Terms and Conditions

If you continue to browse and use this website you are agreeing to comply with and be bound by the following terms and conditions of use, which together with our privacy policy govern Nextbillion Technology Private Limited relationship with you in relation to this website.

The term “NBTL” or “Nextbillion” or “us” or “we” refers to the owner of the website. The term “you” refers to the user or viewer of our website.

General Terms and Conditions for use of the Website

1. The Use of This Website is Subject to the Following Terms of Use:

You understand and accept that NextBillion maintains the web-site https://groww.in or related websites (going ahead referred to as “Site” or “website”) to provide visitors with information about NextBillion, its services, and products and to facilitate communication with NextBillion and availing its services.

You also accept that visitors to the Site are required to read the below terms, and use of the Site constitutes your acceptance and agreement to be bound by such terms, and the changes therein to the Terms from time to time, relating to your usage of the website as communicated or made available on the website.

You are aware and accept that all information, content, materials, products (including, but not limited to text, content, photographs, graphics, video and audio content) on the website is protected by copyright either in the favour of NextBillion or third parties whom the appropriate permissions have been taken under applicable copyright laws and is also protected otherwise under general intellectual property law.

You understand and accept that all information, except your personal information, submitted by you through the Site shall be deemed the property of NextBillion, and NextBillion shall be free to use any ideas, concepts, know-how or techniques provided by you at the Site, in any manner whatsoever. On initiating a contact through the Site you agree to be contacted by NextBillion or any other entities with whom NextBillion has entered into an arrangement.

You agree that you shall not copy, reproduce, sell, redistribute, publish, enter into a database, display, perform, modify, transmit, license, create derivatives from, transfer or in any way exploit any part of any information, content, materials, services available from or through the Site, except that which you may download for your own personal, non-commercial use.

You agree that you will not use NextBillion’s website for any purpose that is unlawful or prohibited by these Terms. You also agree you will not use the Site in any manner that could damage, disable or impair the website or interfere with any other party’s use, legal rights, or enjoyment of the website.

You acknowledge that the software and hardware underlying the Site as well as other Internet related software which are required for accessing the website are the legal property of the respective Vendors. The permission given by NextBillion to access the website will not convey any proprietary or ownership rights in the above software/hardware. You agree that you shall not attempt to modify, translate, disassemble, decompile or reverse engineer the software/hardware underlying the website or create any derivative product based on the software/hardware.

You understand and accept that not all the products and services offered on this website are available in all geographic areas and you may not be eligible for all the products or services offered by NextBillion on the Site. NextBillion reserves the right to determine the availability and eligibility for any product or service.

You understand and accept that NextBillion is not responsible for the availability of content or other services on third party sites linked from the website. You are aware that access of hyperlinks to other internet sites are at your own risk and the content, accuracy, opinions expressed, and other links provided by these sites are not verified, monitored or endorsed by NextBillion in any way. NextBillion does not make any warranties and expressly disclaims all warranties express or implied, including without limitation, those of merchantability and fitness for a particular purpose, title or non-infringement with respect to any information or services or products that are available or advertised or sold through these third party websites.

NextBillion shall not be liable if any transaction does not fructify or may not be completed or for any failure on part of the NextBillion to perform any of its obligations under these terms and conditions or those applicable specifically to its services/facilities if performance is prevented, hindered or delayed by a Force Majeure event (defined below) and in such case its obligations shall be suspended for so long as the Force Majeure event continues.

“Force Majeure Event” means any event due to any cause beyond the reasonable control of NextBillion, including without limitations, unavailability of any communication systems, breach, or virus in the processes or payment or delivery mechanism, sabotage, fire, flood, explosion, acts of god, civil commotion, strikes or industrial action of any kind, riots, insurrection, war, acts of government, computer hacking, unauthorised access to computer data and storage devices, computer crashes, malfunctioning in the computer terminal or the systems getting affected by any malicious, destructive or corrupting code or program, mechanical or technical errors/failures or power shut down, faults or failures in telecommunication etc.

By using the services provided through this Website, you shall be deemed to have accepted the Terms and Conditions herein including the amended terms and conditions published on the website.

2. Additionally by continuing Using the Website or Services by Nextbillion Technology Pvt. Ltd. You are Confirming that

You are 18 years of age or older and where you are acting as Guardian on behalf of a minor, you have the necessary authority to register/sign up for the services on behalf of the minor.

You have understood and agreed to abide by the terms of the Investment Services Agreement below. This agreement is part of the Investor Application Form, which is generated once you confirm your registration. You are required to sign and send it to us.

You have read and understood the Privacy Policy published on the Website.
The information you provide when you register on the Website is true and correct.
NextBillion Technology Pvt. Ltd. may contact you by phone and/or E-mail in connection with your registration.

3. Investment Services Agreement

A. You acknowledge that:

You have applied for an Investment Account after understanding the nature and scope of services (“Services”) provided by NextBillion and you shall be bound by the detailed terms and conditions with respect to investment account and the investments carried out therein.

B. Under this Agreement, NextBillion’s obligations are to provide Services as below:

(i) Facilitate subscription and redemption of mutual fund units by transmitting my money and instructions to the appropriate AMC, as per your instructions.

(ii) Securely and confidentially maintain a record of your personal information and financial transactions.

(iii) Promptly and efficiently respond to your queries relating to your online investment account.

C. Under this Agreement, your obligations are to:

Ensure that the money you invest is from your bank account (primary holder’s bank account in case of Investment Account held jointly), and the same is from legitimate sources and remitted through approved banking channels.

You also agree to keep your login credentials safe and secret.

You further agree to promptly change your login credentials and inform NextBillion of any actual or suspected unauthorized use of your login credentials.

You also agree to make an informed investment decision by reading the offer documents of the mutual fund schemes that you are investing in.

Before investing, you shall seek independent financial planning, legal, accounting, tax or other professional advice.

D. You further acknowledge and agree to the following:

You are aware that NextBillion is an AMFI registered distributor of mutual funds and receives commissions from AMCs, details of which are available on the Website.

Your Investment Account will be activated after NextBillion verifies your personal information in accordance with the Know Your Client (“KYC”) guidelines issued by the Securities and Exchange Board of India (“SEBI”).

