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Terms & Conditions

GENERAL TERMS & CONDITIONS OF NCDEX e MARKETS LTD.

INTRODUCTION

A) All trades and/or transactions done on platform of ‘MTLEXSSPOT’ or services provided by MTLEXSSPOT relating to the commodities shall be subject to the Rules of the MTLEXSSPOT, these General Terms and Conditions and also Special Terms and Conditions, if any, prescribed by MTLEXSSPOT from time to time.

B) The titles of the clauses are only for convenience and may not be read as subject for the contents of clauses.

1. JURISDICTION

Any matter arising out of or pertaining to these General Terms and Conditions or pertaining to any trades and/or transaction on the platform of MTLEXSSPOT wherein MTLEXSSPOT is a party or made a party, shall be subject to the exclusive jurisdiction of the Courts of Mumbai.

All matters between members inter-se and between members and clients arising out of trades carried out in accordance with these General Terms and Conditions and Rules of the MTLEXSSPOT shall be governed by the provisions of Arbitration under these General Terms and Conditions subject to specific statutory provisions in this regard as may be applicable to any location.

2. DEFINITIONS

Unless in the context it is explicitly stated otherwise, all words and expressions used herein but not defined, and defined in the following, shall have the meanings respectively assigned to them therein in the following order of priority:

  1. The Companies Act, 2013.
  2. Special Terms and Conditions as applicable to specific commodity/commodities.
  3. Rules and General Terms and Conditions of MTLEXSSPOT.

APPROVED USER

Approved User means the Member or any other person/s appointed by him to use the Trading System with the prior consent of the MTLEXSSPOT provided that such Approved User possesses such qualification as may be prescribed by the MTLEXSSPOT.

AUCTION

Auction refers to a process of public sale/purchase online or otherwise where goods /commodity are sold/purchased by inviting bids.

BRANCH OFFICE

Branch office in relation to a Member means:

  1. Any establishment described as a branch and approved by the MTLEXSSPOT.
  2. Any establishment carrying on either the same or substantially the same activity as that carried on by the head office and approved by the MTLEXSSPOT.
  3. Any other place, which the MTLEXSSPOT may approve.

BUYER

For the purpose of these General Terms and Conditions, unless the context indicates otherwise, the term Buyer includes the buying Constituent and the buying Member through whom such client trades and denotes the buying Member when he is dealing on his own account as a principal.

CLEARING HOUSE

Clearing House means the Clearing House identified and approved by the MTLEXSSPOT for facilitating settlement of trades/deals and all functions incidental to clearing of trades executed on the MTLEXSSPOT and shall mean MTLEXSSPOT if such settlement or clearing of trades is performed by MTLEXSSPOT itself or through its agency. The MTLEXSSPOT may appoint separate clearing and settlement agency for physical settlement of specified commodities.

CLEARING MEMBER

Clearing member means a Member of the Clearing House and includes all categories of Clearing members as may be admitted as such by MTLEXSSPOT.

COMMODITY

Commodity shall mean all commodities, goods and products including ferrous and non-ferrous metals and/or any other commodity as may be permitted for trading on the MTLEXSSPOT platform.

CONSTITUENT/CLIENT

A Constituent or a client means a person/entity who has been registered with a Member of MTLEXSSPOT and who trades through such Member of the MTLEXSSPOT on the terms and conditions prescribed by the MTLEXSSPOT and on whose instructions and account, the Member enters into a transaction on the MTLEXSSPOT or does any act in relation/ incidental thereto. The term constituent also includes any sub-franchisee or sub-broker constituted for the purpose.

CONTINUOUS TRADING

Continuous Trading means trading on MTLEXSSPOT electronic platform in permitted commodities with prescribed specifications, throughout the trading hours as announced by the MTLEXSSPOT and in which the matching of orders shall take place online during the trading hours as per process put in place by the MTLEXSSPOT.

CONTRACTS / DEALS/TRADE

Contracts/Deals/Trade means, unless the context indicates otherwise, a trade, contract or a ready delivery contract relating to buying and selling of commodities admitted to dealings by the MTLEXSSPOT on its platform and which shall be cleared and settled in the manner prescribed by the MTLEXSSPOT through the Clearing House of the MTLEXSSPOT or as prescribed by the MTLEXSSPOT and shall be governed by these General Terms and Conditions as well as special terms and conditions as may be prescribed.

DELIVERY

Delivery means delivery of commodity in accordance with the applicable clearing and settlement obligations under, these General Terms and Conditions or any Special Terms and Conditions and

FINAL SETTLEMENT OBLIGATIONS

Final Settlement Obligations means the amounts payable and/or the commodities deliverable by a Member in respect of the transactions concluded on MTLEXSSPOT platform, as determined by MTLEXSSPOT in such time and such manner as may be prescribed from time to time.

MEMBER

Member means the person or entity granted membership of MTLEXSSPOT for the purpose of trading on the Trading System of MTLEXSSPOT on his own account and/or on behalf of his clients/constituents and the term includes all types of entities registered with MTLEXSSPOT as Members of MTLEXSSPOT.

MTLEXSSPOT

MTLEXSSPOT shall mean the facility of online trading set up by the Relevant Authority for the purpose of trading in commodities including ferrous and non-ferrous metals.

PARTICIPANTS

Participants shall mean and include collectively all the Members, Clients of Members and persons authorized by Members. The term includes all the entities involved in the trading activities excluding MTLEXSSPOT.

RELEVANT AUTHORITY

Relevant Authority shall mean, the Managing Director, Chief Executive Officer of Raj MTLEXS Trades Private Limited and Chief Executive Officer, Chief Operating Officer of NCDEX e Markets Limited or any such other Official as may be specified/authorized by the aforementioned from time to time as Relevant Authority for a specified purpose/s. Relevant Authority shall also include any Regulatory authority specifically specified by MTLEXSSPOT as a Relevant Authority for the purpose of these General Terms and Conditions.

SELLER

For the purpose of these General Terms and Conditions unless the context indicates otherwise the term seller includes the selling Constituent and the selling Member acting as his broker and agent and denotes the selling Member when he is dealing on his own account as a principal.

SETTLEMENT CALENDAR OR SETTLEMENT SCHEDULE

Settlement Calendar shall mean the dates for settlement of contracts — Pay-in, Pay-out, Delivery and all other obligations and rights of Members in respect of every Contract. The phrase `Settlement Calendar’ and `Settlement Schedule’ shall have the same meaning and shall be used interchangeably.

SETTLEMENT DATE

Means the date on which the outstanding obligations in a Trade are required to be settled as provided in these General Terms and Conditions or as may be prescribed by the MTLEXSSPOT.

TRADING

Trading for the purpose of these General Terms and Conditions shall mean trading in commodities through automated trading system of MTLEXSSPOT as prescribed by MTLEXSSPOT from time to time and shall include all types of categories of trading including auction trading, continuous market, e-pledge services. The term Trading shall also include any other category of dealing with commodities defined as such by MTLEXSSPOT from time to time.

TRADING DAY

Trading Day means days other than Sunday and other than days which are declared as Trading Holidays by the MTLEXSSPOT.

TRADING MEMBER

Trading Member means the person or entity granted membership of MTLEXSSPOT for the purpose of trading on the Trading System of MTLEXSSPOT on his own account and/or on behalf of his clients/constituents and the term includes all types of entities registered with MTLEXSSPOT as Members of MtlexsSpot. The term “Trading Member” and “Member” are interchangeably used in these General Terms and Conditions and should carry the same meaning as defined herein.

TRADING SYSTEM

Trading System refers to Automated electronic online Trading System of MTLEXSSPOT.

3 MEMBERS

  1. The term `Member’ shall wherever referred, shall include Single Account Membership, Multiple Account Membership, Premium Membership and/or any other category of Members recognized by MTLEXSSPOT as such.
  2. MTLEXSSPOT may define and admit any other category or categories of Members on terms and conditions deemed fit and proper by MTLEXSSPOT and/or prescribed by the Relevant Authority from time to time. MTLEXSSPOT or the Relevant Authority may at its absolute discretion reject any application for membership without assigning any reasons thereof.
  3. All Members shall adhere to the Rules, these General Terms and Conditions, Special terms and conditions as prescribed from time to time by MTLEXSSPOT and shall comply with such operational parameters, rulings, notices, guidelines and instructions of the Relevant Authority as may be applicable from time to time.
  4. Members shall deposit with MTLEXSSPOT or Clearing House, as the case may be, interest free security deposit/s or any other deposit, cost, guarantee or collateral securities of such amount and in such manner as may be prescribed by MTLEXSSPOT from time to time.
  5. Every Member is directly and wholly liable, in accordance with the Rules, these General Terms and Conditions, Special Terms and Conditions or under any notifications or directions of MTLEXSSPOT for due fulfillment of the deals and all obligations related thereto, whether such deals be for his own account or for the account of any of its Constituent.
  6. The process and procedure for admission of any entity as Member of MTLEXSSPOT shall be as defined in the Rules, these General Terms and Conditions, Special Terms and Conditions as applicable from time to time or any other method as deemed fit and proper by MTLEXSSPOT form time to time.

