Terms and Conditions


This page contains important information regarding the terms and conditions which apply to your trading and demat account with Vachana Investments Private Limited, (hereinafter referred to as  Vachana). vachana, being a Trading Member of NSE, registered with Securities & Exchange Board of India (“SEBI”) and having Registration No. INZ000248337 for Cash and Derivatives segments of NSE. And having a Depository Participant using CDSL as the Depository SEBI Registration no.: IN-DP-445-2019.  Access to your account and the usage of your account is subject to your compliance with all the terms and conditions set forth herein, read along with all documents, including but not limited to; applications forms and undertakings, signed by you during account opening. Please read this page carefully and retain it for future reference. 

The website is owned, operated and maintained by Vachana Investments Private Limited (hereinafter referred to as “VACHANA”), a Company incorporated under the Companies Act, 2013 having CIN: U67190KA2013PTC070165, and having its Registered Office at #No. 32, 2nd Main Road, 1st Floor, Vyalikaval Extension, Bhashyam Circle, SadashivNagar, Opp. Bharat Petrol Pump, Bangalore – 560003, Karnataka, India. 

Please note that the information contained herein is subject to change without notice. General terms and conditions 

Before availing of online and Offline trading services, the Client shall complete the registration process  as may be prescribed from time to time. The Client shall follow the instruction given in the website for registering himself as a client. 

The Client agrees that all investment and disinvestment decisions are based on the Client’s own  evaluation of financial circumstances and investment objectives. This extends to any decisions made by  the Client on the basis of any information that may be made available on the web site of VACHANA. The  Client will not hold nor seek to hold VACHANA or any of its officers, directors, partners, employees,  agents, subsidiaries, affiliates or business associates liable for any trading losses, cost of damage  incurred by the Client consequent upon relying on investment information, research opinions or advice  or any other material/information whatsoever on the web site, literature, brochure issued by VACHANA or any other agency appointed/authorised by VACHANA. The Client should seek independent  professional advice regarding the suitability of any investment decisions. The Client also acknowledges  that employees of VACHANA are not authorized to give any such advice and that the Client will not  solicit or rely upon any such advice from VACHANA or any of its employees.

Security precaution and password 

VACHANA will provide the client with a username and a trading password which will enable him to avail  of the facilities of Online Trading through the VACHANA website, over the telephone or in any such  other manner as may be permitted by VACHANA for availing of the services. VACHANA may also provide  the client with the username and password for accessing its back-office for various reports, etc. All  terms regarding the use, reset and modification of such password shall be governed by information on  the website. 

Our trading terminal system has a stringent Two-Factor authentication (2FA) secure system for every  client to enter into their login ID using their Client ID and Password. This 2FA mechanism is set in place  as per SEBI & Exchange guidelines with respect to Internet Based Trading Rules. 

Password has a 2FA system in place for a secure login experience by each client. After a client enters  his/her Client ID, he/she is required to enter his/her Password. A link to create Password & 2FA are sent  to all clients along with the welcome email while opening an account. This Password and 2FA set by each  client, is unique to him/her, and is not known to anybody else apart from the client him/herself.  Passwords and 2FA credentials are privileged information, and must be kept in high secrecy by each  client and not shared with anybody else. 

For offline and Call & trade, each and every client is required to mention his/her UCC code along with  his/her personalised 4 digit Pin (known as Telephone code) which can only be seen inside his/her trading  account, that can be entered into by the client him/herself only after entering the Client ID, Password,  2FA. Any Password can be reset by the You at any point of time, by selecting the ‘Forgot Password’ link  under the login area. As soon as You select the ‘Forgot Password’ link, a reset link is sent to Your  registered email ID, where the same process of setting a unique password is followed. 

The Client shall be responsible for keeping the Username and Password confidential and secure and  shall be solely responsible for all orders entered and transactions done by any person whosoever  through VCAHANA’s Online Trading System using the Client’s Username and/or Password whether or  not such person was authorized to do so. 

The Client shall immediately inform VACHANA of any unauthorized use of the Client’s Username or  Password with full details of such unauthorized use including the date of such unauthorized use, the  manner in which it was unauthorized to use, the transactions effected pursuant to such unauthorized use, etc. 