NextBillion does not, and is not obliged to, offer all mutual fund schemes for investment. By limiting the number of schemes on the Website, NextBillion 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 advice and shall not be relied upon by me while making investment decisions.

In case you violate this agreement, or any local or international laws, NextBillion may, at any time and at its sole discretion, terminate your Investment Account and/or prevent you from accessing the Website and/or Services at any time and at its sole discretion.

NextBillion may modify these terms at any time. Your continued use of the services will imply your acceptance of the changes.

E. Refund policy

Transactions will be completed only after successful transfer of money from the customer’s bank account registered with AMC.

Transactions once completed cannot be cancelled by the customer.

In case of successful transfer of money but failure of investment transaction, money would be refunded within 72 hours to the registered bank account.

F. You will not dispute and/or hold NextBillionresponsible for:

  1. any act that is not an obligation of NextBillion in this Agreement;
  2. any disclosures made by NextBillion to any statutory body under any law;
  3. any loss, notional or otherwise, incurred because of
  4. delays either at the bank, BSE Star MF, registrar and transfer agency and/or the AMC;
  5. rejection of your instructions by the bank, BSE Star MF, registrar and transfer agency and/or AMC;
  6. processing of instructions authenticated by your login credentials non-availability or non-accessibility of the Website, telephone(s), or office(s) of NextBillion in
  7. non-availability or non-accessibility of the Website, telephone(s), or office(s) of NextBillion in case of circumstances beyond NextBillion’s control.

 G. Governing laws

The laws of India shall govern this Agreement. All disputes are subject, firstly, to mediation, and then by Arbitration by a sole arbitrator appointed by NextBillion. The venue of arbitration will be Bangalore. Court of Bangalore shall have exclusive jurisdiction over the disputes arising out of this Agreement.

H. SEBI Caution

Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.

For the purposes of this Agreement, the term “Offer Document/s” shall refer to a 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.

I. Whatsapp Groups

NextBillion has created Whatsapp groups (“Groups”) through its representatives (hereinafter referred to as “Group Admin”) who is authorized to control, monitor and administer the Groups on its behalf.

The usage, membership, and participation in the group are subject the following terms and conditions:

  1. You shall not:
    1. use the Groups for circulating, uploading, transmitting, or otherwise making available any information, data or content that is unlawful, harassing, threatening, harmful, tortuous, defamatory, libellous, abusive, violent, obscene, vulgar, invasive of another’s privacy, hateful, racially or ethnically offensive, or otherwise objectionable;
    2. stalk, harass, threaten or harm another using the Groups;
    3. engage in any copyright infringement or other intellectual property infringement, or disclose any trade secret or confidential or personal information in violation of a confidentiality, employment, or nondisclosure agreement and/or privacy norms;
    4. post, send, transmit or otherwise make available any unsolicited or unauthorized e-mail messages, advertising, promotional materials, junk mail, spam, or chain letters, including, without limitation, bulk commercial advertising, and informational announcements;
    5. upload, post, e-mail, transmit, store or otherwise make available any material that contains viruses or any other computer code, files or programs designed to harm, interfere or limit the normal operation of the Service (or any part thereof), or any other computer software or hardware;
    6. interfere with or disrupt the Whatsapp Group services;
    7. plan or engage in any illegal activity using the Groups;
    8. circulate or post any jokes and poems;
    9. circulate or post any religious or politically oriented views or comments;
    10. pretend to be anyone, or any entity, you are not i.e. you may not impersonate or misrepresent yourself as another person (including celebrities), entity, another participant of the Groups, an employee or official or representative of Nextbillion Technologies Private Limited, unless you are an employee, official or representative duly appointment by Nextbillion Technologies Private Limited in writing, or a civic or government leader, or otherwise misrepresent your affiliation with a person or entity;
  2. The Group Admin reserves the right at all times to determine, in its sole discretion, whether the content is appropriate and in compliance with the terms and conditions herein. The Group Admin further reserves the rights to remove any participant/member if it finds you or any participant/member to have circulated/posted any content which is objectionable or improper for the Groups or its participants and/or deemed to have violated the terms and conditions herein or for any reason whatsoever. The participants shall not challenge or question such removal by the Group Admin or declaration of any content as inappropriate or not complaint with the terms and conditions herein. The participant hereby agrees and acknowledges that any of such actions by the Groups Admin shall not be construed as defamatory by the participant or you.
  3. This group shall be used only for communication and group chat in relation to financial investments, financial products, and the related topics;
  4. The views or comments posted herein by any participant (including any recommendation for investment and/or disinvestment in any financial products including mutual funds) shall be the views and comments of that participant only and shall not be construed to be the views or comments of the Group Admin and/or Next Billion Technologies Private Limited or that such view/comments are endorsed by the Group Admin and/or Next Billion Technologies Private Limited.
  5. The participant agrees and acknowledges that views/comments/suggestion by any other participants in the Groups shall be subject to verification by the participant reading/relying upon such views/comment/suggestion including view/comments/suggestion with respect to any financial product or class of financial products and financial market conditions.
  6. The participant agrees and acknowledges investments in mutual funds or any other financial products are subject to market risks (including possible loss of the principal amount invested), and the participant shall read all investment/scheme-related documents carefully, and make its own assessment before making any investment/disinvestment decision.
  7. You agree to defend, indemnify and hold the Group Admin and/or Next Billion Technologies Private Limited, its affiliates, subsidiaries, directors, officers, employees, agents, partners and licensors harmless from any claim or demand, including reasonable attorneys fees, made by a third party or any other participant in the Groups, relating to or arising from: (a) any content you submit, post, transmit, or otherwise make available in and through the Groups; (b) your use of the Groups; (c) any violation by you of the terms and conditions herein; or (d) your violation of any rights of another. This obligation shall survive the termination or expiration of these terms and conditions or termination of your usage of the Groups by your and due to your removal by the Group Admin.
  8. You agree and acknowledge that your personal information including your mobile number disclosed in the Groups may be used by the participants and/or the Groups Admin/NextBillion Technology Private Limited to communicate or establish contact with you or for any other purposes. You hereby further unconditionally consents that such communications via SMS/text messaging services and/ or voice call by any other participant, Group Admin/ NextBillion Technolgy Private Limited is (a) upon the request and/or authorization by you, (b) ‘transactional’ and not an ‘unsolicited commercial communication’ as per the guidelines of Telecom Regulation Authority of India (“TRAI”) and (c) in compliance with the relevant guidelines of TRAI or such other authority in India and abroad. You shall indemnify the Group Admin and/or Next Billion Technologies Private Limited against all types of losses and damages incurred by it or its affiliates, , subsidiaries, directors, officers, employees, agents, partners and licensors due to any action taken by TRAI, access providers (as per TRAI regulations) or any other authority due to any erroneous compliant raised by you or anyone on the Group Admin and/or NextBillion Technology Private Limited or its affiliates, , subsidiaries, directors, officers, employees, agents, partners and licensors with respect to the intimations mentioned above or due to a wrong number or other contact details provided by you for any reason whatsoever.