4. TRADING SYSTEM

  1. MTLEXSSPOT shall provide access to an Automated online Trading System for trading in specified Commodity/Commodities. A Member shall have a non-exclusive permission to use the Trading System as provided by MTLEXSSPOT subject to such terms and conditions as the Relevant Authority may specify from time to time, including payment of such charges as may be specified from time to time.
  2. Member shall not have any title, rights or interest whatsoever with respect to the Trading System, its facilities, software and the information provided by/through the Trading System.
  3. The Trading system shall be made available to the Member for trading subject to such terms and conditions as the Relevant Authority may determine from time to time, inter-alia, subject to payment of such charges as may be specified from time to time.
  4. Access to the Trading System may be withdrawn or restricted by the Relevant Authority at any time without assigning any reason and at its absolute discretion. The decision of the Relevant Authority in this regard shall be final and binding on the Member.
  5. The Member shall, at their own costs, install, use and maintain such equipment, hardware and software as specified by MTLEXSSPOT from time to time for the purpose of accessing the Trading System.
  6. A Member shall not, himself or permit any other person(s) to:
    1. Use the software provided by MTLEXSSPOT for any purpose other than for the purpose specified and/or in a different manner as approved and specified by MTLEXSSPOT.
    2. Copy, alter, modify or make available to any other person the software provided by MTLEXSSPOT, and
    3. Attempt directly or indirectly to de-compile, dissemble or reverse engineer the same.
    4. Deal or access the Trading System or related facilities through another Member for proprietary trading or for trading on behalf of its Constituents or on behalf of another Member of MTLEXSSPOT, unless the prior permission of MTLEXSSPOT in writing is obtained in this regard.

5. MTLEXSSPOT LIABILITY

MTLEXSSPOT shall provide its services on a best effort basis but shall not be liable for failure or malfunctioning of the Trading System or any other support systems for any reason and for any loss, damage, or other costs arising thereupon including and/or in any way out of:

  1. Failure or malfunctioning of telecom network or systems including failure of ancillary or associated systems, or any other application /software deployed or used by the Member or fluctuation of power, or other environmental conditions; or
  2. Accident, transportation, neglect, misuse, errors, hacking, frauds of the Member or its Authorized Persons or the agents or any third party; or
  3. Any fault in any attachments, system or equipment’s (either supplied by the MTLEXSSPOT or approved by MTLEXSSPOT) which forms or does not form part of the trading workstation installation; or
  4. Act of God, fire, flood, war, act of violence, or any other similar occurrence or for any reason beyond the reasonable control of MTLEXSSPOT; or
  5. Any incidental, special or consequential damages.

6. MEMBERS AND APPROVED USERS

  1. Only specific category of Members shall be entitled to appoint Approved Users subject to such terms and conditions, as may be specified by the MTLEXSSPOT or the Relevant Authority from time to time.
  2. Each specified Member shall be permitted to appoint such number of Approved Users as permitted by MTLEXSSPOT.
  3. Each Approved User shall be given a unique identification number through which he/she shall have access to the Trading System.

7. TRADING DAYS

  1. MTLEXSSPOT shall operate on all days except Sundays, public and trading holidays as MTLEXSSPOT may declare from time to time. MTLEXSSPOT may prescribe trading days or trading holidays for Commodity specific or area specific at its absolute discretion.
  2. MTLEXSSPOT may close the trading on days other than or in addition to scheduled holidays or open the market on days originally declared to be holidays and the decision of MTLEXSSPOT in this matter shall be final and binding.
  3. The Relevant Authority or MTLEXSSPOT may provide for Opening, Normal and Closing sessions or any other sessions of trade as may be deemed necessary and notified.

8. TRADING HOURS

  1. MTLEXSSPOT shall announce the normal trading hours in advance from time to time.
  2. MTLEXSSPOT may extend or reduce the trading hours by notifying Members as and when it deems fit and necessary or if required under law.

9. TRADING PARAMETERS

  1. MTLEXSSPOT shall from time to time specify trading parameters relating to the Trading System.
  2. MTLEXSSPOT shall from time to time specify the lot size, tick size, trading limits, position limits, regulation of price fluctuations etc. in terms of which orders can be placed for contracts in specified commodities.

10. TRADE TYPES/SETTLEMENT PERIODS/ TRANSACTION TYPES

MTLEXSSPOT may permit, notify and prescribe from time to time different trade types and market types and settlement periods that will be permitted to Members or Constituents/Clients for dealing in commodities.

11. FAILURE OF MEMBER’S TERMINAL

In the event of failure of Member’s workstation and / or the loss of access to the Trading System, MTLEXSSPOT may at its discretion without being bound to do so, upon a valid request from such Member, undertake on behalf of the Member, necessary functions which the Member is eligible subject to such terms and conditions which MTLEXSSPOT may deem necessary and impose on such Member. The Member shall be liable and accountable for the functions so executed by the MTLEXSSPOT on his behalf and shall indemnify the MTLEXSSPOT against any losses or costs incurred by the MTLEXSSPOT or any claims on the MTLEXSSPOT arising therefrom.