The Client acknowledges that he is fully aware and understands the risks associated with availing of  online trading services through internet including the risk of misuse and unauthorized use of his  Username and/or Password by a third party and the risk of a person hacking into the Client’s account on  VACHANA’s Online Trading System and unauthorized routing orders on behalf of the Client through the  System. The Client agrees that he shall be fully liable and responsible for any and all unauthorized use  and misuse of his Password and/or Username and also for any and all acts done by any person through  VACHANA’s Online Trading System on the Client’s Username in any manner whatsoever.

Without prejudice to the provisions mentioned herein above, the Client shall immediately notify  VACHANA in writing with full details if: he discovers or suspects unauthorized access through his  Username, Password or Account, he notices discrepancies that might be attributable to unauthorized access, he forgets his password or he discovers a security flaw in VACHANA’s Online Trading System. 


All orders for purchase, sale or other dealings in securities and other instructions routed through the  VCAHANA’s Online Trading System via the Client’s Username shall be deemed to have been given by the  Client. 

The client agrees to provide information relating to customer user identification number, and such other  information as may be required while placing orders on the telephone to determine the identity of the  client. 

The orders and instructions and all contracts and transactions entered into pursuant thereto and the  settlement thereof will be in accordance with the Exchange Provisions. 

VACHANA may from time to time impose and vary limits on the orders which the Client can place  through VACHANA’s online trading System (including exposure limits, turnover limits, limits as to the  number, value and/or kind of securities in respect of which orders can be placed, the companies in  respect of whose securities orders can be placed, etc.). The Client is aware and agrees that VACHANA  may need to vary or reduce the limits or impose new limits urgently on the basis of the VACHANA’s risk  perception and other factors considered relevant by VACHANA, and VACHANA may be unable to inform  the Client of such variation, reduction or imposition in advance. The Client agrees that VACHANA shall  not be responsible for such variation, reduction or imposition or the Client’s inability to route any order  through VACHANA’s Online Trading System on account of any such variation, reduction or imposition of  limits. The Client understands and agrees that VACHANA may at any time, at its sole discretion and  without prior notice, prohibit or restrict the Client’s ability to place orders or trade in securities through  VACHANA. 

Though orders will generally be routed to the Exchange’s computer systems within a few seconds from  the time the order is placed by the Client on VACHANA’s Online Trading System, VACHANA shall not be  liable for any delay in the execution of any order or for any resultant loss on account of the delay. 

The client agrees VACHANA may impose scripwise surveillance or such other conditions as to scripwise  limits, etc. The client also understands that VACHANA may impose various surveillances which may  differ from client to client on the basis of the VACHANA’s risk perception and other factors considered  relevant by VACHANA. 

In case of a market order, the Client agrees that he will receive the price at which his order is executed  by the exchange’s computer system; and such price may be different from the price at which the  security is trading when his order is entered into VACHANA’s Online Trading System. 

Trading, settlement and accounts

The client agrees that all orders placed through the website shall be forwarded by the system to the  Exchange. All orders placed otherwise than through the website shall be forwarded by the system to  Exchange terminals or any other order execution mechanism at the discretion of VACHANA. In the event  that the order is placed during the trading hours, it shall be routed to and executed on the market  system. 

The client shall bring any errors in any report, confirmation or contract note of executed trades  (including execution prices, scripts or quantities) to VACHANA’s notice in writing by an electronic mail  within twenty four hours of receipt of the concerned report, confirmation or contract note. Any other  discrepancy in the confirmation or account shall be notified by the client to VACHANA in writing via  electronic mail within twenty four hours from the time of receipt of the first notice. In all cases,  VACHANA shall have a right to accept or reject the client’s objection. 

There may be a delay in VACHANA receiving the reports of transaction, status, from the respective  exchanges or other persons in respect of or in connection with which VACHANA has entered into  contracts or transactions on behalf of the clients. Accordingly VACHANA may forward to the client late  reports in respect of such transactions that were previously unreported to him as been expired,  cancelled or executed. The client shall not hold VACHANA responsible for any losses suffered by the  client on account of any late reports, statements or any errors in the report / statements computed by  or received from any exchange. 

The client agrees that if, for any circumstance or for any reason, the markets close before the  acceptance of the Order by the Exchange, the order may be rejected. The client agrees further, that  VACHANA may reject Orders if the same are rejected by the Exchange for any reason. In case of  rejection of an order due to rejection by the Exchange, the client agrees that the order shall remain  declined and shall not be re-processed, in any event. 

