Mutual Funds - Terms of Use
OVERVIEW
Bajaj Finance Limited (“BFL/Mutual Fund Distributor”), a AMFI registered Mutual Fund Distributor (Registration no. ARN - 90319). Corporate Address: ,.6th Floor Bajaj Finserv Corporate Office, Off Pune-Ahmednagar Road, Viman Nagar, Pune - 411014. offers this Mutual Fund Platform (“Platform”), to its Users subject to compliance with all the terms and conditions set forth herein, read along with all documents, including but not limited to; applications forms and undertakings, signed by you during account opening, and any terms/ consents/ policies included on BFL’s website/ mobile application including its “Terms of Use”, “Privacy Policy”, “Disclaimer” “Grievance” and “Disclosure” (collectively referred to as “Combined Terms of Use” incorporated here by reference).
For the purpose of these terms, "Client", "You" or "Your", it shall mean any natural or legal person who has visited BFL’s website/mobile application, has registered/shown an interest to register or initiated the on-boarding process for opening an account with BFL for investment in Mutual Funds offered through this Platform. Use of the Platform and acceptance of these terms shall be construed as your explicit acceptance to the Terms of Use which shall be binding and enforceable (“ Accepted Terms”) between You and BFL, under the prevailing Law.
Please note that the information contained herein is subject to change without notice. You are advised to periodically check the Terms of Use for continued use of the Platform. Your continued use of or access to the Platform following the posting of any changes constitutes acceptance of those changes.
1. USE OF SERVICES
In accordance with the applicable laws, the Client hereby appoints BFL, entirely at his / her / its risk, to provide the required services in accordance with the terms and conditions of the Accepted Terms.
You hereby represent that:
You have full legal capacity and authorizations to be a party to this Accepted Terms and it shall form a legal, valid and binding obligation on you.
You acknowledge that you are completely aware of the Accepted Terms and of all the risks associated with the nature of the services and the transactions contemplated under the Accepted Terms, whether explicitly set out in the Accepted Terms or not, and shall not hold BFL or any person appointed by it, responsible for the same.
You understand that the use of the Platform is purely voluntary at your own risk and volition. The Services provided would include access to invest in Mutual Funds and other securities made available through the Platform (referred to as “Services”).
This Accepted Terms represents the complete understanding of the parties regarding the subject matter and supersedes any prior understanding or Accepted Terms, oral or written.
No services other than those discussed in this Accepted Terms, are implied or guaranteed, except as agreed herein by the parties.
You understand and acknowledge that the relationship arrangement enshrined under this Accepted Terms is based on non-exclusivity of services. You will retain absolute discretion over all investment and implementation decisions.
This Platform may be integrated with other third-party mobile applications and website to offer the Services to users of these third-party applications and website. Such third-party integrations however will be as approved by BFL according to the contractual arrangements that BFL may enter with these third parties. Such integrations will be displayed with BFL Registration no.
Existing Clients who wish to take/ are taking distribution services will not be eligible for availing advisory services within the group.
You also confirm that before utilizing the Services, pursuant to this Accepted Terms, you do not avail any distribution services relationship with any of the Bajaj Group Entities. For abundant clarity, Bajaj Group Entities shall mean any company which is a holding company or subsidiary company or an associate company of BFL or a subsidiary company or associate company of the holding company of BFL.
Investments by residents outside India, Non-Resident Indians, citizens of country other than India, Politically exposed persons shall not be permitted to use the Platform and its Services, in accordance with BFL internal policy.
The Term of this Accepted Terms shall start from the date of acceptance of these Mutual Funds Terms of Use and shall be valid until terminated.
2. SCOPE OF SERVICES
2.1 Client Onboarding:
In order to avail the services offered through the Platform, you will be required to complete the on-boarding process including but not limited to verification of KYC, Bank details, completion of Risk profile and FATCA declarations required under applicable laws and regulations. You acknowledge that BFL may deny offering Services to You if you do not fulfil the internal conditions for these declarations and verification.
BFL shall retrieve your KYC information from CKYC registry and share it with its MF Partners. In case you do not have a KYC registration, BFL will facilitate your KYC registration on CKYC registry.
BFL shall validate the ownership of bank information provided by You through a penny drop validation process or require you to provide valid bank statement or bank’s certificate as deemed necessary. You understand that investing through bank account other than yours is not permitted. You shall be solely responsible for your acts and omission for the information you provide. If it is identified, that the bank account information provided does not belong to you, BFL shall reserve the right to suspend or terminate your access to the Platform.
You agree and confirm that you shall provide true, accurate and all the required details for completing the onboarding process including but not limited to personal identification details, address, account details etc. BFL is registered with CERSAI, NSDL and such other partners (“MF Partners”), as an intermediary for verification of KYC record of its clients. In order to comply with applicable laws and regulations of the country, you may be required to provide necessary information, document for registration and to update KYC records.
