Finnovate Financial Services Pvt Ltd (“FINNOVATE” or “Finnovate” or “Company”) is an AMFI-registered distributor of mutual funds and also operates through its online technology platform www.rupeezupee.com.
If you do not agree to this Agreement, you may immediately discontinue and stop using the services of FINNOVATE.
Acknowledgement by Client:
- This document is a legal contract between FINNOVATE and me ("Agreement") in relation to the Services. Clicking on the “I Agree” and/or “I Accept” checkbox is the legal equivalent of my manually signing this Agreement.
- I/We hereby agree and give consent for opening of Investment account facility with Finnovate Financial Services Pvt Ltd. I have applied for an Investment Account after understanding the nature and scope of services ("Services") provided by FINNOVATE Financial Services Pvt Ltd (FINNOVATE).
- I/We acknowledge that I/We have read the Terms and Conditions and Privacy Policy, together referred as Governing Conditions, as available on the website and I/We hereby jointly and severally agree and undertake to abide by these Terms and Conditions. I/We further agree to accept the updated Governing Conditions as may be notified from time to time on website before executing the transactions.
- I/We hereby declare that the particulars given by me/us are true and correct to the best of my/our knowledge and belief. I/We undertake to inform, in writing, of any change in the particulars furnished above and also simultaneously update the KYC information/bank mandates maintained with KRAs/AMCs.
- I/We shall execute and deliver to the FINNOVATE from time to time such other documents as may be required for updating the records, if any. I/We further agree that any false/misleading information given by me/us or suppression of any material fact will render my / our account liable for Termination.
- Access to services of FINNOVATE is subject to the satisfactory completion of the registration requirements including the submission of all mandatory documents and subsequent verifications.
FINNOVATE’s offer
- To offer and assist in goal based planning in line with the current financial status and future financial goals
- To offer and recommend Mutual Funds schemes based on research, quantitative and qualitative, and without any bias towards the commission/incentive offered by such schemes
- To facilitate financial and non-financial transaction of various AMC, as per users instructions
- To provide tracking facility of transactions done through FINNOVATE by maintaining the records of various personal and financial transaction data and portfolio
- Promptly and efficiently respond to my queries relating to the use of Services
- Access to services of FINNOVATE is subject to the satisfactory completion of the registration requirements including the submission of all mandatory documents and subsequent verifications.
Authorisation:
- I/ We hereby appoint and irrevocably authorise FINNOVATE, its authorized employees / agents as my/our agent/distributor to act on my instructions provided electronically through the Internet using my credentials to transact mutual funds schemes (“Transaction Instructions”), on the terms and conditions mentioned herein. I/We hereby state that all the acts, deeds and things done by you based on the Transaction Instructions shall be binding on me/us.
- To share my information with KRAs, AMCs, Payment Gateways and FINNOVATE’s service partners, for validation, to comply with legal and regulatory requirements and for the purpose of fulfilling its obligations under this agreement.
Your Obligations:
- To ensure that the money invested by them is from their own bank account (primary holder’s bank account in case of Investment Account held jointly), is from legitimate sources and is remitted through approved banking channels.
- Make an informed investment decision by reading all the scheme related documents and information that he / she choose to invest in.
- Seek independent financial planning, legal, accounting, tax or other professional advice before investing or withdrawing.
Payment Gateway / Online Payment Terms / Bank Mandates:
- The transfer of funds for any purchase / switch of mutual funds units will be done by FINNOVATE using an Electronic Payment Gateway facility. or using an existing NACH Bank Mandate once such a facility is registered.
- Payment Gateway facility will only be offered through an internet banking facility, through a third party net banking service provider registered with the Reserve Bank of India. User cannot use or permit the use of the payment gateway or any related services for any illegal or other purposes outside the scope of this Agreement.
- Users bear the sole responsibility of using the Electronic Payment Gateway and the risks associated thereof. These risks would include but not be limited to timeouts, mistakes and errors including typos and authentication failures, misuse of passwords or other internet frauds, and the User agrees to indemnify FINNOVATE against any liability and responsibility for any claims, losses, damages or costs of any nature arising due to such risks.
