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Terms & Conditions for Digital Account Opening Facility

BY CLICKING ON THE CHECK BOX IN THE GENIE MOBILE APP, YOU ACKNOWLEDGE AND CONFIRM THE FOLLOWING: “HAVING READ AND UNDERSTOOD THE TERMS AND CONDITIONS OF THE DIGITAL ACCOUNT OPENING FACILITY, I HEREBY AGREE TO BE BOUND BY SUCH TERMS AND CONDITIONS” This Agreement is entered between you (hereinafter referred to as “Client”) and the Central Depository System (hereinafter referred to as “CDS”) and shall govern the use of the Digital Account Opening Facility by the Client. This Agreement is legally binding between the Client and CDS. By using the Digital Account Opening Facility, the Client agrees that the Client has read, understood and accepted all the terms and conditions contained in this Agreement and other policies related to the Digital Account Opening Facility. This Agreement and other policies of may be amended at any time by posting a revised version on the CDS website . The revised version will be effective at the time it is posted. “You, Your, I, Client” refers to the individual that has agreed to use the Digital Account Opening Facility in accordance with this Agreement.
Hereinafter jointly called and referred to as the “parties” and individually as “party”. The parties agree that Digital Account Opening Facility shall be governed by these Terms and Conditions and any other regulations set forth by other regulatory bodies and the Government of Sri Lanka.

1. Definitions
CDS :means Central Depository Systems (Pvt) Limited and its parent company, Colombo Stock Exchange.
 
CDS Account :means an account opened on behalf of a person in CDS in accordance with CDS Rules.
 
CSE Mobile App:The software application which gives Client the access to thee-services provided by CDS.
 
Mobile Device :means a mobile phone, tablet, phablet or such other mobile device that has the ability to connect to mobile telecom networks and has internet connectivity, subject always to such specification requirements as may be notified by CDS from time to time.
 
Mobile Number :means the mobile number of the Client that is registered with CDS or has otherwise been provided by the Client when opening a CDS Account digitally as a contact number to communicate with CDS.
 
Client :A person qualified under paragraph [2] hereto and who wishes to open a CDS Account via this Digital Account Opening Facility.
 
Registration Information :the information and supporting evidence provided by the Client to CDS for the purpose of opening a CDS Account digitally.
 
Digital Account Opening Facility :means the facility given herein to open a CDS Account digitally.
 
Terms and Conditions :means these terms and conditions, as may be supplemented, substituted, amended or replaced by CDS from time to time.
 
