Mutual Fund Terms & Conditions

 

This Mutual Funds Terms & Conditions (“Product Terms”) is in relation to the PAN verification as Financial Products as per the Marketplace Terms executed between Signzy Technologies Private Limited, a company incorporated under the CompaniesAct 2013, having its corporate office at: Awfis, 8th Floor, One International Center (Tower 1), Senapati Bapat Marg, Lower Parel, Mumbai, 400013 (“Signzy”) and me (an individual) / us (a company/ Trust/ LLP/ Partnership/ Sole Proprietorship (“Subscriber”). The Subscriber and Signzy may individually be referred to as “Party” and collectively as “Parties”. The Product Terms hereunder shall be deemed to be a part of the Marketplace Terms and shall be legally valid and enforceable rights/ duties/ obligations of each Party. The following terms and conditions would be applicable on the Mutual Funds APIs as Financial Product, which the Subscriber has agrees to comply at all times-

  • Definitions:
    • “AMFI” means the Association of Mutual Funds in India.
    • “AMC” shall mean the assest management company, which is Financial Partner of Signzy for distribution of Mutual Funds.
    • “Authorized Registrar”/ “Registrar” means any Registrar and Share Transfer Agent with whom AMC has/proposes to have an arrangement for execution/confirmation of the Transaction orders placed.
    • “Business Day” means any day on which the offices of AMC are operational or as my be stipulated by the Regulated Authorities. If, with respect to a Scheme this definition shall at all times be subject to the definition of Business Day in the Scheme information document of the various Schemes.
    • “Distributor” shall mean an entity having Applicaton Reference Number (ARN) and its employees having Employee Unique Identification Number (“EUIN”) a registration number provided by AMFI and is valid at the time of entering in this Product Terms, to sell units of mutual funds in return of commission for bringing in Investors into the mutual fund schemes.
    • “Dividend Option” shall mean the option available to the Customer to choose between either the Dividend Payout, or Dividend Reinvestment facility as available in the schemes of Mutual Fund as defined in their respective Scheme documents and Addendums to the Scheme information document.
    • “Dividend Payout” shall mean a facility under the dividend option in a Scheme whereby dividend shall be paid, subject to deduction of tax at source, if any, at the frequency and the manner in which the same has been provided in the Scheme information document of the Scheme to the Unit holder after declaration of the same by theMutualFund/AMC or as decided by the Board of Trustees of the MutualFund from time to time.
    • “Dividend Reinvestment” shall mean a facility under the dividend option in a Scheme whereby the dividend declared by the MutualFund/AMC is reinvested, subject to deduction of tax at source, if any, at the applicable NAV of the Dividend Plan/Option of that scheme on the ex-dividend date as decided by theMutualFund/AMC.
    • “Dividend Transfer” shall mean a facility under the dividend option in a Scheme whereby the dividend declared by theMutualFund/AMC in a particular scheme is reinvested in another scheme, subject to deduction of tax at source, if any, at the applicable NAV of that scheme on the ex-dividend date as decided by theMutualFund/AMC.
    • “Mutual Fund” shall mean a trust set up under the provisions of the Indian Trusts Act, 1882 and registered with SEBI India pursuant to manage and operate the assets and schemes of AMCs
    • “NAV” shall mean the net asset value of the units of the Scheme and the plans and options therein, calculated on every business day, in the manner provided in the Scheme information document of the respective schemes or as may be prescribed by SEBI Regulations from time to time.
    • “Scheme Information Document” (SID) shall mean the document issued by AMC offering Units of the Scheme(s)/Plans for subscription along with any addendum or changes to such Scheme information document as may be made or issued by AMC from time to time
    • “Purchase” shall mean subscription to the Units of any of the Schemes of the MutualFund/AMC through the Website by the Customer.
    • “Record Date” shall mean the date fixed by the MutualFund / AMC for determining the list of Unit holders under a particular Scheme / Plan for the purpose of payment of dividend or any other purpose.
    • “Redemption” shall mean sale of the Units of any of the Schemes of the MutualFund/AMC through the Website by the Customer.
    • “Systematic Investment Plan (SIP)” shall mean an option available with the Customer for investing, at a specified frequency, in a specified Scheme of theMutual Fund, a fixed amount (in terms of Indian Rupees) for purchasing additional units at the applicable NAV on a specified date, provided that the provisions of the Scheme information document of the respective Scheme shall always be applicable for SIP transactions.
    • “Systematic Withdrawal Plan (SWP)” shall mean an option available with the Customer who holds Units to withdraw a pre-determined amount or a variable amount subject to deduction of tax, if any, at a specified frequency, from a specified Scheme of theMutualFund/AMC at a specified period thereby reducing the unit balance to his credit by the units so withdrawn at the applicable NAV on the specified date, provided that the provisions of the Scheme information document of the respective scheme shall always be applicable for SWP transactions.
    • “Systematic Transfer Plan (STP)” shall mean an option available with the Customer who holds Units to transfer a pre-determined amount or a variable amount subject to deduction of tax, if any, at a specified frequency, from a specified Scheme of the Mutual Fund to another specific scheme of the MutualFund/AMC at a specified period at a specified frequency at the applicable NAV on a specified date, provided that the provisions of the Scheme information document of the respective Schemes shall always be applicable for STP transactions.
