI shall be entitled to close out the transaction on behalf of the Client. The Client and/or their legal representatives shall be liable for any losses or costs arising therefrom, and shall also be entitled to receive any surpluses which may arise thereto. The Client agrees to indemnify MUNI for any shortfalls that may arise as a consequence of such close-out.
c) By agreeing to use the Platform, the Client agrees to indemnify and hold MUNI, its affiliates, partners, directors, employees, and agents harmless from any losses or harms that may arise due to: (i) breach by the Client of any applicable laws, rules or regulations that may have been applicable to their transactions on the Platform; (ii) breach by the Client of any of the clause contained in these Terms; and (iii) any act, neglect, misconduct or fraud by the Client.
20. Investment Advice
a) The Client agrees that none of the services available on the Platform shall be deemed to be investment advice by MUNI.
b) In the event that the Client receives any information, recommendations or advice from any employee or representative of MUNI, then such information, recommendations or advice shall strictly be in the personal capacity of such employee or representative, and the Client may act upon it at their sole risk and costs. MUNI shall in no way be liable or responsible for any transactions executed by the Client in pursuance of such information, recommendations or advice.
c) MUNI and its officers, directors, partners, employees, agents and affiliates shall have no responsibility with respect to any investment decisions or transactions of the Client.
21. Force Majeure
MUNI shall not be responsible for any delays or defaults in the performance of its obligations due to any contingencies beyond its control. Such contingencies include but are not limited to losses caused directly or indirectly by exchange or market rulings, suspension of trading, fires, floods, civil commotions or riots, earthquakes, cyclones, tsunamis, wars, strikes, pandemics or health calamities, any terrorist actions, system failures, breakdown in internet links and any regulatory actions by the government.
22. Refund & Cancellation Policy
The refund & cancellation policy for all payments made or fees paid towards account opening or availing of any other services from MUNI shall be as follows:
a) The fees paid towards account opening charges to enable the Client’s equities and commodities accounts is non-refundable. This fee is used towards initiation of an account by a client and there are various charges involved even if the account is not completely opened and activated as well. The initiation of an account includes charges for electronic data entry & maintenance, KYC, e-signing, the printing of any documents, and operational costs of the business.
b) In case MUNI fails to open an account within 10 days of submission of all the necessary supporting documentation and authorisations by the Client, such Clients may request a full refund of all the charges paid towards account opening.
c) In case a Client has paid the charges relating to account opening multiple times, such Clients are requested to write to MUNI at support@munibroking.com. Upon being so intimated, MUNI shall initiate the necessary procedure to refund these amounts to the Client.
d) In case the account opening fee is paid, but the account has not been activated (a Client ID and password have not yet been generated), a request to initiate a refund with a clear reason can be sent by the Client to MUNI. As the account opening fee includes various charges to initiate the account opening process itself, as stated in the first point above, no charges are refunded automatically. All refund requests will be considered by MUNI on a case to case basis.
Clients understand that completion of all refund procedures initiated by MUNI is subject to fulfilment by the relevant third party agencies including banks and payment gateways.
23. Investor Grievance Redressal Mechanism
a) Investor satisfaction is of utmost importance to MUNI, for which we have implemented the necessary mechanisms and systems.
b) The grievance officer shall be the Compliance Officer of MUNI. All the investor grievances are monitored and redressed by the Compliance Officer of the Company who reports directly to the Board of Directors. This essentially takes care of the necessary escalation in case of any long pending and serious complaint, otherwise the same are taken care of by the Compliance Officer with the support of the Compliance team.
c) The clients can email their grievances to the Compliance Officer on the email ID at compliance@munibroking.com, which is displayed on our Platforms and the same also mentioned on the contract notes and other correspondence if any sent to the client from time to time. The grievances will be acknowledged within 24 hours of the complaint and disposed of within 15 days of receipt.
d) All the emails received are duly monitored and redressed by the Compliance Officer. The register of grievances is centrally maintained for better control and monitoring. Thus, the grievances received in writing, mail, verbally, etc. are centrally monitored and redressed and recorded with all the necessary steps taken for redressal of the same. Proper analysis is undertaken to analyse the nature of complaints received, pattern of complaints and concentration if any at a particular location so that every effort is taken to remove the root cause of the grievance by the client. Periodic visits and inspections are undertaken for the branches and authorised partners to get the feedback of clients on the issues. Depending on the feedback received necessary corrective steps are introduced into the system.
e) For ensuring that the funds received from the particular clients are properly accounted for, no cheques and cash are collected, at various locations or at the Head Office where centralized accounting is maintained, by which it is ensured that the funds are credited to the account of the correct client and also from the particular accounts mentioned in the client account master in the Back office software maintained centrally. No other separate software is maintained for maintaining client account details. Thus every attempt is made to redress the grievance/problems of the clients and introduce systematic changes into the processes so that such instances are avoided.
24. Severability
In the event that any one or more of the provisions contained in these Terms become invalid, illegal or unenforceable in any respect under any law or regulations for the time being in force, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be prejudiced or affected thereto.