User Credentials :means user IDs, PINs, passwords applicable to the CSE Mobile App including the Digital Account Opening Facility.
2. Type of Client and the Eligibility Requirement
    a) Be a resident of Sri Lanka;
    b) Be over 18 years of age;
3. Mobile Device
    a) Client shall possess a Mobile Device with software conforming to the requirements set out on the CDS Website.
    b) The Client agrees to have the Mobile Device in his/her possession at the time of opening the CDS Account.
    c) The safety of the Mobile Device lies with the Client.
    d) The Client shall maintain the confidentiality and security of the Mobile Device and the User Credentials which shall include the following actions:
    (i) Storing the Mobile Devices in a secured manner; and
    (ii) Keeping User Credentials confidential.
    e) Client must register either the fingerprint image, retina image, password, PIN or any suitable, complex authentication mechanism available in his/her Mobile Device to prevent others from accessing or using the Digital Account Opening Facility through Client's Mobile Device.
4. Mobile Number
    a) Client shall provide a Mobile Number registered in the name of the Client.
5. The Loss of Mobile Device and Instances Where Security is Breached.
    a) In the event of the loss of any Mobile Device and/or where the confidentiality and security of the Client's CDS Account is likely to have been or potentially will be compromised, it is the sole responsibility of the Client to bring such instances to the notice of CDS immediately. In particular, the Client shall promptly call CDS to report such event to CDS and shall follow the instructions provided by CDS to the Client in order to rectify or otherwise deal with the issue. Without prejudice to any other clauses in these Terms and Conditions, the Client acknowledges that the Client shall be responsible for any actions which have been done by any unauthorized person through the Client's Mobile Device by reason of the Client failing to maintain the confidentiality and security of the Client's Mobile Device.
    b) All actions once completed using the applicable User Credentials for the purpose of opening a CDS Account digitally are conclusive and binding on such Client and the Client shall be liable in respect of such actions. It is the Client's responsibility to ensure that no other person has access to the Client's User Credentials.
    c) The Client shall be responsible for any and all consequences if the Client allows other persons, the access to Client's User Credentials.
6. Registration
    a) The Client shall provide CDS with sufficient Registration Information in order to open the CDS Account digitally. The Registration Information shall be provided in the manner prescribed by CDS from time to time. CDS reserves the right to verify the Registration Information with third parties, if the need arises.
    b) The Client is responsible for providing accurate and genuine Registration Information which is required to open the CDS Account and such information should relate to only such Client and no other person. The Client is responsible for keeping such Registration Information up-to-date or notifying CDS in the event of changes. Change of Sri Lankan residency status of a Client would result in the Client being ineligible to utilize the Digital Account Opening Facility.
    c) CDS reserves the ultimate right to open a CDS Account via Digital Account Opening Facility.
7. Account Opening, Suspension and Closure
    a) CDS may, in its sole discretion, without any liability or notice to the Client, refuse to let the Client open a CDS Account, suspend Client's CDS Account or terminate Client's CDS Account if CDS is unable to identify the Client correctly or if the Client breaches this Agreement or any other policies the Client has agreed with CDS.
    b) Upon the CDS Account being opened via Digital Account Opening Facility, the CDS Account will be governed by the CDS Rules and applicable Rules of the Colombo Stock Exchange.
8. KYC Requirements
    a) Client shall fulfil all anti-money laundering and "Know Your Customer" requirements applicable to the Client from time to time, as set out in CDS Rules, Rules issued by the Financial Intelligence Unit ("FIU") of Central Bank of Sri Lanka established under the Financial Transactions Reporting Act No. 6 of 2006 and other applicable Rules and Regulations.
    b) For the purposes of satisfying continuing Anti-Money Laundering and "Know Your Customer" requirements, CDS reserves the right to request for additional documentation and supporting information from the Client from time to time, even after completion of the opening of the CDS Account digitally. CDS may at its sole discretion block or close the Client's CDS Account in the event of a failure to provide satisfactory documentation and supporting information following a request for the same from CDS.
9. CDS's Compliance with FIU Requirements
    a) CDS has the right to report suspicious transactions to the Financial Intelligence Unit (" FIU" ) established under the Financial Transactions Reporting Act No. 6 of 2006 and any other applicable law enforcement authorities and other regulators as the case may be.
    b) In the event the FIU or any other applicable law enforcement authority/regulator instructs CDS not to carry out any opening of CDS Accounts, CDS will suspend the CDS Account or refuse to open a CDS Account in order to allow the FIU or any other applicable law enforcement /regulator to make necessary inquires
    c) The Client will not be entitled to be informed of any action taken by CDS in relation to the above and CDS will not be liable or responsible to the Client in respect of any such action taken by CDS.
10. Helpline
    a) CDS will establish a helpline for the purposes of responding to client inquiries.
    b) In the event the Client requires any assistance with regard to the Digital Account Opening Facility, the Client may contact the aforementioned helpline or the relevant Stockbroker Participant.
11. Jurisdiction
    a) The Digital Account Opening Facility is subject to the jurisdiction of the courts of Sri Lanka.
12. Notifications
    a) Notifications by CDS in relation to the Digital Account Opening (including changes to the Terms and Conditions) may be made/given by CDS from time to time by way of publication on the CDS Website, text message to the Mobile Number, email to the Client's registered email address or in any other manner deemed appropriate by CDS at its sole discretion. Notifications will be binding on the Client immediately.
     