    • “Scheme”/ “Schemes” shall mean and include all open-ended/Close-endedSchemes of the MutualFund that are offered by AMC at present or in the future through the Website.
    • “SEBI Regulations” or “Regulations” shall mean the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended from time to time and any notifications, circulars, pressreleases, guidelines issued there-under from time to time to regulate the activities and growth of mutual funds.
    • “Shut-Out Period” or “Book Closure Period” shall mean the period declared by the Board of Trustees after closure of the initial offer period, to facilitate AMC / Authorized Registrar to determine the Units of the Unit holders eligible for receipt of dividend under the various plans / options available in each Scheme.
    • “Switch” shall mean an option to the customer to shift his existing investment from one scheme / plan of MutualFund/AMC to another through the Website subject to the terms and conditions of the Scheme information documents of the respective Schemes.
    • “Transaction” shall mean a successful service request placed by the Customer on the Website.
    • “Trustees” shall mean the Board of Trustees of ICICI Prudential MutualFund.
    • “Units” shall mean the interest of the Customer in an undivided share in the net assets of a Scheme of the MutualFund or as defined by SEBI or Scheme information documents from time to time.
    • “R&T”/ “RTA”shallmean Registrar and Transfer Agent(i.e. CAMS).
    • “US Person” shall mean any person that is a United States person within the meaning of Regulation S under the United States Securities Act of 1933 or as defined by the U.S. Commodity Futures Trading Commission, as the definition of such term may be changed from time to time by legislation, rules, regulations or judicial or administrative agency interpretations
    • “User” shall mean any natural person who is a user of the Application; and
    • “Web Application” shall mean any website and online application, including mobile application of the Subscriber­­­­­­­­­­ through which the Customers can undertake Transactions online to buy & sell units of Mutual Fund(s).
  • NATURE OF ARRANGEMENT
    TheSubscribershallsubmit transaction requests in relation to Units online on behalf of its Customers to the Financial Partners of Signzy (i.e. AMCs).Notwithstanding anything contained hereunder, the Regulations and the relevant Scheme’s SID shall govern this arrangement for Subscriber, offering online trading inter alia in units of Schemes of Mutual Fund to its Customers.The Subscriber declares that it shall act as a Distributor, offering services to the Customer and shall not act as an advisor or consultant in offering the Schemes of Mutual Fund. In the event thatSubscriber decides to provide Portfolio Management Services, in any form, to its Customers for the schemes, Subscriber shall obtain the necessary approvals as may be required from the regulatory authorities under intimation to Signzy.The Subscriber confirms that if required by Signzy, it will execute anProduct Terms with the Authorised Registrar for availing of the services of Fundsnet provided by the Authorised Registrar as the R&T of respective AMCs. A copy of the signed Product Terms will be provided to Signzy. The aforesaid Product Terms, unless inconsistent with the provisions of this Product Terms, shall form part and parcel of this Product Terms.In order to offer additional facility, being an investment option to Customers to allow first time purchase as well as transact, Subscriber shall comply with the obligations elaborated in Schedule IV. The said Schedule IVunilaterly modified by Signzy.
  • ROLE AND OBLIGATIONS OF SUBSCRIBER.
    • Subscriber shall offer through its Web Application, Schemes that are existing/launched/offered by the AMC. Subscriber shall, as a Distributor of the Schemes, place with theAMC and/or its Authorized Registrar, transaction requests on behalf of its Customers for facilities included but not limited to the required facilities for the Purchase and Redemption of Units, SIP, SWP, STP, Change of Dividend Option and Switch.
    • Subscriber shall execute all transactions for and on behalf of the Customers as such Customers’ mandate holder by virtue of the arrangements between the Customer and Subscriber (as authorized by, inter alia, power of attorney/ Product Termsexecuted by the Customer in favour of Subscriber). Subscriber shall forward thepower of attorney/ Product Terms/ madate, transaction documents, KYC documents as enumerated in SEBI Circular dated December 11, 2009 and as specified by Signzys from time to timeAny communication shall include, but not limited to account statements, periodic holding statements, statutory or regulatory requirements on notice, information, disclosures, publicity or promotional materials, dispatch of newsletters, annual reports, trust resolutions, TDS certificates, or any other document as may deem fit by Signzy shall be send to the customer at the address registered withSignzy
    • In particular, Subscriber undertakes that Unit/s may not be directly or indirectly marketed, offered or sold in the United States of America or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of nationals or residents thereof, unless
      • pursuant to an exemption from registration requirements available under US law, any applicable statute, rule or interpretation; and
      • As per the terms and conditions for acceptance of subscriptions from a US person as intimated by Signzy/ AMC. In the absence of written notice to the AMC to the contrary, if a potential Customer provides a non-U.S. address on the application form for investment in the Unit/s, this will be deemed to be a representation and warranty from such Customer that he/she/it is not a U.S. Person and that such Customer will continue to be a non-U.S. Person unless and until the AMC is otherwise notified of a change in the Customer’s U.S. Person status
    • The Subscriber further undertakes that units shall not be directly or indirectly marketed, offered or sold in Canada or residents of Canada.
