|
|
iNET
- internet-based trading facility
TERMS & CONDITIONS OF USE OF INET
| This document is intended
to provide you with the information regarding the Terms & Conditions
of Use of iNet. As a Registered iNet User, you will be able to trade
on-line, through your Broker, on the Stock Exchange of Mauritius.
The
Terms & Conditions of Use of iNet are also available on the
Stock Exchange of Mauritius Website : www.semdex.com. The Terms
& Conditions of Use of iNet can appear complex and you are,
therefore, strongly advised to read this document in full and to
consult your Broker or seek professional advice if you have any
doubt.
|
"Broker"- means
a stockbroking company licensed under the Stock Exchange Act 1988
as amended.
"Depository"- means the Central Depository &
Settlement Company Ltd.
"Exchange"- means the Stock Exchange of Mauritius.
"Information"- means the information appearing on
the SEM Website or on the iNet Web Page and any data or work resulting
from the manipulation or alteration of that information or part thereof.
"Password" - means the corresponding unique alphanumeric
code for the Username assigned.
"Registration Form" or "Form"- means the
duly signed Form, which is prescribed by the Stock Exchange of Mauritius
and where you provided your personal data for our records.
"SEMATS" - means the Stock Exchange of Mauritius
Automated Trading System.
"Trading Rules" - means the Stock Exchange (Conduct
of Trading Operations) Rules 2001 made under section 32(1) of the
Stock Exchange Act 1988.
"Third Party Source" - means all third parties from
time to time providing any Information to the Exchange for the purposes
of iNet.
"Username" - means the unique code required by you
to access iNet and to trade on iNet.
"we", "us", "our", or "the Exchange"
- refers to The Stock Exchange of Mauritius.
"you" or "your" or "iNet User"-
refers to the person(s) who signs the Registration Form and is admitted
to use iNet. |
(1) We will notify you when we
have accepted (or rejected) your application by registered post to
the mailing address in your registration form.
(2) The Terms & Conditions of the Use of iNet ('the Terms')
apply to your membership from the time that you first use iNet and
at which time you will be treated as accepting the Terms then in force.
You must therefore ensure that you have obtained and read a copy of
the up to date Terms before you use iNet. |
|
Your relationship with
your Broker
|
| (3) You must
at all times appoint a Broker who has been authorized by you to receive
your orders through iNet for onward transmission to SEMATS.
(4) The Exchange expressly
disclaims all liability to you for any loss which you may incur
as a result of the acts and omissions of your Broker. If your Broker
gives SEMATS an instruction, it will generally be implemented by
the system regardless of any instruction you try to give us to modify
or reject it.
(5) It is important that
you understand that your Broker is fully empowered to act on your
behalf and that you will become bound by instructions sent to SEMATS,
through your Broker, whether or not you authorized him to do so.
You can also change your Broker at any time. You need to complete
a form to do this - contact your Broker who will advise you on this.
(6) The secure and timely
delivery of orders, instructions and messages to SEMATS is the sole
responsibility of your Broker.
(7) Your Broker is independent
of SEMATS and has no authority to give any advice or waiver, or
make any representation, on behalf of the Exchange on SEMATS.
(8) When we authorise you
to use iNet, we do not assume any responsibility towards any person
other than you.
(9) The Terms give us the powers to suspend
or terminate your registration. You may also terminate your registration
with us at any time by completing the relevant sections of the Form
which your Broker will provide you.
|
|
Your obligation to notify
us of certain matters
|
| Changes in personal or Broker details
(10) You undertake that:
(a) you will notify
your Broker for onward transmission to us, without delay, of any
change in your name or address details held by us;
(b) you will immediately
notify your Broker for onward transmission to the Exchange of :
(i) any suspension, termination or withdrawal by you of your Broker's
appointment or authority to act as your Broker; and/or (ii) any
proposed appointment by you of a replacement Broker by using the
relevant forms which can be obtained from the Exchange.
|
|
Events which may affect
you legal right to transfer securities
|
(11) You can only transfer, by
means of iNet, securities which you are entitled to transfer free
from any interest of any person. If you believe or become aware that
any of the following could happen or has happened, you will immediately
tell your Broker in a way which ensures that your Broker understands
that the matter is urgent:
(a) that an application is to
be made for a court order which, if granted, would in any way restrain
the transfer of title to securities held by you through iNet;
(b) if you receive a court
order of the kind described in (a);
(c) that any other event
is likely to occur or has occurred which could affect your right,
capacity or ability to transfer title to securities held by you through
iNet.
