QUICK SIP

Terms and conditions for investing in Quick SIP

 

  • Quick SIP is a product offered by the Reliance Securities Ltd. (RSL) under its Broking Business to all its existing and new clients.
  • Quick SIP is also referred as Equity SIP or Regular Stock Purchase Plan (RSP)
  • Trade execution is subjected to availability of sufficient unencumbered (clear fund) client’s ledger balance in RSL trading account.
  • The Product is not a PMS or mutual fund or any other collective instrument/scheme introduced by RSL. All transactions are with client’s consent only.
  • Quick SIP is a value added service provided by RSL and the selections of securities would be made by client’s own volition out of the given Quick SIP scrip basket provided by RSL.
  • RSL may include or exclude any stock from the Quick SIP Stock list at any time without any prior intimation. However, Quick SIP request already placed in any discontinued stock will remain active for the specified tenure.
  • Client can place Amount based or Quantity based Quick SIP request any time, however the first Quick SIP order will be effective from the next trading day onwards. Quick SIP request for the same day will not be accepted. 

    In case of Quantity based Quick SIP, amount of the order will vary depending on the current market price as all the Quick SIP order will be pushed with Market price. 

    In case of Amount based Quick SIP at the time of placement of your Quick SIP order, quantity will be calculated based on the LTP.

  • Client’s Quick SIP orders will be pushed to the Exchange(s) by RSL during 09:30 AM to 10:00 AM in the market hours on the order date specified by the client on best effort basis, however the order placement time may vary due to system constraint or any other reason. In such circumstances RSL should not be held responsible or liable for any actions, claims, demands, losses, damages, costs, charges, and expenses which client may suffer, sustain, or incur due to change in order placement time or non-placement of the order.
  • All the orders under the Product will be placed at Market Rate as a delivery based transaction. In case the order placement date/day specified by you falls on a trading holiday, then the order is placed on subsequent trading day. 
    Note:

    In case of Weekly/Monthly Quick SIP if the scheduled order date falls on Trading Holiday then the order will be placed on the next trading day. 
    Example: You have Monthly Quick SIP with the Start Date as 15th, hence on 15th of every month your Quick SIP orders will be placed, however if 15th falls on Saturday/Sunday or trading holiday then the order will be placed on the next trading day. 
    In case of Daily Quick SIP, Saturday and Sunday will not be included in the order schedule and no order will be scheduled for Saturday and Sunday. However, order will be scheduled for all weekdays (Monday to Friday), and if any trading holiday falls between Monday to Friday then order for that day will be placed on next the trading day. Hence there may be multiple orders on a day if previous day order could not be placed due to trading holiday. 

  • RSL will place buy order based on the instructions received from the client. Selling will be at the sole discretion of the client only. Once the Quick SIP order is executed the same will be considered as normal delivery transaction and a Contract Note will be issued same as in case of normal delivery trade.
  • On the defined trigger date, if selected stock reaches upper or lower circuit, the order will be kept live till market ends. In this case the order may or may not get successfully executed depending upon the market.
  • If any Quick SIP orders remain pending for execution due to any reason, the same order will not be attempted again or will not be clubbed with any future orders irrespective of the sufficient ledger balance. 
    However, your remaining future Quick SIP request will be active and order will be placed for execution on the scheduled date.
  • Securities investments are subject to market risks and there can be no assurance or guarantee that the objectives will be achieved. Each client is advised to consult his/her own financial advisor/professional tax advisors before availing of the Product.
  • The Company may at its absolute discretion discontinue the Product completely or partially with a notice to the client 30 days prior to such action. All pending Quick SIP instruction stand on the withdrawal date will be cancelled.
  • RSL reserves the right to modify Quick SIP terms and conditions by giving 30 days’ notice to the client enrolled for the Product.
  • RSL is merely a broker for placing orders as per the instructions given by client under the facility. RSL does not have any role to play in the execution of trades after the orders have been placed. Trade execution takes place at the exchange platform as per the order matching rules of the exchange. Thus there is a possibility that orders may be executed only partially or may not be executed at all; as is the case with normal cash transactions also.
  • All the terms and conditions of the Client Agreement will be applied in addition to the terms and conditions of Quick SIP on all clients enrolled for the Product.
  • SEBI / Exchange(s) rules, regulation, By-laws and guidelines as issued from time to time will applicable to all the Quick SIP orders.


    CANCELLATION:

  • If client wants to cancel Quick SIP, then client need to login to the trading account and can place a cancellation request. All future Quick SIP for the stock will be cancelled immediately.
  • Clients are required to cancel each Quick SIP request separately whether for same or different stocks. If any particular Quick SIP request is cancelled by the client, then the Quick SIP orders for that particular request will be cancelled only and not all the Quick SIP request for the same or different stock.


    BROKERAGE AND FEES/CHARGES:

  • Existing brokerage structure assigned to customer trading account will be applicable on the trade executed through the Product from time to time. i.e. there is NO separate brokerage structure for Quick SIP.
  • In case of recurring Quick SIP failure in Client’s account due to insufficient ledger balance, RSL may decide to charge a penalty for placing Quick SIP request without maintaining sufficient ledger balance to cover the Quick SIP orders.

    RSL reserves the right to modify the amount of brokerage, charges from time to time giving 30 days prior notice by way of email.  Such changes are binding on the Client if RSL has not received any objection from the Client within 30 days from the date of such communication.


    Risk associated with CORPORATE ACTIONS

  • Your Amount based Quick SIP order may get affected due to different corporate actions announced by the company from time to time. 
    • Bonus Issue and Stock Split: In case of amount based Quick SIP, number of shares to be purchased for each Quick SIP order is calculated on the basis of LTP. Hence in case of Bonus Issue or Stock Split, the number of shares to be purchased may vary as per the defined Quick SIP amount.
      For example; Market Price of RIL on the record date (09-09-2017) in split ratio of 1:1 is 1645. After the record date on 09-09-2017, stock price goes down to around Rs 818. 
      If you have a Quick SIP of Rs 10,000, system will calculate the no. of shares for 9th Sep base on LTP and hence order will be placed for 12 shares (10,000/818). In this case your Quick SIP order will be placed for Rs 9816 (Rs 818 * 12 shares).
    • Right Issues and Ex Dividend: Stock price also goes down substantially post record date of Right Issue or Dividend declared by the company. Hence in these corporate actions as well the number of shares to be purchased for Amount based Quick SIP will be less in regards to your defined Quick SIP amount as explained above.
    • De-merger of the Company: In case of De-merger of the company resulting in reduction of stock price, the number of shares to be purchased for your Amount based Quick SIP will be affected as explained above. 
      However, these situations may arise for one day after the record date. From second day onwards Quick SIP orders will be placed based on the LTP, hence the Quick SIP order will be placed for the desired no. of shares.
    • De-listing of the Company: If the company is delisted from the exchange due to merger or any other corporate action, your Quick SIP will be stopped for that particular stock.
    • Change in Company Name or Stock Symbol: In case of change in company name or change in stock symbol, your Quick SIP stock name will be changed accordingly, however the same Quick SIP request will remain active with the changed name. 
  • The clients who are participants of the Product will not hold RSL responsible for, or liable for, any actions, claims, demands, losses, damages, costs, charges and expenses which they may suffer, sustain or incur by way of the above offer.
  • The terms and conditions of the Product will always be read in conjunction with the Rights & Obligations, Risk Disclosure Document, Policies & Procedures and General T&C provided to the client.