Legal openion on validity of third party authorisation

Please provide me a legal openion on a document Attached "Authorisation for instruction by third person" which should be a void document ab innitio as it violates the SEBI Norms and is against Constitution of India.:

 The extracts of the letter is as follows:

Authorisation for instruction by third person

 Sir,

I/We authorize Mr/Ms ………………………………………….. to deal Transact on my/our Behalf and to place orders, give instructions, make nad receive payments of securities and monies, collect contract notes, bills order confirmations, trade confirmations, account statements and any other documents or communication, to sign any document, settle the account, enter into any compromise and to do any and all act (s) on my / our behalf which I / we can do. And I / We do hereby agree and declare and confirm that all the acts done by the above named or his her substitutes shall be my / our own acts deeds and things  validly done by me /us to all intents and purposes.

 Thanking you ,

 Yours faithfully

 Signature: ………………………………………….

 Name:………………………………………………..

Please see the fraudulent and illegal document Attached "Authorisation for instruction by third person" in the four page loose leaflet used by the Stock Broker Religare to take the signatures of clients by misrepresentation by inserting these loose pages in Account opening Booklet which is an external document, not even a part of list of Mandatory and Non-mandatory documents in the Account Opening Booklet, as per SEBI Norms in circular dated 03.12.2009 . It is important to note that these documents are placed on the backside of CUSTOMER FROFILE SHEET and they make the client sign in the disguise of signing for customer profile sheet. Certain Illegalities of the document ANNEXURE A (attached), may please be noted as:

I.        CUSTOMER FROFILE SHEET ( page 1 & 2 of ANNEXURE A )  which is completely irrelevant document from the point of view of SEBI / NSE which asks information like Family insurance details–self, spouse, child etc, Club Memberships, Hobbies etc.  and does not have a place for client to sign. Rather the other authorization/ letters are got signed in the disguise of signing Profile sheet.

 II. AUTHORIZATION FOR INSTRUCTIONS BY THIRD PARTY (Page 3 of ANNEXURE A)  The Illegalities of the document may pls. be noted.

 a.       How Can someone make XYZ person a Third party merely by writing his name and make him responsible  for something without even taking his consent / approval (whether he agrees or not)?

 b.       Third Party being authorized is not even defined for completeness eg- I / we authorize Mr.______________Son of _____________ Resident of ________________ to deal ………...

 c.       The Third person being authorized is not even required to sign the document for him to be liable for any implied consequences. How can only one party sign the authorization and neither the Third party nor the Second party’s signature are on the document. 

 e.       The document is not even a part of Mandatory / Non- Mandatory Document as prescribed by NSE / SEBI regulations.

 f.        It is an outside document i.e it fails to find any mention in the list of all the documents as specified by SEBI.

 g.       It does not state in the beginning in Bold that the document is VOLUNTARY and again violates the SEBI Guidelines. In this disguise the company representatives takes the signatures on all pages by misrepresenting facts.

 h.      It violates the guidelines of SEBI As per   MIRSD/ SE /Cir-19/2009 December 3, 2009.

 i.        It is also not displayed on website by way of client-specific user id and password. None of the Four page documents are uploaded as Executed documents on the website as per the SEBI Guidelines

j. The document does not even carry a date of execution of document.

k.  Moreover, this document is a kind of  Power of Attorney (POA) / Third Party agreement/ tripartite agreement, that needs to be executed properly with the signatures and consent of all the three parties if it is required.

 Later, the Stock broker  misuse the Authorization by simply putting the name of the Third person as per their choice. All the customers are made to sign this document till date which do not comply with the guidelines of SEBI /NSE and ultra vires the provisions of Constitution of India. Such an incomplete / Illegal document is required to be declared null and void as the same is in clear violation of the guidelines /circular of SEBI, a constitutional body appointed by an Act to issue such guidelines.  Thus the document is required to be declared void-ab-initio as the same is got signed only to defraud the clients and is not a common document that  is used by Brokers.   

 Thanks,

 Sachin  Bhardwaj

8802229962