You agree to provide supporti.ng document proof as required on the Platform in context to the extent of information provided to BFL. You also affirm on providing any additional document if required by BFL/ Regulatory authorities.
You further authorize BFL to share your information including but not limited to their KYC information with these partners, Asset Management Companies of these Mutual Funds for purpose of validation and compliance with applicable regulations.
You shall be further required to verify the email id provided by You. It is also advised that you register on the Platform with the mobile number linked to your bank account for ease of use of Services. All communications in connections with the Services hereunder shall be made on the registered and verified e-mail address and mobile number.
You agree to keep the information provided by You as complete, accurate and up-to-date at all times, and you shall notify BFL of any change in the information provided at the time of on-boarding through its Customer Portal on the platform. All changes may be subject to further verification as deemed necessary by BFL.
2.2 Risk Profile:
You also understand that the risk profiler assessment will be enabled only once you are investment ready. The risk profiles questionnaire and reports are based on certain assumptions and does not factor a lot of dynamic factors and parameters which are unique to an individual, therefore the recommendations are not warranted for accuracy and should not to be treated as an investment advice.
You are advised to enter, modify, update if there are any changes in the conditions forming a parameter of risk profile to reflect the more updated recommendations.
You understand that the use of the Platform is purely voluntary at your own risk and volition.
The Services provided would enable access to invest in Mutual Funds and other securities made available through the Platform. In order to invest, the Platform may make available certain information, tool, research content, recommendations based on the answers provided by You in the questionnaire as available under risk profile on the platform; in order to enable You to make investment choices based on Your investment goals and risk appetite. The information, tool, research content, recommendations made on the Platform does not constitute any investment advice, tax advice or legal advice of any nature. You understand that the recommendations made on the platform is a self-help tool and any investment made by You is on your sole discretion.
You also understand and agree that past trend of the funds does not in any manner define the future trends. BFL shall in no manner be responsible for acts, omission or commission by You for placing reliance on the investment information and/or recommendations made on the Platform or resulting from your decision to invest in any of the Services offered through the Platform.
You shall have the sole discretion to decide on whether to act upon the risk profiler recommendation and/or assessment provided by BFL as a self-help tool.
It is advised that You go through the investment related documents, including but not limited to Key Information Memorandum (KIM), Scheme Information Document (SID), risk factors thoroughly and carefully before making any investment decisions.
2.3 Transaction:
You acknowledge that the transactions are at your sole discretion/ decision and your transactions will be based on your capacity to invest. Thus, you can either do a lumpsum investment or have a Systematic Investment Plan (SIP) where a mandate will be registered through your payment method after your consent for deduction of automatic monthly investment.
The execution services are offered on the Platform through BSEStarMF, which allows You to transact in Mutual Funds made available through BSE.
The Platform provides placement of order and payment through RBI approved methods of payment including NEFT/RTGS, UPI, and e-NACH mandate on Integrated Capital Services Ltd, (ICSL) clearing corporation of BSE, you acknowledge that order shall be considered placed only post the payment is made also transaction will be completed by the RTA (Registrar Transfer Agents) by allotment of units, hereafter. Allotment/Redemption of NAV is subject to cut-off time published by the exchange. Any transaction request placed on a non-Business Day or outside the cut off time for that business day would be processed on the next working day and respective NAV would be applicable as per the Mutual Fund's SID. BFL shall not be responsible for any loss that may arise as a result of incorrect NAV applied or delay in units allotted to You.
Redemptions and dividends shall be credited directly in the Bank account provided by You on the Platform, at the time of on-boarding or last updated information.
You will have complete visibility of your Portfolio on the Platform, upon logging in with your access credentials.
You hereby declare that You are authorized to avail of all the Services that are offered on the Platform and the monies used to invest into Mutual Fund scheme(s), or towards any product or services availed by You, is through legitimate sources only and does not involve and is not designed for the purpose of any contravention or evasion of any Act, Rules, Regulations, Notifications or Directions issued any statutory or regulatory or government authority from time to time.
You acknowledge that several services on the Platform are offered in partnership with other third-party entities which may be subject to its specific terms and conditions. You are required to go through these terms and conditions prior to initiating any transaction. All transactions through the Platform shall be tagged under BFL ARN Code 90319.
You accept that BFL and its partners shall, in good faith, transmit, execute, the requests placed by You through the Platform and authenticated through your credentials to be placed by You. BFL and its partners shall not be liable for any losses, harm, damage caused to you in this regard.
3. SEGREGATION OF SERVICES:
BFL shall maintain an arms-length relationship between its distribution services and investment advisory services if any offered by any of the Bajaj Group entities.
BFL does not provide any tax, legal, investment advice as on date. Hence all users who avail of any service offered by BFL shall not be categorized as advisory clients and will be execution only by clients.
