GRIEVANCE REDRESSAL POLICY – NPS

GRIEVANCE REDRESSAL POLICY – NPS

1. INTRODUCTION

Finwizard Technology Private Limited (hereinafter “Finity”) has adopted this grievance redressal policy (“Policy”) to set forth the practices and procedures that Finity will follow while receiving, handling and responding to all complaints or grievances received from subscribers in relation to the services that Finity provides (“Services”) as an intermediary under the Pension Fund Regulatory and Development Authority Act, 2013 (the “Act”).

Finity has formulated, adopted and implemented this Policy further to and in accordance with the Act, and the Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) Regulations, 2015 (the “Regulations”). This Policy aims to ensure that redressal of complaints would be fair, consistent and in accordance with the extant rules & regulations.

 

2. DEFINITIONS 

  1. Grievance(s)” as used in this Policy means any communication from a subscriber that expresses dissatisfaction in respect of: 

a. the conduct of Finity; or

b. any act of omission or commission by Finity; or

c. deficiency of Service on the part of Finity

and in the nature of seeking a remedial action. Communications that are incomplete, that are suggestions, or seeking advice are not regarded as Grievances for the purposes of this Policy. 

2.  “Complainant” as used in this Policy means any person who lodges a Grievance under this Policy.

3. The words “intermediary”, “subscriber”, “Authority”, “Central Recordkeeping Agency” or “CRA”, “National Pension System Trust” or “NPST”, and “Ombudsman” as used in this Policy shall have the same meaning accorded to such words under the Act.

 

3. PROCEDURE FOR RAISING A GRIEVANCE

A subscriber may raise a Grievance with Finity in any of the following manners:

  • Level 1:

The Subscriber has a right to seek redressal for the services offered by Finity. If a Subscriber has any grievance / complaint, the Subscriber can approach the Subscriber Support help desk via the “Help” tab in Finity Mobile Application or “Write to us” section in the Finity website.

The subscriber may also send the complaint through a physical letter to Finity at the following address:

Finwizard Technology Private Limited, 

Queens Paradise, 1st Floor, Curve Road Shivajinagar,

Karnataka, Bangalore – 560052

 

  • Level 2:

If the Subscriber’s issue is unresolved after a period of 15 days from the date of first raising

the issue at Level 1 or if the subscriber is not satisfied with the response provided at Level 1, the Subscriber may, post completion of a 15 day period from the date of first raising the issue at Level 1, write to the Chief Grievance Officer at Grievance@Finity.com. The Chief Grievance Officer shall be the designated senior management executive, in terms of Clause 4 of the “Guidelines for grievance redressal by an Intermediary of NPS” issued by PFRDA

If the complaint is not resolved at Level 2 or if the Subscriber is not satisfied with Finity’s grievance redressal, the Subscriber may raise a Grievance with the CRA or the Authority, either in writing, or over e-mail, or through telephonic means.

  

4. PROCEDURE FOR GRIEVANCE REDRESSAL PROCEDINGS

 

  • Registration of Grievance 

Where Finity is directly notified of a Grievance by a subscriber, Finity for the purpose of records and tracking, shall upload the same into Central Grievance Management System (“CGMS”) provided by the CRA in accordance with the Act and generate the unique grievance number (“UGN”).

  • Acknowledgement

 

  • Finity shall acknowledge the receipt of the Grievance to the Complainant within three (3) working days of the receipt of the Grievance. In the acknowledgment, Finity shall mention the date of receipt of Grievance (either directly, or through the CGMS); UGN; expected date for resolution of the Grievance; name, designation and contact details of the Grievance Redressal Officer and the Chief Grievance Redressal Officer, and the escalation matrix for the Grievance including contact details and addresses for escalation within Finity, the National Pension System Trust and the Ombudsman. In the event Finity resolves the Grievance within such three (3) day period Finity shall provide the Complainant with such resolution in the acknowledgement.  

 

  1. In case the Grievance received does not pertain to Finity, then within three (3) working days of Finity receiving the Grievance, Finity shall inform the Complainant of the same, and forward the Grievance to the concerned entity/entities. 

 

  • Resolution

 

  1. Finity shall resolve any Grievance within thirty days from the date of receipt of the Grievance. Finity’s shall respond intimating the Complainant of resolution of the Grievance and also mention date of receipt of Grievance (either directly, or through the CGMS); UGN; name, number, designation and contact details of the Finity officer who will be dealing with the grievance received; procedure for representing the matter to NPST, and further right to approach the Ombudsman and the authority in case of non-satisfactory resolution of the Grievance (collectively, “Response”).
  2. Finity will update the status of the Grievance on the CGMS within one (1) working day of sending the Response to the Complainant.  
  3. Finity shall actively monitor the status and progress of any Grievance. Any Grievance that remains unresolved for more than two (2) weeks shall be escalated to the Chief Grievance Redressal Officer in accordance with the two-tier grievance redressal system set out in the Regulations. 
  4. Finity shall provide the Response to the Complainant. 
  5. A Complainant whose Grievance is not resolved within thirty (30) days or who is not satisfied with the resolution proposed by Finity, may approach the National Pension System Trust. Where the Grievance remains unresolved for a further period of thirty (30) days, a Complainant may approach the Ombudsman appointed under the Regulations for resolution and redressal. Finity shall provide the Complainant with this information in Finity’s response.

 

5. CLOSURE OF COMPLAINT

A Grievance shall be considered as disposed of and closed in any of the following instances, namely:

  1. when Finity accedes to the request of the Complainant fully;
  2. where the Complainant has indicated in writing, its acceptance of the resolution by Finity;
  3. where the Complainant has not responded within forty-five days of the receipt of the written response of Finity;
  4. where the Grievance Redressal Officer has certified to the Complainant that Finity has discharged its contractual, statutory and regulatory obligations and;
  5. where the Complainant has not preferred any appeal within forty-five days from the date of receipt of resolution or rejection of the Grievance communicated by Finity;
  6. where the decision of the Ombudsman in appeal has been communicated to such Complainant.

The closure shall not be applicable where the Ombudsman has allowed filing of the appeal, beyond the specified period.

 

5. DETAILS OF GRIEVANCE REDRESSAL OFFICER 

Finity hereby appoints and notifies the following employees as Grievance Redressal Officers under this Policy:

Grievance

The Grievance Redressal Officer shall interface with the subscribers, and the subscribers may reach out to the Grievance Redressal Officer for any Grievances. The Chief Grievance Redressal Officer shall ensure that the Grievance Redressal Officers function in accordance with this Policy, the Act, and the Regulations. The Chief Grievance Redressal Officer shall also serve as a point of escalation for the Complainant in accordance with the procedure in this Policy. 

 

6. FINITY ’S OBLIGATIONS

 

  1. Finity shall inform the subscriber at the commencement of their relationship of the subscriber’s right to seek redressal for Grievances and the procedure of redressal followed by Finity.
  2. Finity is required to maintain records of each Grievance received by Finity and the measures taken by Finity for its redressal in accordance with the provisions of the Act, the Regulations and this Policy.
  3. The details of the subscriber’s Grievance and all other related details to be kept confidential and only be shared with other organizations or regulatory authorities in accordance with the applicable laws.
  4. Finity shall maintain categorization of the complaints as specified by the regulator from time to time.
  5. Finity shall submit periodic reports to the National Pension System Trust or Authority as may be specified from time to time.
  6. In terms of Regulation 4(f) of PFRDA (REDRESSAL OF SUBSCRIBER GRIEVANCE REGULATIONS) 2015, the policy is required to be displayed in the public domain and preferably displayed in Hindi, English and other applicable regional languages in the office(s). Accordingly, the Grievance Redressal Policy shall be displayed on Finity’s platforms and also displayed at Finity’s Principal/Business Office in English and Hindi language. 
  7. Finity shall file this Policy with the Authority and will ensure that the Policy is available in the public domain. Finity shall use its best efforts to make the Policy available on Finity’s website, however Finity does not guarantee that the Policy will be available at all times on the website of the Finity. In the event of any technical issue, force majeure, or other event beyond Finity’s reasonable control, then the Policy may not be accessible. 
  8. The Policy is subject to revision/modification/alteration (without notice), so as to confirm to the benchmarks or standards as laid down or amended by the Authority from time to time or as may be advised by the Authority.

Customer Terms and Conditions

Customer Terms and Conditions

Last Updated:  16th April, 2021

THIS DOCUMENT IS AN ELECTRONIC RECORD IN TERMS OF THE INFORMATION TECHNOLOGY ACT, 2000 AND RULES MADE THEREUNDER AS APPLICABLE AND THE AMENDED PROVISIONS PERTAINING TO ELECTRONIC RECORDS IN VARIOUS STATUTES AS AMENDED BY THE INFORMATION TECHNOLOGY ACT, 2000. THIS ELECTRONIC RECORD IS GENERATED BY A COMPUTER SYSTEM AND DOES NOT REQUIRE ANY PHYSICAL OR DIGITAL SIGNATURES.

THIS DOCUMENT IS PUBLISHED IN ACCORDANCE WITH THE PROVISIONS OF RULE 3 (1) OF THE INFORMATION TECHNOLOGY (INTERMEDIARIES GUIDELINES) RULES, 2011 THAT REQUIRE PUBLISHING THE RULES AND REGULATIONS, PRIVACY POLICY AND TERMS OF USE FOR ACCESS OR USAGE OF THE “PLATFORM” (DEFINED BELOW).

 

The online platforms – www.finity.in (“Website”), and the iOS and Android mobile application – “Finity” (“App”) is owned and operated by Finwizard Technology Private Limited, a private limited company incorporated under the Companies Act, 2013 with its registered office at Queens Paradise, 1st Floor, Curve Road Shivajinagar, Bangalore- 560052, Karnataka, India (“Finity”). The App and the Website its sub-domains and other sites/ apps/ other channels maintained by Finity to enable distribution of financial products and services (defined below) shall be collectively referred to hereinafter as the (“Platform”). Finity is a SEBI registered investment advisor with registration number INA200005323.

Finity requests You to carefully go through these terms & conditions (“Terms & Conditions”) to avail the access to the distribution network of Finity through its online technology platform. If You continue to browse and use this Platform, You irrevocably and unconditionally are agreeing to comply with, abide by and be bound by all the obligations as stipulated in the following Terms & Conditions of use, which together with our privacy policy and any other applicable policies which are incorporated herein by way of reference or available by hyperlink on the Platform, shall govern Finity’s relationship with You in relation to this Platform. Accessing the distribution network of Finity on its online technology platform through any medium, web on mobile phones and such other devices, is also subject to the Terms & Conditions. The Terms & Conditions supersede all previous oral and written terms and conditions (if any) communicated to You and shall act as an agreement between Finity and Users.

THE USE OF THIS PLATFORM IS SUBJECT TO THE FOLLOWING TERMS & CONDITIONS:

 

1. DEFINITION

 

  1. “Advisory Services”, shall mean the investment related advice provided by Finity to the Registered Customer with respect to the mutual funds through the Platform.
  2. “AMC” shall mean and include Asset Management Company listed on BSE.
  3. “BSE” shall mean Bombay Stock Exchange.
  4. “Finity” or “us” or “Finity app” or “Finity Wealth” or “we” or “our” shall mean and refer to Finwizard Technology Pvt Ltd. and its affiliates, officers, employees, agents, partners and licensors.
  5. “User”, “You/You”, “Your/Your” means any person, User, Registered User, viewer or Registered Customer who views, browses, accesses or uses our Platform;
  6. “Use” or “Using” means to browse, access, view, copy, availing Services or other benefit from using the Platform;
  7. “Implementation Services” means the service of access to Finity’s online technology Platform for the purchase, SIP, STP, switch and redemptions of units of mutual funds listed on the Finity Platforms by Users, on the Terms & Conditions as mentioned.
  8. “Force Majeure Event” means any event due to any cause beyond the reasonable control of Finity, 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.
  9. “Platform” means and includes Finity web application, Finity mobile application accessed through or downloaded from the app store i.e. Android or IOS its sub-domains and other sites/ apps/ other channels maintained by Finity to enable distribution of financial products and services, which might be used or accessed at any other platform where the Platform can be accessed from on mobile phones and such other devices, like, mobile application (whether or not on android or IOS) or any other platform as provided by Finity.
  10. “RTA” shall mean Registrar and Transfer Agent.
  11. “Registered User” or “Registered Customer” shall mean and include the Users or customers who have an investment Account with Finity to avail the Services or any part thereof, as provided on the Platform.
  12. “SIP” shall mean Systematic Investment Plans
  13. “STP” shall mean Systematic Transfer Plans
  14. “NAV” shall mean Net Asset Value
  15. “Account” shall mean the account opened with Finity by the Registered Users, for use of the Platform or making investment through the Platform.
  16. “Services” shall refer to the Implementation Services, Advisory Services and any other services provided by Finity to the Registered Customers through the Finity Platform. 

 

2. PLATFORM USE

User acknowledges that in accessing and using the Services offered by Finity, User may utilize the content and Services offered on the Finity Platforms. User hereby agrees to this terms and conditions for the use of such Finity Platform as may be specified on such Finity Platform from time to time. If the User avails Advisory Services provided by Finity, the terms and conditions specifically applicable with respect to the Advisory Services shall also be applicable as per the Investment Advisory Services Agreement available at [here]. Notwithstanding such acceptance of the Finity Platforms terms, User acknowledges and agrees to the following, that:

  1. Finity is a SEBI registered investment advisor and enables Users to purchase units of various direct plans of mutual funds, details of which shall be made available on the Platform, from time to time.
  2. User investment Account will be activated after Finity completes the verification process on the personal information provided at the time of enrollment and in accordance with the Know Your Client (“KYC“) guidelines issued by the Securities and Exchange Board of India (“SEBI”) from time to time.
  3. User 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 Finity Platforms, except that which User may download for personal, non‐commercial use.
  4. User will not use Finity’s Platforms for any purpose that is unlawful, or prohibited by the Terms & Conditions. User also agrees that User will not use the Platforms in any manner that could damage, disable or impair the Platforms or interfere with any other person’s use or enjoyment of Finity’s Platforms.
  5. The software and hardware underlying the Platforms as well as other internet related software which is required for accessing the Platform are either the legal property Finity or the respective vendors with whom Finity has engaged. The permission given by Finity to access the Platforms will not convey any proprietary or ownership rights in the above software/ hardware. User agrees that User shall not attempt to modify, translate, disassemble, decompile or reverse engineer the software/hardware underlying the Platform or create any derivative product based on the software / hardware.User
  6. Finity is not responsible for the availability of content or other services on third party sites linked from the Finity Platforms. User agrees and is aware that access of hyperlinks to other internet sites are at Users own risk and the content, accuracy, opinions expressed, and other links provided by these sites are not verified, monitored or endorsed by Finity in any way. Finity 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.
  7. Finity reserves the right to change, modify, add, or remove portions of any terms and conditions including this T&C, Investment Advisory Services Agreement, privacy policy and disclaimers displayed on our Platform from time to time (“Terms”) (each, a change and collectively, Changes). The revised Terms with the Changes shall be made available on the Platform. You are requested to regularly visit the Platform to view the most current version of the Terms. While we will endeavour to notify You, it shall be Your responsibility to check the Terms periodically for Changes. The Changes will become effective, and shall be deemed accepted by You, 24 hours after the initial posting and shall apply immediately on a going-forward basis with respect to Your continued use of the Platform or availing the Services or when a payment transaction is initiated by You through the Platform after the posting date. If You do not agree with any such change, Your sole and exclusive remedy is to terminate Your use of the Platform and the Service. For certain changes, Finity may be required under applicable law to give You advance notice, and Finity will comply with such requirements. Your continued use of the Platform following the posting of changes will mean that You accept and agree to the Changes.
  8. An Account may be created offline, without accessing the Finity Platforms. In the event User creates an investment Account offline, User understands and acknowledges that the Terms & Conditions for use of the Finity Platforms will continue to be applicable to User for the use of the Services.
  9. Mere use of the Platform, shall be construed as Your intent to contract with us and shall constitute Your binding obligations, with us.
  10. User understands that it is User’s responsibility to check the Terms & Conditions carefully before accessing, using, or transacting on our Platform.
  11. As long as User complies with the Terms & Conditions, we grant User a personal, non-exclusive, non-transferable, revokable, limited privilege to enter and use the Platform. User acknowledges and understands that use of the Platform shall be at Your own risk and You have the discretion of not using the Platform.
  12. Finity shall not be liable if any transaction does not fructify or may not be completed or for any failure on part of the Finity to perform any of its obligations under the Terms & Conditions or those applicable specifically to its services/facilities if performance is prevented, hindered or delayed by a Force Majeure event and in such case its obligations shall be suspended for so long as the Force Majeure event continues.
  13. All information, content, materials, products (including, but not limited to text, content, photographs, graphics, video and audio content) on the Finity Platforms is protected by copyright in the favour of Finity under applicable copyright laws and is also protected otherwise under general intellectual property law.
  14. All information submitted by UUser to Finity (except for the information which shall be by virtue of its nature, be deemed to be proprietary information of the User) whether through the Finity Platforms or otherwise shall be deemed to be the property of Finity, and Finity shall be free to use any ideas, concepts, know-how or techniques provided by such Users at the Finity Platforms, in any manner whatsoever.
  15. Not all the products and services offered on Finity’s Platforms are available in all geographic areas and User may not be eligible for all the products or services offered by Finity on the Platforms. Finity reserves the right to determine the availability and eligibility for any product or service.

