IMPORTANTThe terms and conditions set herein below shall be equally binding, on ZAFAR SECURITIES (Pvt.) Ltd. (here in referred to as "ZSL") and the Account Holder(s),

• 1. All transactions between the parties shall be subject to the articles, rules & regulations of the exchange (PSX), revised polices, Board Directions and new regulations to be framed in pursuance of Section 34 of the Securities and Exchange Ordinance 1969. Moreover, all applicable provisions of the Securities Exchange Ordinance1969 read with Securities and Exchange Commission of Pakistan Act 1997, ZSL and Agents Registration Rules 2001 , Securities and Exchange Rules 1 971 4.11C1 all directions /directives passed from time to time to regulate the trades between the parties and to regulate ZSL conduct and the central Depository Companies of Pakistan Act 1 997, Rules framed there under and the national clearing and Settlement System Regulations and any other law for the time being in force. ZSL shall ensure provision of copies of all the above Laws. Rules and Regulations at his office for access to the Account Holder (s) during working hours.
• 2. The Amount deposited as security margin by the Account Holder(s) with ZSL shall only be used for the purposes of dealings in securities, such as trading and/or settlement of deliveries of securities, ZSL shall not use such amounts for his own use.
• 3. ZSL shall be authorized to act on the verbal instructions of the Account Holder(s). ZSL shall provide a written confirmation of the executed transactions as required rule 4(4) of the Securities and Exchange Rules, 1971 and all such transactions recorded by ZSL in his books shall be conclusive and binding upon the Account Holder(s), which shall not be questioned by him/her/them, subject to clause 5 below.
  or
  The Account Holder(s) shall give written instructions for the sale /purchase of securities to ZSL. The Account Holder(s) shall not give any verbal/oral instructions. ZSL shall provide a written confirmation of the executed transactions as required under rule 4 (4) of the Securities and Exchange Rules, 1971 and all such transactions recorded by ZSL in his books shall he conclusive and binding upon the Account Holder(s), which shall not be questioned by him/her/them, subject to clause 5 below.
• 4. ZSL shall provide the confirmation of the executed transactions to the (Name of Account Holder) at the above stated address by means of acceptable mode of communication or by hand subject to acknowledgment receipt as noted in clause 16.
• 5. In case there are any error(s) in the daily confirmation statement, the Account Holder(s) shall report the same to ZSL within one-business day of the receipt of confirmation, In case the Account Holders) do not respond within one business day oldie receipt of the said daily confirmation statement, the confirmation statement shall be deemed conclusively accepted by the Account Holder(s).
• 6. In the event that the Account Holder(s) fail(s) to deposit additional cash or securities as margin within one business day of the margin call (in writing), ZSL shall have absolute description to and, without further notice to Account Holder(s), liquidate the Account Holder(s) outstanding positions, including the securities purchased and carried in such account, so that the margin is maintained at the required level.
• 7. ZSL shall be responsible to ensure delivery of CDC eligible securities in the CDC account of the Account Holders(s) subject to full payment by the Account Holder(s). In case of companies which are not on the CDS, ZSL shall ensure delivery of physical shares along with verified transfer deeds against payments, to the Account Holder(s).subject to full payment by the Account Holder(s), Further, ZSL shall be responsible for the payment of any credit cash balance available in the account of the Account Holder preferably in form of by A/c Payee cross cheque only within I business day of the request of the Accotint Holder(s) (subj ect to the maintenance of the margin requirements).
• 8. ZSL shall encourage the account Holders) to make payments to ZSL by A/c Payee only" cross cheque (in case of amounts-in excess of Rs. 50,0000 and "A/c Payee only" cheque or cash ( for amount below Rs. 50,000/-). ZSL shall be responsible to provide the receipt to the Account Hoidens) duly signed by authorized agents/employees of ZSL and the Account Holders) shall he responsible to obtain the receipt there, of. In case of cash dealing proper receipt will be taken and given to the account Holder(s) specifically mentioning if payment is for margin or the purchase of securities
• 9. The Account Holders) shall have a right to obtain a copy of his/her or their ledger statement under official seal and signature of ZSL or his authorized representative on a periodic basis. In case Of any discrepancy in the ledger statement, the Account Holder(s) shall inform ZSL within 1 day of receipt of the ledger statement to remove such discrepancy.
• 10. The Account Holders) shall operate the. account and execute transactions himself/herself/themselves unless the Account Holder(s) authorize Mr./Ms/ ID. No to transact in the account All transactions executed by the authorized person shall be binding upon the Account Holder(s).
• 11. FOR JOINT ACCOUNT HOLDERS ONLY :
  We, the Account Holder(s) shall operate the account jointly or severally and the instructions issued either jointly or severally shall be binding on us as well as upon ZSL in respect of the joint titled account. OR. Our titled account shall be operated only by who shall be deemed as the authorized person for operating the joint account or issuing any instructions relating thereto.
• 12. ZSL shall be responsible to append a list of his authorized agents/employees with this account opening form and a copy of both the opening form and the list will be provided to the Account Holder(s). Any change therein-shall be intimated in writing to the Account Holders) with immediate effect.
• 13. ZSL shall debit the account of the Account Holder(s) for the commission charges or any other charges in connection with ZSL age services rendered, which shall be clearly detailed in the ledger statement/daily confirmations.