12. TRADING IN COMMODITIES

  1. All Commodities permitted for trading on MTLEXSSPOT trading system shall be traded by way of such mode as may be prescribed in the contract specifications and special terms and conditions applicable to specific commodities. All trades and transactions shall be subject to terms and conditions stated in the contract specifications and special terms and conditions applicable to respective commodity as well as these General Terms and conditions and every person placing an order on the MTLEXSSPOT shall be deemed to have agreed to such contract specifications, General as well as special terms and conditions and Rules of the MTLEXSSPOT.
  2. All specifications and terms and conditions of trade for the commodities shall be communicated by MTLEXSSPOT through trading system or circular, direction, notification or any other mode of communication as deem fit by MTLEXSSPOT from time to time.
  3. Members may trade on the Trading System in Commodities that are admitted for dealing on MTLEXSSPOT, either on behalf of their Constituents or on their own account unless otherwise specified by MTLEXSSPOT or the Relevant Authority and such trading shall be during the prescribed trading hours and subject to such conditions as the MTLEXSSPOT may prescribe from time to time.
  4. Members may enter orders of quantities in specified delivery lots. All lots partially matched shall be deliverable while the remainder of the lot may be permitted by MTLEXSSPOT to be put up for trade at such time and in such manner as may be specified and deemed fit.
  5. A Member may enter multiple buy orders or sell orders on behalf of different constituents on the Trading System. The execution of orders would be done by the Trading System on the basis of allocation logic as prescribed in contract specifications or terms & conditions or on such basis as prescribed by MTLEXSSPOT from time to time.
  6. A Member shall not enter orders such that the Member himself while acting either on his own account or the constituent, shall be a seller as well as a buyer in respect of the same sell order or a buy order as the case may be unless specially permitted by MTLEXSSPOT.
  7. Every Member shall segregate trading by him on his own account from that of his Clients/Constituents and maintain records accordingly.
  8. MTLEXSSPOT Discretion
    1. The MTLEXSSPOT may at its discretion, in addition to any other measures as it may deem fit, at any time, suspend trading for all or any of the specified commodities as it deems fit under the following circumstances :
      1. On account of any direction, notification, circular or any order being passed by Relevant Authority, Regulatory Authority, Judicial authority, any Law enforcement authority authorized to pass any such orders or Central or any State Government suspending trading in specified commodities.
      2. There is law and order problem, which in the opinion of the MTLEXSSPOT may, affect the market conditions adversely;
      3. For reasons beyond the control of participants it may not be possible in the opinion of the MTLEXSSPOT for the participants to perform the contracts;
      4. Any other reason or circumstances under which, the Relevant Authority deems, in the interest of Market, to suspend or stop trading in particular Commodity or commodities or the spot market as a whole.The decision of MTLEXSSPOT in this regard shall be final and binding on all the market participants.
    2. MTLEXSSPOT may, without assigning any reason, at any time restrict a Member conditionally or unconditionally, from dealing in all or any of the commodities.
  9. Liability Of Member For Trades Done On The System
    1. The Member shall be liable for all orders placed and/or trades executed on or through his/their trading terminal/system, and shall be responsible and liable for all the actions or omissions of their Approved Users.
    2. Unique Client Code
      1. The Member shall enter Trading Account (TAC) of the client in case the member places orders on behalf of his client in such format and manner as may be specified by MTLEXSSPOT. Every Member shall be responsible to furnish particulars of unique client codes/Client ID of each of his Constituents along with full details of the Constituent to MTLEXSSPOT in such form, manner, at such intervals and within such time as may be specified by the MTLEXSSPOT from time to time.
      2. No member shall allot the same client code/ID to more than one Constituent/client. The uniqueness of unique client code/Client ID could be verified on basis of PAN Card Number.
    3. Members shall be solely responsible for the accuracy of details of orders entered into the Trading System.
  10. Amendment of Orders: Trades generated on the system are irrevocable and 'locked in'. However, MTLEXSSPOT reserves the right to cancel or permit cancellation of Trades in the circumstances and subject to such terms and conditions as may be deemed appropriate by MTLEXSSPOT.
  11. Margin Requirements
    1. MTLEXSSPOT may levy margin and/or additional margins for transacting on the MTLEXSSPOT trading platform based on prudent risk management principles and the same shall be binding upon the Members.
    2. Subject to the provisions as contained in these General Terms and Conditions and circulars as may be issued and in force from time to time, every Member shall in respect of trades to which he is a party, deposit the stipulated margin with MTLEXSSPOT, in the manner, within the stipulated time and to the extent specified by MTLEXSSPOT. All margins payable by a Member shall be paid directly to MTLEXSSPOT, unless otherwise directed by MTLEXSSPOT/Clearing House. The procedure for refund/adjustment of margins if any, will be such as may be notified by MTLEXSSPOT from time to time.
    3. MTLEXSSPOT may from time to time or during the trading hours, impose any special or other margin requirements as deem fit.
    4. On failure to deposit margins as required herein, MTLEXSSPOT/Clearing House may withdraw the trading facility of the defaulting Member without prejudice to any other action which MTLEXSSPOT may take under the Rules of MTLEXSSPOT and these General & special Terms and Conditions.
    5. Margins received from Members in respect of trades on the trading system would continue to be under lien of MTLEXSSPOT till successful completion of physical delivery and Settlement or till such time as deemed fit by MTLEXSSPOT on a case to case basis.
  12. Order Validation
    1. A Member shall be permitted to modify or cancel his orders till such time as specified by MTLEXSSPOT, provided a trade has not already taken place in respect of that order. The modified order shall lose or retain its original time priority as per the trading parameter set by MTLEXSSPOT.
    2. Orders entered into the Trading System by Members shall be subject to various validation requirements as prescribed by MTLEXSSPOT from time to time including trading parameters, and/or other restrictions placed on transactions in general or any commodity in specific. The Trading System will not accept orders that do not meet the validation checks.
    3. The orders entered by members on behalf of their Constituents may match on the basis of allocation logic as Specified in the contract terms & conditions. In case of Normal market the orders would be matched on price time priority basis and in case of auctions various allocation logics shall be implemented as specified in the contracts terms and conditions. In absence of any specific conditions or directions relating to execution of orders specified in the contract terms and conditions or otherwise, the methodology of execution of orders shall be as decided by MTLEXSSPOT from time to time in this regard.
    4. MTLEXSSPOT shall specify from time to time the kinds of order books that shall be maintained on the system, the order matching algorithms and the matching rules and parameters that shall be followed therein. MTLEXSSPOT may modify or change the matching algorithms relevant to any market or order books any time as it deems fit.
    5. Where, in the opinion of the MTLEXSSPOT, it is in the interests of the market to do so, it may at any time make unavailable any particular order books or forms of matching, in the case of a particular contract of any specified commodity or Member or to the market as a whole.
  13. Trade Note
    1. Every Member, participating and executing trades on behalf of their clients shall issue under his/its signature a trade note to their respective Constituents for trades executed in such format as specified with all relevant details as required therein to be filled in and issued in such manner and within 24 hours of the end of the day of Trade.
    2. The Trade Notes shall be numbered with unique running serial number commencing from one, which shall be reset only at the beginning of every financial year. In case separate series are maintained in respect of different dealing offices of the Member, then the dealing office name or code shall be prefixed to the serial number.
    3. The Trade Note shall be stamped as per applicable Stamp Act of the State, in case stamp duty is payable on the same.
  14. Office Related Procedure
    1. No Member shall carry on any activity connected with or pertaining to its operations as a Member of MTLEXSSPOT in any office or premises, if the full address of such office/premises has not been intimated to MTLEXSSPOT with details of the activity proposed to be so carried on therein and the person in whose supervision and control it is to be so carried on.
    2. Each office/department of the Member for trading on MTLEXSSPOT platform shall be under the supervision and control of the Member and of the personnel delegated with such authority and responsibility in this regard.
    3. A Member shall maintain such records and make available for inspection by MTLEXSSPOT, the information related to his financial condition as prescribed by MTLEXSSPOT for this purpose.
    4. The Member shall pay such fees, charges and other sums in such time and manner as required and notified by MTLEXSSPOT.
    5. The Member must inform MTLEXSSPOT within 15 days of any change in the status, constitution, operation and activities of the Member. MTLEXSSPOT reserves the right to withdraw the Membership on account of any such change in the status, constitution, operation or activity of the Member.
  15. Relation With The Constituents
    1. Every Member shall enter into an agreement or shall maintain KYC, as the case may be, of each of his Constituents/Clients in the format prescribed by MTLEXSSPOT, before accepting or placing orders on MTLEXSSPOT trading platform on the Constituent's behalf. However the Member's responsibility shall not in any way be reduced due to non-execution of agreement/KYC with the Constituent/Client.
    2. When establishing a relationship with a new client, Members must take reasonable steps to assess the background, genuineness, financial soundness of such person and his objectives and keep a record of such details in the Client Registration Form as prescribed by MTLEXSSPOT. The Member shall obtain from all corporate Constituents an approved copy of the Board resolution permitting such constituents to trade in commodities.
    3. Member shall make the Constituent aware of the precise nature of the Member's liability for business to be conducted, including any limitations on that liability and the capacity in which the Member acts and the Constituents' liability thereon.
    4. The Member shall make the Constituent aware of the risk associated if any, with the business on the MTLEXSSPOT platform.
    5. The Member shall provide extracts of relevant provisions governing the rights and obligations of Constituents as Constituents of Members as prescribed in the Rules and General & Special Terms and Conditions, contract specifications, relevant manuals, notifications, circulars, any additions or amendments thereto etc. of MTLEXSSPOT, or of any regulatory authority, to the extent it governs the relationship between Members and Constituents, to the Constituents. Member shall also bring to the notice of his Constituents, including Participants any indictments, penalties etc. imposed on him by MTLEXSSPOT or any other regulatory authority.
    6. The Members shall buy commodities on behalf of the Constituent only on the receipt of prescribed margin if any, as the Relevant Authority may decide from time to time,
    7. Member shall explain the Trading System and order matching process to the Constituent before accepting any orders from him.
    8. The Member shall make pay out of funds or delivery of commodities, as the case may be, to the Constituent within such time from receipt of the payout as may be prescribed by MTLEXSSPOT from time to time or unless specifically or generally permitted otherwise by MTLEXSSPOT.
    9. Member shall at all times keep the funds of the Constituent in a separate bank account.
    10. No money shall be paid into clients account other than:
      1. Money held or received on account of clients;
      2. Such moneys belonging to the Member as may be necessary for the purpose of opening or maintaining the account;
      3. money for replacement of any sum, which may by mistake or accident have been drawn from the account;
      4. cheque or draft received by the Member representing in part money belonging to the client and in part money due to the Member.
    11. Moneys to be withdrawn from "clients account"

      No money shall be drawn from clients account other than

      1. Money properly required for payment to or on behalf of clients for or towards payment of a debt due to the Member from clients or money drawn on client's authority, or money in respect of which there is a liability of clients to the Member, provided that money so drawn shall not in any case exceed the total of the money so held for the time being for such client;
      2. Such money belonging to the Member as may have been paid into the client account as per the above clauses
      3. Money, which may by mistake or accident have been paid into such account.
  16. General Principles & Guidelines For Members
    1. Professionalism: A Member in the conduct of his business shall observe high standards of commercial honor of just and equitable principles of trade.
    2. Adherence to Trading Practices: Members shall adhere to the Rules, these General Terms and Conditions and special terms and conditions for Sale / Purchase and shall comply with such operational parameters, rulings, notices, guidelines and instructions of the Relevant Authority as may be applicable from time to time.
    3. Honesty and Fairness: In conducting his business activities, a Member shall act honestly and fairly, in the best interests of his Constituents.
    4. Capabilities: A Member shall have and employ effectively the resources and procedures, which are needed for the proper performance of his business activities.
    5. Member shall desist from the following trading practices while conducting business on MTLEXSSPOT.
    6. Misleading Transactions: A Member shall not-
      1. make bids and/or offers for commodities with an intention of creating a false or misleading appearance with respect to the market for, or the price of any commodity or;
      2. make a transaction or give an order for the purchase or sale of commodities, the execution of which would involve no change of beneficial ownership,
    7. No Member shall buy, sell or deal in Commodities in a fraudulent manner, or indulge in any unfair trade practices including market manipulation.
  17. Trading Principles
    1. Members shall ensure -
      1. That any employee who commits the Members to a transaction has the necessary authority to do so
      2. That employees are adequately trained in operating in the relevant market segment in which they deal, are aware of their own, and their organization’s responsibilities as well as the relevant Statutory Acts governing the Member, the Rules, General and special Terms and Conditions of MTLEXSSPOT including any additions or amendments thereof.
    2. Member shall be responsible for all the actions including trades originating through or with the use of Member Id, User Id and valid User password at that point of time. However if the Member satisfies MTLEXSSPOT that the action(s) and /or trade(s) took place due to fraud or misrepresentation by any other person other than his authorized person(s) or employee/s and that the action(s) and/or trades did not originate from any of his approved workstations, MTLEXSSPOT may, at its absolute discretion, issue such directions as it considers just and reasonable and all parties to such deal shall be bound by such directions of MTLEXSSPOT.
    3. When entering into Trades on behalf of Constituents, the Members shall ensure that they abide by the Trading Principles and guidelines and the provisions of these General Terms and Conditions and special terms and conditions.
    4. No Member or person associated with the Member shall make improper use of Constituent's commodities or funds.
    5. A Member shall not disclose the name and beneficial identity of a Constituent to any person except to MTLEXSSPOT, Clearing House, Regulator, and concerned Clearing Member, any enquiry or inspection authority as required by law as and when asked for and as may be required by MTLEXSSPOT or any such Clearing House, Regulator, concerned Clearing Member or any enquiry or inspection authority from time to time and to the extent required for the purpose of compliance of settlement obligations.
    6. A Member shall not indulge in falsification of his books, accounts and records
    7. Notwithstanding anything to the contrary contained in these General Terms and Conditions, MTLEXSSPOT may from time to time extend or postpone the time for performance of contracts for all or any of the specified commodities whenever deemed fit and any such discretion shall be final and binding on all the Members and the Constituents.

