Penalty / Delayed payment Charges by either party :

The Client discloses that he/she/it is aware and agrees that pay-in of Securities or Funds are required to be delivered / made to Broker on T+2 day. In case of any default or if any amount is overdue from Client over such period as may be allowed by you, penalty / delayed payment charges @ 18 % p. a. (depending upon prevalent market rate) may be charged. However, this facility shall not be construed / resulted into permanent practice leading to funding by broker to client in contravention of applicable laws.