TERMS AND CONDITIONS
1. Terms and Conditions of Max
This page contains important information regarding the terms and conditions which apply to your trading and demat account with Max Stock Broking Private Limited (hereinafter referred to as "Max"). Max, being a Trading Member of NSE and BSE, is registered with the Securities and Exchange Board of India ("SEBI") under Registration No. INZ000280532 for Cash/Derivatives/Currency Derivatives segments of NSE and BSE. Depository services for your account are enabled through Max Stock Broking Pvt. Ltd., a Depository Participant with CDSL, having SEBI Registration No. IN-DP-CDSL-586-2021. Access to your account and use of your account are subject to your compliance with all the terms and conditions set forth herein, read along with all documents, including but not limited to applications and undertakings signed by you during account opening. Please read this page carefully and retain it for future reference.
The website is owned, operated and maintained by Max Stock Broking Pvt. Ltd. ("Max"), a company incorporated under the Companies Act, 2013, having CIN U67120GJ2007PTC052317 and its Registered Office at "Max House", 2, Desai Society, Near Mahadev Temple, College Road, Nadiad, Gujarat - 387001, India. The information contained herein is subject to change without notice.
General Terms and Conditions
Before availing online trading services, the Client shall complete the registration process as may be prescribed from time to time and follow the instructions on the website for registering as a Client.
The Client agrees that all investment and disinvestment decisions are based on the Client's own evaluation of financial circumstances and investment objectives. This extends to any decisions made on the basis of information available on the Max website. The Client shall not hold Max or any of its officers, directors, partners, employees, agents, subsidiaries, affiliates or business associates liable for trading losses or damage incurred by the Client as a consequence of relying on investment information, research opinions, advice or other material on the website, literature or brochures issued by Max or any other agency appointed or authorised by Max. The Client should seek independent professional advice regarding the suitability of any investment decision. Employees of Max are not authorised to give such advice, and the Client shall not solicit or rely upon such advice from Max or its employees.
Security Precautions and Password
Max will provide the Client with a username and trading password to access online trading through the Max website, telephone or any other manner permitted by Max. Max may also provide a username and password for accessing back-office services and reports. The use, reset and modification of passwords shall be governed by the information on the website.
The trading terminal and online back-office/front-office software use Two-Factor Authentication (2FA). The Client must enter the Client ID and password along with the 2FA set by the Client. A link to create a password and 2FA is sent to clients along with the welcome email. The password and 2FA are unique to the Client, are privileged information and must be kept secret. As required by SEBI and the Depositories, 2FA may also be required for sell transactions debiting securities from the demat account through the Online DIS route. This PIN must be entered for each such debit/sell transaction and is required only when using the Online DIS route, not where a physical Power of Attorney or DDPi has been submitted.
A password may be reset at any time through the "Forgot Password" link on the login area. A reset link will be sent to the Client's registered email ID, and the process for setting a unique password must be followed.
The Client is responsible for keeping the username and password confidential and secure and is solely responsible for all orders and transactions entered through Max's online trading system using the Client's username and/or password, whether or not the person was authorised. The Client shall immediately inform Max of any unauthorised use, providing full details including the date, manner of use and transactions effected.
The Client acknowledges the risks of online trading, including misuse or unauthorised use of login credentials and the risk of a person hacking into the Client's account and routing orders. The Client shall be liable for unauthorised use or misuse of the password or username and for acts done through the online trading system using those credentials. The Client shall notify Max in writing if they discover or suspect unauthorised access, discrepancies that may be attributable to such access, a forgotten password, or a security flaw in Max's online trading system.
Orders
All purchase, sale or other dealing orders and instructions routed through Max's online trading system using the Client's username shall be deemed to have been given by the Client. For orders placed by telephone, the Client agrees to provide the customer user identification number and other information required to establish the Client's identity.
