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Contract reading

What SBI SECURITIES legally published, but does not want you to read

Every clause below is published by SBI SECURITIES itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: 株式会社ＳＢＩ証券

sole discretionadvertisingdeemed acceptanceforced closurespreadaccount openingaccount restrictionage limitcfdclient assets

SBI SECURITIES is a large licensed Japanese broker holding ¥60.8 trillion of client assets, segregated and separately audited. Its CFD notice lets it correct or cancel a price after you have traded on it. Miss a confirmation in your account message box and it restricts your FX trading until you click. Its own FX section still presents spread figures measured in October 2020.

Back to SBI SECURITIES

Contract risk

Harder than average
5.0/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
1
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
14
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
26
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
2

How the 14 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical1
Warning10
Notice3

section 96 of 104is where the deepest clause sits, 92% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

96.21%In the contract. Jump to the clause this comes from.Spread figures from 2020 still sit in the FX section5Fee you were not shown. Jump to the clause this comes from.The advertised spread covers five pairs and small orders

What the documents say

14 clauses worth knowing about, worst first, each quoted from SBI SECURITIES's own files

01

If SBI SECURITIES decides its own quoted price was clearly off the market, it can correct or cancel that price. The same notice lets it re-price or cancel a trade you have already had filled.

Why this matters

A gain on a filled trade can be reversed, and SBI SECURITIES alone decides whether its price was wrong. The notice gives you no deadline and no appeal.

Exhibit 1CriticalHarder than usual

当社の提示価格がマーケットの実勢価格から明白に乖離したと当社が認める場合は、当該提示価格の訂正又は取消を行う場合があります。
Clause ＜スプレッドにかかるリスク＞ in 店頭CFD取引のご注意事項
Downloaded from the broker's site on Open the reference
  • Worse together with Exhibit 6SBI SECURITIES can stop quoting, close your positions without notice, then decide the price it quoted was wrong.
02

SBI SECURITIES sends a revised FX pre-contract document to your account message box and asks you to press a button. If you do not confirm by the deadline it sets, it restricts your FX trading until you do.

Why this matters

The last round ran from the evening of 16 July 2026 to 1 August 2026 at 06:00. The notice does not say whether you can still close an open position while the restriction lasts.

Exhibit 2WarningHarder than usual

なお、メッセージボックスに記載の「確認期限（2026年8月1日（土）6:00予定）」までにご確認をいただけないときは、ご確認をいただくまでの間、誠に不本意ながらFXのお取引を制限させていただくこととなりますので、お早目のご確認をお願い申し上げます。
Quoted in 【重要：確認期限付き】FXサービスの通貨ペア追加に伴う「外国為替保証金取引の契約締結前交付書面」改定・再交付のご案内（2026年8月3日改定）
Read from the broker's site on Open the reference
Our own capture of sbisec.co.jp, taken on Oct 8, 2026Miss an inbox deadline and FX trading stopsVisit this page on the broker's siteDownload the full size image file

What it costsFrom the evening of 16 July 2026 to the 06:00 deadline on 1 August 2026 leaves about 16 days to find the message and press the button.

03

The spread presentation page inside SBI SECURITIES' own FX section reports figures measured in October 2020. It shows the dollar/yen pair at 0.2 sen, and one sen is 0.01 yen, offered 96.21% of the time.

Why this matters

You could compare brokers on numbers that are six years old. The current disclosure covers 31 August to 25 September 2026, and its table records a widest dollar/yen spread of 17.0 sen.

Exhibit 3WarningHarder than usual96.21%

対象期間：2026年8月31日～2026年9月25日
Quoted in 提示スプレッド等に関する実績情報
Read from the broker's site on Open the reference

What it costsA 1,000,000 unit dollar/yen trade crosses a 0.2 sen spread for ¥2,000. At the 17.0 sen widest spread in the same table, that trade costs ¥170,000.

04

Money you deposit for FX and CFD trading sits in a trust. By 31 March 2026, ¥266,000 million of it was held at a trust company owned by SBI SECURITIES' ultimate parent. The amount at an outside trust bank had fallen to ¥1,000 million, from ¥62,000 million a year earlier.

Why this matters

The company standing between you and your money, if SBI SECURITIES fails, is inside the same group. A year earlier a quarter of that money sat at an unrelated trust bank.