4. MODIFICATIONS:
BFL retains the unconditional right to modify the terms herein including amendment of the Combined Terms of Use, correction of inaccuracies, clarification of ambiguities, change in nature of services, organization restructuring etc.
You agree and understand that it is your responsibility to check the terms and conditions periodically for any changes or modifications. Continued use of services by You would be construed /deemed to be explicit consent to the changes made to the Accepted Terms, which shall be legally binding and enforceable on You.
BFL Recommends that you to go through the provided link for detailed awareness of Combined Terms of use :- https://www.bajajfinserv.in/terms-of-use
5. CONFIDENTIALITY:
You acknowledge and accept that the right to use the Platform is personal to You and cannot be assigned, transferred, sub-licensed in any condition to any other person or entity. You affirm that the confidentiality of the credentials lies solely with you. You also acknowledge and agree that under any breach in the confidentiality of the credentials, BFL shall not be held liable.
BFL shall take all commercially reasonable steps to protect the confidentiality of data provided to BFL by You and shall maintain the account and to handle all data/ information provided for the onboarding process and thereafter with utmost care for as long as required to offer the Services hereunder, any other services which You may avail through the BFL platform, as may be required to maintain under applicable laws.
You acknowledge that, if any information is required by an appropriate government authority or by the Regulators and You unconditionally authorize BFL to divulge said confidential information.
6. SUSPENSION OF ACCOUNT:
You understand and agree that your account will be suspended/terminated at BFL’s sole discretion under the following circumstance:
In case you do not comply with any of the terms and conditions or any modifications thereof as is in the Accepted Terms.
If BFL determines or has a reason to believe that, any activity or transaction is carried out with an intent to deceive, fraud, or abuse the underlying system and software in any manner.
BFL/ Regulators believes that any order placed and/or transaction done by you is contrary to the Prevention of Money Laundering Act, 2002 (PMLA)
For adhering to regulatory orders.
In the event of death, insolvency, dissolution or winding up of a Client during the tenor of this Accepted Terms, and on receipt of notice, in writing of such an event, the Accepted Terms shall stand terminated only with respect to such Client with effect from the date of such an event.
You agree that termination of your relationship with BFL for any reason, shall result in losing access to your account on the Platform. In such an event, that Your account is suspended/terminated, you may access the units of Mutual Funds that you have invested in through the RTAs like CAMS and Karvy. You may further redeem, switch, withdraw, and transmit to nominee the units of existing Mutual Funds purchased through the Platform from respective AMCs directly.
7. GRIEVANCE REDRESSAL:
BFL provides multiple channels for its customers to connect with BFL. You may refer to the Grievance redressal process available on the website :- https://www.bajajfinserv.in/grievance-redressal
BFL shall endeavour to resolve the queries at the earliest, however you acknowledge that certain resolutions may be dependent on third-party like BSE Star MF, and RTA through which the services have been availed, in such an event the resolution timeline shall be dependent on the time taken by such parties to offer resolution. You may also communicate directly with the Mutual Fund/AMC to resolve any issues and seek any clarifications that may be required pertaining to your investments in such Mutual Fund Schemes.
8. DISCLAIMER OF WARRANTY, LIMITATION OF LIABILITY, INDEMNITY
You hereby expressly acknowledge and agree that all investment in Mutual Funds are subject to risks including, without limitation market risks, liquidity risk, fund manager risk, concentration risk, inflation risks etc., and in no circumstance shall BFL be liable for any losses suffered by You as a result of use of this Platform and or any investment made through the Platform.
The participation by the BFL customers in Mutual Fund products is purely on a voluntary basis and this information shall be stated in all publicity material distributed by it in a prominent way. There shall be no 'linkage' either direct or indirect between the provisions of financial services offered by the NBFC to its customers and distribution of the Mutual Fund products.
BFL does not, in the course of performing its services, hold out any investment advice implying any assured returns or minimum returns or target return or percentage accuracy or service provision till achievement of target returns or any other nomenclature that gives the impression that the investment advice is risk free and/or not susceptible to market risks and or that it can generate returns with any level of assurance.
You hereby agree and acknowledge that the data and information provided on the Platform does not constitute advice of any nature whatsoever. You shall be solely responsible for any investment decisions and for the purchase of any mutual funds on the Platform and for placing reliance on the information provided on the Platform.
You recognize that BFL will not record or validate any of the IP address through which the transactions are placed, provided the user logs in with the access credentials assigned to you; and BFL shall not be held liable, to presume that the transactions have been placed by you.
This Platform is an order collection platform and payment shall be facilitated through Integrated Capital Services Ltd, (ICSL) clearing corporation of BSE. You expressly agree that BFL is not liable or responsible and does not represents or warrant for any damages regarding non-execution of orders or any incorrect execution of orders with regards to the order placed for the chosen funds by You using the Platform, but not being limited to any link/ system failure, sufficient/ insufficient funds at your end, BFL or the exchange platform.