You must also send us a written confirmation of this information,
although we will not wait for this if we think we need to take urgent
action.
|
(12) You warrant, represent and
undertake that:
(a) all the details about
you contained in the Registration Form are and remain correct, unless
we have been notified to the contrary;
(b) all the details
about you which you provide to us or your Broker for onward transmission
to us in the future will be correct;
(c) you will notify
us immediately if you become aware of any inaccuracy in any other
information which you have provided us, or which you will provide
your Broker, in future, for onward transmission to us;
(d) you have full
power to employ the services of your Broker. |
|
Disclosure of information
about you
|
(13) You agree that information
held by us or within SEMATS about you and your activities may be provided
by us from time to time to:
(a) any person to the
extent that we are permitted or required to do so by law or court
order;
(b) any person the
information is or become generally available in the public domain
other than as a result of unauthorized disclosure by us; and
(c) the Stock Exchange
Commission, as requested, for the conduct of an enquiry under the
Stock Exchange Act 1988. |
|
Limitations on the exchange's
obligations and liabilities
|
| (14) The Exchange expressly disclaims
any liability for any errors in or omissions from information, materials
and functions included in iNet.
(15) In no event will the Exchange be liable for any direct
or indirect, special, incidental, consequential or punitive damages,
including but not limited to lost profits arising in connection
with use of iNet, any interruption in availability of iNet, delay
in operation or transmission, computer virus, loss of data, or otherwise,
even if the Exchange has been advised of the possibility of such
damages or loss.
(16) The Exchange will be excused from failing to act or
delay in acting, and no such failure or delay shall give rise to
any liability of the Exchange, if such failure or delay is caused
by circumstances beyond the Exchange's reasonable control, including
but not limited to legal constraint, failure, malfunction or unavailability
of telecommunications, data communications and computer systems
and services over which the Exchange has no control.
(17) The Exchange shall not be liable for any breakdown
or failure of any equipment or medium of access to the systems,
or any of them.
(18) The Exchange shall not be liable for any loss or damage
occasioned by the failure or unavailability of third parties' facilities
or systems or the inability of any third-party to process an instruction,
order or message.
(19) We may rely on instructions or information we receive
and will not be liable for acting on them even if they turn out
to be invalid in some way unless we have actual notice of the invalidity
at the time we receive them and are able to halt the processing.
(20) We do not owe you any duty to monitor or enforce compliance
by any person with any provision which relates to your registration
to use iNet or to the use of iNet.
(21) We will not be obliged to reveal to you any information
disclosed to us which is restricted/confidential under any enactment
pertaining to the Stock Exchange.
|
| (22) The Exchange would not be
able to offer iNet for such a minimal cost if it were to accept liability
for inaccuracies in the Information or for delays in the provision
of the Information.
(23) The Exchange and each Third Party Source will use all
reasonable endeavours to ensure that the Information is accurate
and timely, but they will not be liable to you, in the event that
the Information proves inaccurate or is not timeously provided,
for any losses incurred by you, whether as a consequence of you
taking any investment decision based on the Information or otherwise.
(24) Information is released at the same time on the iNet.
However, the Exchange cannot warrant that the Information will be
received by all recipients at exactly the same time.
(25) System response and access time may vary due to market
conditions, system performance, and other factors. High volumes
of trading and volatility may result in executions at prices significantly
away from price quoted or displayed at the time of order entry.
(26) INet, as the name implies, is an investment tool that
allows Registered iNet Users to direct their orders. You should
not, therefore, construe that through iNet you dealing directly
with the marketplace. All orders are processed through the appointed
Broker.
(27) You understand that entering an order with iNet, including
market orders, does not guarantee execution of the order, and you
agree that the Exchange shall not be responsible for any order that
is not executed.
|
|
Suspension and termination
of registration
|
| We may suspend your registration in whole
or in part in relation to any particular function, with immediate
effect (or with effect from such time and date as we may specify)
in the following circumstances:
 Where, in
our opinion, you are in breach of any provision of the Terms and
Conditions of Use of iNet or you have not complied with any provision
of the Rules and Regulations of the Stock Exchange or where, in
our opinion, any such breach or non-compliance is or appears to
be threatened or likely to occur; and
Upon your Broker
being suspended or its license being terminated unless prior to
such suspension or termination you have notified us by using the
appropriate form of the appointment of a replacement Broker.
Any suspension shall continue for so long as well shall in our
absolute discretion determine is appropriate and shall end on such
date and on such conditions as we shall determine. You agree that
we may suspend you on the basis of information supplied to us (whether
orally or in writing) which we bona fide believe to be true.
|
|
Changes to the trading
rules and the terms & conditions of the use of iNET
|
| The Stock Exchange of Mauritius, subject
to relevant approval, has the power to make changes to the Trading
Rules and the Terms & Conditions of Use of iNet. Changes to these
documents mainly reflect the development of new functionalities and
where these changes are material we carry out certain consultation
procedures.
(31) Your Broker has an opportunity to participate in relevant
consultations on changes to these documents. The Exchange does not
consult directly with the Registered INet Users.
(32) The Exchange will inform about any modifications of
the Terms prior to implementation through the SEM Website.
|
| (33) If any term or provision
of this Agreement shall be held to be illegal or unenforceable in
whole or in part under any enactment or rule of law, such term or
provision shall to that extent be deemed not to form part of these
Terms and Conditions but the enforceability of the remainder of the
Terms and Conditions shall not be affected. |
| (34) These Terms and Conditions
shall be construed in accordance with and governed by Mauritian law
and the parties will submit to the exclusive jurisdiction of the Mauritian
Courts. |
|
