DSU
Brokerage Services: Terms & Conditions
Welcome to DSU Brokerage Services ("DSU,"
"we," "us," or "our"). Please read these Terms
and Conditions carefully before using our website or services. By accessing or
using our services, you agree to be bound by these Terms and Conditions.
1. Your
DSU Account
1.1
Account Opening Requirements
To open an account with DSU, you must complete and submit
the required documentation.
For
Individual Accounts:
- Valid
means of identification (e.g., Driver's License, International Passport).
- Proof
of address (e.g., utility bill or bank account statement showing the same
address as on the application form).
- Active
bank account details.
For
Corporate Accounts:
- Company
Registration documents (e.g., Certificate of Incorporation, CAC Form CAC 7
- Particulars of Directors, and CAC Form CAC 2 - Statement of Share
Capital and Return of Allotment).
- Board
Resolution authorizing the opening of the account with DSU.
- Valid
identification of authorized signatories.
- Active
bank account details.
- Proof
of address (e.g., utility bill or bank account statement for the company).
Important
Note: DSU is not responsible for the authenticity or integrity of
any documents provided by you.
1.2
Account Information Updates
If you need to change any significant information associated
with your account (such as address, phone number, or email address), you must
notify DSU by sending the updated details to info@dsbs.com.ng. The name
used for your DSU account must always match the name on your provided bank
account.
1.3
Inter-Member Stock Transfers
You may open an account with DSU by transferring stocks from
another stockbroking firm. However, you are solely responsible for initiating
and completing the transfer process.
1.4 Right
of Set-Off
DSU reserves the right, in addition to any legal rights, to
combine or consolidate any of your accounts with DSU and to offset any amount
you owe to DSU against any money DSU holds for your account, regardless of the
currency.
1.5
Waiver of Share Certificates
By accepting these terms, you freely waive your right to be
issued physical share certificate(s) under Sections 116 & 117 of the
Companies & Allied Matters Act CAP C20 LFN 2004 and the Memorandum and
Articles of Association of the listed companies for your benefit. You agree to
accept as sufficient certification of your shareholding any memorandum
delivered to you by the listed company(ies) or the
Central Securities Clearing System Limited (CSCS) acting on your behalf.
2.
Account Operations
2.1
Mandate Execution
Client mandates (instructions) must be submitted via our
web-enabled jobbing book, your registered email address, and/or a dedicated
mandate line.
2.2
Unexecuted Mandates
Unless you object through the appropriate transaction media,
unexecuted mandates without specified time limits will be carried forward for
two weeks.
2.3
Funding Your Account
You can fund your DSU account for trading by making payments
into our designated bank account or through the e-payment modules available on
our website. You are responsible for all charges associated with online
payments.
2.4
Payment Requests and Disbursements
You are responsible for initiating payment requests through
the designated transaction media. Payments from your DSU account will only be
made electronically to your provided bank account. For security reasons,
payments will not be made to third parties.
2.5 Scope
of Services
Our standard retail brokerage service does not include
requests such as moving accounts to DSU (other than initial inter-member
transfers), changing addresses with registrars, or following up on missing
certificates or dividend warrants. These services may be available separately
through our Portfolio Audit Service (PAS).
3.
Information Technology & Security
3.1
Website Use and Risks
Your access to and use of our website is at your own risk.
DSU does not guarantee that using our site or downloading materials will not
cause damage to your property, including data loss or computer virus infection.
3.2
Third-Party Links
Third parties are prohibited from linking to our website
without prior written consent from DSU.
3.3 IT
and Network Downtime
DSU is not responsible for any loss, omission, or damage
resulting from IT or network downtime, including theft or disclosure of
passwords leading to account liability.
3.4
Password Security
You are solely responsible for the security of your account
password.
3.5
System Performance
While DSU will make reasonable efforts to ensure our
automated systems operate effectively, we do not guarantee that they will
perform all functions optimally at all times.