BFL does not warrant that all transactions placed by You through the Platform shall be accepted by such MF Partners, RTA, BSE and AMCs. Transactions may be rejected if it does not conform to the SIDs, KIM of such Mutual Funds or for any other reason as determined by MF Partners, RTA BSE and AMCs
With limited number of schemes available on the Platform, BFL does not make any representation or claim as to the quality, performance or nature of any AMC or mutual fund scheme, or any other representation, warranty or guaranty, express or implied in respect of such mutual fund schemes/AMCs. BFL further does not receive any commission from Mutual Fund/AMCs for transactions facilitated through the Platform. BFL shall not have any liability for your losses due to your decisions to transact in any Mutual Fund schemes.
BFL shall not incur any liability by reason of any loss, which You may suffer by reason of any depletion in the value of the assets under advice, which may result by reason of fluctuation in asset value, or by reason of non-performance or under performance of the securities/funds or any other market conditions.
Your Account on the Platform may be susceptible to a number of frauds, misuse, phishing, hacking and other actions, which could affect the instructions sent to and from BFL. BFL does not provide any guarantees against such internet frauds, phishing, hacking and other actions.
You agree and undertake not to hold BFL and its service providers, MF Partners liable for the following:
any delay or failure in processing the transactions carried out by you due to any system failure or for any other reason whatsoever.
for any loss or damage incurred or suffered by you due to any error, defect, failure or interruption in the dealing arising from or caused by any reason whatsoever.
for any fraud, negligence/mistake or misconduct by you including failure to comply with the KRA/KYC norms or provision of a valid PAN or PMLA requirements.
for any loss or damage incurred or suffered by you due to withdrawal or termination or suspension of this facility arising from or caused by any reason whatsoever.
Notwithstanding anything contrary contained herein, the service the interface and the API of the platform, and their respective information, data and pricing, and availability are subject to human, mechanical and typographic, or other error, oversights, mistakes, limitations, delays, service interruptions, and other problems inherent in, or which may be associated with the use of the internet or electronic communications including, without limitation, force majeure event, government/ regulatory actions, orders, circulars, notifications etc and/or acts of third parties etc. affecting or impacting the service, the interface or the API work, its information and data, or such communications. While BFL undertakes measures to ensure that such transmission is secure, error free or immune from cyber threats or attacks. BFL shall not be responsible whatsoever for delays, failures or other loss due to, in whole or in part, caused by or resulting from any such problems or errors.
You agree to keep BFL and its service providers, MF Partners, RTA indemnified and hold harmless at all times, against all monetary and other harm, injury, costs, losses, liabilities, damages, charges, actions, legal proceedings, claims and expenses and consequences including without limitation any attorney fee, whether direct or indirect, by reason of using the Services of MF Platform and/or doing and/or omitting to do anything in accordance with the Terms of Use or any instructions relating to the online dealing in mutual funds or any other services provided by BFL.
9. INTELLECTUAL PROPERTY
All rights to the Platform and the Services are held by BFL or its partners as applicable. Except as expressly permitted herein or on the Platform, none of the material provided on the Platform may be copied, reproduced, distributed, republished, downloaded, displayed, posted, transferred or transmitted in any form or by any means, including, but not limited to, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of BFL. Further, you shall not transfer, reverse engineer, decompile, disassemble, modify or create derivative works based on the materials provided on the Platform.
The logo, copyright, trademarks, service marks, registered designs, database rights, patents and all similar rights in and relating to the Platform arising or subsisting in any country in the world and the information contained in it are owned by BFL, its licensors or relevant third-party service providers. Nothing contained in this Accepted Terms shall be construed as granting, by implication or otherwise, any license or right to use any trademark displayed on BFL’s website/mobile application without the written permission of BFL or its partners and relevant affiliate.
You also agree not to use any information available on the Platform for any unlawful purpose, and you shall comply with all instructions and directions issued if any to protect the respective rights in the information.
10. FORCE MAJEURE:
Although BFL shall endeavour to minimize service disruptions, BFL and its partners shall not be liable and be excused from performance of its obligations under this Accepted Terms to the extent that performance is delayed, prevented, restricted or interfered as a result of causes beyond its reasonable control including but not limiting to natural calamities, epidemic, war, arson, civil disturbance, national emergencies, unavailability of any communication system including Internet, breach or virus, sabotage, acts of government, computer hacking, unauthorized access to computer data and storage devices, computer crashes, breach of security and encryption codes.
11. GOVERNING LAW AND JURISDICTION
This Accepted Terms shall be governed by the Laws of India and courts in Pune shall have exclusive jurisdiction to decide on all matters concerning this Accepted Terms.
