Stockbroking Account Terms and Conditions
Section A
1. QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED’s offices are open for business between the hours of 8:00 a.m. and 5:00 p.m. on each day that is designated a business day in Nigeria (Business Day).
2. The preferred channel for receiving your purchase/sale mandates is through our secure online trading portal which can be accessed via www.quantumzenithsecurities.com.ng
3. QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED is acting as execution-only
stockbroker and not as Financial Advisor or Portfolio Manager. You shall be solely responsible for managing your portfolio and issuing buy and sell orders for your selected stock(s). All investment decisions shall be made solely by you and you have relied on your own investigations of the potential investment(s). You are not relying on the information obtained directly or indirectly or any representations, statements, warranties or understandings, written or oral made by representatives of QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED.
4. Placements, amendments or cancellation of purchase/sale mandates can be done via the online brokerage account, or an express instruction sent via mandates@quantumzenithsecurities.com.ng with your registered e-mail address with QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED or hand-delivered in our office.
5. The deadline for the receipt of purchase/sales mandates via all channels is 2:00 p. m. Nigerian time on the intended business day of execution.
6. Purchase/Sale mandates /amendments /cancellation received on a day that is not a business day will be deemed to have been received on the business day immediately following the day of actual receipt
7. In the absence of an express instruction as to a specific timeline for the expiration of your purchase/sale mandates, the mandate will be valid for 10 working days upon receipt by QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED, after which it expires and the unexecuted portion will be automatically cancelled.
8. Where mandates/amendments/cancellation (purchase/sale) are submitted after the deadline stated in (5) above, the mandates/amendments/cancellation (purchase/sale) shall not be treated until the next business day.
9. QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED executes purchase/sale mandates on a commercially reasonable efforts basis only. It is therefore unable to guarantee that a purchase/sale mandate will be executed on a particular day even where such mandate indicates that the relevant transaction is to be effected at market price.
10. Where a mandate consists of a purchase instruction, it can only be treated if sufficient funds are available in your stockbroking account to execute such an instruction.
11. Where a purchase mandate is dependent on the sales proceeds of stocks, the purchase mandate will not be executed until the sales transaction has been executed. The sales mandate will be executed even if the stocks to purchase are not available.
12. QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED executes transactions based on the prevailing market prices of stocks on The Nigerian Stock Exchange at the time of execution.
13. Purchase and sell mandates can only indicate one price and not a price range. You will be advised of the outcome of your mandate via e- mail. Where this is not received by close of business on the next working day after you submitted your mandate, kindly contact QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED via email to enquiries@quantumzenithsecurities.com.ng
14. Funds deposited into your stockbroking account with QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED including proceeds of sales are not interest bearing. Your funds will remain in your stockbroking account until an express instruction/mandate is received authorizing utilization of the funds. However, you may opt for Direct Cash Settlement (DCS) in which case the proceeds will settle into your designated bank account. DCS is only available for sales transactions executed on the Floor of The Nigerian Stock Exchange.
15. All sales proceeds of shares sold shall be retained in your stockbroking account except if otherwise advised (expressly) by you via a duly written and signed letter or e-mail sent via your registered e-mail address to mandates@quantumzenithsecurities.com.ng
16. The deadline for submission of instruction(s) for withdrawal/transfer of funds from your stockbroking account is 10a.m. Any instruction submitted after the deadline may not be treated until the next business day.
17. Requests to withdraw funds from your stockbroking account will only be honored if there are adequate cleared unencumbered funds in your stockbroking account with QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED. Associated transfer charge(s) for interbank transfers will be borne by you.
18. Where an inter-bank withdrawal/transfer instruction has been concluded upon receipt of an instruction from you, it is your responsibility to request for an evidence of execution of the interbank transfer from QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED and to follow up with the receiving bank. QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED shall in no circumstance be held liable for the lapses of other institutions involved in the withdrawal/transfer process.
19. I/We, authorize QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED to dispose, sell or charge any asset(s) that may be held by QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED on my/our account to liquidate or offset any indebtedness or liability due from me/us to QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED and I/We hereby agree and shall at all times keep QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED and any of its officers fully indemnified against any loss, claims, liabilities, expenses and costs (including reasonable legal cost) which may be incurred or suffered by QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED arising out of or in connection with any transaction entered into by QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED on my/our behalf. My/Our undertaking herein shall be irrevocable until any and/or all obligations due from me/us to QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED would have been fully settled.
20. QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED shall not make any payment(s) from a client’s stockbroking account to the bank account of a third party even if such payment(s) has/have been authorized by you.
21. I/We understand that all mandates, amendments, cancellations, transfer and withdrawal requests sent after the specified deadlines may not be treated till the next business day as specified above. QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED is not under any compulsion to treat any of the referenced instructions sent after the deadlines; however, in event that such instructions are treated despite having been received after deadline by QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED, the instructions shall be binding upon me/us.