VACHANA may, at its sole discretion, reject any order placed on the website or in any other manner due  to any reason, including but not limited to the non-availability of funds in the trading account of the  client, non-availability of securities in the Demat account of the client with a designated depository  participant, insufficiency of margin amount if the client opts for margin trading, suspension of scrip specific trading activities by or on an Exchange and the applicability of circuit breaker to a scrip in which  orders are placed. 

The client agrees that, if the order is not accepted on the website for any reason, VACHANA shall have  the right to treat the order as having lapsed. 

The client is aware that the electronic trading systems either at the Exchange or in the office of  VACHANA offices are vulnerable to temporary disruptions, breakdowns or failures. In the event of non execution of trade orders or trade cancellation due to the happening of such events or vulnerabilities  due to failure / disruption / breakdown of system or link, VACHANA shall be entitled to cancel relative  request/(s) with the Client and shall not be liable to execute the desired transactions of the client’s. In  such event, VACHANA does not accept responsibility for any losses incurred / that may be incurred by  the Client due to such eventualities which are beyond the control of VACHANA.

VACHANA may at its sole discretion permit execution of orders in respect of securities, irrespective of  the amount in the balance of the account of the client. 

The client agrees to abide with and be bound by all the rules, regulations and bye-laws of the Exchange  as are in force pertaining to the transactions on his behalf carried out by VACHANA and the orders  placed by him on the website or any other manner. 

VACHANA shall not be responsible for any order, that is made by the Client by mistake and every order  that is entered by the Client through the use of the allotted user name and the security code(s) shall be  deemed to be a valid order for which the Client shall be fully responsible. 

Cancellation or modification of an order pursuant to the client’s request in that behalf is not guaranteed.  The order will be cancelled or modified only if the client’s request for cancellation and modification is  received and the order is successfully cancelled or modified before it is executed. Market orders are  subject to immediate execution wherever possible. 

The client shall not be entitled to presume an order having been executed, cancelled or modified until a  confirmation from VACHANA is received by the client. However, due to technical other factors the  confirmation may not be immediately transmitted to or received by the client and such a delay shall not  entitle the client to presume that the order has not been executed cancelled or modified unless and  until VACHANA has so confirmed in writing. 

The pending orders shall be governed as per the exchange systems, after the market is closed for the  day. 

VACHANA shall issue contract notes in terms of the SEBI (Brokers and Sub-Brokers) Rules and  Regulations, 1992, within 24 hours of the execution of the trade. Such a contract note, if issued in  physical form shall be dispatched by VACHANA by courier, at the address mentioned in this agreement  or at any other address expressly informed to VACHANA by the client. The client agrees that VACHANA  to issue the contract note in digital form which shall be sent by way of electronic mail to the address  provided by the client. VACHANA shall not be responsible for the non-receipt of the trade confirmation  due to any change in the correspondence address of the Client not intimated to VACHANA in writing.  Client is aware that it is his responsibility to review the trade confirmations, the contract notes, the bills  or statements of account immediately upon their receipt. All such confirmations and statements shall be  deemed to have been accepted as correct if the client does not object in writing to any of the contents  of such trade confirmation/intimation within 24 hours to VACHANA. 

VACHANA may allow/disallow client from trading in any security or class of securities, or derivatives  contracts and impose such conditions including scrip-wise conditional trading for trading as it may deem  fit from time to time. 


The Client agrees and undertakes to immediately deposit with VACHANA such cash, securities or other  acceptable security, which VACHANA may require as margin. The Client agrees that VACHANA shall be entitled to require the Client to deposit with VACHANA a higher margin than that prescribed by the  Exchange. VACHANA shall also be entitled to require the Client to keep permanently with VACHANA a  margin of a value specified by VACHANA so long as the Client desires to avail of the Online Trading  Service of VACHANA. 

The Margin will not be interest bearing. VACHANA shall have, at its sole discretion, the irrevocable right  to set off a part or whole of the Margin i.e., by the way of appropriating of the relevant amount of cash  or by sale or transfer of all or some of the Securities which form part of the Margin, against any dues of  the Client or of a member of the group of the Client (for the purposes of these Terms, “Group” shall  mean all the individuals, group companies, firms, entities and the persons as specified in the schedule to  the Member Client Agreement) in the event of the failure of the Client or a member of the Group of the  Client to meet any of their respective obligations under these Terms. 