Exhibit 4WarningHarder than usual

金銭信託 267,000 243,000 みずほ信託銀行株式会社 1,000 ＳＢＩクリアリング信託株式会社 266,000
Clause Ⅳ 2.(3) 金融商品取引法第43条の３の規定に基づく区分管理 in 業務及び財産の状況に関する説明書【2026年３月期】, p.32
Read from the broker's site on Open the reference

Buried at section 96 of 104 in the 業務及び財産の状況に関する説明書【2026年３月期】, 92% of the way through.

What it costsOf the ¥267,000 million in trust on 31 March 2026, ¥266,000 million sits with the group's own trust company. That is 99.6%, against 74.5% a year earlier.

05

Since 24 August 2026, SBI SECURITIES applies its advertised FX spread to just 5 currency pairs. It covers only orders of 100 to 2,000,000 units, and every other pair sits outside advertised spread display.

Why this matters

Order more than 2,000,000 units, or trade any other pair, and the spread you see is the only spread you get. SBI SECURITIES publishes no advertised figure to hold it to.

Exhibit 5WarningHarder than usual5New

（※）2026年8月24日（月）7:00から、米ドル/円、ユーロ/円、ポンド/円、豪ドル/円、ユーロ/米ドルの5通貨ペアについては、100通貨～200万通貨以内の注文数量に限り、スプレッド広告表示を適用しております。5通貨ペア以外は引き続き「スプレッド広告表示適用対象外」とさせていただきます。
Clause 備考【広告適用時間における取引について‐②】 in 提示スプレッド等に関する実績情報
Read from the broker's site on Open the reference
Our own capture of site0.sbisec.co.jp, taken on Oct 8, 2026The claim, on Notes section of the FX top page on SBI SECURITIES' own siteVisit this page on the broker's siteDownload the full size image file
  • Same clause as Exhibit 3Both rest on the same spread disclosure, one on what it now promises and one on the age of the figures on the live page.
06

When its loss cut conditions are met, SBI SECURITIES closes all your CFD positions without telling you first. It can also stop quoting prices, and while it does you cannot trade.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

A loss can run past the margin you deposited, and SBI SECURITIES does not promise the closing price you expect. If it has stopped quoting, you cannot cut the position yourself.

Exhibit 6WarningStandard wording

当社が定めるロスカット条件に合致したときは、お客さまに事前に通知することなく、未約定の新規注文および決済注文を取消したうえで、すべての建玉に対する決済注文を当社の任意により行います。
Clause ＜ロスカット（強制決済）のリスク＞ in 店頭CFD取引のご注意事項
Downloaded from the broker's site on Open the reference
Our own capture of search.sbisec.co.jp, taken on Oct 8, 2026Positions closed without notice, losses beyond your margin (clause ＜ロスカット（強制決済）のリスク＞)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), ESMA (EU)

Firms licensed by the FCA and under ESMA rules must give a retail CFD client negative balance protection, so the client cannot lose more than the money in the account. SBI SECURITIES' CFD notice says a loss can exceed the margin you deposited.

SBI SECURITIES is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 7SBI SECURITIES can pick the day your position must end, and separately pick the moment it closes it.

SBI decides when you can trade, when you must close, and when it stops quoting

SBI SECURITIES can close every CFD position without telling you first, and a loss can run past the margin you deposited. It can set a settlement date on a product it says has none. It can also restrict your FX trading until you confirm a document sitting in your account inbox.

Exit conditions2 clauses flagged

SBI SECURITIES says its OTC CFDs have no settlement date as a rule. The same notice lets it stop new positions in a market and set a settlement date whenever it judges that necessary.

Why this matters

You have to close every position by the date SBI SECURITIES picks. If you do not, it closes them for you from the next business day, at whatever price it gets.

Exhibit 7WarningHarder than usual

店頭CFD取引においては、原則として決済期日はありませんが、次のような場合には、当社は当該銘柄の新規建取引を停止するとともに、任意の決済期日を設定します。
Clause ＜期日の設定によるリスク＞ in 店頭CFD取引のご注意事項
Downloaded from the broker's site on Open the reference

The commodity futures agreement lets SBI SECURITIES refuse your account and tell you nothing about why. The same article shuts that account to anyone aged 80 or over, and flags applicants from 75.

Why this matters

You cannot fix a refusal you are never given the reason for. From 75, SBI SECURITIES can also review your assets and decline without explaining.

