1. Brokerage and Charges

Brokerage and all applicable charges are levied as per contract note and SEBI laws. Key principles:
• Brokerage is charged on the trade value (buy-side and sell-side separately for intraday; sell-side for delivery).
• The maximum brokerage shall not exceed 2.5% of the trade value or Rs. 25 per executed order, whichever is lower, as per SEBI/exchange guidelines.
• All-inclusive charges (brokerage + STT + exchange transaction charges + SEBI turnover fee + stamp duty + GST) are shown in the contract note issued for every trade.
• Charges are true-to-label — no hidden fees beyond those stated in the contract note. Any revision to charges will be communicated at least 15 days in advance via registered email/SMS.
• Delayed payment charges (DPC) at the rate notified to the client at account opening apply on debit balances beyond the settlement date.

2. Order Placement and Execution

• Orders are accepted through NSE/BSE-approved platforms (online trading terminal, web platform, mobile app) and over phone (with voice recording).
• Orders placed by the client are executed on a best-efforts basis; Probulls does not guarantee execution or a specific price.
• Market orders execute at prevailing market prices; limit orders execute only if the market reaches the specified price.
• Clients are responsible for verifying order details (scrip, quantity, price, order type) before confirming. Confirmed orders may not be cancellable once matched in the exchange order book.
• Probulls reserves the right to square off open positions without prior notice if: (a) the client's margin falls below the required level; (b) the position is in a physically-settled contract nearing expiry; or (c) as directed by SEBI/exchanges.
• Auto square-off for intraday positions occurs at a time communicated to the client at account opening (currently 3:15 PM IST for equity intraday). This may change without prior notice in abnormal market conditions.

3. Margin Requirements

• Clients must maintain adequate upfront margin as prescribed by SEBI/exchanges (SPAN + Exposure for derivatives; VaR + ELM for equity delivery in margin trading facility).
• Margin can be provided in the form of cash, approved securities (at applicable haircut), or bank guarantees.
• In the event of a margin shortfall, Probulls may: (a) call for additional margin; (b) restrict new position-taking; or (c) liquidate existing positions to recover the shortfall.
• Margin collected from clients is reported to exchanges on a daily basis. Clients can verify the same on the NSE/BSE client-level margin reporting utility.
• Peak margin reporting is applicable — clients must ensure sufficient margin throughout the trading day, not just at end-of-day.

4. Settlement of Trades

• Equity delivery trades settle on a T+1 rolling settlement basis (T = trade day). Funds/securities must be available by the pay-in deadline on T+1.
• Derivative contracts (F&O) are settled daily (MTM) and on expiry (final settlement), as per exchange norms.
• Clients' funds and securities are held separately from Probulls' proprietary assets in designated client bank accounts and demat accounts. Details of designated accounts are disclosed in the Notices section.
• Running account settlement is conducted quarterly (or as instructed by the client on a monthly basis). Any credit balance above the required margin will be transferred to the client's registered bank account after netting off any dues.
• Clients must ensure the registered bank account is active and the IFSC/account details are up to date to avoid settlement delays.

5. Demat Account and Securities

• The demat account is maintained with a SEBI-registered Depository Participant (DP). Securities are held in dematerialised form with CDSL.
• Clients must provide a valid Power of Attorney (POA) or use CDSL's DDPI (Demat Debit and Pledge Instruction) facility to authorise delivery of shares for sale transactions.
• Pledging of securities as margin is done electronically through the exchange's margin pledge mechanism. The client retains beneficial ownership; dividends and corporate actions accrue to the client.
• Clients should regularly review their demat account statement (available online) and report discrepancies promptly.
• In case of account inactivity, the demat account will be classified as dormant as per CDSL norms. Reactivation requires submission of a fresh request with identity proof.

6. Risk Disclosure — Derivatives (F&O)

Trading in Futures & Options carries significantly higher risk than equity delivery. Clients must note:

• 9 out of 10 individual traders in equity F&O incurred net losses in FY 2021–22, 2022–23 and 2023–24 (SEBI study).
• Derivative positions can result in losses exceeding the initial margin deposited.
• F&O is suitable only for sophisticated investors who understand the risk of leverage, volatility and expiry-day settlement.
• Probulls recommends that clients trade in derivatives only with surplus capital they can afford to lose and after reading the SEBI-mandated Risk Disclosure Document.
• Past performance of any trading strategy is not indicative of future results.

7. Contract Notes and Account Statements

• A digitally-signed contract note is issued for every executed trade by 24 hours of the trade date, delivered to the client's registered email.
• The contract note contains: trade details, brokerage, statutory levies (STT, exchange charges, SEBI fee, GST, stamp duty), and net obligation.
• Clients must review contract notes promptly and raise any discrepancy within 24 hours of receipt.
• Monthly account statements covering fund and securities balances are provided by the 5th of the following month.
• Annual statements (for IT/capital gains purposes) are available on request and on the back-office portal.

8. KYC, Nomination and Updates

• Account opening and continued operation is subject to completion of KYC as required by SEBI, PMLA 2002, and exchange regulations.
• Clients must promptly update changes to: address, mobile number, email, bank account, income range, and any other KYC details. Updates can be made online or by submitting a signed request.
• Nomination is mandatory for individual clients unless the client explicitly opts out in writing. In the absence of nomination, assets will be released only to legal heirs after due legal process.
• KYC documents are retained for a minimum of 8 years from the date of account closure (PMLA requirement).
• Periodic KYC re-verification may be required as per SEBI/exchange circulars.

9. Account Closure and Dormancy

• A client may request account closure at any time by submitting a written closure request. Outstanding obligations (open positions, dues, pending settlements) must be squared off before closure.
• Upon closure, any credit balance in the trading account will be transferred to the registered bank account within 5 working days of receiving the closure request and settlement of all obligations.
• Demat account closure is subject to CDSL norms. Any residual holdings must be transferred or rematerialised before DP account closure.
• Accounts with no trading activity for 12 months are classified as dormant. Reactivation requires a fresh KYC update.
• Probulls reserves the right to close an account for non-compliance with KYC norms, regulatory directions, or sustained debit balance with no prospect of recovery.

10. Dispute Resolution and Grievances

• Clients are encouraged to first contact Customer Care for query resolution (target: 3 working days).
• Unresolved complaints may be escalated to the Grievance Officer: Bijay Laxmi Sharma, +91 33 45092827, investorgrievance@probulls.in / Compliance Officer: Samrendra Tibarewalla, +91 8777794927, compliance@probulls.in (target: 7–21 working days).
• Complaints unresolved after exhausting Probulls' internal escalation matrix may be lodged on SEBI SCORES 2.0 (scores.sebi.gov.in).
• Arbitration and online dispute resolution are available through SMART ODR (smartodr.in).
• These Terms are governed by the laws of India. Disputes are subject to the exclusive jurisdiction of courts in Kolkata, West Bengal.

Key Documents — Where to Find Them