    The Client agrees and consents to receive such notifications electronically and it is the Client's responsibility to open and review such notifications of CDS through the methods described above. The Client shall ensure that the Mobile Number and/ or email address is not outdated, incorrect or blocked by his/her service provider. CDS shall not be held liable for any damages caused as a result of such failures.
13. Indemnity/Disclaimer/Limitation of Liability
    a) The Client shall indemnify, defend and hold harmless CDS and any associate company and other affiliates, and its and their directors, officers, owners, agents, co-branders or other partners, employees, information providers, licensors, licensees, consultants, contractors and other applicable third parties (collectively "Indemnified Parties") from and against any and all claims, losses, demands, causes of action, debt or liability, including without limitation reasonable attorneys fees and costs incurred by the Indemnified Parties arising out of, related to, or which may arise from
    (i) The Client's use of the Digital Account Opening Facility;
    (ii) The Client's negligence or default in using the Digital Account Opening Facility;
    (iii) Any breach or non-compliance by the Client of any term of the Terms and Conditions;
    (iv) Any dispute or litigation caused by the Client's actions or omissions; and/or
    (v) The Client's violation or alleged violation of any applicable laws or rights of a third party.
    b) To the extent permitted by law, Digital Account Opening Facility is provided "as is", "where is" and "as available" and without warranties of any kind. To the extent permitted by law, CDS or any associate company and its licensors make no representations or warranties or guarantees of any kind or nature, whether express or implied, relating to the Digital Account Opening Facility, and specifically disclaims all such warranties including, without limitation, any implied warranty of merchantability, fitness for a particular purpose and non-infringement. Without limiting the previous disclaimer, to the extent permitted by law, CDS and its licensors do not represent, warrant or guarantee that the Digital Account Opening Facility will
    (i) Operate in an uninterrupted, timely, secure or error-free manner
    (ii) Always be available or free from all harmful components or errors or
    (iii) Be secure against or immune from (including the content delivered to you or the information you provided) any unauthorized access,
    (iv) Meet any and/or all implicit and explicit requirements of the Client in relation to the use of the Digital Account Opening Facility.
    c) In no event shall CDS or any connected party be responsible or liable to the Client or any third party under any circumstances for any indirect, consequential, special, punitive or exemplary, damages or losses, including but not limited to damages for loss of profits, goodwill, use, data, or other intangible losses which may be incurred in connection with the Digital Account Opening Facility, regardless of the type of claim or the nature of the cause of action, even if such party has been advised of the possibility of such damage or loss.
    d) d. Each party acknowledges that the other party has entered into these Terms and Conditions relying on the limitations of liability stated herein and that those limitations are an essential basis of the negotiations between the parties. In addition to and without limiting any of the foregoing, no party shall have any liability for any failure or delay resulting from any condition beyond the reasonable control of such party, including but not limited to governmental action or acts of terrorism, earthquake, fire, flood or other acts of God, labor conditions, power failures and internet disturbances.
14. Assignment
    a) The Client shall not assign the CDS Account opened through the Digital Account Opening Facility or any rights or obligations under the Terms and Conditions, by operation of law or otherwise and any such attempted assignment shall be void. CDS reserves the right to freely assign the Terms and Conditions and the rights and obligations hereunder, to any third party without notice to or consent of the Client. Subject to the foregoing, these Terms and Conditions shall be binding upon and inure to the benefit of the parties hereto, their successors and permitted assigns.
15. Modifications to the Terms and Conditions
    a) CDS reserves the right, in its sole and absolute discretion and without any notice and any liability to the Client, to change, modify or amend any portion of these Terms and Conditions at any time, and such amended Terms and Conditions will be hosted on the CDS website.
16. Disclose of Information by CDS
    a) The Client hereby authorizes and consents to CDS recording and/or disclosing information regarding the Client, for such purpose/s, as CDS in its sole discretion deems fit .
    b) The Client gives consent to and irrevocably permits CDS and the relevant Stockbroker Participant, through which the Client's CDS Account is maintained, to verify with the Department for Registration of Persons and/or any third party/authority, the Know Your Customer information of the Client, including the particulars contained in the National Identity Card of the Client.
17. Restrictions
    a) CDS hereby grants you a non-exclusive, non-transferable, limited, personal and revocable right and license to access and use the Digital Account Opening Facility for your personal use only. You acknowledge and agree that all logos, custom graphics, trademarks and URL related to CDS may not be copied or used without the written consent of CDS. Any technology created or derived from this Digital Account Opening Facility are the exclusive property of CDS and its licensors.
    b) Client may not reverse-engineer, copy, decompile, disassemble, derive the source code of, modify, adapt, capture, reproduce, publicly display, publicly perform, transfer, sell, license, create derivative works from or based upon, republish, upload, edit, post, transmit, distribute, exploit, circumvent or otherwise translate (or encourage or assist any other person to do any of the foregoing) the Digital Account Opening Facility in whole or in part.
    c) Client shall not interfere or attempt to interfere with the operation or use of the Digital Account Opening Facility in any way through any means or device including, but not limited to, spamming, hacking, and uploading computer viruses or time-bombs, or any other means.
18. Security
    a) Parties agree to comply with the security procedures and requirements described in this agreement and such other security procedures as determined by the parties from time to time which are subject to change with notice to respective party.
19. Updates and Upgrades
    a) The Digital Account Opening Facility may occasionally restrict its functions or completely make dysfunctional to allow for repairs or maintenance with notice {when possible).
    b) CDS may introduce software updates or upgrades from time to time and the Client acknowledges and agrees that complying with such system requirements, which may be changed from time to time are solely Client's responsibility.
    c) Since the use of Digital Account Opening Facility involves hardware, software, Internet, and other wireless communication channels and applicable updates, Client's ability to use Digital Account Opening Facility may be affected by the performance of these factors. Further, CDS shall not be held responsible for any malfunctions of the software in an event the Client failed to keep the software upto date.
    d) CDS expressly reserve the right to change, modify, update, remove, revise or otherwise change any portions of the Digital Account Opening Facility at any time and in no event CDS shall be liable for any claims or damages caused by or arising out of such actions.
20. Privacy Policy
The CDS shall comply with the Colombo Stock Exchange Privacy Policy when delivering services in relation to the Digital Account Opening Facility.
21. General Declarations
    a) I represent and warrant that I am not acting on behalf of or for the benefit of anyone else.
    b) I agree to these Terms and Conditions and to be bound by CDS Rules and applicable Rules of the Colombo Stock Exchange, in terms of which my CDS Account will be operated.
    c) I understand that irrespective of the method of opening my CDS Account, I will be a CDS Account Holder having a CDS Account maintained in CDS and for all other intends and purposes I shall have all the rights and obligations that are attached to any other person having a CDS Account maintained in CDS.
    d) I give consent to and irrevocably permit CDS and my Stockbroker Participant through which my CDS Account is maintained, to verify with the Department for Registration of Persons and/or any third party/authority, the Know Your Customer information concerning me, including the particulars contained in my National Identity Card.