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.
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:
- The Companies Act, 2013.
- Special Terms and Conditions as applicable to specific commodity/commodities.
- Rules and General Terms and Conditions of MTLEXSSPOT.
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 refers to a process of public sale/purchase online or otherwise where goods /commodity are sold/purchased by inviting bids.
Branch office in relation to a Member means:
- Any establishment described as a branch and approved by the MTLEXSSPOT.
- 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.
- Any other place, which the MTLEXSSPOT may approve.
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 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 means a Member of the Clearing House and includes all categories of Clearing members as may be admitted as such by MTLEXSSPOT.
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.
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 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 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 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 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 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 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.
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.
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 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 means days other than Sunday and other than days which are declared as Trading Holidays by the MTLEXSSPOT.
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 refers to Automated electronic online Trading System of MTLEXSSPOT.