Terms and Conditions for the use of IDEAS services of NSDL by Clearing Members having CM Pool Account with a Depository Participant of NSDL
Definitions: In this document, the following words and phrases have the meaning set opposite them unless the context indicates otherwise:
NSDL: means National Securities Depository Limited, a company incorporated under the Companies Act, 1956 and registered under the Depositories Act, 1996 with Securities and Exchange Board of India.
Clearing Member (CM): refers to member of a recognised stock exchange having a Pool Account with any Depository Participant (DP) of NSDL.
IDEAS (Internet-based Demat Account Statement): refers to the trade name of NSDL’s Internet Services which provide the CM an ability to view the balances in its Pool Account, details about transactions and other services, which NSDL may decide to provide from time to time in its absolute discretion. The availability / non-availability of a particular service shall be advised either through email, web page of NSDL or written communication.
Internet: refers to a Global network of inter connected Computers network, each using Transmission Control Protocol / Internet Protocol or any combination thereof or such other standard network inter connection protocols as is used to transmit data that is directly or indirectly delivered to a Computer.
Subscriber: means a CM registered as a subscriber to IDEAS.
Personal Information: refers to the information about the CM Pool Account that is stored on the records of NSDL and may be retrieved in perceivable form.
Service: IDEAS offers the facility to view latest balances and transactions in the demat accounts of Clients and CMs. CMs will be able to view and download the latest balances and transactions in their pool accounts in respect of settlements for the current pay-in date, previous four and next four pay-in days. There are number of other features like ISIN-wise position, view delivery-out instructions, etc.
Application: The application for use of IDEAS by a CM shall be made in physical form (i.e., by a hard copy) to NSDL. The acceptance or acknowledgment of receipt of the application form by NSDL does not automatically imply acceptance of the application for use of the IDEAS by a CM. NSDL will be entitled, at its sole discretion to either accept or reject an application. NSDL may from time to time advise about the Internet Software (such as Browser), required for using IDEAS. There will be no obligation on NSDL to support all versions of the Internet Software.
Minimum Hardware & Software configurations: In case of a password user, a computer with 32 MB RAM and Windows 95 / 98 / NT having either Microsoft Internet Explorer 5.5 or above or Netscape Navigator 4.7 with an Internet connection is required.
In case of a smart card user, a smart card reader and a smart card should be procured directly from the empanelled vendor of NSDL. The computer configuration must be 64 MB RAM and Windows 98/NT having Microsoft Internet Explorer 5.5 or above with 128 bit encryption, with an Internet connection.
Registration Procedure: The CM can avail of IDEAS as a password user or smart card user.
Password users
CM should fill up the application form for IDEAS and after obtaining DP's attestation, submit the form to NSDL.
NSDL will then register it as a user and provide the User id and password.
At the first log-in to IDEAS, CMs will have to compulsorily change the password which should be between 8 and 16 characters long and should consist of a mix of alphabets, numericals and special characters which must not relate to any readily accessible personal data such as the CM name, address, telephone number, etc. or easily guessable combination of letters and numbers. Thereafter, CM, with the User-Id and password, can start using IDEAS.
Smart card users
CM should fill up the application form for IDEAS and obtain DP's attestation on the form.
CMs will contact NSDL for procuring smart card kit and submit the form alongwith the smart card to NSDL.
NSDL will assign User -Id and issue Digital Signature Certificate (DSC) & Personal Identification Number (PIN).
After installing the smart card kit, with the User-id, DSC and PIN, CM can start using IDEAS.
Mailing Address: All correspondence / delivery by NSDL shall be made only at the address and / or e-mail address of the CMs as registered with NSDL.
Liability: NSDL shall not be liable to the CM for any transactions executed based on the information available at IDEAS and the CM hereby fully indemnifies and hold NSDL harmless against any action, suit, proceeding initiated against it or any loss, cost or damage incurred by it as a result thereof. NSDL shall under no circumstance be liable to the user if the access is not available in the desired manner for reasons including but not limited to natural calamities, legal restraints, faults in the telecommunication network or network failure or any other reason beyond the control of NSDL. Under no circumstance shall NSDL be liable for damages whatsoever whether such damages are direct, indirect, incidental, consequential and irrespective whether any claim is based on loss of revenue, interruption of business or any loss of any character or nature and whether sustained by the user or any other person. Illegal or improper use of IDEAS shall render the user liable for payment of financial charges as decided by NSDL and will result in suspension of the access to IDEAS.
Disclosure of Personal Information: The CM agrees that NSDL or its agents may hold and process its Personal Information on computer or otherwise in connection with IDEAS as well as for statistical analysis. The CM also agrees that NSDL may disclose, in strict confidence, to other institutions, such Personal Information as may be reasonably necessary for reasons inclusive of but not limited to the following:
To the DP where the CM is having its CM Pool Account
To the Clearing Corporation where the CM is a Clearing Member
For participation in any telecommunication network
In compliance with a legal directive &
For fraud prevention purposes, etc.