Orders, instructions, contracts and transactions and their settlement shall be in accordance with the provisions of the relevant Exchange. Max may impose or vary limits on orders through its online trading system, including exposure, turnover, number, value or kind of securities, and the companies whose securities may be traded. Max may vary, reduce or urgently impose new limits based on its risk perception or other relevant factors and may not be able to inform the Client in advance. Max shall not be responsible for such variation or for the Client's inability to route an order as a result.
Max may, at its sole discretion and without prior notice, prohibit or restrict the Client's ability to place orders or trade in securities through Max. Orders are generally routed to the Exchange's computer systems within a few seconds, but Max shall not be liable for delay in execution or any resulting loss on account of delay. Max may impose scrip-wise surveillance or other conditions and surveillance measures which may differ between Clients according to Max's risk perception and other relevant factors.
In the case of a market order, the Client will receive the price at which the order is executed by the Exchange's computer system, which may differ from the price at which the security was trading when the order was entered.
Online Account Opening
Online account opening using Aadhaar is available only to eligible individual residents of India; HUFs, corporate bodies, NRIs and other ineligible categories cannot use this facility. When opening an account online using Aadhaar, data is fetched from the KYC database and cannot be edited through the account-opening process.
Pick-up of required documents related to the account-opening procedure is subject to the availability of Max's representatives at the specified time and location.
Trading, Settlement and Accounts
Orders placed through the website shall be forwarded by the system to the Exchange. Orders placed otherwise may be forwarded to Exchange terminals or another order-execution mechanism at Max's discretion. Orders placed during trading hours shall be routed to and executed on the market system.
Online confirmation will be sent to the Client by email or SMS after order execution and shall be deemed valid delivery by Max. The Client is responsible for promptly reviewing all confirmations of orders, transactions or cancellations received by email or other electronic means, and following up with Max for confirmations not received within the stipulated time.
The Client shall notify Max in writing by email or fax within twenty-four hours of receiving any report, confirmation or contract note of errors, including execution prices, scrips or quantities. Other discrepancies in a confirmation or account shall also be reported within twenty-four hours of receipt. Max may accept or reject an objection. There may be delays in receiving reports or transaction status from Exchanges or other persons; Max may forward late reports relating to transactions previously unreported as expired, cancelled or executed. The Client shall not hold Max responsible for losses arising from late reports, statements or errors in reports or statements computed by or received from an Exchange.
If the market closes before an order is accepted by the Exchange, the order may be rejected. Max may reject orders rejected by the Exchange; a rejected order shall remain declined and shall not be reprocessed. Max may also reject an order for reasons including non-availability of funds in the trading account, non-availability of securities in the Client's demat account, insufficient margin, suspension of scrip-specific trading activity or application of a circuit breaker. If an order is not accepted on the website for any reason, Max may treat it as lapsed.
Electronic trading systems at the Exchange or Max's offices may be vulnerable to temporary disruptions, breakdowns or failures. If a trade is not executed or cancelled because of a system or link failure, Max may cancel the relevant request and shall not be liable for the inability to execute the desired transaction or losses incurred due to circumstances beyond Max's control.
Max may, at its sole discretion, permit execution of orders irrespective of the balance in the Client's account. The Client shall abide by Exchange rules, regulations and bye-laws applying to transactions carried out by Max on the Client's behalf.
Max is not responsible for an order made by the Client by mistake. Every order entered through the allotted username and security codes shall be treated as a valid order for which the Client is responsible. Cancellation or modification of an order is not guaranteed: it will occur only if the request is received and the order is successfully cancelled or modified before execution. Market orders are subject to immediate execution wherever possible.
The Client shall not assume an order has been executed, cancelled or modified until confirmation is received from Max. Technical factors may delay transmission of confirmation; such delay does not mean that the order was not executed, cancelled or modified. Pending orders are governed by Exchange systems after the market closes for the day.
Max shall issue contract notes in accordance with the SEBI (Brokers and Sub-Brokers) Rules and Regulations, 1992, within twenty-four hours of trade execution. Contract notes may be sent in digital form by email to the address provided by the Client. The Client is responsible for reviewing trade confirmations, contract notes, bills and account statements promptly and notifying Max in writing of any objection within twenty-four hours.