13. PROCEDURE FOR SETTLEMENT OF DEALS

  1. All deals executed and matched on the trading platform of MTLEXSSPOT, shall result in compulsory physical delivery and on the Settlement Date, shall be settled by the Members by themselves as clearing members or through other Clearing Members in accordance with and as per manner prescribed and permitted by MTLEXSSPOT from time to time.
  2. MTLEXSSPOT reserves the right to direct or permit settlement by payment of difference in price together with such penalties as may notified by MTLEXSSPOT in circumstances where, in the opinion of MTLEXSSPOT, delivery of goods is not possible due to any reason.
  3. The delivery of commodity arising out of each trade will be in accordance with the terms specified in the contract specifications and as per special terms and conditions if any, as the case may be. Settlement in each market segment of MTLEXSSPOT or with respect to specified commodities shall be either on netted basis, gross basis trade for trade basis or any other basis as may be specified by the Relevant Authority, MTLEXSSPOT or contract specifications and special terms and conditions from time to time. Settlement shall be effected by Members (clearing) giving and receiving delivery and/or paying and receiving funds as may be specified by the Relevant Authority, MTLEXSSPOT or contract specifications and special terms and conditions from time to time.
  4. The General Terms and Conditions from time to time in force relating to any procedure for settlement of deals and to the Clearing System and clearance of deals through the warehouse management system or any other such system put in place by MTLEXSSPOT and the resolutions, notices, directions and decisions of MTLEXSSPOT or delegated authority there under for the time being in force shall be part of the terms and conditions of every contract/deal/trade.
  5. Deliveries shall be in a manner prescribed by MTLEXSSPOT or Special Terms and Conditions or Contract Specifications through notified delivery centers and in accordance with the settlement system put in place by MTLEXSSPOT for the purpose. The General Terms and Conditions relating to the Clearing shall be deemed to form a part of any settlement process so prescribed.
  6. No order/trade shall be permitted in the trading system unless the quantity of commodity equivalent to the quantity proposed to be sold through MTLEXSSPOT platform has been deposited/available in the designated/declared warehouse for the concerned commodity or authorized/declared warehouses specified in the Special Terms and Conditions and/or Contract Specifications issued for any particular commodity and necessary electronic balances have been created and confirmed by the concerned Member unless permitted otherwise by MTLEXSSPOT for a specific market segment or commodity.
  7. The goods with pre-specified quality and other parameters offered for trading shall be delivered as per the system as put in place by MTLEXSSPOT or any other process prescribed by MTLEXSSPOT.
  8. The Seller shall deposit and hold the commodity in the designated/declared warehouses specified in the Special Terms and Conditions and/or Contract Specifications issued for any particular commodity. MTLEXSSPOT may at its own discretion, make it mandatory to get the commodity brought in by the Seller to be checked for the quality by Assayers approved by MTLEXSSPOT before the deposit of the same is accepted by the Warehouse.
  9. MTLEXSSPOT may modify or prescribe any other manner of giving and taking deliveries of commodities sold through MTLEXSSPOT platform. Alternately, MTLEXSSPOT may permit the commodities to be delivered directly from the Sellers own warehouse/godown/yard/factory subject to such terms and processes as may be stipulated in that regard.
  10. In case of precious Metals, MTLEXSSPOT may prescribe certain specific norms or terms and conditions like Assayer’s Certificate etc. for accepting any such Metals for trading through MTLEXSSPOT platform.
  11. MTLEXSSPOT may prescribe from time to time such norms and procedures which may include delivery with respect to market lot, odd lot, minimum lot, part delivery, delivery period, expiry date, designated tender days, delivery orders, delivery grades, delivery centers, freight adjustment factors, sampling analysis & certification method, warehousing/assaying charges etc. along with any other norms and procedures which are necessary for the purpose.
  12. The MTLEXSSPOT may prescribe from time to time the requirements and procedures for determining disputed deliveries or defective deliveries, and measures, procedures and system of resolving the dispute or defect in deliveries or of consequences of such deliveries or the resolution
  13. Without prejudice to the generality of the foregoing, the relevant authority may close out deals against a Member in the following circumstances,
    1. In case of the selling Members - on failure to complete good delivery on the due date; and
    2. In case of the buying members - on failure to pay the amount due on the due date,
    3. Any other circumstances as may be prescribed by the MTLEXSSPOT.
      and any loss, damage or shortfall sustained or suffered as result of such closing out together with penalty if any, shall be payable by the Clearing Members who failed to give due delivery or to pay amount due.
  14. TAXES
    1. Registration with Sales Tax / Vat / Other Authorities
      1. All Members shall ensure that they, while trading on their own account and their respective Constituents in respect of trades on their behalf as the case may be, are registered with Sales Tax/VAT/ excise and other tax/revenue authorities including import and export as applicable under all such States in which deliveries are affected for a particular commodity traded on MTLEXSSPOT.
      2. Members shall maintain records/details of such registration of themselves and each of such Constituent as the case may be, and furnish the same to MTLEXSSPOT as and when required. If the requisite taxes have already been paid and is not required to be paid in respect of the transaction on MTLEXSSPOT, the selling member shall produce such proof to the satisfaction of MTLEXSSPOT at such time and in such manner as may be stipulated and provide copies of the same to the Buying Member/Buyer.
      3. Further all the Members shall also ensure that they and their Constituents are also registered under all the applicable tax and/or regulatory authorities mandated by the Government of India from to time and shall continue to hold valid and renewed certificates/licenses under all the taxation/regulatory authorities under the Indian Laws.
      4. It shall be the responsibility of Sellers to ensure that any commodities sold on MTLEXSSPOT are in conformity with the applicable laws for sale of such commodities along with their amendments from time to time.
    2. Payment of Sales Tax /Vat /Excise Duty/Any other duties

      Subject to special terms and conditions, the Seller/Buyer would be liable to pay sales tax/VAT/excise duty under the local State sales tax law/VAT legislation or the Central Sales Tax Act, 1956 or any other Act, as may be applicable and also other levies if any, and will be solely responsible for complying with all the provisions and General as well as special Terms and Conditions of the applicable laws in that regard. In no event MTLEXSSPOT/Clearing House shall be liable for payment of Sales Tax/VAT or any other local tax, fees, levies etc. and in the event of any of the aforesaid liability of any party is discharged or paid by the other party, MTLEXSSPOT or warehouse, the party liable for such payment under Special Terms and Conditions shall be liable to reimburse the same together with penalty if any for such default and interest thereon.

    3. Information Submission Relating To Sales Tax / Vat /Excise duty to MTLEXSSPOT

      Members shall be solely and fully responsible for collection and verification of Sales Tax/VAT/Excise duty information relating to applicability of Sales Tax/VAT/Excise duty, Exemptions and/or Concessions claimed, Rate of tax to be levied, from their delivering and/or receiving Constituent, as the case may be, and furnishing the same to MTLEXSSPOT for Settlement purposes within the time limit and in a manner as specified from time to time by MTLEXSSPOT.

    4. Raising Of Invoice And Determination Of Sale Value

      Seller shall raise an Invoice as required by Sales Tax/VAT/Excise laws for the deals executed/made on MTLEXSSPOT platform within the time period as may be prescribed by MTLEXSSPOT. For the purpose of raising invoice, Sale price shall be calculated on the basis of Quality and Quantity of commodities delivered or as notified by MTLEXSSPOT from time to time.

    5. Disputes Relating To Incorrect Sales Tax/Vat /Excise duty Information / Documents For Commodities Delivered / Received
      1. a)In case where a Constituent or Member taking or receiving delivery deems the Sales tax/VAT/Excise duty information / documents for commodities delivered or received is/are not correct or are insufficient, the said Constituent or Member shall file the complaint with MTLEXSSPOT about incorrectness or insufficiency or non-receipt of any information or document with regard to Sales Tax/VAT/Excise duty, if any, not later than 1 week following the pay-in or pay-out day as specified in the Settlement Calendar subject however, to the special terms and conditions. If no such complaint is received by MTLEXSSPOT from the Member or Constituent as aforesaid within the time as prescribed, it shall be deemed conclusively that all the requisite information or documents have been exchanged between the selling and buying Constituents or Members.
      2. Upon receiving the complaint as prescribed above, MTLEXSSPOT shall determine the extent of incorrectness and notify the Members or the representing parties to delivery / receipt, of the results of determination.
      3. If MTLEXSSPOT decides upon the complaint that the commodities for delivery / receipt to have inappropriate or insufficient Sales Tax/VAT/Excise duty information for delivery /receipt, MTLEXSSPOT shall cause the party making / accepting delivery, as the case may be, to furnish proper information/document as required under applicable Sales Tax/VAT/Excise laws / rules. MTLEXSSPOT may also levy a penalty for each failure in addition to the liability of Sales Tax/VAT/Excise duty.
      4. MTLEXSSPOT may impose such penalty and other charges as it may deem fit and/or as prescribed from time to time on a Clearing Member for non–supply or supply of insufficient information/document/s or supply of incorrect information/documents.
    6. MAINTENANCE OF RECORDS of TAX

      All the Members of MTLEXSSPOT shall maintain proper records relating to Sales Tax/VAT/Excise duty which include but not limited to maintenance of:

      1. Records of registration with Sales Tax/VAT/Excise Authorities for themselves as well as Constituents as per applicable law
      2. Details of Information / Documents required under Sales Tax/VAT/Excise laws and furnished to respective Buyer / Seller for deals executed on MTLEXSSPOT

14. PENALTIES FOR DEFAULTS

In the event of a default by the seller or the buyer in delivery of commodities or payment of the price, as the case may be, MTLEXSSPOT would close out the deals in the manner as may be prescribed or as deemed appropriate by MTLEXSSPOT from time to time and the margin money and/or other monies held by MTLEXSSPOT shall be forfeited and appropriated as deemed fit by MTLEXSSPOT. MTLEXSSPOT may additionally, impose penalties on the defaulting seller or buyer, as the case may be, and also to use the deposits/securities of such Clearing member to recover the loss and toward penalties imposed.