The client agrees and authorises VACHANA to determine the market value of securities placed as margin  after applying a haircut that VACHANA may deem appropriate. The client undertakes to monitor the market value of such securities on a continuous basis. The client further undertakes to replenish any  shortfall in the value of the margin consequents to a fall in the market value of such securities placed as  margin immediately whether or not VACHANA intimates such shortfall. 

VACHANA may at its sole discretion prescribe the payment of Margin in the form of cash instead of or in  addition to margin in form of securities. The Client accepts to comply with the requirement of VACHANA  with regards to payment of Margin in the form of cash immediately. Without prejudice to the stock  broker’s other rights (including the right to refer a matter to arbitration), the stock broker shall be  entitled to liquidate / close out all or any of the client’s positions for non- payment of margins or other  amount, outstanding debts, etc., and adjust the proceeds of such liquidation / close out, if any, against  the client’s liabilities / obligations. Any and all losses and financial charges on account of such liquidation  / closing-out shall be charged to and borne by the client. 

The client agrees to abide by the exposure limits, if any, set by the stock broker or by the Exchange or  Clearing Corporation or SEBI from time to time. 

The client is also aware that VACHANA is required to deposit sufficient margin with the Exchange to  enable all its eligible clients to trade subject to such limits as may be imposed by VACHANA on the basis  of VACHANAs’ Risk perception and other factors considered relevant by VACHANA. However, there may  be circumstances when the deposits made by VACHANA with the Exchange may not be sufficient in  times of extreme volatility and trading terminals of VACHANA may get temporarily suspended because  of the cumulative effect of non-meeting of obligation by various clients as per this agreement. In these  circumstances, no client shall have the right to claim any damages from VACHANA for any loss that they  might incur on account of such suspension of trading. 

The Client agrees that any securities/cash placed by him/her/it as margin may in turn be placed as  margin by VACHANA with the Exchanges or banks or such other institution as VACHANA may deem fit.  The Client authorises VACHANA to do all such acts, deeds and things as may be necessary and expedient  for placing such securities/cash with the Exchanges/Banks/Institutions as margin.

Any reference in these terms to sales or transfer of Securities by VACHANA shall be deemed to include  sale of the Securities which form part of the Margin maintained by the Client with VACHANA. In exercise  of VACHANA’s right to sell securities under the Agreement, the Client agrees that the choice of specific  securities to be sold shall be solely at the discretion of VACHANA. 

Maintenance of trading account 

Money pay-in to VACHANA – The Client agrees that all payments due to VACHANA will be made within  the specified time and in the event of any delay, VACHANA may refuse, at their discretion, to carry out  transactions or closeout the position and the costs/losses if any, thereof shall be borne solely and  completely by the client. All payments made to VACHANA shall be from the account of the client and  shall not to be from any third party. 

Money payout to VACHANA – Notwithstanding anything contained in any other agreement or  arrangement, if any, between the parties hereto, the client hereby authorizes VACHANA to release all  payments due to him from the trading account maintain with VACHANA, against specific request in this  behalf. 

Securities pay-in to VACHANA – All delivery to be effected to VACHANA for a trade, must be made within  24 hours from the execution of the sale order or one day before the pay-in date, whichever is earlier.  Losses, if any, that may accrue in the event of a default in completing the delivery on the exchange by  VACHANA as a result of any delay in the delivery by the client, shall be borne solely and completely by  the client. Losses for the purposes of this clause shall include auction debits/ penalty charges, if any  incurred as a result of non-delivery of securities on the settlement date on the exchange. No third party  shares will be sold through VACHANA or third party payment should be made to VACHANA and client  will be solely responsible for any violation. If the client has sold any securities from the exchange against  purchase in previous settlements, such sale shall be at the sole risk as to costs and consequences  thereof of the client. 

Securities pay-out by VACHANA – VACHANA may directly credit the demat account of the client with the  depository participant or maintain the securities account with VACHANA on a running account basis. 

