1. General:
Please note that the mobile application under the name and style of ‘Kotak Neo’ and website having the domain name [https://neo.kotaksecurities.com/Login and https://ntrade.kotaksecurities.com/Login] (collectively referred to as the “Platform”) is owned, managed and operated by Kotak Securities Limited (“KSL”), a public unlisted company incorporated under the provisions of the Companies Act, 2013, bearing CIN: U99999MH1994PLC134051, having its registered office at C 12, Bandra Kurla Complex Road, G Block, Bandra Kurla Complex, Bandra East, Mumbai, Pin- 400051, Maharashtra.
For the purpose of these terms of use herein (“Terms of Use”), wherever the context so required the term “You”, Your or the User, shall mean the customer or any person who visits, uses, accesses the Platform and uses Kill Switch feature on the Platform
Please read these Terms of Use along with the FAQs and General Terms and Conditions activating the Kill Switch (as defined herein below) feature on the Platform, to ensure a smooth and controlled trading experience.
The acceptance to these Terms of Use by You, by clicking on “Confirm”, legally binds You with the Terms of Use on the Platform. This acceptance of Terms of Use will be between you and KSL which is essential to facilitate provision of Kill Switch feature of the Platform.
2. Purpose of the Kill Switch:
The Kill Switch is designed to allow Users to temporarily disable specific and/or multiple trading segments available on the Platform for a day (“Kill Switch”). This Kill Switch feature is optional and is available to the User in the event the User intents to prevent itself from over-trading and help the User to take a break at its sole discretion, whenever necessary.
3. Process for activation of the Kill Switch:
To activate the Kill Switch, the User must manually disable single or multiple trading segments through the Platform. Please click here, FAQs, to more particularly understand how to activate Kill Switch feature.
Once the User has disabled any segment(s), the User will not be able to place any new buy or sell orders for the said disabled segment(s), as the case may, be until the end of that day (11.59 PM).
The segment(s) disabled by the User on the Platform will automatically re-enable at midnight (12.00 AM) on the following day.
4. Order Placement and Trading Restrictions:
Please note that once You have activated the Kill Switch feature, You will not be able to place any new orders (buy or sell) for the segment(s) disabled by You on the Platform.
Further note that it is Your responsibility to cancel any open/pending orders and exit or square-off Your open positions before activating the Kill Switch.
In the event of any open positions are not closed by You before activating the Kill Switch, You may only exit or square-off your positions using the multiple square-off functionality at market price available on the Positions section of the Platform. Contra orders for exiting positions will not be allowed.
5. Multiple Device Logins:
Please note that if You are logged into and/or are actively using the Platform on multiple devices or web browsers, and You proceed activate the Kill Switch feature using one device, You may still be able to place orders from other devices until the session is refreshed by You.
We highly recommend logging out from all devices and re-logging in after activating the Kill Switch to ensure that the restrictions are applied consistently across all devices.
6. Exclusions:
The Kill Switch only blocks a portion of orders placed using the standard order form on the Platform. You will still be able to place orders using Strategy Bot, InstaTrade, Stockcase (baskets), SIPIT accessible within the Platform and through other products, including, Smallcase, Kotak Cherry, Nest Trader, Trade APIs, and any Fintech platforms integrated with the Platform. These services will not be affected by the Kill Switch.
7. System Auto-Enablement:
Once You have activated Kill Switch, it will remain in effect until 11.59 PM on the same day. At midnight (12.00 AM) the following day, the system will automatically re-enable all the segment(s) previously disabled by You, and You will be able to resume placing orders.
There is no manual option to re-enable segments within the same day once the Kill Switch has been activated by You.
8. Indemnity:
In addition to and not in derogation of, the specific indemnities provided by You to KSL under these Terms of Use, Terms and Conditions and/or policies of KSL, You agree to indemnify, defend and hold harmless KSL and its affiliates, officers, directors, employees, consultants, representatives, shareholders, contractors, users and agents etc. against any and all losses arising out of or in connection with, any claim, suit, action or other proceeding brought against KSL/ the Platform, to the extent such losses are based on or arising out of or in connection with
(a) any breach or non-performance of any of the Terms of Use and/ or other terms and conditions of KSL/ Platform by You;
(b) with respect to use and access of the Platform and availing of Kill Switch feature by You;
(c) in case of breach of any obligation under these Terms of Use.
9. Liability Disclaimer:
The User understands and agrees that any use of Kill Switch feature through the Platform is done entirely at Users own discretion and risk and the User will be solely responsible for any losses, liability, claims missed trading opportunities, or other financial consequences resulting from such use of Kill Switch. It is Users responsibility to manage their trades and ensure all necessary actions (such as order cancellation or position closure) are taken before activating the Kill Switch.