15. CLEARING AND SETTLEMENT PROCESS

  1. The Relevant Authority, MTLEXSSPOT, Special Terms and Conditions or the Contract Specifications shall prescribe the process from time to time for the functioning and operations of Clearing and settlement of the trades executed on the MTLEXSSPOT trading platform and to regulate such functions which shall be deemed to form a part of any clearing and settlement process so provided. The Relevant Authority, MTLEXSSPOT, Special Terms and Conditions or the Contract Specifications may specify different process and procedures for clearing and settlement for any or all Clearing Members or in respect of any or all commodities or any specific commodity from time to time.
  2. Transactions Subject To Change in Settlement Procedure

    MTLEXSSPOT may at any time through a notice, Circular or directive bring into effect any substitution of or any additions to or deletions from or variations, alterations or amendments in any settlement procedure or in any clearing and settlement process or in the time or forms prescribed thereof, in respect of all or any deals or trades entered into or to be entered into the MTLEXSSPOT trading system, and all such changes shall be binding on both the parties to the trade.

  3. Clearing Bank
    1. MTLEXSSPOT would notify identified Clearing Banks to perform the functions of collection of margin money and settlement of all deals entered into through MTLEXSSPOT and for any other transfer of fund between Members and MTLEXSSPOT and/or between Members inter-se or between MTLEXSSPOT and Constituents as the case may be, as may be directed by MTLEXSSPOT from time to time.
    2. Payment in respect of all trades for the Clearing shall be made through such Clearing Bank(s); Provided however that the trades of Sales and Purchases executed between different Constituents of the same Clearing member in the same Settlement, may be offset by process of netting of funds to arrive at Net Obligations of funds. However the physical delivery will have to be settled on gross basis by giving and taking delivery of the quantities of commodities as per trades concluded on MTLEXSSPOT.
  4. Clearing Bank to act as per the instructions of MTLEXSSPOT

    MTLEXSSPOT shall instruct the Clearing Bank as to the debits and credits to be carried out for the funds settlement between the Members. The Clearing Bank shall act as per the instructions received from MTLEXSSPOT for the funds movement. Instructions of MTLEXSSPOT as to debits and credits to a Member’s accounts shall be deemed to be irrevocable and confirmed mandate by a Member to debit his account and/ or credit his account with funds as specified in the instruction. MTLEXSSPOT shall have the right to view the funds availability in the clearing bank account of the Member for the purposes of such debit or credit instructions.

  5. Clearing Hours, Days, Scheduled Timings and Clearing Charges
    1. The Relevant Authority shall from time to time fix the various clearing hours, clearing days, the Pay-in and Pay-out days and the scheduled time to be observed in connection with the clearing and settlement operations of Trades/Deals. The Relevant Authority may specify different schedules for any or all Clearing members from time to time.
    2. The Relevant Authority may at any time curtail, extend, alter or postpone to any other date or dates the entire Clearing or any or all of the various clearing days in respect of any or all of the trades/deals in commodities.
    3. The Relevant Authority shall from time to time prescribe the scale of clearing charges for the clearing and settlement of transactions through MTLEXSSPOT clearing system.
  6. Settlement Obligations Statements For Members

    MTLEXSSPOT shall generate and provide to each Member, Settlement Obligations Statements showing the fund obligations, quantities of the different kinds of commodities for which delivery/ deliveries is/ are to be given and/or taken and the funds payable or receivable by him in his capacity as Clearing member. The Obligations Statement shall be deemed to be confirmed by the member for which deliveries are to be given and/or taken and funds to be debited and/or credited to his account as specified in the Obligations Statements and shall be deemed instructions to the Clearing Banks/Institutions for the same.

  7. Mode Of Funds Payment

    Unless otherwise prescribed for a Clearing member regarding the mode of payment, as on the time specified by the MTLEXSSPOT or Relevant Authority, Clearing members shall have clear balance of funds in their clearing account to the extent of funds to be debited to his account and on Pay-in day the Clearing Bank shall debit a Clearing member’s clearing account to the extent of his funds obligation as per the instructions of the MTLEXSSPOT

  8. Receipt Of Commodities

    Commodities which are to be received by a Clearing Member in all trades/deals shall be delivered to him directly by the seller or would be credited to buyers account in electronic form in Commodity management system on the respective pay-out day as per instructions of MTLEXSSPOT and in accordance with the process put in place by MTLEXSSPOT.

  9. Mode Of Receipt Of Funds
    1. On the Pay-out day, unless otherwise prescribed for a Clearing member regarding the mode of payment, the Clearing Bank shall credit the clearing accounts of the Clearing members who are due to receive funds or make payments to Clearing members as per the instructions of MTLEXSSPOT
    2. All funds due to a Clearing member shall normally be credited to his account unless
      1. the Clearing member has not delivered commodities on Pay-in day as per Settlement Obligations Statement or
      2. the full extent of funds obligation of the Clearing member was not available with MTLEXSSPOT Clearing Account for funds Pay-in or
      3. it is otherwise ordered by MTLEXSSPOT or Relevant Authority.
  10. Withholding Of Commodities And Funds

    Notwithstanding anything contained in these General Terms and Conditions, MTLEXSSPOT may withhold, for such period(s), pay-out of any traded commodities and any other funds including margins, if

    1. the Member has not delivered the required commodities on pay-in day or
    2. there are no adequate funds deposited by the member in the MTLEXSSPOT Clearing bank Account to meet the funds pay -in obligation on the pay -in day or
    3. the Member fails to satisfy the margin requirements or
    4. the Member fails to fulfill any other obligation or
    5. the Relevant Authority, otherwise, deems fit.
  11. Withheld Commodities And Funds - How Dealt With

    The commodities and funds withheld shall be dealt with by the MTLEXSSPOT in such manner as it may deem fit by MTLEXSSPOT or the Relevant Authority or as per the provisions of these General Terms and Conditions, Special Terms and Conditions and/or the Contract Specifications applicable from time to time, which may include appropriating the withheld commodities/funds for the purpose of fulfilling the obligations of the Member or registering the withheld commodities in the name of the MTLEXSSPOT or any other entity as decided by the MTLEXSSPOT. The MTLEXSSPOT may deal with the funds received out of withheld commodities in such manner as it may deem fit.

  12. Death Of A Clearing Member

    If a Clearing Member dies on or before the Pay-in day, the procedure to be followed in clearing and settling the account of such Clearing Member shall be the procedure prescribed for clearing and settling the account of a defaulter, provided that with the permission of the MTLEXSSPOT the heirs or legal representatives of such deceased Clearing member may receive and/or deliver commodities and make and receive payment on account of such deceased Clearing member whom MTLEXSSPOT approves. MTLEXSSPOT may, if it deems appropriate at its discretion decide the sale as not complete and Goods in such event shall be returned/continue to be owned by the Seller.

  13. Delivery When Complete
    1. Delivery and payment: On the due date of settlement as notified under the settlement calendar, the selling member shall deliver to the buying member at such place and at such time, in such manner and in such delivery units as the MTLEXSSPOT may notify from time to time, commodities together with the necessary documents, electronic or otherwise and the applicable invoices and the buying member shall pay for them on the same day or such other day and in such manner as the MTLEXSSPOT may specify from time to time or as prescribed under the applicable Special Terms and Conditions. For farmers, once the delivery process in the prescribed manner is complete, the farmers will get the payment possibly on the same day if banking operations remain open and/or as per terms specified in the contract
    2. Commodities delivered by the Constituent / delivering Member in accordance with the contract specifications or in accordance with the quality and quantity offered for sale, to the Buying Constituent / receiving Member accompanied by the related documents of title as above, shall, in the absence of fraud or apparent error, be considered as good delivery and the receiving Member shall accept them as good delivery and failing such acceptance, MTLEXSSPOT shall be entitled to close-out or deal with the same against the receiving Member in accordance with the Rules, General Terms and special terms and conditions relating thereto or as deemed fit by MTLEXSSPOT.
    3. If there is a shortage in the commodity/goods delivered (other than shortage which can be attributed to natural loss of moisture or normal spillage or sampling as prescribed by the MTLEXSSPOT) or the goods are not of the quality as notified in the contract specification or are not of quality offered for sale on the trading system, then the delivery shall not be complete provided such shortage or deficiency in quality is notified by the Buyer or Buying Member to the MTLEXSSPOT within 2 days from the date of pay out.MTLEXSSPOT may however, prescribe specific period for notifying such shortage or deficiency in quality to MTLEXSSPOT for this purpose under Special Terms and Conditions or otherwise.
    4. MTLEXSSPOT shall withhold the sale proceeds, fully or partly as may be prescribed by MTLEXSSPOT, during the period specified for the Buyers to lodge complaint with regard to the quality or quantity of the goods and if any such complaint is received, MTLEXSSPOT may withhold such sale proceeds till the dispute is resolved.
    5. If the Buyer does not refer any shortage or deficiency in the goods within the time stipulated, the delivery shall be deemed to be good delivery and the buyer shall not dispute the quality or quantity thereafter and the settlement obligation for physical delivery shall be deemed to be completed for all purposes.
  14. Penalty For Bad Delivery Or Non-Delivery
    1. MTLEXSSPOT may impose on a delivering Trading/Clearing Member responsible for the commodities of which delivery is not given or which are not good delivery or of which there is incomplete delivery, such penalty /compensation and other charges as it may prescribe from time to time in this regard. Such penalty/compensation and other charges shall be in addition to any loss arising on account of closing-out and shall be in addition to the commission/charges chargeable/payable in that behalf.
    2. Notwithstanding such penalties, MTLEXSSPOT may initiate such action as it may deem fit under the Rules, General or Special Terms and Conditions and circumstances.
    3. Any disciplinary action, which MTLEXSSPOT takes pursuant to the above, shall not affect the obligations of the Clearing Member to the Clearing House of the MTLEXSSPOT or any remedy to which the Clearing House of the MTLEXSSPOT may be entitled under applicable law.
  15. Disputes relating to Delivery
    1. In case of any shortage in quantity of commodity (other than shortage which can be attributed to natural loss of moisture or normal spillage or sampling as prescribed by the MTLEXSSPOT), then the delivering Member shall make good the shortage or in the alternative, pay up the receiving Clearing Member, the price of the commodity to the extent of the short quantity together with such compensation/penalty as may be prescribed / notified by the MTLEXSSPOT or the Relevant Authority or Special Terms and Conditions or the Contract Specifications within such period permitted by MTLEXSSPOT or the Relevant Authority or Special Terms and Conditions or the Contract Specifications respectively.
    2. In case of deficiency in quality of commodity delivered and notified to MTLEXSSPOT within the period prescribed above, MTLEXSSPOT may request the seller to rectify the defect or substitute the defective commodity with the commodity meeting the quality specifications as per terms of sale together with compensation if prescribed/imposed by the MTLEXSSPOT and resolve the issues raised by the Buyer within such time as may be stipulated by the MTLEXSSPOT.
    3. In the event of dispute on quality, the MTLEXSSPOT may refer the commodity for re-assaying by an assayer from the panel of assayers and the decision of such assayer shall be final and binding upon the Buyer, Seller and the warehouse person/delivery centre and the Buyer shall be bound to take delivery and physical possession of the goods if such assayer certifies that the goods are of quality specified in the contract specifications or as per quality notified for auctions as the case may be. However, if the assayer on retesting certifies that the goods delivered or being delivered are not of quality as per contract specifications or not of quality offered for sale, the seller shall be bound to rectify the defect or substitute the defective commodity with the commodity meeting the quality specifications as per terms of sale together with compensation if prescribed/imposed by the MTLEXSSPOT and resolve the issues raised by the Buyer within such time as may be stipulated by the MTLEXSSPOT.
    4. In the event of the issues not being able to be resolved between the Buyer and the Seller, the matter shall be dealt in accordance with Special Terms and Conditions stipulated in the contract or in absence of any such special Terms and conditions, in accordance with these General Terms and Conditions and as further stipulated from time to time.
    5. Disputed Documents - When documents tendered for delivery in settlement of deals are considered by the receiving member to be defective in their title, ownership, genuineness, regularity or validity or not in order for any other reason and the objection is not accepted by the delivering member, the disputes relating thereto shall be resolved in accordance with the provisions of Special Terms and Conditions stipulated in the contract or in absence of any such special Terms and conditions, in accordance with these General Terms and Conditions as stipulated from time to time by MTLEXSSPOT.
  16. Delivery through Agents