J. Confidentiality

 Except for the purposes of performing its obligations under these terms and conditions and affecting the transaction contemplated herein, you and NextBillion shall keep confidential all non-public information provided to each other and shall not disclose such information to any third party except for such information which:

  1. is or becomes generally available to the public (other than as a result of a disclosure by a party);
  2. was available to a party on a non-confidential basis prior to its disclosure by the other party;
  3. becomes available to the party on a non-confidential basis from a third party, is not bound by the confidentiality contained herein or is not otherwise prohibited from transferring such information to such party;
  4. the party has permitted disclosure;
  5. a party is requested pursuant to, or required by, law, regulation, legal process or regulatory authority to disclose;
  6. is disclosed a party’s affiliates or to its and their respective employees and advisors (including legal advisors) who need to know in order to perform its obligations hereunder and who are informed of the confidential nature of such information.
  7. is disclosed a party’s affiliates or to its and their respective employees and advisors (including legal advisors) who need to know in order to perform its obligations hereunder and who are informed of the confidential nature of such information.

 

K. Limitation of Liability, Indemnit, and warranty:

  1. In no event shall NextBillion be liable to you for any loss or damage that may cause or arise from or in relation to these terms and conditions or due to use of this Website or due to investments made using this Website.
  2. You agree to indemnify NextBillion, its directors and employees for all the liabilities (including claims, damages, suits or legal expenses in defending itself in relation to the foregoing) arising due to non-performance and/or non-observance of the duties and obligations under these terms and conditions or due to your acts or omissions.
  3. You warrant that all the details and information provided by you to NextBillion while using this Website (including for the purposes of carrying out investments) shall be correct, accurate and genuine and the same shall be your proprietary. You further warrant that providing of such details and information in the Website or sharing of the aforesaid details/information shall not violate any third party right or the intellectual property right of the others.
  4. You hereby further acknowledge and agree that you may create a pool or selection of Mutual Funds (“Portfolio”) either for the purposes of subscription or otherwise (including for the purposes of your own analysis). While creating such a Portfolio, you shall be given an option to make the Portfolio created by you to be made or not to be made public. If opted to be made public, you acknowledge and agree that such Portfolio can be copied or used by NextBillion or the users of this Website for the purposes of investment or otherwise disclosing your identity. In such cases, you shall not claim any royalty or other financial/monetary benefits or compensation from NextBillion or the users of this Website.
  5. Notwithstanding whether you opt to make your portfolio public or non public, you hereby specifically acknowledge and agree that you shall not have any proprietary right or intellectual property right over the choice, selection, idea or concept of pool of Mutual Funds in that Portfolio; and NextBillion shall have the right to adopt or copy the Portfolio for its commercial and non-commercial use.
  6. Further, you (and all the users of this Website) shall be solely responsible for any investment decision taken by it on the basis of the Portfolio created using this website or the system generated analysis of such a Portfolio; and NextBillion shall not be liable for any loss or damage caused to you or other users of this Website due to such investment decision, or any kind of reliance upon it. NextBillion specifically disclaims the accuracy of the analysis or data generated or reflected while creating such portfolio.

Terms and Conditions for Investments

Please read the following terms and conditions applicable for transacting on the mutual funds carefully before using this website for the same. Your acceptance of these terms and conditions, in the manner provided therein, shall constitute a binding agreement between you and Next Billion Private Limited, having its registered office at 1A-206 CALDRA, DIVYASREE ELAN, SARJAPUR ROAD, BANGALORE KA 560035 (“NBPL”). You (“the Customer”) desire to use this website on the terms and conditions contained herein. The acceptance of these terms and conditions, by way of opting the “I AGREE” option hereinafter, shall constitute a binding agreement (“Agreement”) between you and NBPL.

01) INTERPRETATION AND DEFINITIONS

As used in this Agreement, the following capitalized terms have the meanings indicated below and have to be interpreted accordingly:

“AMC” means an Asset Management Company licensed by SEBI as an asset manager;

“Application Form” means the Application Form provided by NBPL to the Customer in accordance with its general operating procedures for the application by the Customer to open an User Account;

“Business Day” means a working day or a day by any other name called on which the AMC accepts applications forms and as more specifically defined in the Scheme Information Document of the respective schemes;

BSE Star MF” means the infrastructure platform offered by BSE Limited to mutual fund distributors (including NBPL) to purchase and redeem mutual fund units directly from the AMCs on behalf of their customers;

“Customer” means any person(s) or persons who hold(s) and operate(s) an User Account with NBPL to invest in units of various Mutual Funds as may be offered by the AMC from time to time.

Cut-off Timing” shall mean the outer limit of timing within a particular day which is relevant for determination of NAV applicable for the Customer’s Transaction

“Key Information Memorandum” means abridged Scheme Information Document and prospectus of the Mutual Fund that is a part of the scheme’s application form.

“KYC” means Know Your Client policies in respect of money laundering, corruption and terrorism, which are appropriate for the line of business, which meets or exceeds the applicable regulatory and industrial requirements aimed at ascertaining the Client’s identity and where appropriate or required by the regulatory authorities.

“Mutual Fund(s)” shall mean various Mutual Funds registered with SEBI.

