Terms And 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 stock broking 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.
Customer Security Duties
The USERNAME and PASSWORD issued to you shall provide access to iNet. You undertake to:
- ensure the safe-keeping and confidentiality of such USERNAME and PASSWORD
- destroy any USERNAME and PASSWORD advice promptly on receipt
- notify the Exchange immediately on becoming aware that your USERNAME and PASSWORD may have fallen into the hands of an unauthorised person.
- notify the Exchange immediately of any unauthorised access to iNet or unauthorised transaction which you know or suspect.
Any failure on your part to follow the recommended security procedures may lead to unauthorised transactions on your Securities Account(s) to which we would not be liable to you or any other person.
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.
Effect of Invalidity
(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.