Exhibit 10WarningHarder than usual

なお、審査の結果、本取引口座開設ができない場合でも、お客様にその理由は開示いたしません。
Clause 第4条第2項 in 2026年3月期年次開示資料, p.4
Read from the broker's site on Open the reference

Where it sits: section 13 of 116 in the 2026年3月期年次開示資料, near the start.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Age 18You may apply, and only an acceptance by SBI SECURITIES opens the account.第4条第1項(8)
Age 75SBI SECURITIES may restrict your application and may review the assets it holds for you.第4条第4項
Age 80You can no longer open the account at all.第4条第1項(8)

A liability waiver came in under a security headline, and a complaints line went out

On 31 May 2025, by its own description of the amendment, SBI SECURITIES added a liability waiver for internet service use to its agreement collection. The headline on that notice was multi factor authentication. In the same period it dropped the sentence that let it close a complaint for want of proof.

What you can claim2 clauses flagged

On 31 May 2025, SBI SECURITIES amended its agreement collection to make multi factor authentication standard. By its own description, the same amendment added a liability waiver covering use of its internet service.

Why this matters

The headline was security. The clause that limits what you can claim from SBI SECURITIES sits in the same table, one line below. We could not open the amended agreement, so we quote the firm's own description of what it added.

Exhibit 11WarningHarder than usualNew

インターネットサービス利用時の免責事項に係る規定の追加
Clause 改定対象 第3章 インターネット取引取扱規程 in 【重要】多要素認証の原則必須化に伴う「約款・規程集」改定のご案内（2025年5月31日改定施行）
Read from the broker's site on Open the reference

SBI SECURITIES used to write that it would explain to you when its own responsibility could not be proven. The 2026 edition drops that line and promises to analyse the cause and take corrective action.

Why this matters

This one moves your way. The wording that let SBI SECURITIES close a complaint for want of proof is gone from the current text.

Exhibit 12NoticeStandard wording

調査の結果、法令諸規則等への違反その他改善を要する事実が認められた場合には、原因分析を行い、必要な是正措置及び再発防止策を講じます。
Clause Ⅳ 1.(2) お客様からのご意見及び苦情への対応について in 業務及び財産の状況に関する説明書【2026年３月期】, p.29
Read from the broker's site on Open the reference

Buried at section 90 of 104 in the 業務及び財産の状況に関する説明書【2026年３月期】, 87% of the way through.

SBI is your counterparty, your lender and, through its group, your trustee

¥266,000 million of the money held in trust for SBI SECURITIES' FX and CFD clients sits at a trust company owned by the group's parent, up from ¥181,000 million. The firm books every commodity CFD trade on its own account. Lending against client positions earned it ¥120,501 million this year.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Whose money, whose book2 clauses flagged

SBI SECURITIES passes the shares you lodge as margin collateral on to a securities finance company, under consent you gave at sign up. It held ¥534,886 million of those shares on 31 March 2026.

Why this matters

Lending against client positions is this firm's biggest earner, at ¥120,501 million for the year, up 40.1%. The shares behind that business are yours, and a standing consent form covers the onward pledge.

Exhibit 8WarningStandard wording

なお、顧客の信用取引につき、当該顧客から預託を受けた信用取引受入保証金代用有価証券は、顧客の同意を得て、証券金融会社への担保として提供しております。
Clause Ⅳ 2.(1)②（ハ）管理の状況 in 業務及び財産の状況に関する説明書【2026年３月期】, p.31
Read from the broker's site on Open the reference

Buried at section 85 of 104 in the 業務及び財産の状況に関する説明書【2026年３月期】, 82% of the way through.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must obtain a retail client's written agreement before using the client's assets as collateral for the firm's own obligations, and must set out the risks. SBI SECURITIES takes that consent through a standing consent form and reports the total once a year.

SBI SECURITIES is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

SBI SECURITIES began dealing OTC commodity CFDs this year, and its own disclosure books every one of those trades on its own account. It earned ¥822,082 thousand from that book, from 31,538 customers.

Why this matters

Your gain on these contracts is SBI SECURITIES' loss, and it sets the price you trade at. It does say plainly that these are deals with the firm itself.