“NAV” shall mean the Net Asset Value of the Units of the Mutual Funds and the plans and options therein, calculated on every Business Day, in the manner provided in the Scheme Information Document of the respective Mutual Funds or as may be prescribed by SEBI regulations from time to time;

“Officer” means any officer or employee of NBPL;

“Order” means any authorization, request, instruction or order (in whatever form and howsoever sent) given or transmitted, to NBPL by the Customer or which NBPL or an Officer reasonably believes to have the authorization, request, instruction or order of the Customer, to carry out or affect the Transaction;

“RTA” means the SEBI registered registrar and transfer agent to register and maintain detailed records of the transactions of investors of mutual funds;

“Scheme Information Document” means the document issued by the AMC, as amended from time to time (including by way of addendum), offering units of the respective schemes/ plans for subscription;

“SEBI” means the Securities and Exchange Board of India;

“Transaction” means any transaction (both financial and non financial transaction) effected under the User Account in respect of Mutual Funds and includes applications for subscription, switching, transferring and redemption of Units in any Mutual Fund;

“Unit” means an interest of an investor(s) in the scheme of Mutual Fund consisting of each unit representing one undivided share in the net assets of that scheme as evidenced by the account statement;

“User Account” means the account on which the Customer effects the Transactions pursuant to these terms and conditions.

02) SCOPE

The terms and conditions stated herein shall apply to the services and provisions rendered by NBPL to the Customer of all transaction facilities in respect of Mutual Funds under the User Account.

03) APPLICABILITY OF SCHEME INFORMATION DOCUMENT / KEY INFORMATION MEMORANDUM

The Customer agrees that the transactions carried out through the website in Units of various schemes offered by the Mutual Funds shall be subject to the provisions contained in the respective Scheme Information Document and Key Information Memorandum.

04) LEGITIMACY OF SOURCE OF AMOUNT INVESTED, VERIFICATION ETC.
  1. The Customer hereby declares that the amount being invested by it in the Mutual Funds are derived through legitimate sources and are not held or designed for the purpose of contravention of the applicable laws. NBPL reserves the right to seek information, record Customer’s telephone calls relating to Customer information to NBPL and/or obtain and retain documentation for the purposes of establishing and/or verifying the identity of the Customer, source of investments, proof of residence etc.
  2. The Customer agrees and undertakes to provide NBPL with a copy of a valid Permanent Account Number (“PAN”) card and other documents within the time limits as may be prescribed by NBPL, in the format and manner  provided by NBPL. NBPL may further get these details verified with the CDSL Ventures Limited or any other authority or body or third party that may be appointed for providing KYC verification by the government from time to time. Once NBPL gets a confirmation with respect to the aforesaid verification, NBPL shall grant registration, access and use of the website and the User Account to the Customer. If any Transaction is undertaken by the Customer without furnishing a valid PAN or other details, then it will be at the sole liability of the Customer and NBPL shall not be liable in any manner whatsoever. Customer shall indemnify NBPL against all the actions, proceedings, claims, losses, liabilities, penalties, demands and costs arising:

(a) due to non-submission of the valid and complete documents by the Customer to NBPL within prescribed time frame; or

(b) for undertaking any Transaction without a valid PAN and /or compliance under KYC and submission of other valid details.

05) SHARING OF INFORMATION

The Customer hereby agrees and authorizes to the disclosure, by NBPL and/or any of its Officers or agents, of the information in respect of any particulars of the Customer, the Transactions or the User Account to any person as NBPL may, in its sole and absolute discretion and for the purposes of affecting the transaction contemplated in this Agreement, deem fit, appropriate or necessary.

06) NBPL RIGHTS
  1. The Customer hereby agrees and acknowledges that NBPL shall have the rights to reject the application for opening of the User Account of any Customer at its sole discretion without assigning any reason.
  2. Without prejudice to other rights and remedies that NBLP may have, NBPL may issue a notice of caution or warning, temporarily suspend or terminate a Customer’s User Account and refuse to provide any services to Customer if:
    1. the Customer breaches any of these terms and conditions or terms and condition stated in NBPL’s website;
    2. the Customer breaches any of the terms and conditions of the Mutual Funds/AMCs;
    3. the Customer breaches any of the terms and conditions of Scheme Information Document/Key Information Memorandum;
    4. NBPL and/or the AMC and/or any third party that may be appointed for providing KYC verification by the government from time to time is unable to verify or authenticate any information provided by the Customer to NBPL or the AMC;
    5. NBPL believes that Customer’s actions may cause legal liability for the Customer, NBPL, the Mutual Fund or any third party service provider
  3. Subject to absolute discretion of NBPL, once temporarily suspended or terminated as aforesaid, the Customer may not be able to continue to use the website under the same User Account, a different User Account or re-register under a new User Account.
  4. In the event of termination for any reason whatsoever, the Customer shall be liable to clear all outstanding dues from Customer to NBPL.
07) TRANSACTION AND ORDER PROCEDURE
  1. For the purposes of carrying out Transaction, an User Account shall have to be created by the Customer electronically using NBPL’s online system.
  2. For the purposes of creating an User Account, the Customer shall have to provide details which shall include it’s name, address, mobile number, email address.
  3. Once the above information is furnished by the Customer electronically, a one time password shall be created and sent to the Customer’s mobile number for the purposes of verification. The Customer shall have to furnish the said one time password for the purposes of verification. If matched, the Customer shall be required to furnish further details like PAN number, date of birth, salary, gender, marital status, bank account details (including name of the bank, branch, account type, account number, and IFSC). The Customer shall also have to set a password.
  4. Once the above information are given, the NBPL system will require the Customer to upload a cancelled cheque or latest bank statement for the purposes of further verification and maintaining records. The Customer shall also be required to upload its signature, copy of PAN card and proof of its address, using NBPL’s electronic system. Further, the Customer shall have to compile the information in the format and the manner as required by the AMC and /or BSE Star MF.
  5. The Customer can carry out the Transaction including payment without completing the formalities stated in Clause 6(iv). However, in such a case, the Customer undertakes to complete such formalities by end of the same day on which Transaction has been carried out by the Customer. In the event the Customer fails to complete the said formalities by the end of the end on which the Transaction was carried out by the Customer, the Transaction shall fail.  
  6. Transaction flow between NBTL, BSE and RTA (respective AMC agents):
    1. At present, NBTL offers facilities for subscription and redemption of Units in Mutual Fund.
    2. The flow of Transaction in cases of subscription of Units in Mutual Fund shall be as under:
      1. Once the formalities stated in Clause 6(iv) above is completed, the Customer shall be required to click on the “Purchase”/”Buy”/”Invest” option in the website and enter the amount to be invested by him. NBTL shall then forward the request to BSE Star MF. Thereafter, the Customer shall be redirected to execute the payment by way of online payment systems facilitated by BSE Star MF, through third party payment gateway system;
      2. On receipt of prima facie confirmation of payment through third party payment gateway, BSE Star MF shall then forward the order to the RTA in batches either on the same business day or on the next business day, depending upon the Cut-off Timing as prescribed by SEBI and the AMC based on the type of mutual fund scheme.
      3. After receiving the order, the RTA shall carry out the verification of details given therein. Once satisfied, the RTA will allocate Units based on the applicable NAV, pending actual credit of the money in its account. However, if RTA does not receive money for the order, for any reason whatsoever, it shall reverse the transaction of allocation of Units.
    3. The flow of Transaction in cases of redemption of Units in Mutual Fund shall be as under:
      1. Once the formalities stated in Clause 6(iv) above is completed, the Customer shall be required to click on the “Redeem” option in the website and enter details of the Units the Customer wants to redeem. Thereafter, NBTL shall forward the order to BSE Star MF. If the Transaction is executed before 3 pm, BSE Star MF shall forward the order to the RTA on the same day. However,  if the Transaction is executed after 3 pm, BSE Star MF shall forward the order to the RTA on the next Business Day.
      2. After receiving the order, the RTA shall carry out the verification of details given therein. Once satisfied, the RTA will reduce the Units from the Customer account and initiate the transfer of payments in the Customer’s bank account, based on the applicable NAV.
08) CUSTOMER’S ACKNOWLEDGMENTS