Max may allow or disallow a Client from trading in any security, class of securities or derivatives contract and may impose conditions, including scrip-wise conditional trading, as it deems fit from time to time.
Margin
The Client agrees to deposit with Max such cash, securities or other acceptable security as may be required for margin. Max may require a higher margin than that prescribed by the Exchange and may require the Client to maintain a margin of a value specified by Max while using online trading services.
The margin will not bear interest. Max may, at its sole discretion, exercise an irrevocable right to set off all or part of the margin against amounts due from the Client or a member of the Client's group if the Client or that group member fails to meet obligations under these terms. Max may determine the market value of securities placed as margin after applying an appropriate haircut. The Client must monitor their market value and replenish any shortfall immediately, whether or not Max has given notice.
Max may prescribe payment of margin in cash instead of, or in addition to, securities. If margin or other amounts are not paid, Max may liquidate or close out all or any of the Client's positions and adjust the proceeds against the Client's liabilities. Losses and financial charges arising from such liquidation or close-out shall be borne by the Client.
The Client agrees to abide by exposure limits set by Max, the Exchange, Clearing Corporation or SEBI. Max must deposit sufficient margin with the Exchange to enable eligible Clients to trade within limits set according to Max's risk perception and other relevant factors. In extreme volatility, deposits by Max may not be sufficient and trading terminals may be temporarily suspended. The Client shall not claim damages from Max for losses resulting from such suspension.
Securities or cash placed by the Client as margin may be placed by Max as margin with the Exchanges, banks or other institutions. References to sale or transfer of securities by Max include sale of securities forming part of margin maintained by the Client. The choice of specific securities to be sold shall be at Max's discretion.
Maintenance of Trading Account
Money pay-in to Max: Payments due to Max shall be made within the specified time. In case of delay, Max may refuse to carry out transactions or close out a position, with resulting costs or losses borne by the Client. Payments to Max shall be from the Client's own account and not from a third party.
Money payout by Max: Subject to applicable requirements and a specific request from the Client, Max may release payments due to the Client from the trading account maintained with Max.
Securities pay-in to Max: Delivery of securities for a trade must be made within the applicable settlement timeline. Losses, auction debits or penalty charges resulting from a failure to deliver securities on time shall be borne by the Client. Third-party shares shall not be sold through Max and payments to Max shall not be made by a third party. If the Client sells securities from an Exchange against purchases in a previous settlement, the sale shall be at the Client's sole risk as to costs and consequences.
Securities pay-out by Max: Max may directly credit the Client's demat account through the depository participant or maintain the securities account with Max on a running-account basis. Securities in a no-delivery period shall be credited at settlement as per the Exchange schedule. If any amount is due from the Client, Max may withhold the credit of securities to meet the Client's liabilities under this agreement.
Max is entitled to consider any sum of money or security lying to the credit of the Client as margin received.
Representations and Warranties
The Client warrants that they are capable of executing this agreement and that its terms do not contravene any rights of a third party with whom the Client has an agreement. The Client agrees to provide and continue to provide all details required by Max, including PAN or Unique Identification Number issued by SEBI, and confirms that the details and facts represented to Max are true.
The Client acknowledges that internet trading involves uncertain factors and complex hardware, software, systems and communication lines that may be interrupted or fail. Max's online trading service may be unavailable without notice. Max and the Exchanges do not warrant uninterrupted or error-free service or that the service will be available at all times. The Client shall not claim against Max or an Exchange for suspension, interruption, non-availability or malfunctioning of trading systems or services.
Max shall comply with applicable statutory and regulatory directions for internet trading services. Securities deposited by the Client with Max for margin or otherwise shall be owned by the Client and free from encumbrances. The Client agrees to indemnify and hold Max harmless against losses or claims resulting from improper use of the Client's user ID or password.