22. I/We understand that while all my/our information is treated as highly confidential by QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED, they may be required by Regulatory Authorities and/or other Law Enforcement Agencies with or without recourse to me/us.
Section B
INDEMNITY TO QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED WITH RESPECT TO INSTRUCTIONS GIVEN VIA E-MAIL, ONLINE TRADING ACCOUNT AND OTHER ELECTRONIC CHANNELS
In consideration of QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED having agreed to accept and to act on my/our instructions given via e-mail, online trading account and other electronic channels in respect of any transactions regarding my/our account with QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED, I/we hereby confirm that:
1. I/We will keep my/our profile details (username, password and other electronic channel details) as private and confidential to prevent unauthorized access to my/our Stockbroking account with QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED.
2. I/We will notify QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED where I/we suspect or confirm that my/our profile details (username, password and other electronic channel details) has/have been compromised. Any transaction executed on my/our account before QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED is notified of such compromise is binding on me/us.
3. QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED is authorized to act on instructions, which have been transmitted via any of the referenced electronic channels provided such instructions emanated from my/our registered address in QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED’s records.
4. QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED shall not be under any duty to verify the identity of the person(s) giving instructions in my/our name provided such instructions have emanated from my/our registered details in QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED’s records and any transaction made pursuant to the instructions shall be binding upon me/us.
5. Except my/our instruction sent via any of the referenced electronic channels is duly revoked or modified by a subsequent instruction issued by me/us and such subsequent instruction has been communicated to and received by QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED before the execution of the prior instruction and within the stipulated deadline for revocation and or amendment of instructions, I/We undertake to be bound irrevocably by such prior instruction.
6. Where a mandate/instruction is sent via e-mail to: mandates@quantumzenithsecurities.com.ng, I/we should receive an acknowledgement e- mail immediately. Where this is not received within 30 minutes, I/we understand that I/we should immediately contact QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED to confirm receipt of the mandate/instruction.
7. Upon submission of my/our mandate(s)/instruction(s) placed via my/our online brokerage account, it is my/our responsibility to confirm that such mandate(s)/instruction(s) has/have been successfully submitted and are reflecting on my/our online outstanding order module. Where the mandates/instructions are not reflecting, I/we understand that I/we should immediately contact QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED to confirm receipt of the mandate(s)/instruction(s).
8. I/We hereby agree to keep QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED fully indemnified from and against all actions, proceedings, claims and demands which may be brought or made against QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED and all losses, costs, charges, damages and expenses which may be incurred or sustained or for which QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED may become liable by reason of honoring such e-mail, online brokerage account and other electronic channels mandates/instructions provided that QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED has taken all measures prescribed by this agreement irrespective of whether the instructions are in fact erroneous, fraudulent or issued otherwise than as foresaid.
RISK WARNING
1. QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED is not acting as an advisor. Therefore, in making your decision, you are aware that investments in shares involve a very high degree of risk and is therefore a speculative investment of which you are able to bear the economic risk of investing in and holding such shares.
2. You have such knowledge and experience in financial, business and investment matters as to enable you to evaluate the merits and risks of an investment in shares or have sought and consulted with the independent advisers on the investment and are satisfied with their qualified assessment.
3. You are aware that your investment is subject to prevailing market forces and as such may rise or fall significantly. It is important to note that even if a security performed well in the past, it does not mean that it will continue to or perform better in future.
4. You have complied with all the requisite laws of the Federal Republic of Nigeria in making your investment and have not utilized proceeds of unlawful activities to do so. You shall indemnify QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED from any liability that may arise from your use of proceeds obtained from unlawful activities for any investment undertaken on your behalf by QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED.
5. Online trading on the floor of The Nigerian Stock Exchange (NSE) is carried out via our online trading portal. Clients with online trading activated accounts are able to place orders for securities listed on the NSE via our system from any location in real time during NSE trading hours. There are risks associated with utilizing an internet- based order and trade execution system including but not limited to the failure of hardware, software, internet connection or NSE link resulting in the failure or delay or your instruction and/or access to our online trading system. QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED does not control signal power, its reception or routing via internet, configuration of your equipment or reliability of its connection therefore, we will not be liable for communication failures, distortions or delays when trading via the internet.
6. Online trading is not always instant. You may therefore find that the price at which you expected to fulfill an order is not the price achieved.
7. If you cancel an order, please note that this will only be possible if the original trade has not been executed.
8. All regulatory fees, commissions, charges are as approved by the regulatory authorities. As a client of QUANTUM ZENITH SECURITIES & INVESTMENTS LIMITED, you should obtain a clear explanation of all commissions, fees and charges, and understand that these charges may affect your net proceeds (profit if any, or increase your loss if any). You agree that you will be liable for these charges (as may be amended from time to time).