- For investments using NACH/ Direct Debit/Bank Mandate, FINNOVATE will first submit the fund transfer instruction(s) to the User's bank. Any such request for subscription will be sent to the AMC only after receiving confirmation of successful money transfer to the AMC's account. Consequently, there may be a lag between the date of debit to the User's account and date FINNOVATE submits the User request to the AMC. Subject to this condition, the User's Instructions may be processed on the next business day. FINNOVATE may specify cut-off time(s) earlier than the time(s) specified by the AMC/ SEBI.
- FINNOVATE will forward the User's Instructions to the AMC electronically through the payment partner and the online platform provided by a third-party partner and the AMC will process the transactions on the basis of such electronic instructions. AMCs are not obliged to accept the User's application for subscription to units of their mutual fund schemes in part or in full.
I further acknowledge and agree to the following:
- I am aware that FINNOVATE is a distributor of mutual funds, registered with the Association of Mutual Funds in India and receives brokerage from AMCs. FINNOVATE has shared with me the details of the brokerage structure.
- FINNOVATE does not, and is not obliged to, offer all mutual fund schemes for investment. By limiting the number of schemes on the Website, FINNOVATE does not make any representation as to the quality, bona fides or nature of any AMC or mutual fund scheme, or any other representation, warranty or guaranty, express or implied.
- The data and information provided on the Website does not constitute investment advice and shall not be solely relied upon by me while making investment decisions.
- In case I violate this agreement, or any local or international laws, FINNOVATE may, at any time and at its sole discretion, terminate my Investment Account and/or prevent me from accessing the Services.
- FINNOVATE may modify these terms at any time by informing me. My continued use of the Services will imply my acceptance of the changes.
I will not dispute and/or hold FINNOVATE responsible for:
- Any disclosures made by FINNOVATE to any statutory body under any law.
- Any loss, notional or otherwise, incurred because of :
- Delays either at the Bank, Registrar and Transfer Agency or AMC.
- Rejection of my instructions by the Bank, Registrar and Transfer Agency or AMC.
- Non-availability or non-accessibility of the Website, electronic payment gateway, telephone(s), or office(s) of FINNOVATE for reasons including those beyond FINNOVATE control.
- Any inaccuracy or typographical error on the Website or the mobile application or any written, E-mail & SMS communication. FINNOVATE specifically disclaims any liability for such inaccuracies or errors.
Indemnification of FINNOVATE:
- The User agrees to indemnify FINNOVATE and its authorised representatives, partners, service providers, Mutual Funds, Asset Management Companies and their officers and agents free and harmless at all times, against all monetary and other harm, whether direct or indirect, by reason of using FINNOVATE services and/or doing and/or omitting to do anything in accordance with the Terms and Conditions mentioned elsewhere or any instructions relating to the online transactions in mutual funds through FINNOVATE.
- The User will will not dispute and/or hold FINNOVATE responsible for any loss, notional or otherwise, incurred because of delays either at the Bank, RTA or AMC. rejection of the User’s instructions by the Bank, RTA or AMC, processing of Instructions authenticated by the User’s Login Credentials non-availability or non-accessibility of the Mobile App/Website, telephone(s), or office(s) of FINNOVATE in case of circumstances beyond FINNOVATE reasonable control, as mentioned in Terms & Conditions elsewhere on the Website.
Governing laws:
- The laws of India govern this Agreement. All disputes are subject, firstly, to mediation, and then by Arbitration by a sole arbitrator appointed by FINNOVATE. The venue of arbitration will be Mumbai and language would be English and/or Hindi.
- In the event of any dispute between the User and FINNOVATE, the record of transactions maintained by FINNOVATE would serve as the only source of verification of the accuracy of such claims.
Term and Termination:
This Agreement is valid for a continuous period unless I terminate it by deactivating my Investment Account or FINNOVATE deactivates my Investment Account for non-compliance with this Agreement or any applicable laws.
Effects of Termination:
FINNOVATE will continue to securely maintain a record of my personal information and my financial transactions to fulfill regulatory obligations.
Refund/Cancellation Policy:
- We use third party payment gateway for facilitating transfer of money from customer’s bank accounts.
- You can only use bank account registered with FINNOVATE and not any other bank account.
- Transactions once completed cannot be cancelled.
- In case of successful transfer of money but failure of investment transaction, money would be refunded within 72 hours to the registered bank account.
SEBI Caution
Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Past performance is not an indicator of future returns.
Offer Documents: Collective term for Offer Document, Scheme Information Document, Statement of Additional Information, Key Information Memorandum, issued by the Asset Management Company that manages the mutual fund.