    The Relevant Authority may, in general or in specific cases, permit Members / Constituents to complete delivery under these General Terms and Conditions through their Agents on the terms and conditions as may be stipulated by the Relevant Authority from time to time. The deliveries given to or taken by such Agents shall be construed as deliveries given to or taken by Members / Constituents for the purpose of compliance of delivery obligations under these General Terms and Conditions. Members / Constituents shall be responsible for all acts and omissions of their Agents and for statutory compliances required in that regard.

  17. Charges
    1. Transportation / loading /unloading costs while the goods are deposited in the warehouse would be borne by the Seller and by the Buyer while taking out delivery or as may be prescribed under the applicable special terms and conditions. The applicable storage charges shall be payable by the Seller upto the date of pay out of goods to the Buyer as per process of the MTLEXSSPOT and by the Buyer thereafter. In this regard, the Special Terms and Conditions relating to charges shall prevail.
    2. Assaying charges, if payable, at the time of deposit of commodity shall be borne by the Seller.
    3. Assaying charges, at the time of verifying quality arising out of a reference of a dispute, would be borne by the party disputing the quality who shall also bear the storage charges till the time of actual physical delivery or resolution of dispute in his/its favour as per General Terms and Conditions herein. In the event of the dispute being decided against the seller, the seller shall be responsible to refund /pay the storage charges.
    4. Cooperatives/companies/Producers Companies will also be allowed membership of MTLEXSSPOT. However for all other provisions/ margins etc, they will be treated at par with all other members. MTLEXSSPOT reserves the right to increase the amount of fee for admission and/or yearly membership fee without assigning any reason and such increase shall be binding on the Members.
  18. Disabling Of A Member

    Any Member who fails to deliver commodities or pay funds on the pay-in day shall (without prejudice to any other right of the MTLEXSSPOT), may be forthwith disabled from dealing through the trading system until the MTLEXSSPOT or Relevant Authority may decide otherwise.

16. PRIVITY OF CONTRACT

  1. Except as provided herein, Members and/or Clearing Members giving and receiving delivery as provided in the Rules and General Terms and Conditions shall be deemed, notwithstanding that no direct contract may exist between them, to have made between themselves, a contract with each other for the purpose of complying with the settlement obligations as delivering Member and receiving Member. However, the contract of sale and purchase concluded on MTLEXSSPOT platform shall be between the Seller and the Buyer. MTLEXSSPOT shall not be responsible in respect of the title, ownership, genuineness, regularity and validity of the documents delivered or received and in regard to the loss and damages arising there from, which shall be dealt with in accordance with the provisions of these General Terms and Conditions.
  2. Notwithstanding anything contained in these General Terms and Conditions, the responsibility of MTLEXSSPOT or its Clearing House shall be limited to the extent of financial settlement by payment of difference in prices as may be determined by process put in place by MTLEXSSPOT and shall primarily be governed by the provisions contained in the Special Terms and Conditions and in absence of any such Special Terms and Conditions, by these General Terms and Conditions.

    Provided that such financial settlement by MTLEXSSPOT/Clearing House extends only:

    1. to its own members, and
    2. to those transactions that have been executed, registered and accepted for clearing and settlement by MTLEXSSPOT/Clearing House after having been matched by MTLEXSSPOT, Provided however, the Clearing House shall not be deemed to guarantee the title, ownership, genuineness, regularity or validity of any goods or any document passing through MTLEXSSPOT/Clearing House, the object of maintaining MTLEXSSPOT/Clearing House being to facilitate the delivery and payment in respect of the goods or documents between members.

17. RECORD FOR EVIDENCE

  1. The record of MTLEXSSPOT as maintained by a central processing unit or a cluster of processing units or computer processing units or maintained in any other manner shall constitute the agreed and authentic record in relation to any deals entered, cleared and settled through the Clearing House of MTLEXSSPOT. For the purposes of any disputes regarding clearing and settlement of deals, the records as maintained by MTLEXSSPOT shall constitute valid evidence in any dispute or claim between the constituents and the clearing member or between the clearing members inter-se or between the clearing members and MTLEXSSPOT.
  2. False Or Misleading Statements

    The Relevant Authority may fine, suspend or expel a Member who makes any false or misleading statement in the Clearing Forms required to be submitted in conformity with these General Terms and Conditions or any resolutions, orders, notices, directions and decisions of the Relevant Authority there under.

18. MEMBERS ONLY PARTIES TO DEALS

MTLEXSSPOT does not recognize, as parties to deals, any persons other than its own Members, and every Member shall be directly and wholly liable in respect of all deals and any incidental obligation there under to MTLEXSSPOT whether such deal be for account of the Member effecting it or for the account of a Constituent.

19. ALL DEALS SUBJECT TO RULES, GENERAL AND SPECIAL TERMS AND CONDITIONS

All deals shall be made subject to and in accordance with the Rules and General as well as Special Terms and Conditions and this shall be a part of the terms and conditions of all such deals and the deals shall be subject to the exercise by the Relevant Authority of the powers with respect thereto vested in it by the Rules and General as well as Special Terms and Conditions.

20. INVIOLABILITY OF ADMITTED TRADES/DEALS

  1. All the Trades/dealings in commodities on MTLEXSSPOT/its Clearing House shall be in-violable and shall be cleared and settled in accordance with the Rules, General and Special Terms and Conditions, and the contract specifications. However, MTLEXSSPOT/its Clearing House may by a notice annul the deal(s) on an application by a Clearing Member in that behalf; if the Relevant Authority is satisfied after hearing the other party/parties to the deal(s) that the deal(s) is /are fit for annulment on account of fraud or willful misrepresentation or material mistake in the deal.
  2. Notwithstanding anything contained in clause (1) above, MTLEXSSPOT may, to protect the interest of Constituents in commodities and for proper regulation of the commodities market, annual deal(s) at any time if the Relevant Authority is satisfied for reasons to be recorded in writing that such deal(s) is/ are vitiated by fraud, material mistake, misrepresentation or market or price manipulation and the like.
  3. Any annulment made pursuant to clause (1) and (2) above, shall be final and binding upon the parties to deal(s). In such an event, the Clearing Member shall be entitled to cancel the relevant deal(s) with its constituents.

21. LIABILITY OF MTLEXSSPOT

  1. The transactions on MTLEXSSPOT will be deemed to have taken place between the buying and selling Members/Clearing Members/Constituents and MTLEXSSPOT shall not be deemed to guarantee the title, ownership, genuineness, regularity or validity of any commodity passing through the Clearing System put in place and the only obligation of MTLEXSSPOT in this matter shall be to facilitate the delivery and payment in respect of commodities between Members/Clearing Members/Constituents. No liability shall attach either to MTLEXSSPOT/Clearing House or to the Relevant Authority by reason of anything done or omitted to be done by the Members/Clearing Members/Constituents or other participants of the Clearing System in the course of its operations.
  2. While, reasonable care and diligence will be taken by MTLEXSSPOT in discharge of its responsibilities, the buyers/sellers shall indemnify MTLEXSSPOT against all liabilities, losses, damages, claims, charges etc. for any shortcomings on these aspects. It is clearly understood that these activities are undertaken by MTLEXSSPOT to assist the buyers/sellers in participation but the ultimate responsibility on all these counts lies totally with the trade participants i.e. members and clients as the case may be.
  3. MtlexsSpot shall not be liable for any claims arising against the Members/Clearing Members/Constituents in relation to any duties, actions or obligations correctly performed and / or rights or powers exercised by MtlexsSpot in accordance with these General Terms and Conditions or any Special Terms and Conditions applicable to any particular trade/contract thereof. The Parties to the dispute shall defend, indemnify and hold harmless the MtlexsSpot against any claim arising against MtlexsSpot for due discharge of its obligations under these General Terms and Conditions or any Special Terms and Conditions.