Provided that if the order placed by the client through the website or otherwise is for securities which  are in the no-delivery period, such securities shall be credited to the trading account of the client only at  the time of settlement of trades, as per the schedule of the Exchange. However, if any sum due from the  client, VACHANA may withholds the credit of securities to the demat account of the client. However, the  client authorizes VACHANA to withhold the securities to meet liabilities of client to VACHANA under this  agreement. 

VACHANA is entitled to consider any sum or money or security lying to the credit of the client as margin  received. 

Representations and warranties

The Client hereby warrants that he is capable of executing the present agreement and that the terms of  the present are not in contravention of any rights of any party with whom such client has any  agreements, at any time prior to the execution of this agreement. 

He agrees to provide and continue to provide all details about themselves as may be required by  VACHANA, including but not restricted to PAN Number or Unique Identification Number (issued by SEBI)  , and states all details and facts represented to VACHANA are true. 

The Client is aware and acknowledges that trading over the internet involves many uncertain factors and  complex hardware, software, systems, communication lines, peripherals, etc., which are susceptible to  interruptions and dislocations; and the Online Trading Service of VACHANA may at any time be  unavailable without further notice. VACHANA and the Exchange do not make any representation or  warranty that the Online Trading Service of VACHANA will be available to the Client at all times without  any interruption. The Client agrees that he shall not have any claim against the Exchange or VACHANA  on account of any suspension, interruption, non-availability or malfunctioning of the Online Trading  System or Service of VACHANA or the Exchange’s service or systems for any reason whatsoever. 

VACHANA states that it has complied with and will continuously comply and if not propose to comply  with all statutory and regulatory directions to offer the Internet Trading services through the website  www.vachanainvestments.com and for dealing in cash and derivatives segment of the exchange. 

The Client warrants that all or any of the securities deposited by him with VACHANA in respect of margin  requirements or otherwise, are owned by him and the title thereof is clear and free of encumbrances. 

The Client/s agree to indemnify and hold VACHANA harmless against any loss that may be suffered by it,  its customers or a third party or any claim or action that may be initiated by a third party which is in any  way the result of improper use of user ID and password by the Client/s. 

The Client hereby confirms and warrants that the Client authorises VACHANA to take all such steps on  the Client’s behalf as may be required for provisions or to complete or settle any transactions entered  into through or with VACHANA or executed by VACHANA on behalf of the Client. However, nothing  herein shall oblige VACHANA to take such steps. 

Fees and brokerage 

The Client agrees to pay VACHANA any brokerage, commission, fees, service tax and other taxes and  transaction charges as agreed upon and due from time to time, as applied to such Client’s account,  transactions, and trading ledger by VACHANA, for the services that the Client receives from VACHANA. 

All fees, brokerage, and charges on VACHANA’s platform are subject to change from time to time,  subject to complying with rules prescribed by the Exchanges and SEBI, at VACHANA’s discretion, with  due notification to the Client. Each time there is any change with respect to fees, charges, and  brokerage, VACHANA would notify all Clients by an email and/or SMS to their registered email ID and  contact number with all details, along with the date of such changes being effective.

Investment or any other advice 

The Client agrees that none of the services available on the website shall amount to investment advice  on the part of VACHANA. 

The Client agrees that in the event of VACHANA or any employee or official of VACHANA, providing any  information, recommendation or advice to the client, the client may act upon the same at the sole risk  and cost of the client, and VACHANA shall not be liable or responsible for the same. 

VACHANA, and its officers, directors, partners, employees, agents and affiliates will have no liability with  respect to any investment decisions or transactions of the client. 


ACHANA does not warrant that the service will be uninterrupted or error-free. The service is provided  in an “as is” and “as available” basis without warranties of any kind, either express or implied, including,  without limitation, those of merchantability and fitness for a particular purpose. The client agrees that  VACHANA shall not be held responsible for delays in transmission of orders due to breakdown of the  system or failure of communication facilities either due to the fault of the systems of VACHANA or of the  Exchanges or otherwise or for any other delay beyond the reasonable control of VACHANA due to a  breakdown or failure of communication facilities or for any other delay beyond the reasonable control  of VACHANA. 

All modification to this Agreement shall be made solely at the discretion of VACHANA and shall be  intimated to the client by a suitable modification to the terms and conditions or other applicable section  on the website or in any other manner. 