The Customer hereby acknowledges and agrees as under:

(i) that opening of User Account is subject to the satisfactory completion of the account opening form, acceptance of the same by NBPL and due compliance with respect to KYC;

(ii) that the User Account provided to the Customer comprises of a non-transferable and revocable license to use the User Account and website of NBPL; and the same shall be used for bonafide purposes only;

(iii) that all the authorized and completed Transactions will be processed at the applicable NAV subject to realization / utilization of the funds and acceptance of the Transactions by the Mutual Funds / their authorized representatives;

(iv) that the Customer shall be responsible for all Transactions conducted through the website; and records generated by NBPL / its authorized representatives shall be conclusive proof of the Transaction being undertaken and shall be binding on Customer the same may be used as an evidence in any proceedings, legal or otherwise. In case of any discrepancy with regard to a Transaction, Customer agrees to notify NBPL / its authorized representatives within 7 days of receipt of the record of such Transaction;

(v) that NBPL will send the confirmation notes and statements to the Customer in respect of all Transactions in the Investment Account by email or any other mode as provided by NBPL from time to time;

(vi) that the services and provisions rendered by NBTL (as a mutual fund distributor) to the Customer are limited to facilitating the Transactions in respect of Mutual Funds under the User Account. The Customer acknowledges and agrees that the said facilitation shall involve various third party agencies including BSE Star MF, RTA, and payment gateways, etc. to carry out the Transaction; and therefore NBPL shall not be liable for any failure in the successful execution of the Transaction or for any loss or damages caused to the Customer due to acts or omission of such third party agencies;

(vii) The Customer hereby further acknowledge and agree that you may create a pool or selection of Mutual Funds (“Portfolio”) either for the purposes of subscription or otherwise (including for the purposes of your own analysis). While creating such a Portfolio, the Customer acknowledges and agrees that such Portfolio can be copied or used by NBPL or the users of this Website for the purposes of investment or otherwise. In such cases, the Customer shall not claim any royalty or other financial/monetary benefits or compensation from NBPL or the users of this Website.

(viii) Further, the Customer (and all the users of this Website) shall be solely responsible for any investment decision taken by it on the basis of the Portfolio created using this website or the system generated analysis of such a Portfolio; and NBPL shall not be liable for any loss or damage caused to the Customer or the users of this Website due to such investment decision, or any kind of reliance upon it. NBPL specifically disclaims the accuracy of the analysis or data generated or reflected while creating such portfolio.

 