22. NOTICES AND DIRECTIONS

All Members shall comply with the instructions, resolutions, orders, notices, directions, circulars, notifications and decisions of MTLEXSSPOT in all matters connected with the operations of the Trading and Clearing Systems.

23. MTLEXSSPOT BILLS

MTLEXSSPOT shall periodically render bills for the charges, fees, fines and other dues payable by trading / Clearing Members, which would also include the charges, fines and other dues payable on account of the business cleared and settled through MTLEXSSPOT Clearing System and debit the amount payable by such Trading/Clearing Members to their accounts. All such bills shall be paid within a week of the date on which they are issued.

24. COMPLIANCES AND RECORDS

  1. Every Member shall comply with all applicable statutory and regulatory laws, these General Terms and Conditions or special terms and conditions and guidelines here under, and the requirements of and under any notifications, directives and guidelines issued by the Government and/or any statutory body or local authority or authority acting under the direction of the State or Central Government relating to maintenance of accounts and records.
  2. In addition to the above, Every Trading/Clearing Member of the MTLEXSSPOT shall maintain the records relating to its business for a period of minimum five years or such period as may be stipulated in the relevant statute or as may be specifically prescribed for any record whichever is higher.

25. ACCOUNTS AND AUDIT

  1. Each Member shall prepare annual accounts for each financial year ending on 31st March or such other date as advised by the MTLEXSSPOT.
  2. The Assets and Liabilities of the Member's business shall be brought into account in the balance sheet at such amounts and shall be classified and described therein in such manner that the balance sheet gives a true and fair view of the state of affairs of such business as at the date to which it is made up.
  3. Each Member shall furnish to MTLEXSSPOT, its audited financial statement and such report shall be furnished not later than six months after the end of the Member's financial year or within such period and in such manner as may be prescribed by MTLEXSSPOT.
  4. Every Member of MTLEXSSPOT shall maintain separate running account or any other account as may be notified by MTLEXSSPOT, for all the registered clients and shall make available to MTLEXSSPOT, the books of accounts and details of such clients as may be required by MTLEXSSPOT from time to time for inspection and audit of the member. For maintenance of books of accounts of clients, the members shall follow the standard accounting practices as are required for the same.

26. COMPLAINT BY CONSTITUENT

When a complaint has been lodged by a constituent with the Relevant Authority that any Member has failed to perform his part of the obligation required for execution of trades/dealings, the Relevant Authority shall investigate the complaint and if it is satisfied that the complaint is justified it may take such disciplinary action as it deems fit in accordance with the provisions of the Rules of MTLEXSSPOT.

27. DECLARATION OF DEFAULT

  1. A Member may be declared a defaulter by direction/circular/notification of the Relevant Authority if:
    1. He is a Member of any Stock or Commodity Exchange and the said Exchange declares him as a defaulter; or
    2. He is a clearing member of any Stock or Commodity exchange/clearing house and the said Exchange or clearing House declares him to be a defaulter; or
    3. He is unable to fulfill his clearing / settlement obligations; or
    4. He fails to pay the amounts or fails to deliver commodities payable to his Constituents.
    5. He admits or discloses his inability to fulfill or discharge his duties, obligations and liabilities; or
    6. He fails or is unable to pay within the specified time the damages and the money difference due on a closing-out effected against him under the Rules and General Terms and Conditions; or
    7. He fails to pay any sum due to MTLEXSSPOT or its Clearing House as the relevant authority may from time to time prescribe; or
    8. If he fails to pay or deliver moneys, commodities, securities and other assets due to a clearing member who has been declared a defaulter within such time of declaration of default of such clearing member in such manner and to such person as the relevant authority may direct; or
    9. If he fails to abide by the arbitration award or the amount declared by any court to be due from the Member or declared by MTLEXSSPOT to be due as laid down under the Rules and General Terms and Conditions; or
    10. If he has been adjudicated as an insolvent or being a Company incorporated under the Companies Act, has been ordered to be wound-up by a court of law in the petition filed by any of his creditors, he shall ipso facto be declared a defaulter though he may not have at the same time defaulted on any of his obligations on the Clearing House; or
    11. If he files a petition before a court of law for adjudication of himself as an insolvent or for winding-up, as the case may be, although he may not have at the same time defaulted on any of his obligations on the Clearing House; or
    12. Under any other circumstances as may be decided by the relevant authority from time to time;
  2. Defaulter’s Book And Documents

    When a Member has been declared a defaulter, the Relevant Authority may take charge of all his books of accounts, documents, papers and vouchers to ascertain the state of his affairs and the defaulter shall hand over such books, documents, papers and vouchers to the relevant authority.

  3. Defaulter To Give Information

    The defaulter shall submit to the relevant authority such statement of accounts; information and particulars of his affairs as the relevant authority may from time to time require and if so desired shall appear before the relevant authority at its meetings held in connection with his default.

  4. Vesting Of Defaulter’s Assets In MTLEXSSPOT

    The Relevant Authority may call in and realize/utilize the security deposits in any form, collateral, margin money, other amounts lying to the credit of and commodities and securities deposited by the defaulter and recover all moneys, commodities, securities and other assets due, payable or deliverable to the defaulter by any other Member in respect of any transaction or dealing made subject to and in accordance with the Rules and General as well as Special Terms and Conditions of MTLEXSSPOT and such assets shall vest ipso facto, on declaration of any Member as a defaulter, in MTLEXSSPOT for the benefit of and on account of any dues of MTLEXSSPOT, other Members, Constituents of the defaulter and any other persons as may be approved by the Relevant Authority

  5. Application Of Assets

    The Relevant Authority shall apply the net assets remaining in its hands after defraying all such costs, charges and expenses as are allowed under Rules and General Terms and Conditions to be incurred by MTLEXSSPOT, in satisfying the claims in the order of priority provided hereunder:-

    1. Dues to MTLEXSSPOT: The payment of such subscriptions, debts, fines, fees, charges and other moneys due to MTLEXSSPOT / Clearing House of MTLEXSSPOT.
    2. Dues to other Members / Clearing Members and to Constituents of the defaulter: The payments as may be admitted by the Relevant Authority, as being due to other Members, Clearing Members and Constituents of the defaulter for debts, liabilities, obligations and claims arising out of any contracts made by the defaulter subject to and in accordance with the Rules and General as well as Special Terms and Conditions of MTLEXSSPOT, provided that if the amount is insufficient then the amounts shall be distributed pro rata against dues amongst other Members, Clearing Members and all the Constituents of the defaulter. The other Members / Clearing Members shall in turn share the amounts so received with their Constituents on pro rata basis.
    3. Dues to the Approved Banks, Warehouses and claims of any other persons as approved by the Relevant Authority: After making payments under Clause ii above, the amounts remaining, if any, shall be utilised to meet the claims of the approved banks and of any other person as may be admitted by the Relevant Authority. The claims of the approved banks should have arisen by virtue of MTLEXSSPOT invoking any bank guarantee issued by the bank concerned to MTLEXSSPOT on behalf of the defaulter to fulfill his obligation of submitting bank guarantee, guaranteeing discharge of obligations under the Byelaws, Rules and General as well as special Terms and Conditions of MTLEXSSPOT. The claims of other persons should have arisen out of or incidental to the transaction done on MTLEXSSPOT or requirements laid down by MTLEXSSPOT, provided that if the amount available be insufficient to pay all such claims in full, they shall be paid pro rata, and
    4. Surplus: Surplus, if any, to the defaulter Member.

28. LIMITATION OF LIABILITY

  1. The liability of MTLEXSSPOT or its Clearing House resulting from the deals and any matter incidental thereto by the Clearing Members with MTLEXSSPOT/ Clearing House and to losses in connection there from be limited to the extent of moneys of the particular defaulting Member available with MTLEXSSPOT/Clearing House. MTLEXSSPOT or its Clearing House shall not be liable for obligations of the non-clearing member, obligations of the clearing member to another clearing member of MTLEXSSPOT or its Clearing House towards deals to which MTLEXSSPOT or its Clearing House is not a party or obligations to a constituent by a clearing member and losses in connection there from.
  2. MTLEXSSPOT only provides an electronic trading platform for sale and purchase of commodities/goods. MTLEXSSPOT is neither owner nor seller or purchaser of goods for any purpose whatsoever.
  3. The Sellers and/or Buyers, as the case may be, shall be responsible to comply with the laws applicable to the physical delivery/sale of goods including but not limited to VAT, Mandi Fee, Food Safety & Standard Act, 2006.

29. ACCREDITED WAREHOUSE / DELIVERY CENTRE

  1. MTLEXSSPOT may specify accredited warehouse(s) or delivery centres as the case may be, through which delivery of a specific commodity shall be effected and which shall facilitate the acceptance, storage and delivery of commodities in the manner as prescribed by MTLEXSSPOT from time to time.
  2. Process And Procedures For Accredited Warehouse /Delivery Centre

    MTLEXSSPOT may specify from time to time the criteria, process flow, processes, procedures, and operations that every Warehouse, Constituents, Assayers and other participants shall be required to follow for the participation, functioning and operations of the accredited warehouse. The General Terms and Conditions relating to the accredited warehouse or delivery centre shall be deemed to form a part of any settlement process so provided.