Fees and Brokerage
The Client agrees to pay Max brokerage, commission, fees, service tax and other taxes and transaction charges as agreed and due from time to time, as applicable to the Client's account, transactions and trading ledger for services received from Max.
Fees, brokerage and charges on Max's platform may change from time to time, subject to rules prescribed by the Exchanges and SEBI. Max shall notify Clients of changes by email and/or SMS to their registered email ID and contact number, along with the effective date. An updated schedule of charges, brokerage, fees, taxes and other mandatory transaction charges shall apply to the services provided by Max.
Investment or Any Other Advice
None of the services available on the website shall amount to investment advice by Max. If Max or any employee or official provides information, a recommendation or advice, the Client may act upon it only at the Client's sole risk and cost. Max, its officers, directors, partners, employees, agents and affiliates shall have no liability with respect to investment decisions or transactions of the Client.
Miscellaneous
Max does not warrant that the service will be uninterrupted or error-free. The service is provided on an "as is" and "as available" basis without warranties of any kind, express or implied, including merchantability and fitness for a particular purpose. Max shall not be responsible for delays in transmission of orders due to breakdown of systems or communication facilities of Max or the Exchanges, or other delays beyond Max's reasonable control.
Modifications to this agreement may be made at Max's discretion and intimated to the Client by a suitable modification to the terms and conditions or another applicable section of the website, or in another manner.
Indemnity
In the event of the death or insolvency of the Client, winding up or liquidation, or the Client otherwise becoming incapable of receiving and paying for or delivering or transferring securities ordered to be bought or sold, Max may close out the transaction. The Client or legal representative shall be liable for losses and costs and entitled to any surplus resulting from the close-out.
The Client acknowledges that authentication technologies and strict security measures are required for internet trading and undertakes to ensure that passwords are not revealed to any third party. The Client agrees to indemnify Max against loss, injury, claim or action arising from misuse of the password by any party.
Force Majeure
Max shall not be responsible for delay or default in performance of its obligations due to events beyond its control, including losses caused directly or indirectly by Exchange or market rulings, suspension of trading, fire, flood, civil commotion, earthquake, war, strikes, failure of systems, failure of internet links or government or regulatory action.
Severance
If one or more provisions of this agreement become invalid, illegal or unenforceable under any law in force, the validity, legality and enforceability of the remaining provisions shall not be prejudiced or affected.
Investor Redressal Mechanism
Investor satisfaction is of utmost importance to Max, and necessary systems are in place to monitor and redress investor grievances. Grievances are monitored by the Company's Compliance Officer, who reports to the Board of Directors and escalates long-pending or serious complaints. Clients may email their grievances to the address displayed on the website and on contract notes and other correspondence. Emails received are monitored and addressed by the Compliance Officer; a register of grievances is maintained for control and monitoring.
Grievances received in writing, by email, verbally or otherwise are centrally monitored, recorded and addressed, with necessary steps taken for redressal. Complaints are analysed to identify their nature, patterns and possible concentration at particular locations, so efforts can be made to address root causes. Periodic visits and inspections are undertaken at branches and authorised partners to obtain client feedback and introduce corrective steps. Client funds are centrally accounted for and credited to the correct Client account. For assistance, contact grievance@maxstockbroking.com or review the Investor Charter and grievance redressal process.
Notice
Notices, correspondence or communications issued under this agreement may be served at the ordinary place of residence, last known web or residential address, or ordinary business address of a party by one or more of the following modes:
- By hand.
- Delivery by post or registered post.
- Under certificate of posting.
- By email or fax.
- By affixing it to the door at the last known business or residential address.
- By oral communication to the party, last known telephone number or its recording machine.
- By advertisement in at least one prominent daily newspaper circulating in the area of the last known business or residential address.
- By notice posted on the Exchange notice board if no address is known.
Any communication sent by Max to the Client shall be deemed properly delivered or served if it is returned as unclaimed, refused or undelivered after being sent through one or more of the above modes to the Client's ordinary place of residence, last known web or residential address, or ordinary business address.