09) RISKS ASSOCIATED WITH INVESTMENT IN MUTUAL FUNDS
  1. The Customer acknowledges that investments in financial products including Mutual Funds are subject to investment risks and market risks, including possible loss of the principal amount invested.
  2. The Customer represents and warrants that the Customer understands and is fully aware of the risks involved in investing in Mutual Funds or other financial products.
  3. The Customer confirms that the Customer has read and understood, or will read after obtaining from the relevant AMC or NBPL, up-to-date versions of the Scheme Information Document, and Key Information Memorandum of the respective scheme or any other documents by whatever name called and issued by the AMC, including risk factor and disclaimer as contained in the Scheme Information Document and Key Information Memorandum issued by the scheme and any materials supplied by the relevant AMC that might exist as on the date of the Transaction and the Order date, prior to placing any Order with NBPL to subscribe for Units in such Mutual Funds.
  4. The Customer acknowledges and agrees that NBPL shall have no liability or accountability whatsoever to the Customer for any error, omission or misstatement in any Scheme Information Document, Key Information Memorandum or any other material prepared or issued by the AMC or acts or omission, default, fraud or negligence by the AMC or any third Party associated for affecting the Transaction/Order.
  5. The Customer acknowledges that NBPL shall not bear any responsibility or liability to the Customer for giving any recommendation in connection with the performance of any Mutual Fund schemes. The Customer further acknowledges that it is important to seek independent professional advice with respect to dealings in any Mutual Funds or any investment opportunities.
  6. The Customer acknowledge that the dealings or investments in Mutual Fund through the User Account is solely and exclusively made by the Customer based on its own judgment, scheme related documents, review of the investment options, independent appraisal and investigation to the risks associated with such dealing or investment, lock-in conditions and restrictions on the redemption of the units in Mutual Fund.
10) TRANSACTION LIMITS AND RESTRICTIONS
  1. The Customer agrees and acknowledges that NBPL may, at any time in its sole and absolute discretion, impose upon the Customer the Transaction or position limits restriction.
  2. The Customer further agrees and acknowledges that the aforesaid limits/restrictions may include minimum sizes for the Transactions, specified times or procedures for communicating Orders to NBPL or otherwise. Such limits may also be imposed by a regulatory, statutory or such other body as may govern or regulate the Transactions.
  3. While placing Orders with NBPL, the Customer shall not exceed any limits or contravene any restrictions, whether imposed by NBPL or any other body or authority.
  4. The Customer agrees and acknowledges that NBPL shall have the absolute and unfettered discretion either:
    1. to accept and partially execute any Order so to ensure that the relevant limit or restriction imposed as aforesaid is not breached; or
    2. to entirely reject such Order.
11) SAFE KEEPTING OF THE USER ACCOUNT DETAILS
  1. The Customer agrees and acknowledges that it has the sole responsibility, and shall be liable, for the security and safe keeping of the Customer’s User Account details as well as any and all passwords, identification and other codes issued to the Customer by NBPL or by any certification authority duly authorized or recognized by NBPL for the purpose of enabling the Customer to access the User Account and/or avail the provisions rendered by NBPL of the transaction facilities contemplated herein.
  2. The Customer agrees and acknowledges that the Customer shall be fully responsible and liable for any Order placed and Transaction executed using the provisions rendered by NBPL in terms of this Agreement (including through the use of this website), notwithstanding that such Order may have been given by a third party with or without authority to give such instructions or Order for and on behalf of the Customer.
  3. The Customer further agrees and acknowledges that NBPL shall be entitled to rely on Orders placed using the digital signature and/or the passwords, identification and other codes issued to the Customer by NBPL or by any certification authority duly authorized or recognized by NBPL for the purpose of enabling the Customer to access the User Account and/or avail the provisions rendered by NBPL of the transaction facilities contemplated herein. The Customer shall not challenge the authenticity of the Orders placed using such digital signature, passwords, identification and/or other codes.
12) USE OF THE WEBSITE AND PROTECTION OF INTELLECTUAL PROPERTY RIGHTS ETC
  1. Except the Scheme Information Document and Key Information Memorandum, the intellectual property in all material provided on the website, other literature, manuals, reports, research papers, data, flow charts, drawings, designs, diagrams, tables, software, source code or object code or other information or materials in whatever form and on whatever media stored or held is held by NBPL unless otherwise stated. Except as expressly permitted herein or on the website, none of the material provided on the website 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 NBPL.
  2. Further, the Customer shall not transfer, reverse engineer, decompile, disassemble, modify or create derivate works based on the materials provided on the website except as permitted herein or by law.
  3. The copyright, trademarks, service marks, registered designs, database rights, patents and all similar rights in and relating to the website arising or subsisting in any country in the world and the information contained in it are owned by NBPL, its licensors or relevant third party content providers. Nothing on the website should be construed as granting, by implication, estoppel or otherwise, any license or right to use any trademark displayed on the website without the written permission of NBPL or its relevant affiliate.
  4. Customer also agrees not to use any information available on NBPL website for any unlawful purpose, and Customer shall comply with all the request of NBPL or any of the third party providers to protect their respective rights in the information.
  5. The Customer agrees and warrants not to do anything that will violate, infringe, prejudice or in any way affect NBPL’s or any third party’s intellectual property rights and shall take all necessary measures to preserve and protect these intellectual property rights.
  6. While availing the provisions or services rendered by NBPL to the Customer, the Customer shall not:
    1. use, sell, distribute, publish, broadcast, circulate, reproduce, retransmit, disseminate, exploit (whether for commercial benefit or otherwise) the data, literature, information and/or reports obtained from or through NBPL (including from website of NBPL) in any manner whatsoever without the express written approval of NBPL;
    2. use the aforesaid information for any wrongful or illegal purpose or in contravention of applicable laws;
    3. make any additions, modifications, adjustments or alterations to, tamper any part or corrupt any information or services available on the NBPL’s website;
    4. use the facilities available under the Electronic Services otherwise than as contemplated under these terms and conditions or such other directions which may be issued by NBPL from time to time.
    5. amend, modify, suspend or terminate the operation of the services and the provisions rendered by NBPL;
13) CHANGE OF PARTICULARS
  1. Should there any change in the particulars of the Customer, or any information relating to User Account or to these terms and conditions, supplied to NBPL, the Customer agrees and undertakes to notify NBPL immediately of any such change or to update the changes online.
  2. NBPL is not obliged to verify any particulars furnished or updated online by the Customer.
  3. NBPL shall not be liable or responsible for any loss suffered or damages caused by the Customer or any other Person by reason of any error or omission in the content of the Application Form or while furnishing or online updating of the particulars by the Customer. Further NBPL shall not be responsible or liable for failure on part of the Customer to notify the change in the particular of the Customer, or any information relating to User Account or to these terms and conditions, supplied to NBPL.
14) AUTHORITY OF PERSONAL REPRESENTATIVES

In the event of the Customer’s demise, NBPL shall be absolutely protected in acting under these terms and conditions until NBPL receives actual notice of death from the legal personal representatives or executors of the Customer. The legal personal representatives or executors will be recognized by NBPL as having the sole authority to act under these terms and conditions on behalf of the deceased Customer only upon the legal personal representatives or executors producing the appropriate and valid legal documents which establishes them as the legal representatives of the deceased Customer. All acts performed by NBPL prior to receiving written notice of the Customer’s death, incapacity of or incapability shall be valid and binding upon the Customer and the Customer’s successors in title.