3.6
Server Integrity and Security
DSU will use every reasonable endeavor to ensure the
integrity and security of our server. However, we cannot guarantee that the
server will be free from unauthorized users or hackers. DSU is not liable for
non-receipt of funds, instructions/trade mandates, misrouting of emails, or any
other network failures.
3.7
Insecure Transmission Mediums
Short messages (SMS), facsimiles, and emails are insecure
transmission mediums and are subject to call-back procedures. DSU is not liable
for any loss, liability, damage, costs, charges, or expenses arising from
honoring such items, whether erroneous, fraudulent, or otherwise.
4.
Indemnity
4.1
Authorization of Instructions
You authorize DSU to honor any trade instruction (buy or
sell) and/or fund withdrawal or transfer request from your DSU brokerage
account(s) that purports to bear your SMS or facsimile signature(s) from your
registered phone numbers, or email name and address as registered. You confirm
and approve DSU's honoring of any such items.
4.2
Continuing Instructions
Any and all instructions you have previously given to DSU
regarding the operation of your account(s) remain in full force and effect,
except as supplemented or modified by these Terms and Conditions.
4.3
Reliance on Instructions
DSU may rely on these instructions unless and until they are
revoked or modified by a subsequent instruction received from you.
4.4
Indemnification for Insecure Mediums
You understand that SMS, facsimiles, and emails are insecure
transmission mediums and are subject to call-back procedures. You hereby
indemnify DSU against any loss, liability, damage, costs, charges, and expenses
that DSU may suffer or incur due to honoring such items, whether erroneous,
fraudulent, or otherwise.
5.
Regulatory Compliance & Disclaimers
5.1
Regulatory Adherence
All dealings with clients and agents on the DSU website
shall strictly comply with the policies, codes, conducts, ethics, and
regulations of the Securities and Exchange Commission (SEC) and the Nigerian
Exchange Group (NGX).
5.2
Contract Termination
You may terminate this contract either through an
inter-member transfer to another brokerage house or by outright sale of your
holdings.
5.3
Market Volatility
DSU is not responsible for the inherent risks and vagaries
of the stock market and any resulting decrease in the value of your holdings.
5.4
Website Information Accuracy
DSU expressly disclaims all representations and warranties
regarding the DSU website, its contents, and the services we provide. We do not
represent or warrant that the information accessible on or via this website is
accurate, complete, or current.
5.5
Severability
If any provision or part of a provision of this agreement is
found by a competent court or administrative body to be invalid, unenforceable,
or illegal, the other provisions shall remain in full force. If an invalid,
unenforceable, or illegal provision is deleted, the remaining provisions will
apply with any necessary modification to achieve the commercial intention of
the parties.
6.
Intellectual Property
6.1
Copyright
The copyright in the pages, screens, information, and all
material in their arrangement included on our site is owned by or licensed to
DSU unless otherwise noted.
6.2
Trademarks
The trademarks, service marks, logos, trade dress, URLs, and
domain names appearing on this site are the property of DSU, its affiliates, or
third parties who have granted DSU permission to use the marks. You are not
permitted to use, copy, download, or display any of these marks. Any
unauthorized use of DSU trademarks is STRICTLY PROHIBITED. Other product
and company names mentioned on the site may be trademarks of their respective
owners.
6.3
Proprietary Software
DSU network and all other designs and software applications
deployed on this website and for the use of this product are copyrighted
materials under the laws of the Federal Republic of Nigeria and applicable
international treaties. These applications, regardless of the form or medium,
are the sole and exclusive property of DSU. They constitute valuable trade
secrets of DSU, including source and object codes, logic, and structure. DSU
may, at its sole discretion, change, terminate, suspend, or discontinue any
aspect of the application, including content, features, or hours of
availability, without prior notice to its users.
6.4
Prohibited Use
You may not use the DSU website for any purpose that is
unlawful, abusive, libelous, obscene, or threatening.