    • Subscriber agrees that AMC reserves the right to accept/reject applications or redeem the unit allotted to the Customers after the AMC come to know the residency status of the Customer.
    • It shall be the responsibility of Subscriber to ensure that the customers through third party account /cheque do not make investments/subscriptions. For investments made through debit cards, the responsibility of the Subscriber would be limited to seeking a declaration to this effect from the Customer, prior obtaining their investments. Third party account for this purpose are defined as:
      • Investment made through from an account other than that of the beneficiary Investor;
      • in case the investment is made from a joint bank account, the first holder of the mutual fund folio is not one of the joint holders of the bank account from which payment is made.
    • Subscriber shall at all times, cause to be displayed the terms and conditions governing the Transactions on the Website. It shall also display on the Website the SID of the respective Schemes, Key Information Memorandum, Declarations, Undertakings, the risk factors and disclaimers as contained in the SID of the Schemes of Mutual Fund and all changes thereto as made by AMC from time to time including the addendum issued by the schemes, subject to which investments in units may be accepted, on the Website. Subscriber shall also maintain the details regarding each Scheme
    • Subscriber shall require its Customers to confirm as under, prior to undertaking any Transactions:
      • a) The Customer(s) have read and understood the contents of the Scheme information document(s) and and agree to abide by the terms, conditions, rules and regulations of the Scheme(s).
      • b) The Customer(s) have understood the details of the Scheme and have not received nor been induced by any rebate or gifts, directly or indirectly, in making this investment.
      • c) The Customer(s) confirm that if the Customer(s) is/are Non-Residents of Indian Nationality/Origin, that the funds are remitted from abroad through approved banking channels or from the NRE / NRO / FCNR Account.
      • d) The Customer(s) declare that the amount being invested by the Customer(s) / Power of Attorney holders, in the Scheme(s) of Mutual Fund is derived through legitimate sources and is not held or designed for the purpose of contravention of any Act, Rules, Regulations.
    • Subscriber shall offer joint holding facility to its customers for their investments in the Mutual Funds, wherever the bank account of the Customer is a joint account, the default mode for investing in units of any Scheme of the Mutual Fund shall be joint and an option shall be given to Customer to invest either in joint or single mode at their discretion. In case of joint holding of mutual fund units, Subscriber shall ensure and verify that the second / third holder has given a duly executed and verified power of attorney. A copy of the power of attorney shall be made available to AMC / RTA/ Authorized Registrar / Authorized Agent / Representative on request.
    • Subscriber agrees and acknowledges that Signzy/ AMC may prescribe additional confirmations and/or changes any time, which theSubscriber agrees and undertakes to require its Customer(s) to confirm the same, in such mode or manner as AMCmay require prior to undertaking any transactions in the units of Schemes of Mutual Fund
    • Subscriber shall promote the schemes of Mutual Fund, on such terms and conditions as permitted by applicable laws, rules and regulations, to all its Customers through various media as may be mutually agreed by both Parties from time to time. All promotion of the schemes by Subscriber shall be as per the applicable statutory guidelines.
    • AMC or its Registrar shall issue to Subscriber, a folio number in respect of each Customer in respect of the Schemes of Mutual Fund that the Customer wishes to transact. AMC shall send records, receipts, etc in respect of transactions by reference to the Folio Number. Subscriber shall internally reconcile the transactions executed by AMC by mapping this Folio Number of the customer.
    • Subscriber shall, in its database, record each Customer’s bank account specifying whether the account is resident Indian/ Non- resident Indian/ Overseas corporate body/ foreign institutional investor. Further all non-resident accounts shall be marked as Non Resident External Account (NRE) or Non Resident Ordinary Account (NRO), as the case may be. Where the Customer is Non- resident Indian (NRI), Subscriber shall execute the aforesaid transactions only if it reasonably appears to Subscriber that the NRI has become the Customer of Subscriber after having undertaken compliance with all relevant laws (including the Foreign Exchange Management Act, 1999 (of India) (FEMA) and rules and regulations thereunder) as applicable to the NRI Customer, as well as other laws governing the Customer. In respect of transactions done by NRI customers on a repatriable basis, Subscriber shall arrange to obtain and furnish to ICICIPRU or CAMS a confirmation of the source of funds from the customer, issued by his banker. In case of non-receipt of a confirmation of the source of funds from investor’s banker or Subscriber, the dividend/redemption proceeds will not be credited to the investor’s repatriable account.
    • Subscriber confirms that it shall adhere to the KYC requirements and the requirements under the Prevention of Money Laundering Act, 2002 and other guidelines as prescribed by theAMFI/ RegulatoeryAuthritieswith regard to the KYC requirements including obtaining proof of identity proof of address and photograph from every Customer. Subscriber agrees to provide a confirmation to the above effect as and when required by Signzy. Subscriber shall adhere to the KYC requirements by enrolling/registering only those Customers who have undergone the KYC process and declared KYC compliant through the process as formulated by the regulators viz AMFI/SEBI from time to time. However,AMC reserves the right to reject the transactions incase the PMLA /KYC guidelines are not met.