15) INDEMNITY
  1. Without prejudice to the other rights or remedies that NBPL may have under the applicable laws, the Customer hereby agrees to indemnify NBPL, AMC, its/their directors, employees and representatives for all the liabilities (including claims, damages, suits or legal expenses in defending itself in relation to the foregoing) arising due to non-performance and/or non-observance of the Customer’s duties and obligations under this Agreement or due to acts or omission of the Customer;
  2. The provisions of this clause shall survive termination of this Agreement for any reason whatsoever.
16) EXCLUSION AND LIMITATION OF LIABILITY
  1. As specified vide SEBI circular CIR/MRD/DSA/32/2013 dated October 4, 2013, all mutual fund distributors registered with Association of Mutual Funds in India (AMFI) and who have been permitted by the concerned stock exchange, shall be eligible to use recognised stock exchanges’ infrastructure to purchase and redeem mutual fund units directly from the AMCs. As per the aforesaid circular, such mutual fund distributors shall not handle pay-in and pay-out of funds as well as units on behalf of investors. The pay-in will be directly received by recognised clearing corporation and pay-out will be directly made to investor’s account. That NBPL is registered with BSE StAR MF and using its infrastructure to purchase and redeem mutual fund units directly from AMCs. The Customer therefore agrees and acknowledges that the pay-in and pay-outs will be handled by the Clearing Corporation Limited (a wholly owned subsidiary of the BSE) and not by NBPL. The Customer further agrees and acknowledges that NBPL shall not be liable to the Customer for any Loss suffered or incurred by the Customer as a result of any act or omission of such the Clearing Corporation Limited and/or the BSE and/or any other third party agency engaged by the BSE and Clearing Corporation Limited for affecting the transfer of funds or payments for the Transaction or affecting the redemption.
  2. NBPL may also appoint or engage any person/entity (who is not an Officer or related to NBPL) to carry out any Order or to exercise any authority granted to NBPL by the Customer whether under this terms and conditions or otherwise. In making such engagement or appointment, NBPL shall not be liable to the Customer for any loss suffered or incurred by the Customer as a result of any act or omission of such person or entity.
  3. NBPL, shall not be liable for any loss or damage or other consequences arising from any suspension, breakdown, withdrawal, interruption, technical flaw, the presence of virus or other malicious, destructive or corrupting code, programs over the website or otherwise and any consequent delay or failure in completion of any payment or other instructions as a consequence thereof arising from the use or inability to use the website or any other services provided by NBPL, any other person appointed by NBPL, the AMC or any third party engaged by the AMC.
  4. The Customer acknowledges that any AMC which receives the order from NBPL is not obliged to accept the order in part or whole. NBPL shall not be liable or responsible for any action or rejection on the part of any AMC in respect of any Order. NBPL shall have no responsibility or liability for ensuring that the relevant AMC allots the Units or for any losses which the Customer may suffer or incur as a result of any refusal to accept or delay in accepting such Order by the AMC.
  5. The Customer acknowledges that the issue prices and redemption prices are determined by the AMC in accordance with the prescribed procedures on any Business Day. Accordingly, any price or value quoted by NBPL to the Customer in respect of any Unit in any Mutual Funds is not conclusive and is indicative / historic only. The Customer hereby agrees that in placing an Order, Customer is not relying on any such information provided to him/her by NBPL and acknowledges that the applicable issue or redemption price in relation to the Customer’s Order may be different from the indicated or quoted / historic prices.
  6. Without prejudice to any other right or remedy which may be available under the terms and conditions herein or under applicable laws, neither NBPL nor their respective directors, officers, servants, agents or employees shall be liable to the Customer in any respect for the loss or damages caused to it/them due to:
    1. reliance by the Customer on any information and/or reports which are received by NBPL, from the AMC or any third party on AMC’s behalf, in good faith and furnished to the Customer, notwithstanding that such information and/or reports are incorrect, inaccurate, untrue or out of date;
    2. delay in the transmission or wrongful interception of any Order or contract through any equipment or system, including any equipment or system owned and/or operated by or on behalf of NBPL;
    3. any delay, fault, failure or loss of access to or unavailability of the services of NBPL for any reason whatever;
    4. any delay, failure or omission in the execution of the Orders of the Customer due to any reason beyond the control of NBPL;
  7. For the avoidance of doubt and without prejudice to the generality of the foregoing, NBPL and its Personnel shall not in any event be liable to the Customer for any indirect or consequential loss, or for punitive damages.
18) JOINT ACCOUNTS
  1. If an User Account is opened or maintained in the name of more than one individual or a partnership:-
    1. The term “Customer” shall refer to each individual or partner jointly and severally, and the liability of each such individual or partner to NBPL shall be joint and several; and
    2. NBPL shall be entitled to recover any sum due or owed to NBPL by any of the individuals in whose name the Investment Account is opened or maintained or constituting the Customer.
  2. No individual constituting the Customer shall be discharged, nor shall his liability be affected by any discharge, release, time, indulgence, concession, waiver or consent given at any time in relation to any one or more of the other such individuals constituting the Customer.
  3. In respect of each Investment Account opened in the name of 2 or more individuals or a partnership, the first holder of Investment Account in case of joint account or authorized signatories in case of partnership, are authorized to give Orders in relation to transaction and any other instruction to NBPL. Any correspondence, mail, notice or communication addressed and sent by NBPL to the first holder and such communication in respect of a Joint Account shall be deemed to have been addressed and sent to all the individuals named in respect of such Joint Account.
  4. In a Joint Account, if NBPL, prior to acting on any instructions given by one signatory, receives contradictory instructions from the other signatory, NBPL may thereafter only act on the instructions of all signatories for the said Joint Account.
    1. The doctrine of survivorship shall apply to any Investment Account opened in the joint names of more than one individual or in the name of a partnership. Accordingly, in the event of the death of such individual or any partner constituting the Customer, the Investment Account shall immediately vest in the surviving individual(s) or partner(s) (as the case may be).
    2. The password for the User Account shall be assigned only to the first applicant as listed in the Application Form.
    3. The provisions in this Clause apply to any other services provided by NBPL or any other Person or Service Provider appointed by NBPL from time to time in this regard.
19) MISCELLANEOUS
  1. Compliance with applicable laws: The Customer’s relationship with NBPL, the operation of the User Account and the implementation of all Orders shall be subject at all times to the applicable laws. NBPL may take or refrain from taking any action whatsoever, and the Customer shall do all things required by NBPL, in order to procure or ensure compliance with applicable laws.
  2. Rights of NBPL to restrict the dealings: The Customer agrees and accepts that NBPL has the sole discretion to restrict a particular set / class of Customer(s) from dealing with NBPL.
  3. Ratifications: The Customer hereby agrees to ratify and confirm all Transactions and all acts and things done or caused to be done or effected by NBPL on the Customer’s behalf in relation to the User Account or the Units held on behalf of the Customer and agrees that such Transactions, acts and/or things done shall also be governed by these terms and conditions.
  4. Notification of error etc. Whenever the Customer receives any statements of account, contract notes (if applicable), confirmations or notifications in respect of any Order or any document provided in relation to the User Account from NBPL, the Customer agrees that it will inform NBPL of any mistakes or omission or disagreements within seven (7) days from the date of the relevant information/documents. If the Customer fails to do so, the Customer shall be deemed to have agreed to the contents in such Statement and will no longer have the right to dispute the accuracy of the Statement. Accordingly, NBPL has the right to treat the Customer’s silence as the Customer’s representation that the statement is accurate. Nothing in this Clause shall prevent NBPL from unilaterally amending any such statement for any inaccuracy it detects.
  5. Security Measures: Customer shall be responsible for the systems used by Customer with respect to dealings with NBPL and for various security measures which Customer has to take to prevent unauthorized access to details relating to the dealing with NBPL through the website, and NBPL shall not be liable for any such unauthorized access.
  6. Acting upon the instructions: Any instructions (oral or otherwise) purported to be given by any person other than the Customer, need not be acted on by NBPL. However, NBPL is authorized to act on any and all such instructions which NBPL believes in good faith, or has reason to believe, is from the Customer as soon as such instructions have been received by NBPL in writing, fax, or email correspondence thereof. NBPL shall not be liable for any loss, damage, cost, charge and expense incurred by the Customer as a result of NBPL so acting.
  7. Non-individual Customers: In cases where person submitting the Application Form for opening of User Account with NBPL for and on behalf of a non-individual Customer, the person submitting the Application Form represents that it has the appropriate authority to submit the Application Form and bind the said entity to these terms and conditions.
  8. The Customer and the user of this website agrees that he is 18 years of age or older and where he is acting as guardian on behalf of a minor, he has the necessary authority to register/sign up for the services on behalf of the minor.
  9. The Customer and the user of the Website acknowledges that he has read and understood the Privacy Policy published on the Website.
  10. The information the Customer and the user of this website acknowledges that the information provided while using the website is true and correct.
  11. NextBillion Technology Pvt. Ltd. may contact you by phone and/or E-mail in connection with the registration of the user of this Website
20) AMENDMENTS