• 14. ZSL shall not disclose the information of the transaction of the Account-Holdersto any third party and shall maintain the confidentiality of this information. However, in case the PSX exchange of the Commission as the case maybe requires any such information ZSL shall be obliged to disclose the same for which the Account Holder(s)shall not raise any objection whatsoever.
• 15. In case ZSL converts its individual membership rights to corporate membership and vice versa the agreement and conditions laid down here in above shall remain effective unless otherwise agreed by the parties.(N.A)
• 16. Acceptable mode of communication between the Account Holder(s) and ZSL shall be through letter (courier/registered post/fax/email ) or by hand subject to receipt/acknowledgement. Fax, E-mail, Courier, (A fee will be levied each posted mail or fax.)
• 17. In case of change of address or contact numbers of either party, the concerned party shall immediately notify the other party of the changes in writing.
• 18. On its part ZSL, will endeavor to purchase or sell the shares/securities within the limits of the price that may be notified by the Account Holder(s) to any Stock Exchange working in the country for the best interest of Account Holders) ZSL does not guarantee or ensure that the transaction will be materialized within such notified limits. In case Account Holder(3) notifies a limit for purchase/sale, ZSL will be entitled to deal at the limit. The Account Holder(s) shall have no objection. If ZSL executes its/his/her order, within desired limits, or negotiated trades within its House.
• 19. Any and all moneys, securities or property belonging to the Account Holder(s) or in which the Account Holder(s) may have an interest held by ZSL or carried in any of Account Holder( s)'s account (either individually or jointly with others) shall be subject to a general lien for the discharge of all the Account Holders) debts and obligations to ZSL. ZSL is hereby authorized to sell and/or purchase any and all property in any such accounts without notice to satisfy such general lien. ZSL shall have the right to square up and transfer moneys, securities and other of the accounts of the Account Hoidens) whenever in the judgement of the authorized officers of ZSL the value of the security deposited by the Account Holder(s) for exposure purpose has so reduced that it cannot recover the loss which maybe suffered due to volatility ofmarket and ZSL may be exposed to loss, unless the Account Holders) deposited further securities to protect ZSL.
• 20. ZSL will maintain Account Holder(s) account in its hooks for all transactions of sale and purchase of shares and securities. ZSL will debit the Account Holder(s)'s account for the value of shares purchased by it/him her through ZSL and credit the Account Holder(s)'s account for the value of shares sold by it/him/her through ZSL. ZSL will debit the Account Holder(s)s account for all commissions, ZSL age and other charges that are normally applicable. including those otherwise fixed by the Karachi, Lahore and Islamabad Stock Exchanges (Guarantee) Limited.
• 21. TELEPHONE MONITORING: ZSL may record telephone calls to .monitor the quality of service the Account Holders) receives to verity securities transaction information.
• 22. LIABILITY: ZSL shall not be responsible or liable for any error, omission or mistake appearing in the list of shares annexed to any bill or cost or for any consequences arising there from.
  ZSL shall not he liable for any fluctuations in the market prices of the shares/securities purchased or sold on account of the Account Holders) for any reasons whatsoever and the net rates/prices of confirmation report/account statement of sale or purchase shall be considered as the concluded final rate/prices binding upon the parties. ZSL shall not be liable for any fraud, forgery, misdeclaration or any other act or omission on part of any constituent or member of . Stock Exchange and the Stock Exchange or their respective clients and the shares/securities shall be deemed to have been purchased or sold at the risk and cost of the Account Holder(s) with no obligations an part of ZSL. In the event of failure or refusal to effect the delivery against any purchase contract by ZSL of the Exchange through whom ZSL may have purchased the shares/securities or refusal to accept delivery against any sale contract by any ZSL of the Exchange through whom ZSL may have sold the shares/securities, ZSL shall not be liable for the damages. cost or legal expenses which the Account Holder(s) may suffer or sustain and in such an event; the rules and regulations of the Exchange will prevail and be binding upon the Parties. ZSL shall not he liable for any losses or damages to the Account Holder(s) for any reason whatsoever, in respect of any actions done by ZSL or any other persons in pursuance of or in connection with this agreement.
• 23. I/We, the Account Holder(s) acknowledge receipt of this account opening form (signed here by me/us in duplicate) along with the copies of all the annexure and I/We, the Account Holders) also undertake that I/we have understood all the above terms and conditions of this agreement which are acceptable tonne/us.
• 24. l/We, the Account Holder(s) understand that the shares trading business carries risk and subject to the due diligence on part of ZSL Uwe may incur losses for which I/we, the Account Holder(s) shall not hold ZSL responsible.
• 25. I/We, the account Holders) further confirm that all information given in this application is true and complete and hereby authorize ZSL to verify any information mentioned above.

Declaration of solvency & undertaking

• The Account Holder hereby declares that:
• a. It has not applied to be adjudicated as an insolvent and that it has not supended payment and that we have not compounded with our creditors.
• b. It is not un-discharged insolvent.
• c. It has not been declared defaulter in repayment of loan of a bank/financial institutions.

Signatures:

Main Applicant _____________ Joint Applicant 1 _______________ Joint Applicant 2 _______________ Joint Applicant 3 _______________
Zafar Securities (Pvt) Ltd.