    • If the Customer ceases to be a Customer of Subscriber, then Subscriber shall promptly and effectively intimate Signzyand AMC of such a change in status by email or by way of a letterin order to protect the interests of the Customer as an investor under the Schemes in which he has invested.
    • The Subscriber undertakes to provide in each case, bank account details viz. name of bank, address of branch, and Bank account number, for the customer, failing which Transactions will be rejected. The Subscriber Confirms that the onus of correctly quoting the Bank account details of Customers, based on the information received from the Customers, is solely on Subscriber
    • An application for purchase, additional purchase, systematic investment without the details relating to PAN (requirement of PAN as detailed above) and Bank Account details and such other regulatory requirement as applicable, would not be accepted by AMC and such applications shall be rejected. AMC shall provide the names/details of such Customer whose application/ transaction has been rejected. Under SEBI regulations, it is mandatory to collect a document acceptable under the relevant regulations, as proof of the Customer’s Permanent Account Number (PAN). As per SEBI regulations, the Subscriber will also obtain a copy of Customer’s PAN card, which has to be verified with the original. The Subscriber shall correctly quote the PAN of the Customers in all cases. The Registrar will validate the PAN submitted by the Subscriber with the database maintained by KRA and may validate the same with the database maintained by Income Tax. In case there is, a mismatch the folio maybe locked for further subscription transactions.
    • Where the Customer is a minor, who does not have any income chargeable to income tax, he / she shall quote the PAN of his / her father or mother or Court appointed legal guardian, as the case may be. It would be the responsibility of Subscriber to correctly quote the date of birth of the minor and relationship with the guardian and maintain the required supporting documentary proof (as required by regulations from time to time) while reporting a transaction in a folio manintained on behalf of minorand share the same with ICICIPRU, CAMS or auditors on request.
    • The Subscriber shall disclose such details of customers, including but not limited to, the details relating to signature/data to the AMC and/or its Authorized Registrar (including bank account details, tax status and Permanent Account Number (PAN) and such other details as required by the AMC or as mandated by Regulations from time to time) in the normal course of business.
    • Subscriber in its communication to its Customers shall not circulate any facts about Mutual Fund and the Schemes launched from time to time which it believes to be incorrect or which are misleading or are an exaggeration/distortion of facts or are beyond the scope of the scheme information document issued by AMC.
    • In case Subscriberreceives any sum of money from AMC or any of its agents etc, which is not due or payable to it, AMC shall be entitled to recover all such amounts as are wrongly paid to Subscriber. Subscriber shall not have any claim against AMC, for any loss incurred by Subscriber as not anticipated and arisen out of change of terms and conditions of distribution as set out in this Product Terms. Subscriber shall not make representations / statements concerning units of scheme other than as contained in the current Scheme information document(s), Abridged Scheme information document(s) and printed information issued by AMC as information supplemental to such documents. Subscriber shall only use advertising / sales material for distributing / selling activities as provided / approved by AMC when advertising. Subscriber shall not indulge in any kind of malpractice or unethical practice to sell, market or induce any investor to buy mutual fund units which may directly / indirectly impact AMC in any manner. Subscriber shall, ensure that the terms and conditions mentioned herein and as agreed from time to time are also complied by its employees, agents and representatives, as the case may be.
    • The Subscriber also certifies that in the course of its business of distribution of AMC products it shall adhere to the Code of Conduct as prescribed by SEBI, by its employees, agents (including sub-agents / Subscribers) and representatives including any amendments thereto from time to time, and any other requirements as mandated by SEBI / AMFI or any other statutory authority and provide a compliance certificate to that effect, in the format required by Signzy. It also acknowledges that it is not entitled to receive commission on its own investments and shall inform AMC if it receives such commission, erroneously or otherwise and shall forthwith reimburse such amounts to AMC immediately. Subscriber also undertakes that it will ensure that all the sub-Subscribers comply with the Regulations and Guidelines issued by SEBI, AMFI or any other regulatory body. It also undertakes that it will ensure that on AMC’s request, the sub-Subscribers provide AMC all such certificates and other documents required by them or to be produced by them to any authority having the force of law.
    • The Subscriber shall maintain such transmission infrastructure and technical resources and equipment as are necessary to maintain a high standard of transmission of data in terms of timing, quality, reliability, authenticity, integrity and content, and shall make best efforts to expeditiously rectify errors and overcome breakdowns/interruptions in such transmission. In the event of any errors, or faults, Subscriber shall notify AMC of the error or fault as soon as it becomes aware of any such happenings.
    • The Subscriber shall only use such scheme related documents or advertising or other sales material for distributing / selling the units of the MutualFund as provided / approved by Signzy/respectiveAMC.
    • The Subscriber agrees that Signzy/ respective AMC has the right to report non-compliance of any of the regulatory requirements at its discretion to AMFI or any other Regulatory Authority.