Proprietary Rights: The CM acknowledges that the software underlying IDEAS is the legal property of NSDL. The permission given by NSDL to access IDEAS will not convey any proprietary or ownership rights in the above software. The CM shall not attempt to modify, translate, disassemble, decompile or reverse engineer the software underlying IDEAS or create any derivative product based on that software.
Safeguards:
Commit the password/PIN to memory and not record it in any form including written or electronic
Keep the password/PIN confidential and do not reveal the same to any third party
Do not let any unauthorised person to have access to computers/smart card kit or leave them unattended while accessing IDEAS
Payment and Charges: CM agrees to pay to NSDL an Annual subscription fee (inclusive of service tax) and such other fees that may be decided by NSDL from time to time (for details regarding charges kindly contact - Sandip Patel - 24994413 or Vinith Nair - 24994414).
Change of Terms and Conditions: NSDL has the absolute discretion to amend or supplement any of the terms and conditions at any time and will endeavor to give prior notice of fifteen days wherever feasible for such changes. NSDL may introduce new services within IDEAS from time to time. The existence and availability of the new services will be notified to CMs as and when they become available. The changed terms and conditions applicable to the new features in IDEAS shall be communicated to the CM. By using these new services, the CM agrees to be bound by the revised terms and conditions as may be applicable.
Non-Transferability: The right of use of IDEAS is not transferable by a CM under any circumstance and shall be used by the CM only.
Termination of IDEAS: The CM may request for termination of the IDEAS any time by giving a written notice of atleast 15 days to NSDL. NSDL may withdraw IDEAS anytime provided the CM is given reasonable notice . Closure of a CM Pool Account will automatically terminate IDEAS to that CM. NSDL may suspend or terminate IDEAS without prior notice if the CM has breached any of the terms and conditions or NSDL learns of the death, bankruptcy or lack of legal capacity of the CM.
Notices: NSDL and the CM may give notices in the following manner under these Terms and Conditions:
In writing by delivering them by hand or by sending them by post to the last address given by the CM and in the case of NSDL to the address mentioned below:
National Securities Depository Limited, 4th Floor, Trade World, A-wing,
Kamala Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai 400 013
In addition, NSDL may also publish notices of general nature, which are applicable to all CMs using IDEAS on its website or by way of e-mail. Such notices will have the same effect as a notice served individually to each CM.
Governing Law: These terms and conditions and / or the use of the services provided through IDEAS shall be governed by the laws of the Republic of India and no other nation. The CM and NSDL agree to submit to the exclusive jurisdiction of the Courts located in Mumbai, India as regards any claims or matters arising under these terms and conditions. Any dispute or difference arising between the CM and NSDL shall be settled by mutual consultation / discussion, failing which the same shall be referred to arbitration. The Arbitration proceedings shall be governed and conducted in accordance with the Indian Arbitration and Conciliation Act, 1996 and that the Arbitration proceedings shall take place in Mumbai. NSDL accepts no liability whatsoever, direct or indirect, for non-compliance with the laws of any country other than the Republic of India. The mere fact that IDEAS can be accessed through Internet by a CM in a country other than India shall not be interpreted to imply that the laws of the said country govern these terms and conditions.
General: The clause headings in this agreement are only for convenience and do not affect the meaning of the relative clause. The CM shall not assign this agreement to anybody else. NSDL may subcontract and employ agents to carry out any of its obligations under this agreement.
Disclaimer: All information provided in IDEAS is obtained by NSDL from sources believed to be accurate and reliable. Access and use of IDEAS is a confirmation by the Users that they have understood and accepted the terms and conditions for using this service. This Service does not undermine, compromise or substitute in any manner whatsoever, the provisions of the agreement entered into between the DP and the User for opening an account with the DP pursuant to the Bye Laws of NSDL.
NSDL will endeavor to keep all information (status of execution of instructions, balances in accounts etc.) updated on an online but not on real time basis. The information would normally be uptodate as of the last half an hour. However, there may be longer delays due to connectivity issues or other technical reasons. In case the website does not show the updated information, the users are advised to check the current position with their DPs. The formats, frequency of updation and the retention period of information will be decided at the sole discretion of NSDL.
The information is provided on 'as is' basis without warranty of any kind and NSDL shall not be liable for any damages, losses (direct or indirect) whatsoever, due to disruption or non availability of any of services/facility/s due to maintenance/technical fault/error or any failure in telecommunication network or any error in any software or hardware systems. NSDL makes no representation and disclaims all express, implied and statutory warranties of any kind to the user and/or any third party including warranties as to accuracy, timeliness, completeness, merchantability or fitness of the information for any particular purpose.
All proprietary rights in the information received shall remain the property of NSDL. Reproduction, redistribution and transmission of any information contained on the website are strictly prohibited.