Exhibit 9WarningStandard wordingNew

当社は、下記をカバー先として店頭商品デリバティブ取引を行っております。
Clause １.②（2）（a）ハ.店頭商品デリバティブ取引に係る業務 in 2026年3月期年次開示資料, p.2
Read from the broker's site on Open the reference

Where it sits: section 6 of 116 in the 2026年3月期年次開示資料, near the start.

  • Worse together with Exhibit 4SBI SECURITIES is the counterparty to the trade, and the trust holding the margin behind it belongs to its own parent group.

One registered Japanese entity, with the contract spread over 57 files

SBI SECURITIES Co., Ltd. is registered with the Kanto Local Finance Bureau as number 44, holds client assets of ¥60.8 trillion, and names FINMAC as its outside complaints body. Its disclosure pages carry corporate reports and audited numbers. The terms you sign sit on a different page, as 57 separate PDFs.

Who you contract with2 clauses flagged

You contract with SBI SECURITIES Co., Ltd., registered with the Kanto Local Finance Bureau as number 44. Its disclosure pages carry corporate reports, while the terms you actually agree to sit on a separate page as 57 PDFs.

Why this matters

To read your own contract you have to collect 57 files from a page headed trading rules. None of them sit on the disclosure page that carries the audited numbers.

Exhibit 13NoticeStandard wording57

（ 登 録 番 号 ） （ 関東財務局長（金商） 第 44 号 ）
Clause Ⅰ 2. 登録年月日（登録番号） in 業務及び財産の状況に関する説明書【2026年３月期】, p.2
Read from the broker's site on Open the reference

Where it sits: section 3 of 104 in the 業務及び財産の状況に関する説明書【2026年３月期】, near the start.

The year to March 2026 carries a ¥9,198 million compensation payment in SBI SECURITIES' extraordinary losses. The year before carried none, and the documents do not say what the payment was for.

Why this matters

SBI SECURITIES also added ¥10,589 million to its reserve for securities business liabilities in the same year. Neither figure is explained anywhere in the disclosure set.

Exhibit 14Notice

支払補償金 － 9,198
Clause Ⅲ 1.(2) 損益計算書 特別損失 in 業務及び財産の状況に関する説明書【2026年３月期】, p.20
Read from the broker's site on Open the reference

Buried at section 70 of 104 in the 業務及び財産の状況に関する説明書【2026年３月期】, 67% of the way through.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The spread presentation rates in SBI SECURITIES' FX section were measured in October 2020, while its current disclosure of the same figures covers September 2026.

Said in public, in Japanese

SBI FX α 主要通貨ペアのスプレッド提示率（2020/10/1（木）6:00～2020/10/31（土）5:30）

Word for word in English: SBI FX alpha, spread presentation rate for the main currency pairs, 1 October 2020 06:00 to 31 October 2020 05:30.

Heading of the spread presentation rate page inside the FX section of SBI SECURITIES' own site, above a table showing the dollar/yen pair at 0.2 sen with a 96.21% presentation rate and a 0.21

In the contract

対象期間：2026年8月31日～2026年9月25日

02

SBI SECURITIES accepts single FX orders far above 2,000,000 units, while its advertised spread stops at 2,000,000 units on five pairs.

Said in public, in Japanese

外国為替保証金取引（SBI FX）の1取引は100通貨からとなります。ただし通貨ペアごとに1注文あたりの最大注文数量が異なります。

Word for word in English: One trade in foreign exchange margin trading, SBI FX, starts from 100 currency units. The maximum order quantity per order differs by currency pair.

Notes section of the FX top page on SBI SECURITIES' own site

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of site0.sbisec.co.jp

In the contract

（※）2026年8月24日（月）7:00から、米ドル/円、ユーロ/円、ポンド/円、豪ドル/円、ユーロ/米ドルの5通貨ペアについては、100通貨～200万通貨以内の注文数量に限り、スプレッド広告表示を適用しております。5通貨ペア以外は引き続き「スプレッド広告表示適用対象外」とさせていただきます。

What changed quietly

First reading of SBI SECURITIES, so there is nothing yet to compare it against.

  • REWRITTENClause １.②（2）（a）ハ.店頭商品デリバティブ取引に係る業務 · 2025年3月期 to 2026年3月期

    A line that said this business did not apply now describes SBI SECURITIES dealing commodity CFDs against its own book.