    • The Subscriber agrees to comply with various AMFI/SEBI Regulations/ Rules/ Guidelines/ Circulars as may be notified and amended by them from time to time, subject to information of the same being communicated by Signzy to the Subscriber.
  • GENERAL TERMS
    • Subscriber- shall compile and send/upload thru Funds Net /STP process of R&T the requests for Transactions on behalf of the Customer for transacting in the scheme, on each Business Day in the format stipulated by Signzy, AMC and/ or its Authorized Registrar within the respective cut off times as detailed in Schedule I.
      1. In the event of a contingency, where Subscriber is unable to upload the transaction feeds through Fundsnet/STP, the transaction files to be sent via registered email to the specified email id’s or, in case of email failure via fax so as to reach Signzy/ AMC /Authorised Registrar before the specified cut-off timing. In both the cases, Subscriber to call up post forwarding the details,to check on the receipt of transaction files. Where the transaction file cannot be generated in the agreed data format, Subscriber, after informing the designated person at AMC and the Authorized Registrar, will forward, through email, the Transaction file in a Microsoft Excel format within the cut off times. The transaction file, if sent by fax, will bear a rubber stamp of Subscriberand will be signed by the authorised signatories as per the list provided by Subscriberin this regard from time to time.Subscriber acknowledges, agrees and accepts that the e-mail server / fax system of AMC or its Authorized Registrar is not an official point of acceptance for transactions and that all its transactions submitted to AMC or its Authorized Registrar through this route need to be electronically time stamped by AMC or its Authorized Registrar before processing. The Transaction file in soft copy as per the format mutually agreed would also be forwarded, as soon as the contingency is overcome and it is possible to generate the file.
      2. The Transaction file received after the agreed cut-off times or on the non business day the said requests shall be processed in accordance with the SEBI Regulations and the terms and condition of respective SID.Subscriberneeds to report the said file for the applicable NAV on thenext business day.
      3. In case the Transaction file is incomplete in respect of some details, the Authorized Registrar will try to obtain from Subscriber, the necessary clarifications on a best effort basis. Where no or inadequate response is received, the transaction will be rejected.
      4. Subscriber agrees and accepts that processing of transactions by AMC will be governed by the provisions of the Regulations relating to cut-off timings, time stamping etc. and shall also be subject to receipt of completed transaction file/related documents by AMC.
      5. Subscriber shall be solely responsible for the accuracy of the unitholder-wise transaction file transmitted or a list thereof faxed to AMC or its Authorised Registrars. AMC / its Authorised Registrars shall process the transactions fully relying on the accuracy of the file/ list sent by Subscriber. Subscriber hereby agrees to indemnify AMC for all losses, damages, costs and expenses incurred or suffered by the AMC as a result of incorrect or wrong data of transactions or orders sent or list faxed by Subscriber
      6. Transaction once reported cannot be cancelled in the normal course of business. Transaction once reported to AMC/RTA can be cancelled if the request is received before the prescribed cut off timings for the day and post approval from the AMC. Transaction cannot be cancelled if received post cut-off.
      7. In case consideration for investment has been received from Subscriber without the transaction file/with incomplete transaction file, then Subscriber agrees, understands and accepts that AMC will not under any circumstances whatsoever process the consideration and allot units unless the complete transaction file is received from Subscriber. Processing of transactions by AMC will be upon receipt of complete details and will also be governed by the provisions of the Regulations relating to cut-off timings, time stamping etc. Subscriber hereby agrees to indemnify AMC/its Autorised Registrars for all losses (other than opportunity losses), damages, costs and expenses incurred or suffered by AMC / Authorised Registrars as a result of claims made by an investor or anyone on account of transmission of consideration without transaction file/with incomplete transaction file as a result of negligence on the part of Subscriber.
    • AMC and the Authorized Registrar shall provide the required support and consultancy to clarify, resolve and correct all discrepancies in the executed orders and request for Transactions as sent bySubscriber. In case of any query raised by Subscriber, AMC shall endeavor that the query is adequately, correctly and expeditiously responded to, within a period not exceeding two (2) Business Days. Subscriber Customer Service Executives will handle all queries relating to all the products/services offered on the Web Application.
    • Customers of Subscriber who have invested in the Mutual Funds can also directly deal with the AMC or its Authorized Registrar in relation to their investments. If the Customer directly approaches AMC for any financial/ non-financial transaction, Subscriber shall provide the signatures of the Investor or confirmation to R&T on request being made so on Transaction date+ 1 day (T+1 date) Transaction date being the date of request made by R&T.
    • The Subscriber will use theSubscriber code allotted by AMC for its online transactions. AMC and/ or its Authorized Registrar shall code all transactions through the Web Application with this Subscriber code. The transaction feed, which is sent to CAMS, should by default contain the Subscriber code.
    • Subscriber shall split all Switch requests into its component requests i.e., Switch out and Switch in. The same transaction number shall identify both the components of the Switch requests.
