INSTITUTIONAL EQUITIES

1. Your trading account has a “Unique Client Code” (UCC), different from your demat account number. Do not allow anyone (including your own stock broker, their representatives and dealers) to trade in your trading account on their own without taking specific instruction from you for your trades. Do not share your internet/ mobile trading login credentials with anyone else.
2. You are required to place collaterals as margins with the stock broker before you trade. The collateral can either be in the form of funds transfer into specified stock broker bank accounts or margin pledge of securities from your demat account. The bank accounts are listed on the stock broker website. Please do not transfer funds into any other account. The stock broker is not permitted to accept any cash from you.
3. The stock broker’s Risk Management Policy provides details about how the trading limits will be given to you, and the tariff sheet provides the charges that the stock broker will levy on you.
4. All securities purchased by you will be transferred to your demat account within one working day of the payout. In case of securities purchased but not fully paid by you, the transfer of the same may be subject to limited period pledge i.e. seven trading days after the pay-out (CUSPA pledge) created in favor of the stock broker. You can view your demat account balances directly at the website of the Depositories after creating a login.
5. The stock broker is obligated to deposit all funds received from you with any of the Clearing Corporations duly allocated in your name. The stock broker is further mandated to return excess funds as per applicable norms to you at the time of quarterly/ monthly settlement. You can view the amounts allocated to you directly at the website of the Clearing Corporation(s).
6. You will get a contract note from the stock broker within 24 hours of the trade.
7. You may give a one-time Demat Debit and Pledge Instruction (DDPI) authority to your stock broker for limited access to your demat account, including transferring securities, which are sold in your account for pay-in.
8. The stock broker is expected to know your financial status and monitor your accounts accordingly. Do share all financial information (e.g. income, networth, etc.) with the stock broker as and when requested for. Kindly also keep your email Id and mobile phone details with the stock broker always updated.
9. In case of disputes with the stock broker, you can raise a grievance on the dedicated investor grievance ID of the stock broker. You can also approach the stock exchanges and/or SEBI directly.
10. Any assured/guaranteed/fixed returns schemes or any other schemes of similar nature are prohibited by law. You will not have any protection/recourse from SEBI/stock exchanges for participation in such schemes.

Most Important Terms and Conditions - Research Analyst

1. These terms and conditions, and consent thereon are for the research services provided by the Research Analyst (RA) and RA cannot execute/carry out any trade (purchase/sell transaction) on behalf of, the Client. Thus, the Clients are advised not to permit RA to execute any trade on their behalf.
2. The fee charged by RA to the client will be subject to the maximum of amount prescribed by SEBI/Research Analyst Administration and Supervisory Body (RAASB) from time to time (applicable only for Individual and HUF Clients). 
3. Note: 
   • The current fee limit is Rs 1,51,000/- per annum per family of client for all research services of the RA.
   • The fee limit does not include statutory charges.
   • The fee limits do not apply to a non-individual client / accredited Investor.
4. RA may charge fees in advance if agreed by the client. Such advance shall not exceed the period stipulated by SEBI; presently it is one year. In case of pre-mature termination of the RA services by either the client or the RA, the Client shall be entitled to seek refund of proportionate fees only for unexpired period.
5. Fees to RA may be paid by the Client through any of the specified modes like cheque, online bank transfer, UPI, etc. Cash payment is not allowed. Optionally the Client can make payments through Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited (i.e. currently recognized RAASB).
6. The RA is required to abide by the applicable regulations/ circulars/ directions specified by SEBI and RAASB from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest. The RA will endeavor to promptly inform the Client of any conflict of interest that may affect the services being rendered to the Client.
7. Any assured/guaranteed/fixed returns schemes or any other schemes of similar nature are prohibited by law. No scheme of this nature shall be offered to the client by the RA.
8. The RA cannot guarantee returns, profits, accuracy, or risk-free investments from the use of the RA’s research services. All opinions, projections, estimates of the RA are based on the analysis of available data under certain assumptions as of the date of preparation/publication of research report.
9. Any investment made based on recommendations in research reports are subject to market risks, and recommendations do not provide any assurance of returns. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report. Any reliance placed on the research report provided by the RA shall be as per the Client’s own judgement and assessment of the conclusions contained in the research report.
10. The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the Client.
11. For any grievances,
    • Step 1: The Client should first contact the RA using the details on its website or following contact details:
      1. Designated email IDs: instcompliance@jmfl.com
      2. Written communication at the registered office of the Company
      3. Call on designated number: +91 22 6224 1743
    • Step 2: If the resolution is unsatisfactory, the Client can also lodge grievances through SEBI’s SCORES platform at scores.sebi.gov.in
    • Step 3: The Client may also consider the Online Dispute Resolution (ODR) through the Smart ODR portal at smartodr.in
12. The Clients are required to keep contact details, including email id and mobile number/s updated with RA at all times.
13. The RA shall never ask for the client’s login credentials and OTPs for the Client’s Trading Account, Demat Account and Bank Account. Never share such information with anyone including RA.

Increasing Awareness on Rights Entitlement

SEBI vide its circular SEBI/HO/CFD/DIL2/CIR/P/2020/13 dated January 22, 2020 streamlined the process to be followed in case of Rights Issue. One of the key features introduced in the process of Rights Issues is dematerialization of Rights Entitlements (“REs”) and ability to renounce REs by trading on stock exchange platform or off-market transfer through depository mechanism. REs are traded in the secondary market platform of stock exchanges with T+2 rolling settlement similar to equity shares.

Accordingly, investors are requested to note that REs have a distinct ISIN, and the same should not be mistaken for ordinary shares of the concerned company.

Investors may further note that the purchase of REs only gives the right to participate in the on-going Rights Issue of the concerned company by making an application with requisite application money or renounce the REs before the issue closes. REs which are neither subscribed by making an application with requisite application money nor renounced, on or before the Issue closing date, shall lapse and shall be extinguished after the Issue closing date.

FAQs on Rights Entitlement

Rights Entitlement Investors’ Awareness

Details of REs of listed companies   >