  3. Alternate Delivery Mechanism:

    All deliveries in respect of trades/deals on MTLEXSSPOT shall be through a mechanism put in place by MTLEXSSPOT in that regard and shall be effected through delivery centres notified for the purpose. The MTLEXSSPOT may prescribe different mode and manner of deliveries and settlement for different commodities or class of commodities and also establish specific mechanism for deposit and withdrawal of commodities to and from such delivery centres for such deals.

30. ARBITRATION AND DISPUTE RESOLUTION

  1. MTLEXSSPOT shall, without prejudice to the provisions of any Statute or any rules framed there under, provide for a dispute resolution mechanism by way of arbitration or otherwise through general or Special Terms and Conditions. The dispute resolution process so provided can be different for different commodities or different trades and transactions.
  2. Reference To Arbitration: All claims, differences or disputes between the Members inter se and between Members and Constituents and arising out of or in relation to dealings, trades and transactions executed on MTLEXSSPOT or registered with MTLEXSSPOT as per process prescribed by MTLEXSSPOT and made subject to and in accordance with the Rules and General as well as special Terms and Conditions of MTLEXSSPOT or with reference to anything incidental thereto or in pursuance thereof or relating to interpretation, fulfillment or the rights, obligations and liabilities of the parties thereto shall be submitted to arbitration in accordance with the provisions of these Rules and General and special Terms and Conditions. Provided however that the Relevant Authority may satisfy itself that the above referred claims, differences or disputes arise out of or in relation to dealings, contracts and transactions executed/reported on MTLEXSSPOT and are in accordance with and subject to the Rules and General and special Terms and Conditions of MTLEXSSPOT and are referable to Arbitration.
  3. Limitation Period For Reference Of Claims, Differences Or Disputes For Arbitration All claims, differences or disputes referred to in clause (1) above shall be submitted to arbitration within three years from the date on which the claim, difference or dispute arose or shall be deemed to have arisen. The time taken in conciliation proceedings, if any, initiated and conducted as per the provisions of the applicable statute and the time taken by the Relevant Authority to administratively resolve the claim, differences or disputes shall be excluded for the purpose of determining the period of three years.
  4. Administrative Assistance

    For the purpose of section 6 of the Arbitration and Conciliation Act, 1996, in all claims, differences or disputes which are required to be submitted to arbitration as per the provisions of the Rules and General Terms and Conditions, the parties shall be deemed to have arranged for administrative assistance of MTLEXSSPOT in order to facilitate the conduct of the arbitral proceedings.

  5. Provisions Of The Rules And General As Well As Terms And Conditions Deemed To Form Part Of All Dealings And Transactions

    In all dealings, contracts and transactions, which are made or deemed to be made subject to the Rules and General as well as special Terms and Conditions of MTLEXSSPOT, the provisions relating to arbitration and dispute resolution as provided in the Rules and General and/or special Terms and Conditions shall form and shall be deemed to form part of the dealings and transactions and the parties shall be deemed to have entered into an arbitration agreement in writing by which all claims, differences or disputes of the nature referred to herein above maybe submitted to arbitration or alternate dispute resolution as per the provisions of the Rules and General and/or special Terms and Conditions.

  6. Jurisdiction

    All disputes arising out of or in connection with or in relation to any matter or deal under Rules, General Terms and Conditions or Special Terms and Conditions or any matter incidental thereto to which MTLEXSSPOT is a party or is made a party, shall be subject to the exclusive jurisdiction of the courts in Mumbai.

  7. Deposit Towards Cost Of Arbitration
    1. The parties to the claim, difference or dispute shall bear the cost of arbitration.
    2. The amount of deposit, which has to be deposited by the parties to the dispute shall be as determined by the Relevant Authority from time to time keeping in view the amount of claim and the cost of arbitration and such amount shall be deposited by the parties in equal shares towards the cost of arbitration. The balance if any after adjusting the cost of arbitration therefrom shall be returned to respective party(ies). All deposits towards costs and expenses shall be made with the MTLEXSSPOT and no payment shall be released to the arbitrators directly by the parties.
    3. Notwithstanding what is mentioned above, MTLEXSSPOT may call for such additional deposits as it may deem fit if in its opinion the deposits already made will be insufficient to defray the expenses of arbitration. Such additional deposits shall partake the character of deposit and shall be dealt with accordingly.
    4. Notwithstanding anything mentioned above, MTLEXSSPOT shall not be party to any arbitration between the Members inter se and between Members and Constituents as specified above and no arbitration shall be filed against MTLEXSSPOT by any of the Members or constituent.
  8. SEAT OF ARBITRATION

    The Relevant Authority may provide for different seats of arbitration for different regions of the country either generally or specifically and in such an event the seat of arbitration shall be the place so provided by the Relevant Authority. Save as otherwise specified by the Relevant Authority, the seat of arbitration shall be Mumbai.

  9. Appointment of Arbitrator and procedure of arbitration proceedings -

    For facilitating the appointment of arbitrator, a list of persons eligible to act as arbitrators shall be notified by MTLEXSSPOT from time to time from amongst persons who possess requisite qualification, experience and knowledge as felt appropriate by the Relevant Authority and parties will not have a right to challenge the appointment of arbitrator except as provided in the Arbitration and Conciliation Act, 1996 as amended from time to time. The Relevant Authority shall have absolute right at any time to add or delete the name of any person from the list of arbitrators. The procedure for appointment of arbitrator and the procedure for conducting of arbitration proceedings shall be as notified by Relevant Authority from time to time. Unless otherwise specified by the Relevant Authority, the procedure relating to the entire arbitration proceedings including appointment of arbitrator, procedure for arbitration and passing of award and all other incidental processes to be followed shall be in accordance with the Arbitration and Conciliation Act, 1996.

31. INSPECTION

  1. Inspection Authority

    MTLEXSSPOT may appoint one or more persons as inspecting authority/is to undertake inspection of books of accounts, other records and documents of the Members/Clients for any of the purposes specified in the Rules, these General Terms and Conditions and Special terms and conditions.

  2. The purposes referred to above shall be as follows, namely:
    1. to ensure that the books of accounts and other books are being maintained in the manner required;
    2. to ensure that specified provisions of MTLEXSSPOT Rules and these General Terms and Conditions and any directions or instructions issued there under are being complied with;
    3. to investigate into the complaints received from investors, other Members/clients of MTLEXSSPOT or any other person on any matter having a bearing on the activities of the Member/Clients;
    4. to investigate suo-moto, for any reason where circumstances so warrant an inspection into the affairs of the Member/Clients in public interest;
    5. to examine whether any notices, circulars, instructions or orders issued by MTLEXSSPOT from time to time relating to trading and other activities of Members/Clients are being complied with;
    6. to comply with any of the directives issued in this behalf by any Regulatory Authority including Government of India or any State government or any department or statutory body of Union of India or any State government.
  3. Obligations Of A Member/Client On Inspection

    It shall be the duty of every Member / Client or every director, officer and employee of the Member/Client, who is being inspected, to produce to the inspecting authority such books, accounts and other documents in his custody or control or arrange to produce where such books, accounts and other documents when they are in any other person's custody or control including that of an associate and furnish him such statements and information within such time as the said inspection authority may require. The Member/Client and/or his associate shall provide all assistance to the inspecting Authority in connection with the inspection.

32. NOTICE OR COMMUNICATION

  1. All communication in general to the Members of MTLEXSSPOT shall be by way of Circular issued by MTLEXSSPOT and/or notified on the Trading Terminals.
  2. These refer to any such intimation that can be served at the ordinary business address and/or ordinary place of residence and/or last known address/e-mail address/ address of the Trading System of the Member in any one or more of the following ways:
    • by post
    • by registered post
    • under certificate of posting
    • by speed post / courier services.
    • by telegram
    • by affixing it on the door at the last known business or residential address
    • by advertising it in at least one prominent daily newspaper having circulation in the area where the last known business or residential address of Member/Respondent/Addressee is situated
    • by electronic mail or fax
    • by hand delivery
    • by any other mode notified by the MTLEXSSPOT
  3. Any communication sent by MTLEXSSPOT to any party shall be deemed to have been properly delivered or served, even if such communication is returned to MTLEXSSPOT as unclaimed/ refused/ undelivered, if the same was sent to the ordinary business address/e-mail address and/ or ordinary place of residence and/ or last known address of the party, in any one or more of the ways mentioned in clause (1) above.

33. MODIFICATIONS OF GENERAL TERMS AND CONDITIONS

MTLEXSSPOT shall have right to modify, substitute or alter these General Terms and Conditions or Special Terms and Conditions or issue directions by way of circulars or notifications hereunder at any time if deemed appropriate by MTLEXSSPOT in the interest of regulation of the commodity spot market.

34. MEASURES TO MEET EMERGENCIES

If in the opinion of the Relevant Authority, an emergency exists or has arisen or is likely to occur or if in its opinion, the conditions are such as to make free trading in specified commodities extremely difficult, the Relevant Authority may take such action as it deems fit and any such action shall be binding on the Members and the Constituents.

35. SAVING

  1. Save as otherwise specifically provided in these General Terms and Conditions or the Special Terms and Conditions ,MTLEXSSPOT, Clearing House, its directors, employees and agents while performing functions of regulating, promoting, facilitating, assisting, operating or performing any function under Rules, these General Terms and Conditions or Special Terms and Conditions, shall not be deemed to have incurred any liability and accordingly no claim or recourse shall lie against MTLEXSSPOT, Clearing Houses, their employees, directors or authorized persons.
  2. No claim, suit, prosecution or other legal proceedings shall lie against MTLEXSSPOT/Clearing House, their directors, employees or any authorized persons in respect of anything which is in good faith done or intended to be done in order to regulate the functions of MTLEXSSPOT or done or intended to be done pursuant to any orders issued by any regulatory authority concerned or any other authority under law for the time being in force.