    • AMC shall at all times endeavor to notify the Subscriber the record dates, Shut-Out Period, non-business days and a list of holidays for each of the Schemes as and when they are determined by means of an e-mail . The Parties would process any request falling due on a holiday in accordance with the SEBI Regulations and the respective SID of the respective Scheme(s).
    • If any purchase request is rejected then AMC shall transfer the funds, which have been debited from the Customers’ account by the Subscriber, to the Customer’s bank account in T+5 days of such a rejection. In the event of delay in payment is due to fault or negligence of AMC, AMC shall be liable for and against such actions, proceedings, claims, liabilities, penalties, demands and costs arising out of such delay.
    • The transactions for “Tax Status” like Individual, NRIs, Corporate Body, etc. would be processed as per the status mentioned in the feed received from Subscriber in the “Tax Status” column. The Subscriber shall take all necessary confirmations / documents to confirm the status of the Customers. As regards crediting of redemption / dividend payouts into an NRE / NRO accounts, Subscriber shall ensure that the regulations as required for repatriability of the amount is taken care of and that the source of the fund invested is from the repatriable account.Source of fund confirmation needs to be obtaiWned from the Investor by the Subscriber, carrying basic details like but not limited to bank account, type of account, bank holder name, etc., and submit to AMC in case if investments are made from a repatriable account. In case of non-receipt of such confirmation, dividend/redemption proceeds will not be credited to the Investor’s repatraible account through electronic mode.
    • The Parties hereto agree that the Customer(s)/Investor(s) will be entitled to directly provide instructions and / or conclude transactions with the AMC without reference to the Subscriber. Any clause in this Product Terms, which prohibits and / or restricts the Customer(s) from transacting with the AMC directly for any financial and / or non- financial transaction shall be deemed to be excluded from the terms and the scope of this Product Terms.
  • Fees
    • The Fees payable by the Subscriber to Signzy, is more particularly provided in Schedule-V hereto.
  • REDEMPTION
    • The redemption (subject to completion of lock-in period, if any) shall be carried out by AMC and / or its Authorised Registrar and shall be carried out Folio Number wise.
    • AMC reserves the right to choose the mode i.e. DC/NEFT/ECS/RTGS etc. for crediting redemption proceeds directly to the Customer’s bank account as per the bank account details provided by the Subscriber, provided the Customer’s bank accounts are maintained with the banks with which AMC is able to avail these facilities, or a cheque would be couriered to the Customer’s mailing address by the R&T. In case of failure in crediting the redemption proceeds in the Customer’s bank account, a cheque would be couriered to the Customer. In case a redemption request is submitted by the Customers for units for which funds are not realised or if the confirmation from the bankers for receipt of funds is not received, or is delayed, theMutual Fund reserves the right to reject the redemption request for such units If the Customer has redeemed the units and proceeds have been credited to Customer’s account with respect to units for which funds were never received from the Customer, the MutualFund reserves the right to recover such amount by redeeming unit holding of the Customer in theMutual Fund either in the same folio/any other folio, irrespective of the scheme in which units are held after giving due notice to the Customer.
    • Whenever Customer submit redemption requests, directly at Official Point of Acceptance of Transactions (OPAT) of AMC, the redemption proceeds would be directly credited to Customer(s) bank account registered with AMC.
  • Dividends
    • The right to choose the mode of payment i.e. NEFT/ECS/RTGS/DC etc. for crediting dividend proceeds (subject to tax deducted at source, if any) shall be reserved by the AMC, unless a written intimation is received from the Customer to the contrary. The above payout shall be within the time limit as stipulated by SEBI. AMC may send a communication to Customers whose mode of payment has been changed to a new mode from the existing one. Alternatively, the Authorised Registrar will courier a cheque to the Customer’s mailing address. In case of an issue in crediting the dividend amount to the Customer’s bank account due to reasons beyond the control of AMC /the bank, the cheque should be couriered to the Customer’s mailing address by the Authorised Registrar, however for cases where AMC/ Authorised Registrar are unable to deliver the cheques to the Customers, same would be forwarded to the Subscriber for further dispatch to the Customers.
    • All transactions provided by the Subscriber to Signzy should be accompanied with the IP address of the Investor for transaction.
  • Non-financial transactions
    • Subscriber shall communicate all requests for non financial transactions viz. changes in address, bank account, bank branch, nomination, dividend reinvestment status, etc. in respect of any folio, to the relevant AMC and/or the Authorized Registrar as per the guidelines detailed in Schedule III within 7 Business Days of receiving the same.
    • The relevant AMC and / or its Authorized Registrar shall send acceptance or Rejection of the non-financial transaction requests as enumerated hereinabove within 7(seven) business days from the date of receipt of such requests, in such frequencies as mutually agreed between the Parties to the contract.
  • Documentation
    With reference the SEBI Circular No. SEBI/IMD/CIR No.12 /186868 /2009 dated December 11, 2009 which notifies that documentation needs to be maintained by the AMC for all transactions reported to them, the Subscriber will follow the below detailed process flow :