In no event shall KSL, or its officers, directors, employees, partners or suppliers be liable to the User or any third party for any losses, liability, claims, missed trading opportunities, or other financial consequences including special, incidental, indirect, consequential or punitive damages whatsoever, including those resulting from loss of use, data or profits, whether or not foreseeable or whether or not KSL has been advised of the possibility of such damages, or based on any theory of liability, including breach of contract or warranty, negligence or other tortious action, or any other claim arising out of or in connection with User’s use of or access of the Platform and/or activation of Kill Switch feature by the User.
The User releases and agrees to indemnify KSL and/or any of its officers and representatives from any Losses, liability or other consequence of any of the actions of the other Users of the Platform and specifically waive any claims that the User may have in this behalf under any applicable law.
KSL shall not be liable for any loss or liability to the User caused by any unauthorized use of the User’s Account and the User, in this respect, shall indemnify, defend and hold harmless KSL and its affiliates, officers, directors, employees, representatives, shareholders, contractors, users and agents etc. against any and all losses, liabilities, claims, damages, demands, costs and expenses (including legal fees and disbursements in connection therewith and interest chargeable thereon) arising out of or in connection with any claim, suit, action, or other proceeding brought against KSL to the extent of such losses being based on or arising out of or in connection with such unauthorized or fraudulent use of the User’s Account.
The User will be responsible for and thus releases KSL from, any and all liabilities, losses, claims and damages that may arise out of or in connection with the disclaimers as mentioned under these Terms of Use/ use of Kill switch and further agrees to hold harmless and indemnify KSL in this regard.
10. Modifications to the Kill Switch Feature:
KSL reserves the right to modify, suspend, or discontinue the Kill Switch feature at any time without prior notice to You.
KSL reserves the right to change, modify, amend or update these Terms of Use, FAQs and any other Terms and Conditions, at its discretion, from time to time and such amended provisions of Terms of Use, FAQs and any other Terms and Conditions shall be immediately effective upon being posted on the Platform. It is your responsibility to review the latest version of the said terms before using the Kill Switch feature.
11. Support:
In case of any issues, queries, or urgent requests related to the Kill Switch feature, you can reach out to Platform/Kotak Neo’s support team through the Support or Feedback options available on the Platform.
By using the Kill Switch feature, you acknowledge that you have understood and agree to comply with these Terms of Use. Failure to abide by these Terms of Use may result in unintended trading outcomes or loss of trading privileges on the platform and You shall be solely responsible for the same.
12. Disclaimer:
Investments in securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed SEBI prescribed limit. The securities are quoted as an example and not as a recommendation. SEBI Registration No-INZ000200137 Member Id NSE-08081; BSE-673; MSE-1024, MCX-56285, NCDEX-1262. Read full disclaimer here
13. Waiver
No provision of these Terms of Use shall be deemed to be waived and no breach excused unless such waiver or consent shall be in writing and signed by KSL. Any consent by KSL to, or a waiver by KSL of any breach committed by You, whether expressed or implied, shall not constitute consent to, waiver of, or excuse for any other different or subsequent breach.
14. Governing Law and Jurisdiction:
These Terms of Use are subject to the laws of India. These Terms of Use shall be governed by the laws of India. The courts and tribunals of Mumbai, India, have exclusive jurisdiction to settle any dispute arising out of or in connection with these Terms of Use (including any disputes regarding the existence, validity or termination of these Terms of Use).
15. Notices:
KSL may give notice by means of a general notice on the Account or Platform, or by electronic mail to User’s email address or contact number, or by written communication sent by regular mail to User’s address on record in the Account. The User may contact KSL by electronic mail to the compliance/ Grievance Officer at the email address ks.compliance@kotak.com / ks.escalation@kotak.com
16. Force Majeure:
Force Majeure Event means any event due to any cause beyond the reasonable control of KSL, including and without limitations the unavailability of any communication systems, breach, or virus in the processes, Platform or delivery mechanism, sabotage, fire, flood, explosion, acts of God, civil commotions, strikes or industrial action of any kind, riots, insurrection, war, acts of the government, computer hacking, unauthorised access to computer data and storage devices, computer crashes, malfunctioning in the computer terminal, or the systems getting affected by any malicious, destructive or corrupting code or programme, mechanical or technical errors/failures or power shutdown, faults or failures in telecommunication, etc
KSL shall not be liable for any failure to perform any obligations under these Terms of Use or in respect of the provision of Kill Switch feature on the Platform, if the performance is prevented, hindered or delayed by a Force Majeure Event and in such case, its obligations shall be suspended for so long as the Force Majeure Event continues.