    ハ.店頭商品デリバティブ取引に係る業務 当社は、下記をカバー先として店頭商品デリバティブ取引を行っております。

  • REWRITTENClause Ⅳ 2.(3) 金融商品取引法第43条の３の規定に基づく区分管理 · 2025年3月期 to 2026年3月期

    Client money for FX and CFD trading moved almost entirely from an outside trust bank to the group's own trust company.

    金銭信託 267,000 243,000 みずほ信託銀行株式会社 1,000 ＳＢＩクリアリング信託株式会社 266,000

  • REWRITTENClause Ⅳ 1.(2) お客様からのご意見及び苦情への対応について · 2025年3月期 to 2026年3月期

    The sentence letting SBI SECURITIES close a complaint where its responsibility could not be proven is gone.

    調査の結果、法令諸規則等への違反その他改善を要する事実が認められた場合には、原因分析を行い、必要な是正措置及び再発防止策を講じます。

  • ADDEDClause Ⅲ 1.(2) 損益計算書 特別損失 · 2025年3月期 to 2026年3月期

    A compensation payment of ¥9,198 million appears as an extraordinary loss for the first time, with no note explaining it.

    支払補償金 － 9,198

  • ADDEDClause 備考【広告適用時間における取引について‐②】 · 2025年5月23日 to 2026年10月2日

    A new footnote cuts the advertised spread back to five currency pairs and orders of up to 2,000,000 units.

    （※）2026年8月24日（月）7:00から、米ドル/円、ユーロ/円、ポンド/円、豪ドル/円、ユーロ/米ドルの5通貨ペアについては、100通貨～200万通貨以内の注文数量に限り、スプレッド広告表示を適用しております。

  • ADDEDClause 第3章 インターネット取引取扱規程 · before 2025年5月31日 to 2025年5月31日改定施行

    SBI SECURITIES describes adding a liability waiver for internet service use to the chapter governing online trading.

    インターネットサービス利用時の免責事項に係る規定の追加

The documents this reading is based on

26 files, all published by SBI SECURITIES. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording SBI SECURITIES publishes.

How this reading was done

Every clause above was read out of a document SBI SECURITIES publishes itself

This reading was published on .

Documents
9 of 26downloaded from the broker's site, and 9 read in full
Pages opened
25pages walked to find those documents, footer links included
Older copies
4earlier versions downloaded, 2 identical to the copy we hold by fingerprint
Marketing pages
11public pages set against what the contract says
Position measured
7clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

株式会社ＳＢＩ証券

You contract with SBI SECURITIES Co., Ltd., registered with the Kanto Local Finance Bureau as financial instruments business number 44 since 30 September 2007, with a separate commodity futures permission dated March 2023. Its sole shareholder is SBI Financial Services, and it became a wholly owned company of the SBI Holdings group in August 2008. Group companies sit close to the products: the trust holding client money for FX and CFD trading is owned by that same ultimate parent, and other group firms run their own FX businesses. A retail client contracts with SBI SECURITIES itself, which its disclosure names as the counterparty for OTC CFD trades.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

SBI SECURITIES publishes more than most brokers do. A separate auditor's report covers whether client money is kept apart from the firm's own. At 31 March 2026 the client money trust held ¥3,241,001 million against a required ¥3,209,169 million. The firm names an outside complaints body, FINMAC, and belongs to the Japan Investor Protection Fund. It also publishes how often its advertised FX spread was really on offer and how wide the spread got, which almost no broker outside Japan publishes at all.

We read the corporate disclosure documents on SBI SECURITIES' disclosure pages, and two of its amendment notices, in full. Its contract PDFs are not covered in this review: the master agreement collection, the FX agreement, the CFD agreement, the re-pledge consent form, the electronic delivery terms and the commodity futures agreement. No finding here rests on their wording. They are listed below with their addresses so a reader can open them directly. We also did not read the FX risk disclosure, the customer harassment policy, the two capital adequacy sheets, the multi-stakeholder policy or the segregated management reports. We quote nothing from the auditor's assurance report on segregation. For the archived earlier copy of the spread disclosure, we compared its scope and not its wording.

How to check any of this yourself

Every quote above links to the SBI SECURITIES file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document SBI SECURITIES publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge SBI SECURITIES on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 8, 2026.

If you represent SBI SECURITIES and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on SBI SECURITIES. Whether its licence is real and current is a separate check on the broker profile.

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