    1. Fresh Purchase: The below detailed documents to be submitted through straight through processing on the same day of reporting the transaction and either the originals or attested copies within seven days of transaction, to be submitted to R&T as per the process set-forth by them;Individual customers
      1. Power of Attorney (PoA) or equivalent document and copy of Permanent Account Number (PAN) (or an alternate document where PAN is not required such as for Micro SIP, bonafide Sikkim residents etc.)
      2. Additionally, where KYC acknowledgement is not submitted earlier, the same shall be submitted..

      Non Individual Customers

      1. PoA or equivalent document, Board Resolution, List of Authorised Signatories, attested copy of PAN, or other relevant document as applicable.
      2. Additionally, where KYC acknowledgement is not submitted earlier, the same shall be submittted.
    2. For Subsequent Transactions: The below detailed documents to be submitted toR&T as per the process set-forth by them on the day of reporting the transaction;Where placed through discretionary PoA
      • No transaction documents to be collected, as PoA holder has discretion to transact

      Where placed through non-discretionary PoA

      1. Attested Physical copy or scan copy of client instruction on weekly basis
      2. For transactions received through online mode, transaction log to be submitted on the same day alongwith transaction feed or within a week if not forming part of transaction feed. Prior approval of the AMC is required for accepting transactions through any other mode
    3. Subscriber will provide a one-time declaration to the AMC covering the pointsdetailed below on their letter-head signed by the authorized signatories;
      • Confirming the mode through which the transactions are accepted by them;
        • Online: All transactions processed were received through electronic mode viz. Telephone, Internet etc.
        • Discretionary POA: All transaction were executed as empowered in the POA
        • Non-Discretionary POA: All transactions were executed as per the request received (either in physical form or through phone or online) from the Investor.

        It would be the responsibility of Subscriber to correctly detail the modes and keep the AMC and R&T informed of any changes /deviation in the said modes.

      • Confirming that the PoA or equivalent documents follow only standard agreed format and any change in the nature of PoA or equivalent document format shall be informed to AMC/R&T prior to such change.
    4. It shall be the responsibility of Subscriber to verify the accuracy / validity and signature verification of the documents submitted to the AMC / R&T. Subscriber is responsible for the accuracy of the Investor documents submitted to the AMC/R&T for transactions executed by them in past, present and future.
    5. AMC/R&T will not be responsible for any breach of Investor data confidentiality clause due to storage of transaction document along with the processed transaction, ifSubscriber submits a single common transaction slip for more than one transaction across various AMC’s.
  • Transfer of Data for Transactions (STP Process)
    • All the formats and mode of data exchange mentioned in the Product Terms are only indicative. Post signing up of the Product Terms, Subscriber will coordinate with the Authorised Registrar of AMC to finalise the exact formats as required by the Authorised Registrar, set up Straight Through Processing Module/Fundsnet with the Authorised Registrar, enter into necessary Product Terms as desired by the Authorised Registrar, conduct test runs post which live customer transactions will be accepted by the Mutual
  • Representation and Warranties
    • Subscriber hereby affirms that only its employees /agents/representatives of Subscriber holding a valid AMFI/NISM certificate will be engaged in the sale and marketing in relation to units of Mutual Fund. Further Subscriber shall on the request of Signzy, provide a declaration to the above effect. The Subscriber shall provide the AMFI/NISM certificate of its employees (and photo ID card) and its ARNceritifcate, as may be required by the Signzy.
    • Subscriber undertakes that it will collect the duly completed and valid Power of Attorney / instruction and other documents from the Customer. Subscriber will provide power of attorney / Product Terms / manadate, transaction slips, KYC documents, other documents etc.,  received from customers, necessary for processing the transactions as enumerated in SEBI circular dated  December 11, 2009
    • AMC shall, at all times display on its website, information related to the Scheme, which is true, accurate and complete in all respects.