 

3. AVAILING OF SERVICES

  1. Service(s) shall be availed in accordance with the Terms & Conditions mentioned herein. User agrees that Finity and / or the mutual fund may at its sole discretion vary the Terms & Conditions or withdraw any of the facilities provided herein from time to time.
  2. User hereby irrevocably and unconditionally grants no objection to Finity and the respective mutual funds / RTAs to collate the transaction details relating to the investments in mutual fund units done by User on the online technology platform of Finity and provide such transaction data to Finity for further processing of User transactions.
  1. REGISTRATION OF THE USER
  2. Access to Finity’s Services will be granted by Finity only to Registered Customers of Finity, post the enrollment for the Services. User agrees and acknowledges that the Services provided herein are presently available in respect of select mutual funds only with whom Finity has entered into a separate arrangement. User shall provide the required details and the documents for the purpose of the registration and enrollment  on the Platform: 

o Name

o A valid email address has to be provided and a password has to be created;

o PAN card details and a copy of the PAN card;

o Bank account details and a cancelled cheque leaf;

o Address proof;

o Photograph;

o Signature;

o or any such prescribed by Finity or by regulation for sending / sharing it to any Asset Management Companies (AMC) or RTA (Registrar and Transfer Agent) or KYC authority (UIDAI, KRA, CERSAI, or others)

  1. The above provided information/details shall be uploaded by the User in soft copy form on the Platform at the time of enrollment. Upon due verification of the documents and details, they shall be provided to the concerned regulatory authority/mutual fund company for the purpose of opening an Account with Finity for the transaction to be made by the Users.
  2. During the registration process, the User will be prompted to sign on the mobile screen. Finity app will capture the signature of the customer and will utilize it only for the purpose of completing the registration formalities – namely, KYC form, Finity Account opening form and BSE account opening form. The signature does not allow Finity to undertake any transactions other than those specified here.
  3. Kindly Note: In the event, if any discrepancy is found, in any of the information provided by the User, for example, information in any of the documents provided does not match with the adjoining documents, such mismatch shall lead to the rejection of the documents. The privacy of the documents provided or any such personally identifiable information provided to Finity, shall be maintained in accordance to the privacy policy of the Platform.
  4. User agrees that any and / or all information that may be provided by You to Finity from time to time, including but not limited to contact information, address and tax related information or any other information required under existing or future KYC or other norms and laws, may be shared by Finity with the regulatory authorities/mutual funds/BSE/AMCs or their respective authorized service providers, auditors, legal and tax consultants in compliance with extant legal provisions from time to time.
  5. There may be an exit load applicable to certain mutual fund schemes which is mentioned in the respective offer documents including Scheme Information Document (SID) /Key Information Memorandum (KIM) and addendums issued thereto from time to time (collectively referred to as “Scheme Related Documents”). User shall read all the Scheme Related Documents before making any transaction on Finity.
  6. Investments from persons from any country other than India may not be permitted in certain mutual funds. Finity/ BSE/their respective trustee companies shall not be liable for rejection of an application by mutual funds, where the investor is a person from a country other than India or such other prohibited investor as may be specified in the respective Scheme Related Documents from time to time.
  7. Purchase requests made through Finitys’ Platform shall be processed by the respective mutual funds only after funds sufficient to cover the purchase price and other costs and charges have been received by the respective mutual funds. Payments towards the purchase price and other costs and charges shall be made by the Registered Customers through NEFT or the payment gateway or other electronic means made available by Finity on the Platform. If for any reason the mutual fund is unable to allow a transaction for purchase or redemption of the full quantity of units such as transacted by a Registered Customer through the online technology platform of Finity, the respective mutual fund shall be entitled to process a lesser quantity of units being purchased or redeemed (as the case may be) by such Registered Customer. In such a case, Finity shall be not responsible for the non-execution of transactions for the entire quantity or the remaining quantity of units.
  8. Transaction rights for SIPs and STPs will be pursuant to the Registered Customer executing the instructions, in the manner and form as prescribed by Finity and / or mutual funds on the Platform from time to time. The instructions will be applicable to all SIP, STP transactions whether presently existing or to be opened in future. User agrees that, upon granting such instructions for SIP, STP transactions, User will be bound by the terms of the relevant SIP and STP scheme of the mutual fund to which User subscribes.
  9. User agrees and acknowledges that any transaction done or purported to be done by User on a business day would be processed on the next business day. The User will be allotted mutual fund units by the respective AMC based on the NAV applicable of that business day. This will be applicable to switch and redemption transactions also.
  10. While Finity shall make every effort to ensure adherence to the above timelines, Finity shall in no way be responsible or held liable for any delay thereof, including for loss of interest and / or opportunity loss and / or any loss arising due to movement in NAV or any other losses, liabilities, damages, costs, charges, expenses which the investor(s) may sustain, incur or suffer or be put to or become liable or incur directly or indirectly by reason or as a consequence of any delay thereof.
  11. User acknowledges that the units of the scheme shall be allotted, redeemed or switched, as the case may be, by the respective mutual funds at the applicable NAV of the concerned mutual fund scheme as provided by mutual funds and consistent with the terms of the Scheme Related Documents. However, Finity shall not be liable for any loss that may arise to User as a result of incorrect NAV applied on units allotted to User by the mutual fund.
  12. User acknowledges that any transactions done on a holiday would be processed on the next business day and the NAV would be applicable as per the respective Scheme Related Documents.
  13. User acknowledges that transactions once placed cannot be cancelled. However, User can withdraw money by redeeming the mutual fund units. Upon such withdrawal, the settlement amount towards the mutual fund or the units of mutual fund shall be credited to the registered Account of the User within 3-4 bank working days. An exit load might be applicable to certain mutual fund schemes which is mentioned in the respective offer documents including Scheme Information Document (SID) /Key Information Memorandum (KIM) and addendums issued thereto from time to time (collectively referred to as “Scheme Related Documents”). User shall read all the Scheme Related Documents before making any transaction on Finity 
  14. User acknowledges that any directions pertaining to all transactions including withdrawal, STP and switch transactions provided by the User from its Account shall be deemed to be considered as the bona-fide order placed by the User.
  15.  User have read and understood the contents of the Scheme Related Documents and the details of the scheme and they have not received or been induced by any rebate or gifts, directly or indirectly, in making any investment. User hereby declares that the amount invested/to be invested by their investment in the direct scheme(s) of mutual fund (s) is derived through legitimate sources and is not held or designed for the purpose of contravention of any act, rules, regulations or any statute or legislation or any other applicable laws or any notifications, directions issued by any governmental or statutory authority from time to time.

 

5. LEGAL OBLIGATION

  1. Users are required to register for an investment Account and have to provide information and data (“Personal Information”) classified as ‘Sensitive Personal Information’ under Regulation 3 of the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011 (“SPDI Rules”).
  2. Finity is bound by and complies with the Information Technology Act, 2000, and rules and regulations made thereunder. In accordance with the Section 43A of Information Technology Act, 2000, Finity is obliged to maintain reasonable security procedures to safeguard the User data received or provided by the User.
  3. Personal Information provided by the User belongs to the User. In the event, User wants to access or update any earlier provided information, User can change through entering the Platform with its login credentials and make changes as required. Some of the changes made or proposed by the User may require User to provide documentary evidence. In any event, upon Your written request, Finity has a legal obligation and will provide every Registered User of the Platform and Services with a readable copy of the personal data that we keep about You. As an added security measure and regulatory requirements, we may require additional proof of identity prior to such disclosure.
  4. You have right(s) not to provide any Personal Information on the Platform  or any third-party website(s). It is not mandatory to provide Your Personal Information, however, we will be able to provide You the Services only when You disclose certain Personal Information, as requested in the process. If You intend to use the Services, it is solely at Your own volition, risk and after reading, confirming and in conjunction with the Terms & Conditions, privacy policy, and any other policies as provided on the Platform.
  5. If the User wants to withdraw its consent given earlier for providing Personal Information, the User shall send in request for such withdrawal to Finity in writing. In the event of such withdrawal request, Finity shall have the option to not provide the Services.
  6. In accordance with Regulation 4 of the SPDI Rules, Finity is obliged to provide every Registered User of the Platform with a readable copy of the information that it keeps about You. If the User would like to have a copy of the same, User can reach out to Finity at ask@finity.in

 

6. LINK TO THIRD PARTY

Finity may provide You links to third party services (“Third Party Services”). You agree to use the Third Party Services at Your sole risk and that we shall not have any liability to You for content that may be found to be offensive, indecent, or objectionable. User understands that certain Third Party Services may display, include or make available content, data, information, applications or materials from third parties (“Third Party Materials”) or provide links to certain third party websites. By using the Third Party Services, You acknowledge and agree that Finity is not responsible for examining or evaluating the content, accuracy, completeness, timeliness, validity, copyright compliance, legality, decency, quality or any other aspect of such Third Party Materials or websites. Finity DOES NOT WARRANT OR ENDORSE AND DOES NOT ASSUME AND WILL NOT HAVE ANY LIABILITY OR RESPONSIBILITY TO YOU OR ANY OTHER PERSON FOR ANY THIRD PARTY SERVICES, THIRD PARTY MATERIALS OR WEB SITES, OR FOR ANY OTHER MATERIALS, PRODUCTS, OR SERVICES OF THIRD PARTIES.

7. NO OBEJECTION FROM THE USER(S)

User acknowledges and grants no objection to Finity to do or place transaction requests for the User on the online technology platform of Finity and at Users own risk and cost, all or any of the following acts, deeds matters and things:

  1. To forward User transaction data and requests to the respective mutual funds/BSE with respect to the instructions and orders of sale, purchase, transfer, splitting and consolidation of mutual fund units.
  2. To transmit to the mutual fund and/or the BSE, information relating to User nomination/changes in investment plan/ any other changes made through the online platform.
  3. To obtain and forward to the BSE/AMC, its authorized registrar User’s information as available in the KYC records, including User signature(s). User agrees that such records may be used by the BSE/AMC/authorised registrar for authorizing the transactions that may be submitted by User in physical/offline mode.
  4. To contact User regarding matters pertaining to the operation of User Account including, but not limited to, servicing of Users requests, communication of special offers, new product launches and product recommendations. This consent will override any registration for Do Not Call (“DNC”) / National Do Not Call (“NDNC”)
  5. Holding pattern and Customer details
  6. User acknowledges and agrees that the Finity holding pattern of the Registered Customer, as reflected in the Finity system, is deemed to be the Finity Account holding pattern of the account holder/investor(s).
  7. User also agrees there will be no changes allowed in the holding pattern of the investors associated with the Account once the Account is activated.
  8. User agrees that once an investment is made using the holding pattern, User will not be allowed to change the holding pattern for the subscriptions.
  9. The other requisite data (which is not part of the form) required to be reported to BSE / authorized registrar of the AMC will be extracted from Finity Account details maintained for the first holder. The mode of holding in all customer joint accounts is treated as “Anyone or Survivor”.

 

8. ACCOUNT STATEMENT

User agrees and acknowledges that it shall be the obligation of the AMC and not of Finity to regularly send to the Registered Customer such communications as required under the SEBI regulations.

 

9. INDEMNITY

You agree to indemnify, save, and hold Finity / the AMC / Mutual Fund, their affiliates, employees, officers, directors and partners harmless from any and all claims, losses, damages, and liabilities, costs and expenses, including without limitation legal fees and expenses, arising out of or related to: (i) Your use or misuse of the Services / Platform; (ii) any violation by You of this Terms & Conditons or applicable laws; or (iii) any breach of the representations, warranties, and covenants made by You herein; or (iv) any act, neglect, misconduct or fraud on your part; or (v) sharing and or disclosing the information disclosed hereunder. Finity reserves the right, at your expense, to assume the exclusive defense and control of any matter for which you are required to indemnify Finity, including rights to settle, and you agree to cooperate with Finity’s defense and settlement of these claims. Finity will use reasonable efforts to notify You of any claim, action, or proceeding brought by a third party that is subject to the foregoing indemnification upon becoming aware of it. This paragraph shall survive termination of this Agreement

While currently, the Services offered by Finity are free of any charges, user acknowledges that Finity reserves the right to charge fees in the future for the Services or any other services offered by Finity. Any such change will be communicated on the pricing page of the app and website ahead of implementation, and will be displayed on the Finity Websites

 

10. LIABILITY OF FINITY:

  1. Finity shall not in the absence of gross negligence on the part of Finity, be liable to User for any act, omission or delay by the mutual fund or for any claims which User may suffer or incur as a result of or in course or discharge by Finity or its employees, officers, directors, nominee or agent of Finitys duties.
  2. Without prejudice to the above, Finity shall not be held liable for any loss or damage or failure to comply or delay in complying with its obligations under the Terms & Conditions which is caused directly or indirectly by any event or circumstances beyond Finity’s reasonable control. These include system failure, network errors, delay or loss of data due to the above and in circumstances of acts of God, floods, epidemics, quarantine, riot, civil commotion and/or war. User further agrees that Finity shall not be held liable for any losses, damages, expenses, costs, liabilities and claims of whatsoever nature caused by fraudulent or unauthorized use or access of User information, and/or signatures. Finity will be under no duty to verify compliance with any restrictions on Users’ investment powers.
  3. Finity will not be liable for any loss, damage, cost, charges or expenses directly or indirectly caused by reasons of any defects or imperfections or mechanical or other failure with relation to computer, cable, telex, telephone or postal system.
  4. While Finity will make every effort to have its computer systems available at all times, Finity makes no guarantees with respect to the availability of such systems. Finity will make every effort to resolve availability issues such as network problems, virus attacks etc. in an expeditious manner. Notwithstanding these, Finity will as such not be liable for any loss, damage, cost, charges or expenses directly or indirectly caused by reasons of lack of such availability.
  5. Finity shall not be liable for any loss or damage caused by reason of failures or delay of the mutual fund to deliver any units purchased even though payments have been made for the same, or failure or delay in making payment in respect of any units sold, though they may have been delivered and User shall hold Finity harmless and free from any claim in respect thereof. Finity shall also not be liable for any delay, failure or refusal of the mutual fund in registering or transferring units to User names or for any interest, dividend or other loss caused to User arising therefrom.
  6. In instances of third party claims, Finity shall not be liable for any failure/delay, wherein such claims/losses are arising due to a reason entirely attributable to an error or gross negligence of the mutual funds/BSE/AMC.