In the event of death or insolvency of the client, winding up or liquidation, or their otherwise becoming  incapable of receiving and paying for or delivering or transferring securities which the client has ordered  to be bought or sold, VACHANA may close out the transaction of the client and the client or his legal  representative shall be liable for any losses, costs and be entitled to any surplus which may result  therefrom. 

The client is aware that authentication technologies and strict securities measures are required for  internet trading through order routed system and undertake to ensure that the password of the client  and /or their authorized representatives are not revealed to any third party. The client also agrees to  indemnify VACHANA from any loss, injury, claim or any action instituted against VACHANA arising from  the misuse of the password by any party. 

Force majeure 

VACHANA shall not be responsible for delay or default in the performance of their obligations due to  contingencies beyond their control, such as (including but not limited to) losses caused directly or indirectly by exchange or market rulings, suspension of trading, fire, flood, civil commotion, earthquake,  war, strikes, failure of the systems, failure of the internet links or government / regulatory action. 


In the event of any one or more of the provisions contained in this Agreement becoming invalid, illegal  or unenforceable in any respect under any law for the time being in force, the validity, legality and  enforceability of the remaining provisions contained herein shall not in any way be prejudiced or  affected thereto.

Refund & cancellation policy 

The Refund & Cancellation policy for all payments made towards account opening or any other services  using any mode of payment shall stand as under: 

  • The Fees paid towards account opening charges for enabling equities or any other services is  non-refundable. 
  • Pick up of required documents related to the account opening procedure is subject to  availability of our representatives, given at any particular time and location. 
  • In case your account has not been opened by Team VACHANA, after the seventh day passing by from the day of collection of all necessary supporting documents and receipt of all due  authorizations from you, you may request for a full refund of the charges as paid by you towards  account opening. 

Note: The completion of the refund procedure is subject to agencies such as banks, payment gateways. Investor Redressal Mechanism 

Investor Satisfaction being of utmost importance, for which necessary mechanism and systems are in  place. All the investor grievances are monitored and redressed by the Compliance Officer of the  Company who reports directly to the Board of Directors and this essentially takes care of the necessary  escalation in case of any long pending and serious compliant, otherwise the same are taken care of by  the Compliance Officer with the support of the Compliance team. The clients can email their grievances  on the email id complaints@vachanainvestments.com which is displayed on our website and the same  also mentioned on the contract notes and other correspondence if any sent to the client from time to  time. All the mails received are duly monitored and redressed by the Compliance Officer. The register of  grievances is centrally maintained for better control and monitoring, Thus the grievances received in  writing, mail, verbally, etc. are centrally monitored and redressed and recorded with all the necessary  steps taken for redressal of the same. Proper analysis is undertaken to analyse the nature of complaints  received, pattern of complaints and concentration if any at a particular location, so that every effort is  taken to remove the root cause of grievance by the client. Periodic visits and inspections are undertaken  for the branches and authorised partners to get the feedback of clients on the issues. Depending on the  feedback received necessary corrective steps are introduced into the system. For ensuring that the funds received from the particular clients are properly accounted for, no Demand drafts and cash are  collected, at various locations or at the Head Office where centralized accounting is maintained, by  which it is ensured that the funds are credited to the account of the correct client and also from the  particular accounts mentioned in the client account master in the Back office software maintained  centrally. No other separate software is maintained for maintaining client account details. Thus every  attempt is made to redress the grievance/problems of the clients and introduce systematic changes into  the processes so that such instances are avoided. 


All notices, correspondences or communications issued under this agreement shall be served in any one  or more of the following modes of communications and such notice or communication shall be served at  the ordinary place of residence and/or last known web address / residing address and / or at the  ordinary business address of the party to this agreement such as – 

  • By hand 
  • Delivery by post 
  • By registered post 
  • Under certificate of posting 
  • By email or fax 
  • By affixing it on the door at the last known business or residential address. 
  • By oral communication to the party or on the last known telephone number or on the recording  machine of such number. 
  • By advertising in at least one prominent daily newspaper having circulation in the area where  the last known business or residential address of the party is situated. 
  • By notice posted on the notice board of the Exchange if no address is known. Any  communication sent by VACHANA to the Client shall be deemed to have been properly delivered  or served, if such communication is returned on VACHANA as unclaimed / refused / undelivered,  if the same was sent in any one more of the above modes of communication to the ordinary  place of residence and / or last known web address /residing address and / or at the ordinary  business address of the party to this agreement.