25. Governing Law, Jurisdiction and Dispute Resolution
a) The Terms and the use of the website are governed by and construed in accordance with the laws of India.
b) In the event any dispute or difference arises between the User and MUNI in connection with the validity, interpretation, termination and implementation or alleged breach of any provision of the Terms (“Dispute”), both Parties hereto shall endeavour to settle such Dispute within a period of 30 days, amicably with each other and in good faith.
c) Upon failure to amicably settle any Dispute, the User must give written notice to MUNI and refer the Dispute to be resolved by arbitration to be conducted by a sole arbitrator, mutually appointed by both parties to settle the Dispute. The arbitration proceedings shall be conducted in accordance with the provisions of the Arbitration and Conciliation Act, 1996. The venue and seat of arbitration shall be Kolkata, India. The arbitration proceedings shall be conducted in English. The arbitral award shall be substantiated in writing.
d) The courts in Kolkata, India shall have exclusive jurisdiction over all matters connected with these Terms and Your use of the website.
26. Miscellaneous
a) MUNI does not warrant that the services provided on the Platform will be uninterrupted or error-free. All services on MUNI’s Platform are provided to the Client on an “as is” and “as available” basis, without warranties of any kind, either express or implied, including, without limitation, those of merchantability and fitness for a particular purpose.
b) The Client acknowledges that online trading over the internet involves several uncertainties and complexities with respect to hardware, software, computer systems, communication lines, peripherals, etc., all of which are susceptible to interruptions and dislocations, and which may result in the Platform being unavailable without prior notice. Neither MUNI nor the Exchange make any representations or warranties to the Client that online trading facilities on the Platform shall be available to the Client at all times without any interruptions. Clients agree that they shall not pursue any claims against MUNI or the Exchange on account of any suspensions, interruptions, malfunctioning or non-availability of the services offered on the Platform or any part thereof, for any reason whatsoever.
c) Clients hereby confirm that they have authorised MUNI to take all such steps on the Client’s behalf as may be required to complete or settle any transactions executed with MUNI or executed by MUNI on behalf of the Client. However, no clause herein shall create an obligation upon MUNI to take any such steps.
d) The Client hereby authorizes MUNI, its affiliates and representatives to contact them via phone calls and SMS.
e) The failure of MUNI to exercise any right provided herein or available under applicable law shall not be deemed a waiver of any further right hereunder. Waiver of any right by MUNI shall not be deemed to be a waiver of any further rights of MUNI. The exercise by MUNI of any of its remedies under these Terms will be without prejudice to its other remedies under these Terms or otherwise.
f) In the event there is any conflict between the Terms, the Privacy Policy, any other policies applicable to whole or part of the website or MUNI’s services to the Client, and agreements entered into between MUNI and the Client, the following order of prevalence shall apply:
(i) agreements between MUNI and the Client,
(ii) any product or service-specific terms and policies,
(iii) the Privacy Policy, and
(iv) the Terms.
g) To the fullest extent permitted by law, MUNI and its affiliates are not and will not be liable for any indirect, remote, punitive, special, incidental, consequential, or exemplary damages (including, without limitation, loss of business, revenue, profits, and goodwill) arising out of or in connection with the User’s use or inability to use the website. In any event, the liability of MUNI arising out of the Terms shall not exceed INR 100 (Indian Rupees One Hundred Only).
h) Neither we nor any third parties provide any warranty or guarantee as to the accuracy, timeliness, performance, completeness or suitability of the information and materials found or offered on this website for any particular purpose. You acknowledge that such information and materials may contain inaccuracies or errors and we expressly exclude liability for any such inaccuracies or errors to the fullest extent permitted by law.
i) Your use of any information or materials on our website and/or product pages is entirely at your own risk, for which we shall not be liable. It shall be your own responsibility to ensure that any products, services or information available through our website and/or product pages meet your specific requirements.
j) Our website contains material which is owned by or licensed to us. This material includes, but are not limited to, the design, layout, look, appearance and graphics. Reproduction is prohibited other than in accordance with the copyright notice, which forms part of these terms and conditions.
k) All trademarks reproduced in our website which are not the property of, or licensed to, the operator are acknowledged on the website.
l) Unauthorized use of information provided by us shall give rise to a claim for damages and/or be a criminal offense.
m) From time to time our website may also include links to other websites. These links are provided for your convenience to provide further information.
n) You may not create a link to our website from another website or document without MUNI’s prior written consent.
o) Shipping is not applicable for our business.
27. Violation of the Terms of Use
You agree that any violation by You of these Terms of Use will constitute an unlawful and unfair business practice, and will cause irreparable harm to the Company and/ or its group entities and affiliates, as the case may be, for which monetary damages would be inadequate, and You consent to the Company obtaining any injunctive or equitable relief that they deem necessary or appropriate in such circumstances. These remedies are in addition to any other remedies that the Company may have at law or in equity. If the Company takes any legal action against You as a result of Your violation of these Terms of Use, they will be entitled to recover from You, and You agree to pay, all reasonable attorneys’ fees and costs of such action, in addition to any other relief that may be granted.
28. Contact Us
Please reach out to support@munibroking.com if you have any questions or concerns regarding the Terms.