 

11. DISCLAIMER

  1. To the fullest extent permissible pursuant to applicable law, Finity and its third-party partners disclaim all warranties or guarantees – whether statutory, express or implied – including, but not limited to, implied warranties of merchantability, fitness for a particular purpose, and non-infringement of proprietary rights. No advice or information, whether oral or written, obtained by You from Finity or through the Platform will create any warranty or guarantee other than those expressly stated herein. For the purposes of this Disclaimer, You expressly acknowledge that as used in this section, the term “Finity” includes Finity’s officers, directors, employees, authorized personnel’s, affiliates and subsidiaries. You expressly agree that use of the Implementation Services and the Advisory Services on the Platform is at Your sole risk.
  2. All information provided through the Platform is provided on an “AS IS” best effort basis. You expressly agree that use of the Platform is at Your sole risk. The Platform and any data, information, third party software, reference sites, services, or software made available in conjunction with or through the Platform are provided on an “as is” and “as available,” “with all faults” basis and without warranties or representations of any kind either express or implied. Finity and any third party suppliers, affiliates, subsidiaries, licensors, employees, and partners do not warrant that the data, software, functions, or any other information offered on or through the app will be uninterrupted or free of errors, viruses or other harmful components and do not warrant that any of the foregoing will be corrected.
  3. Finity and any third party suppliers, licensors, affiliates, subsidiaries and partners do not warrant or make any representations regarding the use or the results of the use of the Platform in terms of correctness, accuracy, reliability, or otherwise.
  4. You understand and agree that if You use, access, download, or otherwise obtain information, materials, or data through the Platform, the same shall be at Your own discretion and risk and that You will be solely responsible for any damage to Your property (including Your computer system and / or other device) or loss of data that results from the download or use of such material or data. We do not authorize anyone to make any warranty on Our behalf and You should not rely on any such statement. This paragraph shall survive termination of this agreement/engagement. In no event will Finity be liable for any incidental, consequential, or indirect damages (including, but not limited to, damages for loss of profits, business interruption, loss of programs or information, and the like) arising out of the use of or inability to use the Platform.
  5. You will not solely rely on the views, representations (whether written or oral or otherwise), recommendations, opinions, reports, analysis, information or other statement made by Finity or any of its agents, directors, officers or employees and authorized personnel’s. In the event that You seek to make an investment pursuant to the information or recommendation provided by Finity, You shall do so at Your own risk, and should consider Your financial situation, objectives and needs and consult with Your legal, business, tax and / or other professional advisors to determine the appropriateness and consequences of such an investment. You agree that all the final decisions will be Yours and Finity will not have any liability for consequences of such decisions.

 

12. ONLINE PAYMENT – PAYMENT GATEWAY TERMS

The funds transfer for purchase of units of mutual funds will be done by using an electronic payment gateway facility (“Electronic Payment Gateway”), ONLY internet banking facility shall be offered for transaction on the Platform, through a third party net banking service provider registered with the Reserve Bank of India. User cannot use or permit the use of the Electronic Payment Gateway or any related services for any illegal or improper purposes.

Users shall utilize the Electronic Payment Gateway at their own risk. These risks would include but not be limited to the following risks and Finity disclaims all liability and responsibility for any claims, losses, damages, costs of whatsoever nature arising due to such risks:

  1. Misuse of Password: If any third party obtains access to User password of the investment Account, such third party would be able to transact on Finity’s online technology platform. User shall ensure that the terms and conditions applicable to the use of the net banking password as contained in the Electronic Payment Gateway for net banking are complied with at all times.
  2. Internet Frauds: The internet per se is susceptible to a number of frauds, misuse, hacking and other actions, which could affect payment instructions given using Electronic Payment Gateway or the transactions done using Finity’s online technology platform. Whilst Finity shall aim to provide security to prevent the same, there cannot be any guarantee against such internet frauds, hacking and other actions. User shall separately evolve/evaluate all risks arising out of the same.
  3. Mistakes and Errors: The filling in of applicable data for transfer would require proper, accurate and complete details. In the event of User Account receiving an incorrect credit by reason of a mistake committed by any third party, the concerned mutual fund/AMC or the bank shall be entitled to reverse the incorrect credit at any time whatsoever without the consent of the User. User shall be liable and responsible to accept any such instructions received from the AMC, without questions for any unfair or unjust gain obtained by Finity as a result of the same.
  4. Technology Risks: The technology for enabling the transfer of funds and the other services offered by the Electronic Payment and Finity could be affected by virus or other malicious, destructive or corrupting code, program or macro. The site of Finity or the bank may require maintenance and during such time it may not be possible to process the User request. This could result in delays in the processing of transactions/payment instructions or failure in the processing of transactions/payment instructions and other such failures and inability. User understands that Finity disclaims and all liability, whether direct or indirect, whether arising out of loss of profit or otherwise arising out of any failure or inability by bank/mutual funds/AMCs to process any transaction/payment instructions for whatsoever reason. Finity shall not be responsible for any of the aforesaid risks.
  5. Limits: Finity may from time to time impose maximum and minimum limits on funds that may be transferred by virtue of the payment transfer service given. User realizes, accepts and agrees that the same is to reduce the risks of the User. User shall be bound by such limits imposed and shall strictly comply with them.
  6. Indemnity: User shall indemnify Finity from and against all losses and damages that may be caused as a consequence of breach of any of the Electronic Payment Gateway for net banking and the Terms & Conditions mentioned herein above.
  7. Authentication of the Transaction: Users are authorized to make transaction only with and from the bank account(s) registered on the Platform. Banks have all the right to cancel, reject and/or unauthorize the transaction made by the User, from any other account, details of which is not registered or provided to Finity. Such payment which is rejected by the banks shall be notified or intimated to the User, in the morning of the next business day.
  8. Transaction Verification: The transaction made by the User, whether approved or rejected, using the Platform shall be subject to the following level of verifications: 

o Finity: Transaction will be rejected in case the bank account though which the payment is made, is not registered with Finity;

o BSE: Transaction made from the bank account which is different from the account details provided by Finity to BSE.

o AMC: Finally, rejection could be made by the AMC, upon receiving the transaction details.

  1. Withdrawal of Facility: Finity shall be entitled to withdraw this Service at any time without assigning any reason whatsoever.
  2. Binding nature of above terms & conditions: By use of this facility, User shall be deemed to have agreed to all the above terms & conditions and such terms & conditions shall bind the User in the same manner as if the User has agreed to the same in writing.

 

13. FUNCTION OF Finity

Any information contained in Finity brochures or other materials or otherwise communicated by Finity shall not be construed as investment advice and that all decisions to purchase or sell units made by User shall be on the basis of personal judgment arrived at after due consideration. Finity does not in any manner:

  • Guarantee payments on any units; or
  • Guarantee liquidity of any units; or
  • Make any offer to buy back any units; or
  • Guarantees the redemption or repayment of any units on maturity; or
  • Guarantees the payments of interest or dividend; or
  • Promise, indicate or guarantee any returns; or
  • Guarantee any good delivery.
  • subscribe to units of mutual funds on behalf or in name of User or collects payments from User for the units so purchased by User for remitting it further to the AMCs; or
  • receive any account statement from mutual funds/AMCs, on behalf of or in the Users name pertaining to the units; or
  • redeem /sell the units held by User or on its behalf or in its name; or
  • unilaterally instruct the mutual fund and/or the corresponding AMCs with regards to nomination/changes in investments plan/any other changes; or
  • sign any document on behalf of or in the name of User for purchase, sale or redemption of units; or
  • collect, receive and / or give receipts and discharges for any sum including dividend, interest or income arising from the units and does not sign and/or endorse dividend and interest warrants on my/our behalf or in my/our name; or
  • Correspond with or gives notice to the mutual fund/AMCs on behalf of or in the name of User, except for transmission of transactions done or purported to be done by User on the online technology platform.
  • Finity does not make any promises to the User basis the graphical representation provided on the Platform. The data collected from the User to calculate the prospective investments amount and is in relation to the past investment history of the User and shall not be construed as an authoritative advice to the User. Finity does not offer any advice and nothing herein or on the Finity Platform shall be construed as investment advice by User.
  • Any sum invested through Finity investment account is not a deposit with Finity and is not bank insured. The same is not endorsed or guaranteed and does not constitute obligations of Finity or any of the subsidiaries associates or affiliates companies whose role is only as described in the Terms & Conditions. Investments in mutual funds are subject to market risks, including the possible loss of principal amount invested. The value of the units purchased or not purchased will fluctuate. If User redeems the units/shares purchased, User may receive more or less than User has/had paid depending upon NAV of the units in the fund or trust at the time of redemption. Past results are not a guarantee to future performance. Past performance may or may not be sustained in the future.

 

14. NOTICES/CORRESPONDENCE

Finity may provide You with notices and communications by e-mail, SMS, push notifications, regular mail or postings on the Platform or by any other reasonable means. 

Paytm Money shall send out all notices, information and other correspondence to you by email / SMS at the email address / telephone number provided by the User. In the event any notice, information or other correspondence is sent to You via letter, such letter will be sent to the postal address that you have given as your Communication address. In case of any change in your email id and / or mobile number / Correspondence address, you shall inform Finity in advance in the prescribed format to carry out the necessary changes in its records.

Finity does not guarantee that electronic communications will be successfully delivered, or that they will be secure and virus free. Finity will not be liable for any loss, damage, expense, harm or inconvenience caused as a result of an email being lost, delayed, intercepted, corrupted or otherwise altered or for failing to be delivered for any reason beyond our reasonable control. All correspondence will be in English.

You agree to be contacted by Finity and its representatives over phone or on registered email id with reference to the Services. You agrees & confirm that if your mobile number is registered in the Do Not Disturb (DND) list of TRAI, you may not receive SMS from Finity. You agree to take steps to deregister from the DND list and shall not hold Finity liable for non-receipt of SMS in the interim period.

If according to User there is any discrepancy in the particular or details of transaction or account of statement then, it shall be the responsibility of the User to intimate the same to Finity and to the concerned mutual fund/AMC/authorised registrar of the AMC in writing within 7 (seven) working days of receiving notice thereof, falling which such transaction, statement or account (as the case may be) shall be deemed to be correct and accepted by User and Users shall not be entitled to question the correctness or accuracy thereof.

 

15. USER INFORMATION

User shall provide any and all information that may be required by Finity/AMC/authorised service providers of the AMC from time to time in compliance with existing legal norms and regulations, including but not limited to contact information, address and tax related information and any information required under existing or future KYC norms and laws. User agrees that Finity/AMC/authorized service providers of the AMC may take steps to verify the veracity of such information provided and shall cooperate with Finity/AMC/authorized service providers of AMC in providing all information requested by Finity. User acknowledges that failure to provide such information in a timely manner may result in ineligibility to avail of some or all of the services of Finity and that Finity shall in no way be held liable for any losses of whatsoever nature resulting from such failure to provide information on part of the User. Any information provided by the User may be required to be shared with relevant regulatory/statutory authorities and User authorises Finity to provide all information to such regulatory / statutory authorities as and when required.

The information shall be provided by the User and shall be governed in accordance with details provided in the privacy policy.

 

16. TERMINATION OF THE SERVICES

Finity may terminate the Services by giving 30 (thirty) days prior notice in writing to the Registered Customer provided that the Registered Customer shall not be relieved of obligations hereunder notwithstanding such termination occurs prior to the date on which such termination shall become effective.

 

17. REGULATORY CAUTION

Mutual fund investments are subject to market risks. Please read the scheme information and other related documents carefully before investing. Past performance is not indicative of future returns. Please consider Your specific investment requirements before choosing a fund, or designing a portfolio that suits Your needs.

 

18. GOVERNING LAW AND DISPUTE RESOLUTION

  • All disputes and differences arising out of, under or in connection with the Terms & Conditions or anything done hereunder shall be within the exclusive jurisdiction of the courts at Bangalore. The Terms & Conditions are subject to and shall be construed in accordance with the laws prevalent in India.
  • In the event of dispute between the User and Finity on accuracy of transaction details provided by the User on the Finity Platform, the transaction logs maintained by Finity back office will be the only source of data to verify the accuracy of such transactions.

 

19. GOLD SERVICES. 

Finity provides a technology platform to MMTC – PAMP (“MMTC“) to offer Gold for sale, delivery and repurchase and other related services by MMTC to the Customers. Finity may provide You access to the Gold Services and is such event Your access and use of the Platform to purchase of gold digitally shall be governed by the Digital Gold Terms and Conditions available at: here .

 

20. NATIONAL PENSION SCHEME: 

Finity may provide You access to the national pension scheme product and is such event, Your access and use of the Platform to avail National Pension Scheme product shall be governed by the National Pension Scheme Terms and Conditions available at: here and the Grievance Redressal Policy available at: here (“Pension Service(s)”).

 

21. CONTACTING US

For time-bound and speedy redressal of any discrepancies and grievances in relation to Personal Information provided, please feel free to reach out to our Compliance Officer at grievance@finity.in

 

22. COMMISSION

Finity is a direct plan platform and it only sells direct plans of mutual funds. It doesn’t earns any commission from any Asset Management Companies.

IF USER DO NOT ACCEPT AND ABIDE BY THIS TERMS, USER MUST NOT USE THE PLATFORM.

TERMS OF SERVICE FOR NATIONAL PENSION SYSTEM

TERMS OF SERVICE FOR NATIONAL PENSION SYSTEM

THIS DOCUMENT IS AN ELECTRONIC RECORD IN TERMS OF THE INFORMATION TECHNOLOGY ACT, 2000 AND RULES THEREUNDER AS APPLICABLE AND THE PROVISIONS PERTAINING TO ELECTRONIC RECORDS IN VARIOUS STATUTES AS AMENDED BY THE INFORMATION TECHNOLOGY ACT, 2000. THIS ELECTRONIC RECORD IS GENERATED BY A COMPUTER SYSTEM AND DOES NOT REQUIRE ANY PHYSICAL OR DIGITAL SIGNATURES.

THIS DOCUMENT IS PUBLISHED IN ACCORDANCE WITH THE PROVISIONS OF RULE 3(1) OF THE INFORMATION TECHNOLOGY (INTERMEDIARIES GUIDELINES) RULES, 2011 THAT REQUIRES PUBLISHING THE RULES AND REGULATIONS, PRIVACY POLICY AND TERMS OF USE FOR ACCESS OR USAGE OF THE PLATFORM.

The online platforms – www.finity.in (“Website”), and the iOS and Android mobile application – “Finity” (“App”) is owned and operated by Finwizard Technology Private Limited, a private limited company incorporated under the Companies Act, 2013 with its registered office at  Queens Paradise, 1st Floor, Curve Road Shivajinagar, Bangalore- 560052, Karnataka, India (“Finity”). The App and the Website shall be collectively referred to hereinafter as the (“Platform”). 

Finity has been appointed by Pension Fund Regulatory and Development Authority (“PFRDA”) to act as one of the online Point of Presence (POP) for National Pension System (“NPS”). NPS is a voluntary, defined contribution retirement savings system.

Your access and use of the Platform to facilitate availing NPS shall be subject to the applicable rules, regulations, guidelines issued by PFRDA, NPS and/or any other applicable regulatory and statutory bodies from time to time and also subject to the Terms and Conditions mentioned below and the Grievance Redressal Policy available at: [here] (“Pension Service(s)”).

Please read these Terms and Conditions (“Terms”) carefully before accessing or using the Platform or any part thereof to avail the Pension Services. By accessing or using any part of the Platform to avail Pension Services, you agree to be bound by these terms and conditions. If you do not agree to all the terms and conditions, then YOU MAY NOT ACCESS THE PENSION SERVICES FACILITATED BY FINITY.

Subject to the foregoing, this Terms shall be read in conjunction with the General Terms and Conditions of the Platform available at [here ] , shall govern your access and use of the Platform with respect to the Pension Services available on the Platform

1. ELIGIBILITY

You represent and warrant that you (a) are at least 18 years old; (b) competent to form a binding contract under the Indian Contract Act, 1872; (c) will comply with the Know Your Customer (“KYC”) norms as detailed in the subscriber registration application form. You understand and agree that all the documents required for KYC compliance need to be mandatorily submitted; and (d) have not previously been suspended or removed from using Finity’s services and/or the Platform or any part thereof.

 

2. YOUR ACCOUNT

If you wish to use the Platform, you are required to maintain an account on the Platform (“Account”) and you will be required to furnish certain information and details, including your name, email id, contact number, financial information, and any other information deemed necessary by Finity. 

You further understand that you are responsible for maintaining the confidentiality and security of your Account including log-in details and the password. You agree to accept responsibility for all activities that occur through your Account. You should take all necessary steps to ensure that the password is kept confidential and secure and should inform Finity immediately if you have any reason to believe that your password has become known to anyone else, or if the password is being, or is likely to be, used in an unauthorized manner. 

You represent and warrant that all information, data and documents provide by you (a) for creating of the Account; and/or (b) through your Account are true, correct, accurate and up to date. In the event of any change, you agree to update the details on the Account in a prompt and swift manner. You further represent and warrant that at the time of making any new Account, you do not currently have an existing account on the Platform.

 

3. PROHIBITED USES

You shall not use or access the Platform or any service: 

  1. for any unlawful purpose;
  2. to solicit others to perform or participate in any unlawful acts; 
  3. in a manner so as to violate any international, federal, provincial or state regulations, rules, laws, or local ordinances in India; 
  4. in a manner so as to infringe upon or violate Finity’s intellectual property rights or the intellectual property rights of others; 
  5. to harass, abuse, insult, harm, defame, slander, disparage, intimidate, or discriminate based on gender, sexual orientation, religion, ethnicity, race, age, national origin, or disability; 
  6. to submit or create false or misleading information; 
  7. to upload or transmit spam, viruses, or any other type of malicious code that will or may be used in any way to adversely affect the functionality or operation of the service or of any related website, other websites, or the Internet; 
  8. to harvest or collect any information of the users of the Platform, including using any robot, spider, site search or retrieval application, phishing, or other manual or automatic device or process to retrieve, index or mine data; 
  9. for any obscene or immoral purpose; or 
  10. to interfere with or circumvent the security features of the service or any related website, other websites, or the Internet. 

 

4. LICENSE BY FINITY

  1. All intellectual property in or of the App and Website belongs to or is licensed to Finity. Finity grants you a limited, non-transferable and revocable license to access and use the Platform or any part thereof for availing the services, but not to download any material from it (other than page caching) or modify it, or any portion of it for commercial use. Any unauthorized access to the Platform (or any part thereof) or any networks, servers or computer systems connected to the Platform and any attempt to modify, adapt, translate or reverse engineer any part of the Platform or re-format or frame any portion of the pages of the Platform is not permitted without Finity’s express written consent. 
  2. This license is non-transferable and does not permit any resale or commercial use of this Platform or its contents; any downloading or copying of account information for the benefit of anyone other than your use; or any use of data mining, robots, or similar data gathering and extraction tools. 
  3. The Platform or any portion of the Platform (including but not limited to any copyrighted material, trademarks, or other proprietary information) may not be reproduced, duplicated, copied, sold, resold, visited, distributed or otherwise exploited for any commercial purpose without express written consent of Finity, as may be applicable. Any unauthorized use of the Platform shall terminate the permission or revoke the license granted by Finity herein. 

 

5. THIRD PARTY MATERIAL AND SERVICES

Finity may provide you links to third party services (“Third Party Services”) and may display, include or make available content, data, information, applications or materials from third parties (“Third Party Materials”). You acknowledge and agree that Finity is not responsible for examining or evaluating the content, accuracy, completeness, timeliness, validity, copyright compliance, legality, decency, quality or any other aspect of such Third-Party Materials or Third-Party Services. FINITY DOES NOT WARRANT OR ENDORSE AND DOES NOT ASSUME AND WILL NOT HAVE ANY LIABILITY OR RESPONSIBILITY TO YOU OR ANY OTHER PERSON FOR ANY THIRD-PARTY SERVICES, THIRD PARTY MATERIALS OR WEB SITES, OR FOR ANY OTHER MATERIALS, PRODUCTS, OR SERVICES OF THIRD PARTIES. 

 

6. DISCLAIMERS

TO THE MAXIMUM EXTENT PERMITTED UNDER LAW, Finity, its affiliated companies, subsidiaries, officers, directors, employees or any related party disclaim any liability to you or to any third party for any indirect, incidental, special or consequential damages or any loss of revenue or profits arising under or relating to these Terms. 

TO THE MAXIMUM EXTENT PERMITTED UNDER LAW, you waive, release, discharge and hold harmless Finity, its affiliated and subsidiary companies, and each of their directors, officers, employees, and agents, from any and all claims, losses, damages, liabilities, expenses and causes of action arising out of your use of the Website, App and/or Pension Services.

 

7. INDEMNITY 

You agree to indemnify, save, and hold Finity, its affiliates, contractors, employees, officers, directors, agents and its third party associates, licensors, and partners harmless from any and all claims, demands, losses, damages, and liabilities, costs and expenses, including without limitation legal fees and expenses, arising out of or related to your use or misuse of the Pension Services or of the Website or App, any violation by you of these terms, or any breach of the representations, warranties, and covenants made by you herein or your infringement of any intellectual property or other right of any person or entity, or as a result of any threatening, libellous, obscene, harassing or offensive material posted/ transmitted by you on the Website / App. 

 

8. SUSPENSION OF ACCESS

Finity may choose to stop providing Pension Services hereunder and may terminate access to or use of the Platform at any time without any notice. Other than where Finity informs you otherwise, upon any termination, (a) the rights and licenses granted to you under these terms will end; (b) your Account shall be suspended; and (c) you must stop using the Platform. Finity reserves the right to suspend or cease providing any Pension Service and shall have no liability or responsibility to you in any manner whatsoever if Finity chooses to do so.

 

9. PRIVACY

Finity will collect, store and disclose your information in accordance with the Privacy Policy available at https://www.Finity.com/privacy/. In particular and without limitation, Finity will share your information with NPS and funds to provide you with the Pension Services hereunder. 

 

10. APPLICABLE LAWS 

Your use of this Platform and any terms and conditions stated in this agreement is subject to laws of India. In case of any disputes arising out of the use of the Platform or any part thereof, Courts of Bangalore, India will have exclusive jurisdiction.

 

11. GRIEVANCES

You can reach out to Finity at Grievance@Finity.com to raise any questions, complaints, grievances or feedback. 

DIGITAL GOLD – TERMS AND CONDITIONS

DIGITAL GOLD 

TERMS AND CONDITIONS

1. INTRODUCTION

THIS DOCUMENT IS AN ELECTRONIC RECORD IN TERMS OF THE INFORMATION TECHNOLOGY ACT, 2000 AND RULES THEREUNDER AS APPLICABLE AND THE PROVISIONS PERTAINING TO ELECTRONIC RECORDS IN VARIOUS STATUTES AS AMENDED BY THE INFORMATION TECHNOLOGY ACT, 2000. THIS ELECTRONIC RECORD IS GENERATED BY A COMPUTER SYSTEM AND DOES NOT REQUIRE ANY PHYSICAL OR DIGITAL SIGNATURES.

THIS DOCUMENT IS PUBLISHED IN ACCORDANCE WITH THE PROVISIONS OF RULE 3(1) OF THE INFORMATION TECHNOLOGY (INTERMEDIARIES GUIDELINES) RULES, 2011 THAT REQUIRES PUBLISHING THE RULES AND REGULATIONS, PRIVACY POLICY AND TERMS OF USE FOR ACCESS OR USAGE OF THE PLATFORM.

The terms (“Terms”) govern the purchase and sale of digital gold from SafeGold facilitated through the online platforms – www.finity.in (“Finity Website”), and the iOS and Android mobile application – “Finity” (“App”). The Platform (defined below) is owned and operated by Finwizard Technology Private Limited, a private limited company incorporated under the Companies Act, 2013 with its registered office at Queens Paradise, 1st Floor, Curve Road Shivajinagar, Bangalore- 560052, Karnataka, India (“Finity”).

Subject to the foregoing, this Terms shall be read in conjunction with the General Terms and Conditions of the Platform, shall govern your access and use of the Platform with respect to the SafeGold Services available on the Platform

 

2. SERVICES BY SAFEGOLD

Finity provides a technology facilitation service to Digital Gold India Private Limited, a company incorporated under the Companies Act, 2013 with its registered office at 1902 Tower B, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai, Maharashtra 400013, (“SafeGold“) to offer gold for sale, delivery and repurchase and other related services of safe keeping/vaulting to the Customers under SafeGold’s brand name  (hereinafter referred to as the “Services”). As used herein “You”. “Your” and “User” shall mean any person who accesses or uses the Platform to avail the Services.

Finity is only a technology platform service provider to SafeGold. 

 

3. ACCOUNT ON THE PLATFORM

You represent and warrant that you:

  1. are at least 18 years old; 
  2. competent to form a binding contract under the Indian Contract Act, 1872; 
  3. have not previously been suspended or removed from using Finity’s Services and/or the Platform or any part thereof. 

 

  1. For Transacting through the Platform in accordance with these Terms, you authorize and request Finity to create an account with the Website through the Platform (“Account”), on your behalf, prior to Transacting through the Platform. As part of the registration process, you will be required to provide certain information and details, including your mobile number, an e-mail id, password and any other information deemed necessary by SafeGold / Finity from time to time.
  2. You understand and agree to provide the necessary information and documents as per the Know Your Customer (“KYC”) guidelines and/or any other applicable guidelines issued under applicable laws, as may be specified from time to time. Currently, you are required to provide the following details:

Grivance

 

3. You further understand that you are responsible for maintaining the confidentiality and security of your Account including log-in details and the password. Activities and Transactions that occur in or through your Account will be considered your instructions by Finity. 

4. You represent and warrant that all information, data and document provide by you (i) for creating of the Account; and/or (ii) through your Account are true, correct, accurate and up to date. In the event of any change, you agree to update the details on the Account in a prompt and swift manner.

 

4. DEFINITIONS 

For the purpose of these Terms, wherever the context so requires, the term:

  1. Customer” or “you” shall mean any individual, who as the counterparty transacts using the Platform for buying Gold from SafeGold, taking delivery of Gold and/or selling back the Gold to SafeGold, as outlined in these Terms.
  2. Gold” means either: (i) 995 pure 24 karat gold offered to the retail Customers under Digigold’s brand “SafeGold” or (ii) 999 or 999.9 pure 24 karat gold offered to the retail Customers under Digigold’s brand “SafeGold”; as shall have been mutually agreed from time to time.
  3. Customer Request” shall mean a delivery request, sale request or exchange request placed by you in relation to the Customer Gold.
  4. Force Majeure Event” shall mean any event that is beyond the reasonable control of Finity and/or SafeGold and shall include, without limitation, sabotage, fire, flood, explosion, act of God, civil commotion, strikes, lockouts or industrial action of any kind, riots, insurrection, war, acts of government, computer hacking, civil disturbances, unauthorised access to computer data and storage device, computer crashes, virus attacks, breach of security and encryption, and any other similar events not within the control of Finity and/or SafeGold and which Finity and/or SafeGold is not able to overcome.
  5. Person” shall mean an individual, a corporation, a partnership, a joint venture, a trust, an unincorporated organization and any other legal entity.
  6. “Transaction or Transact” means buying Gold from SafeGold, taking delivery of Gold and/or selling back the Gold to SafeGold, as outlined in these Terms
  7. Platform” means collectively: (i) the Website; and (ii) Finity Website and App.
  8. Website” shall mean the domain name www.safegold.com owned and operated by SafeGold.

In addition to the terms defined above, additional terms used herein shall have the respective meanings assigned thereto in the relevant sections contained hereinafter.

 

5. USER ACKNOWLEDGEMENTS

You, as a Customer, acknowledge, understand and agree that:

  1. Finity is merely enabling you to avail the Services from SafeGold. 
  2. Finity assumes no liability for the Services except for providing payment services and Customer assistance in addressing the preliminary queries related to the Services.
  3. Subject to the foregoing, any and all the Transactions relating to the Services are being rendered by SafeGold in association with the Intermediaries (namely the Custodian and Vault Keeper) with whom separate agreements have been entered by SafeGold.
  4. SafeGold and/or Finity do not guarantee any returns, on any transactions consummated vis-à-vis the Platform, to any person, either directly or indirectly. 
  5. You further acknowledge and agree that SafeGold and/or Finity and its officers, directors, employees, agents and affiliates will have no liability for your purchase or other decisions using the Account and the same have been made by you after due consideration and risk analysis.
  6. Finity/SafeGold may revise these Terms from time-to-time and it is your responsibility to view the Platform to check such updates.
  7. The Services by SafeGold shall be provided for a term commencing from the date of acceptance of the Terms.
  8. You acknowledge and accept that the Services are for Customer’s personal use.
  9. That the Services are being provided and made available on an “AS IS” and “AS AVAILABLE” basis. The Platform may contain errors or inaccuracies that could cause failures, corruption or loss of data and/or information from your device and from peripherals (including, without limitation, servers and computers) connected thereto. You assume all risks and costs associated with your use of the Services, including without limitation, any costs incurred for the use of your device and any damage to any equipment, software or data.

 

6. SECURITY TRUSTEE, INTERMEDIARIES, SAFE KEEPING AND STORAGE ARRANGEMENT

  • Appointment of Intermediaries

SafeGold may from time to time appoint intermediaries who shall assist SafeGold in providing the Services to you. The term, “Intermediaries” shall mean the Security Trustee, Vault Keeper and shall include any and all Persons appointed by SafeGold or by individuals/entities as authorised by SafeGold (as the case may be) upon placement of a Customer Request (and successful payment of monies in lieu thereof) till the consummation of the Customer Requests placed by you in accordance with these Terms. You hereby consent to the appointment of such Intermediaries, for and on your behalf, by SafeGold or the Custodian (as the case may be).

  1. You acknowledge and understand that these Intermediaries have been appointed to ensure that your Customer Orders/Customer Requests are duly complied with in accordance with these Terms. 
  2. You additionally acknowledge that certain payments will have to be made to these Intermediaries for their appointment and services in relation thereto, which shall be borne by SafeGold on your behalf unless otherwise indicated in these Terms.
  • Appointment of Security Trustee
  1. Currently, Brink’s India Private Limited., has been appointed by SafeGold as a Custodian.
  2. You hereby acknowledge and agree that in order to ensure that your Customer Orders/Customer Requests are fulfilled in all circumstances, a first and exclusive charge on the Customer Gold  by way of hypothecation will be created in favour of Custodian or any successor Person (“Security Trustee”).
  3. By accepting these Terms, you further agree to accede to the terms for such arrangement with the Custodian (i.e., a Custodian Agreement) and for creation of the charge over the Customer Gold  by way of a deed of hypothecation or the like (collectively, “Custodian Agreements”). By accepting to this Terms, you acknowledge that you will accede to the Custodian Agreements (upon such date) as if you had been named as an original party to the same and had executed each of such Custodian Agreements; and will be bound by all the terms and conditions of the Custodian Agreements.
  4. In the event of any expenses or charges remaining payable to any Intermediaries or otherwise till actual delivery or fulfilment of any of your /Customer Requests for any reason, including where SafeGold is unable to pay these expenses or charges for any reason whatsoever, thereby adversely effecting or jeopardizing the fulfilment of your / Customer Requests, then the Custodian will be entitled to sell part of the Customer Gold  and satisfy such outstanding expenses or charges as required.
  5. The sums due to you and/or gold to be delivered (as the case may be), after settling the aforementioned charges, would be dealt with in accordance with these Terms read with the Custodian Agreements. By way of these Terms, you authorize the Custodian to act on your behalf to ensure that your interests are adequately protected.
  • Safe Keeping/Vaulting of Gold
  1. Gold purchased by you corresponding to the Customer Request shall be stored with a Custodian in a vault on your behalf (“Vault Keeper”). Currently, IDBI Trusteeship Services Limited (IDBI) is the Vault Keeper.
  2. You hereby authorize (i) appointment of such Vault Keeper to safe keep the gold purchased; and (ii) SafeGold to store such gold products purchased by you, including, but not limited to, bullion, coins or jewellery (as the case may be) in the secured vault on your behalf (“Customer Gold ”). 
  3. It is hereby clarified that your purchase of the Gold shall be deemed to be completed and title in relation thereto shall be deemed to have been passed upon such relevant portion of the Customer Gold being stored in the vault with the Vault Keeper on your behalf or upon a final invoice being issued by SafeGold in accordance with these Terms, subject to applicable laws.
  4. To ensure that the Customer Gold stored in such vault is adequately protected, necessary insurance policy/ies has been obtained by the Vault Keeper, where the cost of insurance to safe keep the same will be borne by the Vault Keeper. Pursuant to such insurance policy/ies, for any loss or damage to the Customer Gold stored in the vault, you further authorize the Custodian to act as your beneficiary under the insurance policy/ies and to take all steps necessary to protect your interests.
  5. While the Vault Keeper has taken the necessary insurance policy/ies, in case of occurrence of an event not covered in such insurance policy/ies, the Customer Gold may be at risk. The insurance policy/ies obtained by the Vault Keeper are in line with the global industry practices and cover losses due to fire, lightning, theft, cyclone, earthquake, flood, etc. but do not cover losses due to events such as war, revolution, derelict weapons of war, nuclear radiation, etc.

 

7. STORAGE PERIOD FOR DIGITAL GOLD

  1. You are required to take delivery of your Customer Gold within such maximum period as shall be specified for this purpose by SafeGold from time to time in the Pricing and Fees section (“Maximum Storage Period”). 
  2. For the purposes of making delivery to you, you are required to provide a valid address and/or any other documents/information that may be specified in this regard by Finity and/or SafeGold on the Platform. 
  3. You may provide such address at any time during the Maximum Storage Period. In the event that no valid address has been provided by you during the Maximum Storage Period or the documents so provided become redundant during the said period, then Finity and/or SafeGold shall for a period 1 (one) year commencing from the date of expiry of Maximum Storage Period (such period being the “Grace Period”) attempt at least once to contact you, using the contact information provided by you to obtain either (i) an address to which you would require the gold in question to be delivered or (ii) your bank account details into which sale proceeds of the Customer Gold  shall be deposited. In the event that Finity and/or SafeGold has not been able to contact you during the applicable Grace Period using the contact information provided by you or where you shall during the Grace Period either fail to:

a. take delivery of the gold in question for any reason whosoever (including where you shall not have provided any address to take delivery of such Gold); or

b. provide the details for a valid bank account into which the proceeds of any sale of such Customer Gold is to be deposited;

  1. Upon expiry of the applicable Grace Period for the Customer Gold in question, SafeGold shall purchase such Customer Gold with the purchase price being the applicable prevailing price displayed on the Platform for purchase of gold from Customers. The purchase proceeds realized from such sale (“Final Sale Proceeds”) after deducting any amounts payable to SafeGold as storage charges for storage of such gold after the Free Storage Period, shall be deposited into a no-lien bank account operated by the Custodian who shall be the sole signatory to such bank account. 

 

  1. In the event that you shall during a period of three (3) years commencing from the date of expiry of the applicable Grace Period (such period being the “Final Claim Period”) notify either Finity, SafeGold and/or the Custodian that you are claiming the applicable Final Sale Proceeds, the Custodian shall issue suitable instructions to transfer the Final Sale Proceeds to such bank account as you shall notify for this purpose. Please note that to claim the Final Sale Proceeds, you will be required to provide details of a valid bank account and that the Final Sale Proceeds will not be transferred in the absence of such details. You may also be required to provide additional documents and information for Know Your Customer requirements as per the extant laws at the time of taking delivery.
  2. At no time will the Final Sale Proceeds be paid to you in cash. 
  3. In the event that you shall not claim your Final Sale Proceeds within the Final Claim Period, then the Final Sale Proceeds shall be transferred to the Prime Minister’s Relief Fund or such other fund as you may designate for this purpose at any time prior to the expiry of the Grace Period.

 

8. KNOW YOUR CUSTOMER REQUIREMENT

  1. Finity and/or SafeGold reserves the right to terminate any Account, with or without notice to you, in the event the KYC documents / information are found to be incorrect or authenticity of the documents / information is found to be doubtful. You hereby undertake to indemnify and keep indemnified Finity against any and all losses, claims, liabilities costs etc. which arise out of or relating to your failure to identify yourself and validate your account promptly and / or due to incorrect KYC documents / information.
  2. Know your Customer (KYC) and Verification:
  3. On receipt of such documentation and other information as provided by you, you shall be entitled to place an order on the Platform (“Customer Order”).
  4. You agree that your continued use of the Platform, consequent upon the creation of the Account, is subject to verification by SafeGold / Finity, of the information and documentation provided by you. You hereby grant Finity permission to conduct such verification, in such form and manner as it may deem fit.
  5. You further acknowledge that SafeGold / Finity reserves the right for such verification either on registration of the Customer Account or at any time thereafter.

 

  1. Subject to these Terms and the Privacy Policy, you hereby grant to Finity a non-exclusive, worldwide, royalty-free right to (i) collect, store and transmit your data, in each case solely to the extent necessary to provide the Services to you, and (ii) share your data or interact with other people, to distribute and publicly perform and display your data as you direct or enable through the Services. Finity may share your data with SafeGold, who, in turn, may share your data with the Custodians required to fulfil their obligations as a Security Trustee and/or Vault Keeper. 

 

9. PURCHASE OF GOLD

  1. In consonance with SafeGold’s policy, Customer can buy Gold worth Rs.1.00 (Rupee One Only) and above incremental value thereof at the market linked prices of Gold shown on the Platform. Market linked prices are the quotes linked to the prices of gold in the commercial bullion market in India.
  2. It is hereby clarified that such market linked prices of Gold shall constitute fully binding offers and would be an invitation to offer to purchase Gold at the said market prices to all Customers. 
  3. Notwithstanding the foregoing, you understand that these prices may vary multiple times within a day, and accordingly your payment obligations for any order will depend on the market linked prices prevailing at that particular time. While reasonable efforts will be made to offer you a competitive price for the Gold, there is no guarantee that the price offered to you will be close to or comparable with other prices available in the market.
  4. Once the payments are received by Finity and the KYC information is found acceptable, SafeGold shall issue an invoice to you confirming the Customer Order placed within a period of 3 (Three) business days of placing such order, in a manner it may deem fit.
  5. Notwithstanding anything to the contrary contained in these Terms, Finity and/or SafeGold shall be entitled to accept or reject a Customer Request, for any reason whatsoever, at its sole discretion.
  6. In case of rejection of a Customer Order in accordance with these Terms, where payments have been received by Finity, such payments shall be returned to you to the bank account linked to your Account, subject to the pricing mechanism as mentioned on the Pricing and Fee section of the Terms. 

 

10. DELIVERY OF GOLD

  1. As per the policy of SafeGold, the Platform offers Services for Customers who wish to procure delivery of the Customer Gold from SafeGold in accordance with the terms of the Platform.
  2. You shall be entitled to procure delivery of the Customer Gold using the Platform (“Delivery Request”).
  3. Upon placing the Delivery Request, you shall be required to pay for the applicable charges and confirm the Delivery Request. Your Account shall be provisionally debited corresponding to the quantity of the Customer Gold sought to be delivered (“Delivered Customer Gold”).
  4. Within a period of 7 (Seven) business days of the Delivery Request being confirmed or such further period as may be required by SafeGold, SafeGold shall arrange for delivery of the Delivered Customer Gold at the shipping address indicated by you. You shall be solely responsible for ensuring that the correct address is furnished by you on the Platform for processing such Delivery Request. You shall not be entitled to change the shipping address after the Delivery Request is processed by SafeGold.
  5. You should carefully examine the package delivered and shall not accept deliveries where the packaging has been tampered with. If, however, you are of the view that the package delivered has been tampered with, you shall be required to intimate Finity immediately of the same, and provide such other information as may be required by Finity in this regard (“Return Request”). Within a period of 10 (Ten) business days of Return Request being placed (with the original package of Delivered Customer Gold  being delivered to SafeGold, in a manner indicated by SafeGold), and the same being approved by SafeGold, SafeGold shall arrange for re-delivery of the Delivered Customer Gold at the shipping address indicated by you. The costs for such shipping shall be borne by SafeGold alone, and not by you. However, in the event of frivolous and unjustified Return Requests made by you, Finity and/or SafeGold reserve the right to take all action available to it, including black-listing or blocking you from using the Services.
  6. You, upon signing the delivery receipt, acknowledge the receipt of the Delivered Customer Gold in terms of the Delivery Request placed with SafeGold. Finity and/or SafeGold shall not be liable to you for any refund/replacement, under any circumstance, for any subsequent complaints with respect to such deliveries and/or any failure on your part (as the case may be) to comply with the Terms.
  7. Upon receipt of the Delivery Request by Finity, the Account shall be debited for the Delivered Customer Gold from the Customer Account.
  8. It shall be your responsibility to ensure that you are available to receive the Delivered Customer Gold at the time of delivery. If you are not available at the time of delivery, SafeGold courier agent may try and deliver the item again before returning the same to SafeGold. In case of return of the Delivered Customer Gold to SafeGold, Account shall be credited for the Delivered Customer Gold, after deducting the charges (if any) due from you, provided however that SafeGold is of the opinion that the packaging has not been tampered with. It is hereby clarified that should a request for re-delivery be made by you, you shall be solely liable to incur the applicable charges for delivering the Delivered Customer Gold.
  9. In case of SafeGold’s inability to make deliveries of Delivered Customer Gold due to a Force Majeure Event, SafeGold shall intimate you of the same and may require that the deliveries be effectuated through specific modes. In such a case, you hereby agree to bear any additional costs and fees necessary for the delivery to be complete.
  10. SafeGold will not be able to deliver a fractional quantity of gold below such threshold as SafeGold shall notify for this purpose even if a Customer Request is made for such fractional quantity (“Threshold Quantity”). You are advised to check the Platform periodically to determine the Threshold Quantity as the same may be revised from time to time. In the event that any Gold below the Threshold Quantity is to be delivered to you, then please note that such Customer Gold  shall instead be sold by SafeGold, based on the sale prices displayed on the Platform and you will instead receive the applicable sale proceeds in your bank account, details of which shall be provided by you. If there is any mistake in the account number provided by you, Finity and/or SafeGold would not be held responsible for the same.
  11. Notwithstanding anything to the contrary contained in these Terms, Finity / SafeGold shall be entitled to reject a Customer Request which is not in compliance with the Terms and shall intimate the Customer of the reasons for the same.
  12. It is hereby clarified that the Customer Gold cannot be pledged or transferred by you to any other user, and the Customer account is non-transferrable, unless specifically allowed by SafeGold and Finity. In the event of death, if specifically allowed by SafeGold and Finity, the title to such Customer Gold lying in the vault and the Account shall transfer to your legal heirs only after the required due diligence has been conducted. Subsequent to this, your legal heir(s) shall be regarded as the Customer for the purpose of the Customer Gold and Account thereafter and the Terms shall be applicable to your legal heir(s).
  13. Due to reasons not directly attributable to SafeGold or Finity, data may be inaccurately displayed on the Platform due to some system errors on the Platform. Finity / SafeGold reserves the right to correct any and all errors when they do occur, at its sole discretion, and Finity or SafeGold shall be entitled to not honour any requests/orders placed by you based on any inaccurate or erroneous prices.
  14. The prices quoted on the Platform are fixed and non-negotiable. The prices on the Platform are also subject to change without notice.

 

11. SELL THE CUSTOMER GOLD 

  1. As per the terms of the Platform, you may be provided an option to sell the Customer Gold during market hours based on the sale prices on the Platform. If the prices are found acceptable to you, you shall confirm the sale request, in a form and manner acceptable to Finity (“Sale Request”). Your Account shall be debited corresponding to the quantity of the Customer Gold sought to be sold vide the Sale Request (“Sold Customer Gold”).
  2. Within a period of 5 (Five) business days of the Sale Request being confirmed or such further period as may be required, the payment, pursuant to the Sale Request, shall be disbursed by Finity at the sale prices indicated at the time of placing such Sale Request.
  3. Finity shall arrange for such payments to be made to your bank account, details of which shall provided by you. If there is any mistake in the account number provided by you, Finity or SafeGold would not be held responsible for the same.
  4. It is hereby clarified that SafeGold and/or Finity will provide this service on a best effort basis and only when the commercial bullion market is in operation. SafeGold and Finity do not in any way guarantee that this option will be available to you at all times. 
  5. The buyer of the Sold Customer Gold may be either SafeGold or another party (being interested in buying the Sold Customer Gold). Finity and/or SafeGold shall not be held liable for any actions of such third-party purchaser.
  6. You will be provided with free storage for your Customer Gold for such period as more particularly stipulated by SafeGold in this regard from time to time at its sole discretion and notified to Customers in the Pricing and Fees (“Free Storage Period”). Currently, secure storage of Gold is free for the first two years. After that, SafeGold may levy a charge of up to 0.03% per month of the Customer’s gold balance at the end of each month till the maximum storage period of 7 years is completed. Thereafter, a Customer will have to sell their gold or take delivery.
  7. After the expiry of the Free Storage Period, SafeGold shall be entitled to levy storage charges for such Customer Gold at such rate as would be specified in the Pricing and Fees on the Platform / Website. The charges would be levied by deducting the gold balance at the end of each month by a percentage amount at the specified rate. You are advised to periodically check the Pricing and Fees section of the Website to understand these storage charges. In the event, SafeGold is not able to deduct the storage charges because your gold balance is too low, then SafeGold shall be entitled to sell such portion of your Customer Gold stored with the Vault Keeper that is necessary or required to recover the unpaid storage charges in question.

 

12. SUSPENSION/CLOSURE OF ACCOUNT

Finity may suspend your Account:

  1. If there appears to be a fraudulent or suspicious activity in the Account either by you or any third party. In the event of any suspected suspicious activities, you may inform Finity with 10 (ten) days of occurrence of such activity. 
  2. If arrangement between SafeGold and Finity is terminated or Finity decides to discontinue the relationship with SafeGold. In such an event, your gold balance may be accessible through the Website and Finity shall provide you reasonable assistance to access your account on the Website.

 

13. TERMINATION OF SERVICES BY FINITY VIS-À-VIS SAFEGOLD

  1. Finity and/or SafeGold, in its sole discretion, may modify, suspend, or terminate access to the Services or may require the Platform to modify, suspend, or terminate access to the Services or any part thereof of the Platform or your ability to access any Services through the Platform, at any time and for any reason, including termination for breach of any of these Terms or occurrence of a Customer EoD or the Privacy Policy. The term “Customer EoD” shall mean any default by a Customer of its obligations owed to the Security Trustee, under the Custodian Agreements provided that for the purposes of enforcing the hypothecation created by you in favour of the Security Trustee, the Custodian would be required to first obtain a suitable order / direction passed in its favour from a competent judicial or statutory authority having jurisdiction in the matter.
  2.  These Terms shall further stand terminated:

 

  1. if SafeGold is adjudged bankrupt or declared insolvent;
  2. if SafeGold ceases to carry on its business or has communicated to the Custodian any intention to cease to carry on its business;
  3. if SafeGold breaches any of the terms and conditions under the Custodian Agreements or Terms and SafeGold does not remedy such breach within 60 (Sixty) days of being called upon to do so by the Security Trustee;
  4. upon any corporate action (excluding any third party corporate action), legal proceedings or other procedures or steps being taken in relation to the suspension of payments, winding up, dissolution, administration, provisional supervision or reorganization or restructuring (by way of voluntary arrangement, scheme of arrangement or otherwise) of SafeGold;
  5. upon SafeGold commencing a voluntary proceeding under any applicable bankruptcy, insolvency, winding up or other similar applicable law now or hereafter in effect, or consenting to the entry of an order for relief in an involuntary proceeding under any such applicable law, or consenting to the appointment or taking possession by a receiver, liquidator, assignee (or similar official) for the whole or a substantial part of its property or takes any action towards its re-organization, liquidation or dissolution;
  6. upon an order being made for the winding up, bankruptcy or dissolution of SafeGold, or an application is admitted for initiating any corporate insolvency resolution process against SafeGold in accordance with applicable law;
  7. upon any encumbrancer lawfully taking possession, or a liquidator, judicial custodian, receiver, administrative receiver or trustee or any analogous officer having been appointed in respect of the whole or a substantial part of the property of SafeGold, or an attachment, sequestration, distress or execution (or analogous process) being levied or enforced upon or issued against whole or a substantial part of the assets or property of SafeGold, or any action has been taken or suffered against SafeGold towards liquidation or dissolution or similar reorganization; or
  8. upon a liquidator or provisional liquidator being appointed to SafeGold or a receiver, receiver and manager, trustee or similar official being appointed in respect of SafeGold or any of its assets, or an event analogous.
  9. Upon termination of Services as mentioned herein, and where there is any insufficiency of SafeGold funds required to pay any costs and expenses to be incurred in relation to providing delivery of your Customer Gold to you, then in such an event you do hereby authorise the Custodian to sell any part of the Customer Gold , that is necessary or required to defray such costs and expenses.

 

  1. Pursuant to the Custodian Agreements, SafeGold has created a charge by way of hypothecation in favour of the Custodian for the benefit of the Customers over: (a) the monies lying in the Collection Account from time to time; and (b) gold purchased by SafeGold from time to time and lying with the Vault Keeper or in transit and, which is the property of SafeGold (collectively “Security”). Upon the occurrence of any of the events detailed in sub-clause 13 (a) and (b) as mentioned above, the Custodian under the Custodian Agreements is to: (i) declare all outstanding amounts as due and payable to the Custodian forthwith; and (ii) take charge and/or possession of, seize, recover, receive and remove the Security and use the same to discharge any liability of SafeGold to the Customers. 
  2. You however expressly understand and acknowledge that any enforcement of the Security would always be subject to and undertaken in accordance with the provisions of applicable law and therefore: 
  3. it is not possible to accurately predict the time required to make any such distribution; and/or 
  4.  the amount received by you from such distribution may not be sufficient to completely extinguish SafeGold’s liability to you; 
  5. consequently, no liability shall accrue to the Custodian in relation to the above.

 

14. CONSEQUENCES OF TERMINATION OF SERVICES

  1. Upon such termination for any reason whatsoever:
  2. Fractional amounts for gold holdings of less than 1 (One) gram may be sold and cash in pursuance thereto will be sent directly to your bank account, after deducting all the requisite charges relating to appointment of Intermediaries (including but not limited to charges due and payable to Intermediaries and any other out of pocket expenses, custody charges, minting and delivery charges) (“Charges”).
  3. For larger gold holdings, the Custodian shall (to the extent you have not already paid for all the Charges) be allowed to sell part of your gold to pay for all the Charges to all the Intermediaries. The remaining portion of the gold shall be delivered to you in accordance with these Terms, along with the details of the deductions made and the quantum of gold that you are entitled to receive.
  4. You acknowledge that the termination of your access to the Services may be affected without any prior notice, and the Account may be immediately deactivated or deleted and all related information and/or bar any further access to the Account / Services. Further, you agree that Finity and/or SafeGold shall not be liable for any discontinuation or termination of Services by any third party.
  5. None of your content shall remain accessible on the Platform upon termination. This information cannot be recovered by you, once the Account is terminated.
  6. The disclaimer of warranties, the limitation of liability, and the governing law provisions shall survive any termination of these Terms.

 

15. FEES

  1. You hereby agree that you shall be liable for all fees and charges associated with the use of the Platform and Services. 
  2. It is hereby clarified that fees and charges, once paid, are non-refundable.
  3. All payments made for the use of the Platform and/or purchase of Customer Gold by you shall be compulsorily in Indian Rupees.
  4. While availing any of the payment method/s available on the Platform for availing the Services, Finity/SafeGold shall not be responsible for or assume any liability, whatsoever in respect of any loss or damage arising directly or indirectly to you due to:
  5. Lack of authorization for any transaction(s), or
  6. Exceeding the present limit mutually agreed by you and between bank/s and/or other institutions used by you in making payment, or
  7. Any payment issues arising out of the transaction, or
  8. Rejection of transaction for any other reason(s) whatsoever, or
  9. Finity / SafeGold may temporarily/permanently suspend/terminate the Account or refuse access in case of non-payment of fees due by you. Without limitation to the other rights and remedies available to Finity, it also reserves the right to take legal action for the same.

 

16. FEEDBACK

  1. The Platform may allow you to post your review and experience of using the Platform (“Reviews“) in order to improve the Platform and the Customer’s experience.
  2. You, being the originator of the Reviews, are responsible for the Reviews that you upload, post, publish, transmit or otherwise makes available on the Platform. You represent that all such Reviews will be in accordance with applicable law. You acknowledge that Finity does not endorse any Reviews on the Platform and is not responsible or liable for any Reviews. Finity reserves the right to disable access to the Reviews on the Platform.
  3. You hereby grant Finity and SafeGold a perpetual, non-revocable, worldwide, royalty-free and sub-licensable right and license to use, copy, distribute, display, publish, transmit, make available, reproduce, modify, adapt the Reviews in any manner as deemed appropriate by Finity / SafeGold in any form including but not limited to print, broadcast, online and across any and all websites and Apps owned by Finity / SafeGold.
  4. You further represent and warrant that while posting any Reviews on the Platform you shall not use any offensive, libellous, derogatory, hateful or racially or ethnically objectionable language. Further, you shall not post any content on any part of the Platform that is obscene, pornographic, constitutes an “indecent representation of women” as provided in the Indecent Representation of Women (Prohibition) Act, 1986.
  5. You agree not to use or access the Platform or any Service: 

 

  1. for any unlawful purpose; 
  2. to solicit others to perform or participate in any unlawful acts; 
  3. to violate any international, federal, provincial or state regulations, rules, laws, or local ordinances in India; 
  4. to infringe upon or violate Finity’s intellectual property rights or the intellectual property rights of others; 
  5. to harass, abuse, insult, harm, defame, slander, disparage, intimidate, or discriminate based on gender, sexual orientation, religion, ethnicity, race, age, national origin, or disability; 
  6. to submit false or misleading information; 
  7. to upload or transmit viruses or any other type of malicious code that will or may be used in any way that will affect the functionality or operation of the Service or of any related website, other websites, or the Internet; 
  8. to collect or track the personal information of others; 
  9. to spam, phish, pharm, pretext, spider, crawl, or scrape; 
  10. for any obscene or immoral purpose; or 
  11. to interfere with or circumvent the security features of the Service or any related website, other websites, or the Internet. 

Finity reserves the right to terminate your use of the Service or any related website for violating any of the prohibited uses.

 

17. CONFIDENTIALITY

Finity and SafeGold will keep all confidential information confidential, including your personal information, and shall not disclose it to anyone except as required by applicable law, and shall ensure that such confidential information is protected with security measures and a degree of care that it would apply to its own confidential information. Finity and SafeGold acknowledges that its employees, directors, agents and contractors shall use the confidential information only for the intended purpose for which it is provided. Finity and SafeGold shall use all reasonable endeavours to ensure that its employees, directors, agents and contractors acknowledge and comply with the provisions of these Terms of confidentiality as if such person was subject to these Terms of confidentiality.

 

18. CONTENT AND INTELLECTUAL PROPERTY RIGHTS

  1. Finity and SafeGold solely and exclusively owns respective copyrights, trademarks, service marks, logos, trade names, and other intellectual and proprietary rights associated with the Services provided by SafeGold and displayed on/accessed on the Platform and is protected under Indian law.
  2. You hereby acknowledge that the Services constitute original works and have been developed, compiled, prepared, revised, selected, and arranged by Finity and SafeGold respectively through the application of methods and standards of judgment developed and applied through the expenditure of substantial time, effort, and money and constitutes valuable intellectual property of Finity and SafeGold respectively and such others. You thereby agree to protect the proprietary rights of Finity and SafeGold respectively during and after the term of these Terms. You may not selectively download portions of the Platform without retaining the copyright notices. You may download material from the Platform only for the purpose intended by these Terms. Any infringement shall lead to appropriate legal proceedings against you at appropriate forum for seeking all available remedies under applicable laws of the country.

 

19. INDEMNIFICATION

You hereby agree to indemnify and keep Finity and SafeGold indemnified from and against all actions, claims, demands, proceedings, losses, damages, costs, charges and expenses, directly or indirectly, whatsoever (“Losses”) which Finity and/or SafeGold and/or its employees, agents, workers or representative may at any time incur, sustain, suffer or be put to as a consequence of or by reason of or arising out of: (i) the usage of the Platform by the Customer; (ii) by reason of Finity and/or SafeGold acting in good faith and taking or refusing to take or omitting to take action on the Customer’s instructions, and in particular arising directly or indirectly out of the negligence, mistake or misconduct of the Customer; (iii) breach or non-compliance of the Terms; and/or (iv) fraud or dishonesty relating to any transaction by the Customer.

 

20. LIABILITY

SafeGold and/or Finity shall also not be liable under any circumstances for damages arising out or related in any way due to:

  1. To your inability to access, or your difficulty in accessing the Platform to avail of any Services due to any bugs, viruses, trojan horses, or the like, which may be transmitted to or through the Platform by any third party, any loss of your data, any claim relating to your data or content from the Services, your failure to keep the confidential information secure and confidential. You further agree that SafeGold shall not be held responsible in any manner whatsoever for any and all acts of Finity or other Intermediaries. Likewise, Finity shall not be held responsible in any manner whatsoever for any and all acts of SafeGold or other Intermediaries.
  2. Functionality, actions, inactions, privacy settings, privacy policies, terms, or content of any third-party links.

 

21. GOVERNING LAW AND DISPUTE RESOLUTION

These Terms shall be governed by and interpreted and construed in accordance with the laws of India. The courts of Bangalore shall have exclusive jurisdiction over any disputes arising under these Terms. In the event of any dispute arising out of these Terms the same shall be settled by a binding arbitration conducted by a sole arbitrator, appointed jointly by both parties and governed by the Arbitration and Conciliation Act, 1996. The venue of arbitration shall be Bangalore, Karnataka, India.

 

22. DISCLAIMER OF WARRANTIES

  1. ALL INFORMATION, CONTENT, MATERIALS AND SERVICES INCLUDED ON OR OTHERWISE MADE AVAILABLE TO YOU THROUGH THE PLATFORM (COLLECTIVELY, THE “CONTENTS”) ARE PROVIDED BY SAFEGOLD AND FINITY ON AN “AS IS,” “AS AVAILABLE” BASIS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND. SAFEGOLD AND/OR FINITY MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, AS TO THE OPERATION OF THE PLATFORM, THE ACCURACY OR COMPLETENESS OF THE CONTENTS AND THE ACCURACY OF THE INFORMATION. SAFEGOLD AND/OR FINITY SHALL HAVE NO RESPONSIBILITY FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR LOSS OF DATA THAT RESULTS FROM THE DOWNLOAD OF ANY CONTENT, MATERIALS, DOCUMENT OR INFORMATION OR ANY OTHER LOSSES INCURRED BY YOU FOR USE OF THE PLATFORM / PLATFORM. YOU EXPRESSLY AGREE THAT THE USE OF THE PLATFORM / SERVICES IS AT YOUR SOLE RISK. SAFEGOLD AND/OR FINITY WILL NOT BE LIABLE FOR ANY DAMAGES OF ANY KIND ARISING FROM THE USE OF THE PLATFORM OR THE SERVICES OR THE CONTENTS INCLUDING, WITHOUT LIMITATION, DIRECT, INDIRECT, CONSEQUENTIAL, PUNITIVE, AND CONSEQUENTIAL DAMAGES, UNLESS OTHERWISE SPECIFIED IN WRITING. TO THE FULL EXTENT PERMITTED BY LAW, SAFEGOLD AND/OR FINITY DISCLAIMS ANY AND ALL REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE PLATFORM (OR ANY PART THEREOF) AND ITS CONTENTS, WHETHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF TITLE, MERCHANTABILITY, AND FITNESS FOR A PARTICULAR PURPOSE OR USE.
  2. Commercial internet service providers are not 100% reliable and a failure by one or more of these providers may affect internet-based order entry. You acknowledge that the order entry system is an electronic mechanical system and as such may be subject to failure beyond the control of Finity or SafeGold. Therefore, Finity or SafeGold shall not be responsible for errors, negligence, inability to execute orders, delays in transmission, delivery or execution of order due to breakdown or failure of transmission or communication facilities, or to any other cause beyond Finity’s or SafeGold’s control or anticipation.

Arbitrage Funds

Top ELSS Fund of 2019

Axis Long Term Equity Fund(D)

+14.38% (Past 5Y)

Fund Details 
Risk CapacityModerately High
Min. SIPRs.500
Risk Level Above Average
CategoryEquity, ELSS Tax-Saving

Fund Performance3Y5Y
Axis Long Term Equity Fund10.42 %14.38 %
Benchmark9.25 %9.47 %

Why Tax Saving ELSS?

Create Wealth and Save Tax at the same time, with ELSS that allows an individual a deduction upto Rs.1.5 Lacs from your total Income. Click here to see our detailed fund analysis.

Other Top ELSS Funds

DSP Tax Saver Fund - Direct Plan - Growth Mutual Fund

5Y Returns: 13.21%
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Aditya Birla Sun Life Tax Relief 96 Growth

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Bharat Bond NFO 14th July 2020

Insurance Awareness Day

 

Insurance Awareness Day

Chance’s Garden: Even You’re Seeking Growth, Aren’t You?

Short term loss long term gain

Investing is an act of faith.

Might some unforeseeable economic shock such as now can trigger another recession so severe that it would destroy our faith in the promise of investing? Excessive confidence in smooth seas can blind us to the risk of storms. There is little certainty in investing. As long term investor, however, we cannot afford to let the short term events frighten us away from the markets. For without risk there is no return. Another word for “risk” is “chance”. Here’s a dialogue by Chance, The Gardener that stuck.

As uncanny as it may seem, the word “chance” struck a chord that reminded me of ‘Chance, The Gardener’. For the ones who have never had the fortune to read this gem of book, ‘Being There’ by Jerzy Kosinski or watch the movie based on it, the plot revolves around a rather simple man – Chance, the gardener whose knowledge about the world is defined by what he has watched on TV and everything he has observed while tending to his garden. By twists of fate, he reaches a situation where he has high-ranking state officials seeking advise from him and interpret his simple words as a metaphor about the economy.

Back to the scene that stuck with me for long – When asked about the stressed state of economy, he said – “In a garden, growth has its season. There are spring and summer, but there is also fall and winter. And then spring and summer again. As long as the roots are strong, all is well and all will be well”.

Well, when you look at markets, economies (and also gardens), you would appreciate the simple yet profound truthfulness of the statement.

In an attempt to draw a parallel, I started rummaging through the internet ocean and found a beautiful illustration (Courtesy: Visual Capitalist) that clearly reflects that as long as the world economy is healthy, financial crises may come and go, but the economy will only bounce back stronger – offering a much larger opportunity each time.

blog 3

Perhaps, the fact that the global economy has gone through a longer period in economic crises than uninterrupted growth. However, like Chance put it right, economies and markets only continued to push upwards with periods of crises seeming like nothing more than simple seasonality in hindsight.

I remember reading about at least ten black swan events where the S&P 500 declined by a quantum of anywhere between -5% to -60% only in the past fifty years. Events include the Oil Embargo ’73, Iranian Hostage Crises ’79, Black Monday ’87, Gulf War ’91, 9/11 Attacks ’01, SARS ’03, Sub-Prime Crisis ’08, Intervention in Libya ’11, Brexit ’16, and Pandemic’19. However, it is interesting to note that $100 invested in 1973 in S&P 500 is worth almost $3,000 today – which seems pretty healthy considering the number of financial crises we just recounted.

As an investor, you may choose to focus on the periods where people lost money and redeem with a higher probability of converting notional losses into real losses, or ride the tide only to emerge victorious as the world pushes ahead towards progress.

TERMS AND CONDITIONS OF ‘GOLD ACCUMULATION PLAN’ OR ‘GAP’ BY MMTC-PAMP

TERMS AND CONDITIONS OF ‘GOLD ACCUMULATION PLAN’ OR ‘GAP’ BY MMTC-PAMP

These “terms” and “Conditions of Use” (“Terms”) constitute an electronic record within the meaning of the applicable laws. This electronic record is generated by a computer system and does not require any physical or digital signatures. These Terms shall be in addition to and not in derogation to any other terms as stipulated from time to time. By transacting for GAP on the Finity Platform, you are agreeing to and accept these Terms between MMTC-PAMP and you.

  1. In these Terms, references to “you”, or “Customer” shall mean the counterparty who transacts using the Finity “Platform”, being a natural person, buying Gold from MMTC-PAMP, transferring Gold to other GAP customer, redeeming Gold in the form of redeemable products sold by MMTC-PAMP, selling back Gold to MMTC-PAMP and receiving other related services in relation to GAP. “Platform” or “Finity Platform” shall mean, and include, the mobile platform (mobile apps) operated by Finwizard Technology Pvt Ltd, that the Customer accesses for the GAP transactions through the Platform. “service providers” mean independent third party service providers, and references to the “Seller”, “MMTC-PAMP”, “we”, “us” and “our” shall mean MMTC-PAMP India Private Limited, the owner of the GAP offering and the entity that will sell Gold and provide all other GAP related services other than payment facility and the direct customer interface/support (“MMTC-PAMP PAMP Services”).
  2. MMTC-PAMP reserves the right to change these Terms at any time. Such changes will be effective when posted on the Platform and shall be deemed to be notified to the Customer accordingly. Notwithstanding anything contrary, Customer shall be responsible for regularly reviewing the Terms, including amendments thereto as may be posted on the Platform and shall be deemed to have accepted the amended Terms by continuing the use of Platform.
  3. The Customer represents and warrants that these Terms constitutes a legal, valid and binding obligation of the Customer and that all orders to be placed and transactions to be conducted under these Terms are lawful;
  4. In executing and giving effect to these Terms, the Customer does not and will not infringe any provision of any other document or agreement to which the Customer is a party, nor any law or judgment/order binding upon it;
  5. MMTC-PAMP shall be entitled to collect, store and share relevant information and documents provided by the Customer on the Platform for KYC purposes. Further, as and when required by MMTC-PAMP, the Customer will be required to provide additional documents for fulfilling the KYC requirements through the Platform in case of change of your existing information or verification documents provided by you.
  6. We reserve the right to deactivate your GAP account, in the event you fail to provide KYC documents / information to MMTC-PAMP within required timelines. The GAP account may be activated only upon submission of relevant documents.
  7. All information supplied by the Customer on Finity Platform is, or at the time it is supplied will be, accurate in all material respects and the Customer will not omit or withhold any information which would make such information inaccurate
  8. You shall be responsible for the correctness of information provided to MMTC-PAMP / on the Platform from time to time. If you have reasons to believe that there is an error in the information furnished to MMTC-PAMP / on the Platform, you shall immediately advise MMTC-PAMP in writing and forthwith provide correct / updated information.
  9. MMTC-PAMP reserves the right to indefinitely suspend or terminate or block access to any GAP account on the Platform, with or without notice to you, in the event the KYC documents / information are found to be incorrect or authenticity of the documents / information is found to be doubtful. You hereby undertake to indemnify and keep indemnified MMTC-PAMP against any and all losses, claims, liabilities costs etc. which arise out of or relating to your failure to identify yourself and validate your account promptly and / or due to incorrect KYC documents / information.
  10. You can offer to buy Gold worth Rs. 1.00 (Rupee One Only) and above (as decided mutually between Finity and MMTC-PAMP) incremental value thereof at the live purchase price of Gold of 999.9 purity displayed on the Finity Platform. Where errors have occurred in the pricing of transactions displayed on Finity Platform to the Customer, MMTC-PAMP reserves the right to not be bound by such a quote or transaction.
  11. Payment will be accepted through your bank account mapped with Finity or any other payment options made available on the Platform. At the time of each purchase / transfer / redemption / sale-back, the relevant taxes will be chargeable as applicable as per the Government regulations.
  12. At the time of redemption, the Customer can select redeemable product for redemption from catalogue of redeemable products. These redeemable products will be hosted on the Finity Platform. The list of redeemable products may be altered, changed and amended by MMTC-PAMP from time to time at its sole discretion.
  13. The redemption by delivery feature will be activated on the Platform as soon as Finity completes the technology integration on the Platform. The time by which the delivery feature will be active on the Platform will be intimated to you. Clauses related to redemption by delivery feature in the Terms will be active upon activation of delivery feature on the Platform.
  14. At the time of redemption in physical deliverable product form, the Customer will pay additional manufacturing and delivery charges and applicable taxes on the same. The redeemable product selected from the catalogue for delivery shall be subject to availability of stock with the MMTC-PAMP.
  15. Appointment of Security Trustee

    a. You hereby acknowledge and agree that in order to ensure that Your customer orders/customer requests are fulfilled in all circumstances, a first and exclusive charge on the Customer’s Gold by way of hypothecation will be created in favour of IDBI Trusteeship Services Limited or any successor Person (“Security Trustee”).

    b. By accepting these Terms, You further agree to accede to the terms for such arrangement with the Security Trustee (i.e., a security trustee agreement) and for creation of the charge over the Customer’s Gold by way of a deed of hypothecation or the like (collectively, “Security Trustee Agreements”). By clicking on “I Accept”, You acknowledge that You will accede to the Security Trustee Agreements (upon such date) as if You had been named as an original party to the same and had executed each of such Security Trustee Agreements; and will be bound by all the terms and conditions of the Security Trustee Agreements.

    c. All existing customers need to tick “I Accept “ at the appropriate place on the Finity app agreeing to the creation of the first and exclusive charge on the purchased Gold i.e. Customer Gold already kept with our Safe Keeper/ Custodian by way of hypothecation created in favour of IDBI Trusteeship Services through the deed of hypothecation or the like (collectively, “Security Trustee Agreements”).

    d. In the event of any expenses or charges remaining payable to any Customer be guided by the respective SOP’s and terms and conditions of the Platform.

    e. By way of these Terms, You further authorize the Security Trustee to act on your behalf including as Your beneficiary under the insurance policy/ies and to take all steps necessary to protect Your interests.
  16. For each confirmed purchase of Gold by the Customer, MMTC-PAMP will be the custodian of the Gold, till such Gold is lying in your GAP account subject to terms herein. The Gold purchased by you corresponding to a customer order will be allocated and stored in a highly advanced and secured vault of MMTC-PAMP on your behalf. To ensure that your Gold stored in such vault is adequately protected, necessary insurance policy/ies has been obtained by MMTC-PAMP, at its cost. If you redeem your gold after the Custody Period, additional charges will be levied.
  17. The Customer will have the option of redeeming and asking for physical delivery of the full or part of the accumulated Gold holding, in the form of redeemable products starting from 1 (One) gram and above. The residual fractional Gold remaining, upon redemption by you of the entire Gold holding, can be sold back by you to us at the live sell-back price of gold of 999.9 purity and the corresponding amount against the residual fractional Gold sold by you will be credited to your designated bank account.
  18. Upon activation of the delivery feature on the Platform, the Customer can buy and redeem Gold on the same day.
  19. You need to pay the applicable making and delivery charges from your bank account mapped with Finity Platform or other payment instruments made available on the Finity Platform in order to redeem the redeemable product of your choice.
  20. Once the redemption has been initiated by you and payment received then your gold grams will be debited accordingly from your GAP account.
  21. MMTC-PAMP may at its discretion also, from time to time in future, offer/permit the Customer to sell-back its gold in fraction to MMTC-PAMP (i.e. open sale back window) at prevailing live sell-back price of gold of 999.9 purity, during the offer period as may be announced / permitted by MMTC-PAMP. The money against the fractional gold sold by a Customer would be credited to the Customer’s bank account as per the details provided by the Customer.
  22. Live purchase price of Gold will be displayed on the Finity Platform and is subject to change from time to time. At the time you make a request for redemption / sell-back, the value of Gold / quantity of Gold to be redeemed / sold back will be displayed based on the live sell-back price of Gold. The live purchase price of Gold and live sell-back price of Gold may vary and also may be different from that available in the open market and/or in any other retail outlet. Your offer may be rejected due to any issue with the transaction and money paid by you, if any, will be refunded. In such an event if you still wish to offer to purchase Gold or sell-back residual fractional Gold, you may make another offer at the changed price. It is clarified that Live purchase price and live sell price of Gold will be valid for a specific time period window and in the event the transaction is not completed during such time period window, then the live purchase and live sell price of Gold offered on Platform may change. MMTC-PAMP disclaims any and all claims and/or liabilities arising from such non-acceptance of offer or revision in prices.
  23. While availing any of the payment method/s available on the Platform, MMTC-PAMP will not be responsible or assume any liability, whatsoever in respect of any loss or damage arising directly or indirectly to the Customer due to:

    a. Lack of authorization for any transaction/s,

    b. Exceeding the preset limit mutually agreed by and between the Customer and relevant banks of the Customer,

    c. Any payment issues arising out of the transaction,

    d. Illegitimacy of the payment methods (credit/debit card frauds etc.) being used by a Customer;