NBPL reserves the right to amend, modify or vary any of the terms and conditions stated herein at any time in its sole and absolute discretion and any such amendment, modification or variation shall take into effect and bind each of its Customer from such date as may be prescribed by NBPL.

21) NOTICES AND COMMUNICATIONS
  1. All communication (including but not limited to the sending of notices, annual and semi-annual reports, performance statements, or confirmation notes or status of Orders (whichever may be applicable for the relevant Mutual Funds in question) to the Customer from NBPL may be sent, at NBPL’s sole discretion, by electronic mail, facsimile, telex, or ordinary mail to the Customer’s last known address.
  2. Any such communication shall be deemed to be received by the Customer:
    1. if given by electronic mail, facsimile or telex transmission, at the same time it is dispatched; or
    2. if given by post, three days after the same has been posted.
22) DISCLAIMER
  1. The Customer specifically agrees and acknowledges that NBPL shall not responsible for any omissions, errors or investment consequences arising from the use of this material available on the website of NBPL by Customer. The data and information provided on the website of NBPL does not constitute advice and should not be relied upon while taking investment decisions. Customer is hereby instructed that any information on the website of NBPL should be used with investment techniques, which may include applicable legal, accounting, tax or other professional advice or services.
  2. Whilst every reasonable precaution has been taken to ensure the accuracy, security and confidentiality of data and information available in the website of NBPL, NBPL shall not be held responsible for any consequence due to the actions carried out by Customer or unauthorized person.
  3. NBPL makes no express or implied warranty:
    1. that the dealing with NBPL through the website will be uninterrupted or free from errors or that any identified defect will be corrected, or it will be free from any virus or other malicious, destructive or corrupting code, program;
    2. with respect to the satisfactory quality or fitness for a particular purpose of the website or any of the services offered therein; or
    3. in relation to non-infringement of any third party rights.
23) DISPUTE RESOLUTION
  1. If any dispute and/or difference that has arisen between the Parties hereto during the subsistence of this terms and conditions or thereafter, in connection with the validity, interpretation, implementation or alleged material breach of any provision of these terms and conditions or regarding any question arising out of this terms and conditions or otherwise, the Parties hereto shall endeavor to settle such dispute/difference amicably by negotiation.
  2. In case of failure to resolve the dispute and/or difference amicably, the dispute and/or difference shall be referred to Arbitration presided by a sole arbitrator.
  3. The Arbitration proceedings shall be governed by the Arbitration and Conciliation Act, 1996 or any amendment thereto.
  4. The Arbitration proceedings shall be held in Bangalore, India and the language shall be English.
  5. The Parties hereto shall submit to the Arbitrator’s award and the award shall be enforceable in any competent court of law.
  6. The provisions of this clause shall survive the termination of these terms and conditions for any reason whatsoever.
24) GOVERNING LAW AND JURISDICTION

The laws of India shall govern this Agreement. All disputes are subject, firstly, to mediation, and then by Arbitration by a sole arbitrator appointed by NextBillion. The venue of arbitration will be Bangalore. Court of Bangalore shall have exclusive jurisdiction over the disputes arising out of this Agreement including the disputes arising in relation to the terms and conditions regarding the usage of the Whatsapp Group as contained herein.

25) RELATIONSHIP

The relationship between Customer and NBPL shall be on a principal-to-principal basis. The Customer hereby acknowledges that it shall have no right whatsoever to bind, or act on behalf of, NBPL.

26) FORCE MAJEURE
  1. NBPL shall not be liable for any failure to perform or any delays in performance, and/or be deemed to be in breach or default of its obligations set forth in this Agreement, if, to the extent and for so long as, such failure or delay is due to any causes that are beyond its reasonable control and not caused due to its acts or omissions, including, without limitation, such causes as acts of God, natural disasters, fire, flood, severe storm, earthquake, civil disturbance, riot, order of any court or administrative body, embargo, acts of government, war (whether or not declared), acts of terrorism, computer hacking or other similar causes (“Force Majeure Event”).  
  2. NBPL shall endeavor to inform the Customer of the existence of a Force Majeure Event.