SCHEDULE I
Process Note:

Forwarding of Transactions Received at Subscriber
(a) Subscriber shall compile and send/upload thru Funds Net /STP process of Authorized Registrar the requests for Transactions for each Business Day in the mutually agreed format to AMC and/ or its Authorized Registrar within the respective cut off times.
(b) Subscriber to also upload/forward all transaction related documents to R&T, as per the regulatory requirements.
(c) Any requests received during the shutout period or on non-business days of the respective Schemes shall also be forwarded along with the normal transaction download of the business day they pertain to.
(d) In the event that there are no transactions for the day, Subscriber shall send an e-mail to Signzy and respective AMC confirming the same at the same time that it would normally have sent the data file for transactions.
(e) Subscriber shall also email the details of transactions to mutual fund for all those schemes where the data is required earlier for statistical/fund management purposes.
(f) In respect of purchase of units in all schemes (other than liquid fund schemes and plans) with amount equal to or more than Rs. 2 Lakh, irrespective of the time of receipt of application the closing NAV of the day on which the funds are available for utilization shall be applicable.

Cut-off Timings for Acceptance of Transactions

Type of Fund Type of Transaction Application For Cut off Time*
Cash Funds Purchases Historic NAV 13.30
Cash Funds Redemptions & Switches Forward NAV 15:00
Other Funds All Transactions Forward NAV 15:00
Funds during NFO Subscriptions / Purchases NFO Allotment date NAV 17:30 onNFO Closure date/or specific as per the OD of the particular NFO scheme

 

  • The transaction acceptance time would be determined based on the time of lodgement of the transaction in the Official Acceptance Point of the Fund House. For transactions transmitted online, the transaction time would be taken as the time when the transaction is received in the Registrar’s server for processing, in case of STP/FundsNet and electronic date / time stamp shall determine the official time of receipt of transactions received through email/fax.
  • NAV applicable for Cash Fund and 2 Lakh and above purchases are subject to availability of Funds for utilization before cutoff time.

*The above times lines may undergo change any time based on regulatory changes

 

Time Lines for Fund transfers to be done to AMC Collection Account

Type of Fund Type of Transaction Application For Cut off Time for receipt of Funds
Cash Funds Purchases Historic NAV 13.30
INDEX High Value Purchases Forward NAV 15.00
Transactions for Rs. 2 Lakh and above Purchases Forward NAV 15.00
Transactions below Rs. 2 Lakh Purchases Forward NAV EOD
Funds during NFO Purchases NFO Allotment dateNAV EOD

SCHEDULE II

List of contact persons of Subscriber

Transaction Activities

Bank related Activities

Legal Activities

Distribution Activities

Marketing & Promotion Activities

Financial & Accounting Activities

To be notified by Subscriber with respective Board Resolution as applicable for any changes in the above during the term of this Product Terms

SCHEDULE III

Process for updation of Non-Financial Transactions

Sr no. Particular Process for updation of the Non Financial transactions.
1 Change of Nomination Soft Copy from Registered ID
2 Transmission Updation will take place only on receipt of the originals at CAMS end
3 Consolidation Soft Copy from Registered ID
4 LIEN Marking To be processed on the basis of the originals at CAMS end
5 Change in Tax Status The channel partner to do a KYC (Take the set of documents for effecting a tax code change) and report an NFT for change in the tax status of the investor. The request to be sent via soft copy from registered ID.
6 Registration of Nominee Soft Copy from Registered ID
7 PAN or KYC Updation Soft Copy from Registered ID
8 Lien Release To be processed on the basis of the originals at CAMS end
9 Change in Dividend Option Soft Copy from Registered ID
10 Change of Bank Mandate Soft Copy from Registered ID
11 STT Certificate Request Soft Copy from Registered ID
12 Change of Address To be processed as per the KYC Norms
13 Change in Name To be taken on a case by case basis. Mail to be sent to AMC for any clarifications or name change requests
14 FIRC updation- Banking Channels Soft Copy from Registered ID. The hard copies signed by the authorized signatory should follow by T+1 to be taken on record for future reference.
FIRC updation- Non-Banking Channels For FIRC confirmation we need the letter from the investor bank confirming the funds have been routed through NRE account along with Channels covering letter providing the complete investor and transaction details in the prescribed format. These documents can be scanned and sent via registered email ID for the updation to take place. The original documents should follow by T+1 to be taken on record for future reference.
15 Conversion of folios from offline to online(vice versa)/ Change of Broker code To be processed on the basis of the originals at CAMS end