Before opening any Trading account with us, the following measures shall be taken:
The Clients account shall be closed upon a specific request from the client. The closure shall be effective only after a period of one month has elapsed from the date of application/intimation or the date of settlement of account whichever is later. Settlement of account shall mean that there is no outstanding balance in the books of the client and Great Ventures and the same is confirmed by the client. The date of confirmation shall be the effective date of settlement.
Order Receipt: Most of the times the client is entertained by the dealer who regularly deals with the client. The trades of clients are carried out in the respective client code only. The dealers take utmost care while executing the trades of the clients regarding the accuracy of Client Code, Quantity and Price etc. The orders from the clients are promptly executed by the dealers and the oral confirmation of the placement of the orders is immediately provided to the clients. Moreover, only registered clients are allowed to enter the dealing room for placing the orders. Mechanism for order management and execution: The clients are divided into groups among the dealers and sub brokers at head office level, so that particular dealer can serve a particular group of clients which helps dealer to understand the client investment strategy in a better way & serve them accordingly. The orders are entered instantly by the dealer on the instruction given by the client. On execution of valid order into trade, dealers confirm the trade with the client so as to avoid any future dispute. At the end of the trading hours, the dealer informs the clients about the execution of the orders placed by the clients. Also a trade confirmation SMS message covering details of all the trades executed is forwarded to client after completion of trading hours on registered Mobile No. of the client.
To manage the risk of the company/client from the volatility of the market. RMS works on the following concepts: Cash: The clear balance available in the customers ledger account in our books. Margin: The underlying stake provided by the customer in the form of fund available in the trading account. Setting up client’s exposure limit: In Futures segment, exposure limit of each client is set, based on Margin money given by the client, as per the Exchange Regulations. Upfront margin is collected from client. Great Ventures Right to sell client’s securities or close client’s position, without giving notice to the client on account of non payment of dues. In case of any such sale the client will not be given any notice. Conditions under which a client may not be allowed to take further position Under the following conditions a client may not be allowed to take further position:
1. Without prejudice to the Member’s other rights (including the right to refer a matter to arbitration), the client understands that the Member shall be entitled to liquidate/close out all or any of the client’s positions for non-payment of margins or other amounts, outstanding debts, etc. and adjust the proceeds of such liquidation/close out, if any, against the client’s liabilities/obligations. Any and all losses and financial charges on account of such liquidation/closing-out shall be charged to and borne by the client. 2. In the event of death or insolvency of the client or his/its otherwise becoming incapable of receiving and paying for or delivering or transferring commodities which the client has ordered to be bought or sold, Member may close out the transaction of the client and claim losses, if any, against the estate of the client. The client or his nominees, successors, heirs and assignee shall be entitled to any surplus which may result there from. The client shall note that transfer of funds/commodities in favor of a Nominee shall be valid discharge by the Member against the legal heir.
Allotment / Surrender of Trading Terminals: The trading terminals are provided to the dealer/s that is/are appointed by the Company or to the registered sub-brokers and authorized persons only. The Exchange compliance requirements regarding allotment of terminals is strictly adhered to while allotment of terminals. In case of any closure of Branch or Sub-broker, the entire user IDs allotted to that location are surrendered. Opening of Branches : While opening a branch, survey is conducted by the marketing team as per evaluation sheet of the company which includes net worth and educational qualification along with experience in the Securities market of the person, infra structure and location of the office etc. Data gathered by the marketing team helps management to determine the credit worthiness of the person for opening a branch/ registering as associate. After the mutual agreement for terms and conditions between the new associate and the company branch is opened. Closing of Branches : Branch closing either initiated at branch level if the branch manager shows his interest to discontinue or initiated by Head office if the performance of the branch is not acceptable to the company. While closing the branch, branch and clients are informed about the closure of branch. Intimation in physical form regarding closure of particular branch is sent to all the clients of that centre. Then as per clients instructions either they are shifted to nearest branch / HO or their accounts are closed. When the procedure is completed for all the clients the branch is closed.
Anti-Money Laundering Measures Background : The Prevention of Money Laundering Act, 2002 came into effect from 1st July 2005. Necessary Notifications / Rules under the said Act were published in the Gazette of India on 1 st July 2005 by the Department of Revenue, Ministry of Finance, and Government of India. SEBI vide circular dated 18th January 2006 required Market intermediaries to lay down policy framework for anti-money laundering measures to be followed. Great Ventures being a commodity Broker needs to adhere to the same. SEBI has also issued a Master circular dated 19th December 2008, which consolidates all the requirements/obligations issued with regard to AML/CFT until December 15, 2008. Objective : Money laundering has now become one of the major concerns of international financial community. Money Laundering is not just an attempt to disguise money derived from illegal activities. Rather, money laundering is involvement in any transaction or series of transactions that seek to conceal or disguise the nature or source of proceeds derived from illegal activities, including drug trafficking, terrorism, organized crime, fraud and many other crimes.
The objective is to have a system in place for preventing any money laundering financial transaction through us and also to identify, monitor, report any such transaction to appropriate authorities. Know Your Customer (KYC) is the guiding principle behind the Anti-Money Laundering (AML) measures. It incorporates the Know Your Customer Standards & Anti Money Laundering Measures, hereinafter to be referred as KYC Standards and AML Measures “. The objective of is to have in place adequate policies, practices and procedures that promote high ethical and professional standards and prevent the Company from being used, intentionally or unintentionally, by criminal elements “. KYC Standards and AML Measures would enable the Company to know/ understand its customers, the beneficial owners, the principals behind customers who are acting as agents and their financial dealings better which in turn will help the Company to manage its risks prudently.
Branches will be monitored by phone every week on Saturday and their phone calls will be monitored randomly to ensure below listings: No Cash dealings with clients are carried out. No Contract note / confirmation has been issued to clients other than the ones sent by Great Ventures. No Commission, brokerage or fees has been accepted from any client by associate. No funds have been transferred from clients account to the account of associate or from account of one client to the account of another client. No personal trades of the associate have been executed in clients account under any circumstances etc.
Pay In : Clients can transfer funds into the Trading Account only from such bank accounts which are registered with Great Ventures. The client can transfer funds from the instant payment gateway facility available on the trading platform or on the backoffice. Such transfers will be charged at Rs 9/- per transfer. If a client chooses to transfer using NEFT or by means of cheque, there will be no cost. Pay Out : All payouts will have to be compulsorily placed on the Backoffice access provided to the clients. All payout requests will be processed electronically and the credit shall come to the clients primary bank account within 24 hours of having processed the payout request. The payout window for Commodities is 9:00 AM every day – requests placed before 9:00 AM will be honored on the same day. Requests placed after 9:00 AM will be honored the next day. Payout windows are closed on Saturday and Sunday – this means if you place a request on Saturday or Sunday or after 7:30 PM on friday, it will be honored only on Monday.
As a general policy Prefunded Instruments are not accepted by Great Ventures & clients are advised to avoid use of pre-funded instruments for making payments. The clients are also educated about the Exchange and PMLA rules & byelaws. some text The instruments received from clients are checked before depositing the same into bank. If the instrument is identified as Pay Order/DD, then a suitable Reason/clarification in requisite format is required to be obtained from the client. Any transfer from a non-registered bank account will not be considered and the client does not get any trading limit credit for such transfers. If the aggregate value of pre-funded instruments is Rs. 50,000/- or more per client per day, we may accept the instruments only if the same is accompanied by the name of the bank account holder and number of the bank account debited for the purpose, duly certified by the issuing bank. The mode of certification may include the either of the following: