Terms and Conditions
The Indian Trading League
INDIAN TRADING LEAGUETM (ITL) – OFFICIAL ENTRY AGREEMENT
FOR ENTERING THE LEAGUES
Official Entry Agreement into the Indian Trading League, Indian Commodity League, Indian Investing League, Indian Trading League – Royale League, Student’s League and Women’s League.
The undersigned wishes to compete in the Indian Trading League sponsored/administered by Samruddhi Finstock Limited (“Sponsor”) having its Corporate office at 66, Samruddhi House, Bhaudaji Cross Road, Opp. South Indian Gymkhana, Matunga (C.R.), Mumbai -400019 in the format(s) as may be eligible as per rules.
This agreement is entered into between Samruddhi Finstock Limited as Party 1 and the undersigned participant herein referred to as Party 2.
The Sponsor has nominated SAMCO Securities Limited and SAMCO Commodities Limited having their Corporate office at 1004 – A, Naman Midtown, Elphinstone Road, S B Marg, Mumbai - 400013 as Execution Brokers of the League (hereafter referred to as Execution Brokers.) For the purpose of participation in the league, the client i.e. Party 2 to this agreement shall be required to open a trading and/or demat account with the designated execution broker. The Execution broker, may at their discretion, accept or reject the account.
If accepted, it is agreed that the undersigned (referred to herein as the “Participant”), shall participate in the Indian trading League (“ITL”) in the format(s) as may be applicable and agrees to the following conditions:
1) Participants League Account
Participant would be eligible only if he/she/it introduces an initial minimum capital of Rs. 25,000/-in each of client account(s), for one or more league formats mentioned below, satisfactory to the Execution Broker. In order to participate in the Traders League/Investors League/Women’s League, the initial minimum capital would be required to be introduced with the Securities Execution Broker – SAMCO Securities Limited and to participate in the Commodities League; the initial minimum capital would be required to be introduced with the Commodities Execution Broker – SAMCO Commodities Limited
Additional funds may be introduced at any time including for meeting a margin call as specified in paragraph 7. The Execution broker will settle the funds with the Participant in accordance with the Client Account Authorization signed by the Participant as per the Client - Broker Agreement(s).
Every female participant would also qualify for Women League.
Participant may join at any time during championship. Each Participant can have one client account and can participate in the Indian trading League (“ITL”) in the format(s) as may be eligible. Participants having once entered the league shall continue to be eligible for all future editions of the league without having to re-accept the terms and conditions. This agreement shall be renewed automatically except if cancelled in writing by both parties.
Participants can qualify for the Royale League only if the invested capital for the annual league exceeds Rs. 5,00,000.
2) Segment/Exchange for Each Format of the League
The Participant can transact in segments in different exchanges:
- Commodity Derivatives Segment - Trading on the MCX/NCDEX through SAMCO Commodities Ltd.
The Participant can register with SAMCO Securities Ltd by introducing Rs.25,000/- and participate in Equity segment cash segment and/or Derivative Segment
The participant can also register with SAMCO Commodities Ltd by introducing Rs. 25,000/- and participate in Commodities Derivatives Segment. For participating in both Equity and Commodity segments in all a total of Rs 50,000/- needs to be introduced.
Participants can qualify for the Royale League only if the invested capital for the annual league exceeds Rs. 5,00,000.
Participant shall be considered/qualify for different Formats of Leagues as per his transactions in different segments as under:
|Format of the League||Equities||(Intraday) - Equities||Equity Derivatives||Currency Derivatives||Commodity Derivatives|
Note 1 – A participant of the investors league is allowed only to trade in the Equities segment. As such Intraday Trading in the equities segment will lead to disqualification from the Investors league. Buy Today Sell Tomorrow (BTST) Trades are allowed. Intraday trades made in the CO or BO order type with the SAMCO Trading Platform will result in automatic disqualification from the Investor’s League.
Note 2 – All participants with Date of Birth after 30-04-1989 are eligible for the Student’s League
In Traders league the participant transaction in equity cash and/or equity derivatives and/or currency derivatives segments will only be considered. Commodity derivatives will not be considered.
*Every participant in Investors League shall be considered for Traders League. However if the participant initiates even a single Derivative position he/she shall not be considered for the Investors League and be considered for Traders League only.
3) League Period and Awards
Participant transactions on or after May 1, 2016 in Participants League account(s) (consolidated of respective exchange/segment) shall be considered. Periods for future editions of the league shall be notified to the participants from time to time.
The League trading period will end as of the close of business on March 31, 2017, subject to paragraph 14.
Open positions need not be liquidated for purposes of determining winners of the League.
The leagues will have periodic awards as under:
|Format of the League||Daily||Weekly||Monthly||Quarterly||Annually|
The Financial Liability of the Prizes shall be solely of the Sponsor and not on the execution broker.
For the purpose of determination of winners across time periods, the following shall be considered:
- Daily – Every working day
- Weekly – Friday or if Friday is a holiday, Thursday
- Monthly – Last working day of every month
- Quarterly – Last Working day of every quarter
- Annually – Last Working Day of every financial year in March
- Daily rewards for the commodites shall be given out only when both the Morning and Evening Session of the markets are open.
4) Sponsors Rights /Authority
In consideration of participation in the League, Participant irrevocably authorizes Sponsor, in its sole discretion, to obtain and print, publish, televise or otherwise utilize his, her or their names, ranking, photographs, account statements and descriptions of League participation in connection with this or future Leagues and with other promotions deemed appropriate by the sponsor.
Participant authorizes, acknowledges and consents to share information of their trade/transaction data, capital data, holdings, positions, portfolio and other trading information with Party 1which is the administrator of the Indian Trading League ® and/or any third party. The Participant also understands and agrees that participant shall not have recourse to the dispute mechanism/arbitration mechanism/ investor protection schemes of the the Stock Exchanges/SEBI in case of any dispute in relation to the Indian Trading League.
5) Representations of the Participant
The Participant represents that he or she is above the legal age required i.e. 18 years of age and that they have not been barred or prohibited from dealing in the securities markets by any statutory or regulatory body of the country. Participants shall inform Sponsors any such prohibition immediately, if any.
6) League Trading Regulations
All transactions shall be conducted in accordance with a separately executed Client Agreement with the Execution Broker. Participant agrees to the following ITL rules and regulations.
The purpose of the ITL rules is to ensure that every Participant will have the same opportunity for success. Sponsor reserves the right to amend, modify, change, waive, or interpret any rule if, in its sole discretion, to do so would be in the best interests of the ITL.
Following general rules will be applicable:
- Trading in the League will be limited to list thereon on any exchange available through the Execution Broker and on listed contracts thereon on any exchange available through the Execution Broker.
- Participant has the option at any time to withdraw from the League and either continues to trade pursuant to the terms of the Client Agreement or cease trading.
- Participant agrees to place all orders through Execution Broker’s online order entry platform or call and trade desk, extra charges applicable as prescribed by the execution broker
- Execution Broker is not obligated to give Participant any advice or market information except the last price traded and the margin requirements for existing or contemplated positions.
Execution Broker, in its sole discretion, may terminate the participation of any Participant for Participant’s failure to enter orders in a timely, consistent and professional manner.
- All accounts will be charged uniform flat brokerage/commissions by the Execution broker SAMCO Securities and SAMCO Commodities of Rs. 20 per Executed order or 0.2% for equity cash segment or 0.02% for derivative segment whichever is lower as per detailed price list as may be determined by the Broker from time to time. Any new product offerings or services offered by the Execution broker after the introduction of the league shall have no impact on the operating of the league unless notified by the Party 1. All new products introduced will be extended to all participants thereby continuing to maintain a level playing field amongst all participants.
- In the event of errors in order entry or execution, the determination of Sponsor and Execution Broker shall be final with regard to League standings.
- Each Participant agrees that Sponsor has the right to remove or bar any Participant from the League, who, in its sole judgment, would tend to dishonor the League, and has violated any rule, law, or regulation pertaining to trading or who has attempted to benefit from any fraudulent, manipulative, unfair, and collusive or other trading irregularity. The Sponsors right in this regard is accepted unconditionally and shall be accepted without any challenge or objection whatsoever. The Sponsor right shall not be limited to above but to probe if needed the authenticity and genuineness of the participant including checking his personal credentials.
- The sponsor has the right to restrict buying and selling in specified shares,securities and derivatives contract ,to maintain the integrity of the league and give a level field to all the participants.
- Participant authorizes Execution Broker to provide Sponsor with the ability to view all transactions /activity in Participant’s account for the purpose of monitoring League performance.
- Entry in the League is void where prohibited by law. Winners will be responsible for any taxation on awards.
- Party 1 reserves the right to change the regulations of theleaguewithout prior notice which may/may not be with retrospective effect.
7) Margin Calls and Liquidation of Positions
Margins should be maintained in accordance with the execution brokers requirements. Participants may deposit additional funds for any reason, including meeting a margin call. The execution broker may at any point of time without consent liquidate positions to meet margin calls.
8) Disqualification – Negative List of STOCKS
In order to maintain the harmony and integrity of the markets, the League will from time to time publish a list of negative stocks which are susceptible to manipulation or irregularities. Any transactions in stocks from this particular list shall result in automatic disqualification from the league.
The League administrators at their sole discretion may add stocks susceptible to manipulation and price rigging to the negative list without any prior notice and with retrospective effect. The decision of the administrators shall be final and binding in this regard.
9) Disqualification from the League
In addition to clause 6.g, the League has the right to remove or bar any participant, who, in its sole judgment, would tend to dishonor the League, and has violated any rule, law, or regulation pertaining to trading or who has attempted to benefit from any fraudulent, manipulative, unfair, and collusive or other trading irregularity. Participants shall not deal in companies which engages in the acts of artificially increasing the price of scrip, mislead investors and violates the fundamental tenets of market integrity. The participant should not invest or trade in such entities that are prima facie found to be involved in such fraudulent, unfair and manipulative transactions. The participant, whether alone or in connivance with others including promoters of the listed companies, should not engage in circular or insider trading or artificially rig the prices to his/her beneficial advantage, such acts would render him/her disqualified from the league at the sole discretion of the sponsor.
10) Top Winners Determination
The winners as specified in Para 3 will be determined on the basis of highest percentage Absolute Return on Net Funds (ARONF). The determination of returns shall be based on transaction data shared by the Execution Broker with the Sponsor in accordance with the express authorization and consent given to the Execution Broker. All positions at the end of each evaluation period shall be marked to market. For the calculation of percentage net returns, the net profit for the period shall be divided by the total capital deposited for the period (re-deposits to the extent of withdrawals in the same period shall be excluded.) Only participants with net positive return qualify for prizes.
The leader boards for the various formats of the league can be viewed on the website.
The standings of each Participant would be made accessible in their login pages.
In case of multiple family members attain wining positions in any of the Leagues, only the Family member on top most position will be eligible for the Reward.
Each winning participant must have traded himself/herself to be eligible for the prize. The onus of proving that the participant has actually traded himself/herself shall lie on the participant. The participants agree to the verification processes of the Sponsor. The Sponsor reserves the right to disqualify any participant in case non-satisfactory verification of actual trades made. The decision of the Sponsor shall be final and binding. Participant also agrees to pay all legal fees and damages incurred by the sponsor to enforce this provision, and, if applicable, return to the Sponsor any reward(s) received as liquidated damages. For Instance, The Sponsor shall verify that the trades made by a female participant are made by the participant herself and not by any other person (Eg. Husband) In case of non-satisfactory verification of trades made, the Sponsor shall reserve the right to disqualify the female participant. This example is for understanding purposes.
Prizes in cash or in kind are subject to applicable Tax deductions as per the Income tax Act 1961. As per section 194B of the Income Tax Act 1961 and subsequent amendments thereto, in case of Prize or Gift is in kind, the receiver or the Winner is required to deposit with the giver of the prize i.e. Samruddhi Finstock Ltd, a sum calculated at 30% of the value of Prize as and by way of TDS as per the provisions of Section 194B of the Income Tax Act. The winner has to deposit the aforesaid TDS amount into Samruddhi Finstock ltd’s bank account and in turn the company will pay the Taxes on his/her behalf or the winner may himself/herself pay the amount of TDS on the prize value and send the proof thereof to Samruddhi Finstock Ltd. The text of section 194B is enclosed for ready reference.
"Section194B The person responsible for paying to any person any income by way of winnings from any lottery or crossword puzzle or card game and other game of any sort in an amount exceeding ten thousand rupees shall, at the time of payment thereof, deduct income-tax thereon at the rates in force."
