In case you wish to maintain a running account for your funds and securities with Axis Direct, you have to authorize us in writing to retain your funds and securities. This authorization is generally given at the time of account opening and can be changed any time thereafter. Such authorization contains your preference as to whether the settlement of funds and securities should be done on a monthly or quarterly basis.

Accordingly, the actual settlement of funds and securities is done by us at least once in a calendar quarter or month, depending on the preference set by you.