Current Rate in force:30%
Provided that in a case where the winnings are wholly in kind or partly in cash and partly in kind but the part in cash is not sufficient to meet the liability of deduction of tax in respect of whole of the winnings, the person responsible for paying shall, before releasing the winnings, ensure that tax has been paid in respect of the winnings.
Once the TDS is paid into the government treasury and the certified xerox copy of the proof thereof is send to the office of Samruddhi Finstock Ltd at 1004-A Naman Midtown, 10th floor, Senapati Bapat Marg, Elphinstone Road (W), Mumbai 400013 or paid into Samruddhi Finstock Ltd’s bank account the Prizes will be send to the winner.
The cost of transportation and delivery charges of the prizes in kind shall be solely borne and paid by the winners/awardees of the Indian Trading League and Samruddhi Finstock ltd shall not be liable for the same. If in case, such transportation/delivery charges are paid by Samruddhi Finstock ltd, then they are entitled to be reimbursed by the winners/awardees.
11) Use of League for Promotional Purposes
Indian Trading LeagueTM, Indian Trading ChampionshipTM, Indian Investing LeagueTM and Indian Commodities LeagueTM are marks exclusively owned by the Sponsor. Participant shall not and agrees not to, either alone or in concert with others, use the trademarks (or derivations thereof) or his or her participation in the League for promotional purposes unless approved by the Sponsor. If Participant violates this provision, Participant may be disqualified from competing in the League at Sponsor’s sole discretion. If found by Sponsor to be in violation, Participant agrees to pay all legal fees and damages incurred by Sponsor to enforce this provision, and, if applicable, return to Sponsor any award(s) received as liquidated damages.
12) Communication Delays
Execution Broker or Sponsor shall not be responsible for any delays in the acceptance or transmission of orders due to a breakdown or failure of transmission, computer (hardware, software or interfaces) or communication facilities, or for any other cause beyond their reasonable control or anticipation.
Participant agrees to indemnify Sponsor and hold them harmless from and against any and all liabilities, losses, damages, costs and expenses, including legal expenses, incurred by any of them resulting from: misrepresentations, breach of any provision of this agreement, the trading in Participant’s account(s), or legal action brought by Participant.
14) Postponement, Cancellation and Acceptance
Sponsor reserves the right to modify the length of the trading period, to postpone the starting date or to cancel the League if, in its sole discretion, it determines that such action is reasonable or necessary. This agreement shall not be deemed accepted until approved by Sponsor. Sponsor or Execution broker, in their sole discretion, may reject any Participant’s application for any reason.
This Agreement is governed by the laws of India. Both parties consent to the exclusive jurisdiction of the Courts of law in Mumbai and their appeal Courts.
16) Conflict of Interest:
The client/participant acknowledges and accepts that a disclosure of conflict of interest has been made that SAMCO Securities Limited, the execution broker of the ITL is an associate company of Sponsor i.e. Samruddhi Finstock Limited.
Samruddhi Finstock Limited undertakes that no director, employee, relative etc will be eligible for any of the rewards in the Indian Trading League.
17) This website uses Google AdWords:
18) Breach of Trademarks and Copyrights:
The Indian Trading League is the sole property of Samruddhi Finstock Pvt Ltd. The entire league format, website content, literary work, the formats, the rules of the league, the method of determination of winners using ARONF, the league leader boards and other material of the Indian Trading League is under Copyright to Samruddhi Finstock Limited and any participant or any person or corporate or institution violating or infringing or copying or duplicating or a reproducing a variant thereof or runs such competitive trading championships or leagues of trading or investing in the securities market, shall be liable to damages and penalties and shall be liable for all the profits derived there from and liable to all the legal costs incurred by Samruddhi Finstock Pvt ltd. None of the material, the format of the league, the rules, content, may be altered or reproduced or copied or distributed to or by any third party, without the express permission of Samruddhi Finstock Pvt ltd.
The participant acknowledges that market investments are subject to risk and there can be significant chance of loss in the market environment and also acknowledges and accepts that past performance is not indicative of future returns. Any loss or damage to the participant shall not be the responsibility or liability of the administrator or sponsor or the execution broker of the league and that shall solely be the responsibility of the participant.
I agree with the terms and Conditions set out above in total and agree to abide by the same.
This agreement shall come into effect from the date it is accepted either physically or electronically by the participant.
Accepted Electronically by Samruddhi Finstock Limited and the Participant.