    e. Temporary discontinuation of invitation to offer; and / or

    f. Decline of transaction for any reason(s) whatsoever.
  24. MMTC-PAMP may, at its discretion, prescribe maximum individual/cumulative limits for Customers to accumulate gold / sale-back of Gold from time to time, and reserves the right to refuse to accept orders exceeding such limit.
  25. At any point of time on any day MMTC-PAMP may temporarily discontinue the invitation to offer purchase of gold under GAP for any reason whatsoever.
  26. MMTC-PAMP will, at its discretion, close down GAP account of Customers, if (a) they are Inactive Accounts; (b) If the custody period has expired; and / or (c) if MMTC-PAMP decides to discontinue the GAP offering / service. . In such an event Customers will be required to redeem and / or at the discretion of MMTC-PAMP sell-back their gold holdings within the period notified to the Customer. In the event the Customer chooses not to respond within the prescribed period, (i) in case of expiry of Custody Period, MMTC-PAMP reserves the right (but not an obligation) to repurchase the gold holding of the Customer at the then prevalent live sell-back price of Gold, after deducting applicable charges and taxes; and (ii) in case of Inactive Account or in case of discontinuation of GAP scheme by MMTC-PAMP. MMTC-PAMP reserves the right (but not an obligation) to repurchase the gold holding of the Customer, on the expiry of Custody Period, at the then prevalent live sell-back price. If MMTC-PAMP decides not to repurchase the gold holding, then the Custody of the balance gold holding may be extended by MMTC-PAMP upon payment of necessary charges by the Customer as determined and demanded by MMTC-PAMP. For the purpose of this Clause ‘Inactive Account’ shall mean an account in which there has not been any transaction for a period of 18(eighteen) months or more. For the purpose of this clause, ‘custody period’ shall mean a period of 5 years from the date of last purchase / receipt of Gold in the GAP account of the Customer. The Customer can get his GAP account reactivated by following requisite process offered on the Platform from time to time.
  27. All the proceedings of such forced buy back by MMTC-PAMP- PAMP shall be kept in a dedicated GAP account and Customer or its successors can claim it after providing sufficient proofs (Id, relationship etc.)
  28. The Customer will not be entitled to make an offer to redeem the Gold if the zip code of delivery address is outside serviceable areas as may be notified and updated by MMTC-PAMP, from time to time. At time of redemption the Customer will be required to provide full delivery address. In the event the Customer(s) chooses the delivery address outside the serviceable areas, then on being notified, Customer may either (a) sell-back the Gold during the open sale back window as per terms herein; or (b) collect the redeemed product from authorized delivery points of MMTC-PAMP notified from time to time. In case a Customer‘s delivery address that was a serviceable location at the time of opening a GAP Account becomes unserviceable at the time of redemption, then the Customer in such cases will have option to either (a) take delivery of the Redeemed Product from an alternative address within Serviceable Locations, or (b) sale back the Product during the open sale back window, or (c) collect the Redeemed Products from authorized delivery points of MMTC-PAMP
  29. All redeemable products selected for delivery by Customer for redemption, shall be delivered within India as per instructions of the Customer through our logistics partners of MMTC-PAMP. All deliveries where applicable shall be made on a best efforts basis, and while MMTC-PAMP will endeavor to deliver the Products on the dates intimated, the MMTC-PAMP disclaims any claims or liabilities arising from any delay in this regard.
  30. The logistics partner of MMTC-PAMP will make a maximum of three attempts to deliver your order. After three attempts, the gold coin will be delivered back to MMTC-PAMP and the customer will need to put in a fresh request for the redemption.
  31. In case Customer doesn’t get the delivery due to any reasons attributed to MMTC-PAMP or its delivery partner then Customer will get the refund of making and delivery charges.
  32. In case delivery doesn’t happen due to unavailability of the Customer or any other reason attributed to Customer then MMTC-PAMP shall not be liable for refund of making and delivery charges.
  33. The Customer understands and acknowledges that it shall inspect and verify the goods delivered immediately and any complaint / dispute in respect of MMTC-PAMP Services, including with respect to quality, quantity, make etc. shall be raised within a period of 7 days from the date of request of transaction to which such complaint / dispute relates, and no complaint will be entertained beyond the said period.
  34. Customer can send gold as gift to other Platform users. Customers can only gift in milligrams after mentioning the amount of gold to be gifted. Customer will only be able to transfer the quantity of gold that they own. If, for the purposes of gold gifting the quantity of gold is insufficient in Customer’s account, platform will allow them, subject to their account cap, to buy additional gold.
  35. In case of transfer failure, the same quantity of gold transferred will be restored in the vault. The cancellation of gift transaction and restoration can take upto 7 working days. The Customer in any case, will not be able to cancel the transaction at their end, once initiated.
  36. The recipient of the gifted gold will have 7 days to accept the gift. The gold gift recipient by accepting the gold as gift agrees and acknowledges that they have become a Customer of MMTC-PAMP and are subject to all applicable terms and conditions of the Platform including these Terms. Customer can accumulate, redeem, transfer or sell back the gold received as gift as per the terms and conditions of the Platform and these Terms, as may be amended from time to time. MMTC-PAMP will reverse the gifted gold to the sender, if it is not claimed by the gift recipient after the completion of the 7th day of the initiation of the gold gift by the Customer.
  37. The Customer gifting gold on the Platform understands and confirms that the gold is gifted for a legitimated purpose permitted under the applicable laws.
  38. The Customer understands and agrees that the usages associated with the gold transacted on the Platform may differ from gold transacted at a physical store as all gold transactions on the Platform are subject to these Terms.
  39. MMTC-PAMP shall not be liable / responsible, in any manner whatsoever, for any loss / liability arising out of or relating to any technical failure / issue in Platform and / or acts / omission not attributable to MMTC-PAMP.
  40. Notwithstanding anything contrary contained herein, the service, the interface and API work, and their respective information, pricing and data, and availability are subject at any time and from time to time to human, mechanical, typographic, or other errors, oversights, mistakes, limitations, delays, service interruptions, including, without limitation, as may be due in whole or in part to, related to or arising out of (i) computer hardware and software, telecommunication and operating systems, databases, or business processes and procedures, (ii) other problems inherent in, or which may be associated with, the use of the internet and electronic communications including, without limitation, force majeure event, government / regulatory actions, orders, notifications etc. and / or and acts and omissions of third parties etc. affecting or impacting the service, the interface or the API work, its information and data, or such communications. Customer acknowledges and agrees that MMTC-PAMP shall not be responsible or liable whatsoever for delays, failures, or other loss due to, caused by or resulting from any such problems, in whole or in part. If your GAP account is over credited or wrongfully credited / debited, then MMTC-PAMP PAMP has right to reverse / cancel without notice or require cancellation / reversal of such transaction at its sole discretion and debit / credit the gold to / from your GAP account, as the case may be.
  41. Upon MMTC-PAMP confirming the purchase, redemption, sale-back, transfer of Gold in his / her GAP account by Customer, the order / request of Customer to purchase / redemption / sale-back / transfer, as the case may be, shall be binding on the Customer and cannot be cancelled.
  42. The Customer shall inform immediately, in any case no later than 30 days of the transaction, of any irregularities or discrepancies that may exist in his/her GAP account, failing which it shall be deemed that there is no error or discrepancies in the account. All records maintained by MMTC-PAMP, in electronic or documentary form of the instructions of the Customer and such other details (including, but not limited to payments made or received) pursuant to the Terms, shall as against the Customer, be deemed to be conclusive evidence of such instructions.
  43. The Customer understands and acknowledges that any purchase, redemption, transfer, or sale-back from / to GAP account will be on instructions received by the Customer, and the Customer will not violate any applicable laws or regulations for the time being in force in or outside India. The Customer shall be solely responsible for complying with applicable laws in respect of purchase, redemption, sale-back, transfer to and from the GAP account including but not limited to the Prevention of Money Laundering Act, 2002, the Prohibitions of Benami Property Transactions Act, 1998, Income Tax Act, 1961 etc. including amendment thereof. Customer also agrees and undertakes that he /she will not open any account in the name of any minor. MMTC-PAMP will not be liable in any manner in this regard.
  44. The Customer feedbacks pertaining to products shall be deemed to be non-confidential and non-compensatory in nature. MMTC-PAMP reserves the right, at its sole discretion to use such information and such use shall be entirely unrestricted. The Customer hereby irrevocably authorizes MMTC-PAMP to disclose, exchange, share or part with all the information relating to the Customer’s details and payment history information and all information pertaining to Customer’s GAP transaction and undertakes not to hold MMTC-PAMP respective affiliates and other group companies and their agents liable for use of the aforesaid information.
  45. In the event of termination / expiry of MMTC-PAMP’s arrangement with finwizard Technology Private Limited, the Customer will be notified and the Customer will have the option to either: (i) continue with its GAP account with MMTC-PAMP PAMP; or (ii) discontinue with its GAP account with MMTC-PAMP.


    If Customer chooses to continue with its GAP account with MMTC-PAMP, their GAP account will be migrated in the manner notified by MMTC-PAMP to the Customer and Customer agrees to provide such support and information as may be required for the purpose of transition / migration.
    If Customer chooses to discontinue with its GAP account with MMTC-PAMP, then the Customer shall redeem the entire product in his GAP account and take delivery of redeemable product and in case of open sale back window, may sell-back the product at the then prevailing live sell-back price of gold.
  46. MMTC-PAMP will not, at any time, and under any obligation be required to transfer physical gold of Customers in its custody to any other person / platform.
  47. These Terms shall be governed by and interpreted and construed in accordance with the laws of India. The courts in New Delhi shall have exclusive jurisdiction in respect of any matters arising therefrom.
  48. In the event any dispute arises out of or in connection with the Terms herein vis-à-vis the Customer, including the validity hereof, the parties hereto shall endeavor to settle such dispute amicably in the first instance. The attempt to bring about an amicable settlement shall be treated as having failed as soon as one of the parties hereto, after reasonable attempts, which shall continue for not less than 15 (Fifteen) calendar days, gives a notice to this effect, to the other party in writing.
  49. Data Privacy: You agree and specifically consent that MMTC-PAMP may collect, store and use your personal data and any communications made to MMTC-PAMP through the Platform, in accordance with Applicable Laws and MMTC-PAMP Privacy Policy.
  50. Phishing: In the event that you receive an email falsely claiming to be from MMTC-PAMP or another group entity, or requesting personal data and/or sensitive personal data or information (“Phishing”), you agree that you will not provide any information or data in response and you will contact Customer Service team without delay. MMTC-PAMP agrees that it will never ask you to provide your password over email or telephone. Should you receive an email or telephone call which you suspect is Phishing or are unsure about, you agree that you will report the phishing email or spoof site without delay in order to protect yourself and fellow Customers. You understand that you should not click any links from unusual emails or download any attachments in order to access your GAP Account.
  51. Fraudulent Activity: If MMTC-PAMP suspects that fraudulent activity has taken place within your GAP account, in order to protect you, you understand that we may temporarily freeze your GAP account to prevent any further or continuing unauthorized activity.
  52. Usage and Proprietary Rights: You agree that any information or data relating to, processed or created in connection with, content or operation of the GAP is confidential and proprietary to MMTC-PAMP, and that You will refrain from disclosing such information to any third party except where required by Applicable Law.
  53. Customer representations and warranties

    a. The Customer are bound by the applicable GAP product laws, applicable operating rules, customs, usages and practices.

    b. the Customer is not insolvent,

    c. MMTC-PAMP relies on representations and warranties made by the Customer. These representations and warranties and those contained elsewhere in these Terms, survive the entering into of these Terms and are repeated in respect of each GAP product transaction. The Customer warrants and agrees that any person who is in possession of any password is authorized by the Customer, and the Customer acknowledges that they will be responsible for any actions on their account associated with the use of its password. The Customer agrees to notify MMTC-PAMP immediately should the Customer become aware of any unauthorized use, loss or theft of the Customer’s, username, password or account numbers; or inaccurate information with respect to the content of statements including, cash balances, open positions or transaction history
  54. Risk Disclosures

    The Customer represents and warrants to MMTC-PAMP that:

    a. they have received, read, understood and accepted the risk disclosures provided herein in relation to the GAP products contained herein;

    b. the Customer acknowledges, recognizes and understands that investment in these products is speculative, may involve a degree of risk and loss;

    c. the Customer has read these Terms and understands that, UNLESS SPECIFICALLY AGREED WITH MMTC-PAMP AND UNLESS A STATEMENT OF ADVICE HAS BEEN PROVIDED, and the Customer has considered its objectives and financial situation and has obtained appropriate independent advice prior to entering into these Terms, and has formed the opinion that dealing in the GAP products is suitable for the Customer’s needs and purposes;

    The Customer acknowledges that neither MMTC-PAMP nor any associated entity guarantees the performance of any given GAP product or account nor that any GAP product or account will achieve a particular rate of return.
  55. Customer acknowledgements:

    The Customer acknowledges to MMTC-PAMP that:

    a. He / she will not receive interest or other earnings on the Gold held in the GAP account. The use of the Platform and any services of MMTC-PAMP does not constitute a trading of, or an exchange in, securities, investment contracts, or any document, instrument, or writing commonly known as a “security”, at law or otherwise;

    b. Anything MMTC-PAMP is permitted to do in accordance with these Terms may be done in its absolute discretion, and any opinion or view required to be formed by MMTC-PAMP may be formed in its absolute discretion;

    c. The Customer’s failure to observe any of the undertakings or representations may result in civil or criminal liability, as well as termination of the use of the MMTC-PAMP services;

    d. The Customer is responsible for maintaining adequate security and control of passwords and any other codes that You use to access the services of MMTC-PAMP The Customer agrees to accept full responsibility for the use of the Platform, for any orders transmitted through the Platform and for all communications and the accuracy of all information sent via the Platform using the Customer’s name, password or any other personal identification means implemented to identify the Customer. MMTC-PAMP will not be responsible for any loss or claim arising out of our relying on instructions provided to us using your Password.

    e. You agree to exercise safe security practices when accessing and conducting electronic transactions. This includes signing out and closing any online electronic transaction services once all transactions have been completed regardless of your method of accessing the Platform.
  56. Restricted Activities

    You agree that you will not:

    a. Breach this Agreement or any other agreement or policy that you have agreed to with MMTC-PAMP;

    b. Violate any law, statute, ordinance, or regulation (for example, those governing financial services, consumer protection, unfair competition, anti-discrimination, anti-bribery and anti-corruption, or false or misleading advertising);

    c. Act in a manner that is defamatory, trade libelous, threatening, or harassing;

    d. Provide false, inaccurate, or misleading information;

    e. Refuse to cooperate in an investigation or provide confirmation of your identity or any information you provide to us;

    f. Conduct your business or use the MMTC-PAMP services in a manner that results in, or may result in, complaints, disputes, claims, reversals, chargebacks, fees, penalties, and other liability to Partner, other uses, third parties, or you;

    g. Take any action that imposes an unreasonable or disproportionately large load on our infrastructure; facilitate any viruses, Trojan horses, worms, or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept, or expropriate any system, data, or information; use an anonymizing proxy; use any robot, spider, other automatic device, or manual process to monitor or copy our Website without our prior written permission; or use any device, software, or routine to bypass our robot exclusion headers, or interfere or attempt to interfere with the Platform or the MMTC-PAMP services
  57. If legal heir / survivor / claimant (hereinafter referred to as ‘Claimant’) of any deceased customer desires to claim Gold lying in the GAP account, such Gold will be released to such Claimant against submission of (a) duly notarised / attested copy of death certificate of the deceased, (b) legal heir certificate / succession certificate / registered will / probated will / letter of administration issued by court of competent jurisdiction in favour of the Claimant, as the case may be, (c) proof of address of the Claimant, and (d) photo ID of the Claimant. MMTC-PAMP will be fully discharged from its liability against such Gold once released to the Claimant, and on release of Gold to the Claimant, the GAP account of the deceased customer will be closed.
  58. Waiver: Any failure or delay by MMTC-PAMP to enforce or exercise any provision of these Terms, or any related right, shall not constitute a waiver by MMTC-PAMP (as applicable) of that provision or right. The exercise of one or more of a MMTC-PAMP’s rights hereunder shall not be a waiver of, or preclude the exercise of, any rights or remedies available to MMTC-PAMP under these Terms or in law or at equity. Any waiver of any provision shall only be effective if made in writing and executed by a duly authorized officer of MMTC-PAMP (as applicable).
  59. Force Majeure: If performance under these Terms by MMTC-PAMP is prevented, restricted, delayed or interfered with by reason of labor disputes, strikes, acts of God, floods, lightning, severe weather, shortages of materials, rationing, inducement of any virus, Trojan or other disruptive mechanisms, any event of hacking or illegal usage of the Platform, utility or communication failures, earthquakes, war, revolution, acts of terrorism, civil commotion, acts of public enemies, blockade, embargo or any law, order, proclamation, regulation, ordinance, demand or requirement having legal effect of any government or any judicial authority or representative of any such government, or any other act whatsoever, whether similar or dissimilar to those referred to in this clause, which are beyond the reasonable control of the MMTC-PAMP and could not have been prevented by reasonable precautions then MMTC-PAMP shall be excused and discharged from such performance to the extent of and during the period of such force majeure event, and such non-performance shall, in no manner whosoever, amount to a breach by the MMTC-PAMP of its obligations herein.
  60. Absence of relationship: You represent and warrant to MMTC-PAMP that you have sufficient experience and knowledge to make informed decisions to purchase/ transfer / redeem/ sale-back Gold / redeemable products. You acknowledge that you are making all of your own decisions in connection with purchases or transfer or redemption or sale-back and that you have not relied on any information made available by MMTC-PAMP and that MMTC-PAMP is not making any recommendation with respect to such purchases/redemption/sale-back/ of Gold/redeemable products. No relationship other than seller-purchase, including, without limitation, any agent-principal relationship, any advisor-advisee relationship, any employee-employer relationship, any franchisee-franchisor relationship, any joint venture relationship or any partnership relationship, exists between you and MMTC-PAMP. No relationship other than service provider- service recipient including, without limitation, any agent-principal relationship, any advisor-advisee relationship, any employee-employer relationship, any franchisee-franchisor relationship, any joint venture relationship or any partnership relationship, exists between you and Finwizard Technology Private Limited.
  61. Electronic Order Risks: Order entry systems have been designed to provide an efficient and dependable method for entering orders. Commercial internet service providers are not 100% reliable and a failure by one or more of these providers may affect internet-based order entry. You acknowledge that the order entry system is an electronic mechanical system and as such may be subject to failure beyond the control of MMTC-PAMP. Therefore, MMTC-PAMP shall not be responsible for errors, negligence, inability to execute orders, delays in transmission, delivery or execution of order due to breakdown or failure of transmission or communication facilities, or to any other cause beyond MMTC-PAMP’s control or anticipation. You acknowledge that pricing or typographical errors may occur and that therefore, in the event that a product is listed at an incorrect price or with incorrect information due to an error in pricing or product information, MMTC-PAMP reserves the right, at our sole discretion, to refuse or cancel or reject any orders placed for the products. Furthermore, MMTC-PAMP reserves the right to deny refuse or cancel or reject any orders placed in case of market volatility and/ or unusual circumstances or conditions. This includes, without limitation, unexpected unavailability of product/Gold.
  62. Customer responsibility for taxes, tariffs and duties: You acknowledge that you are solely responsible for all taxes, tariffs and duties that may be incurred as a result of purchase/redemption/ of Gold/Redeemable Products. MMTC-PAMP will only collect taxes, tariffs and duties on transactions to the extent explicitly required by law. It is your responsibility to be aware and properly address any taxes, tariffs and duties to which you may be subject by any local, state and/ or federal governments. If you have any questions about taxes, tariffs and duties, you should consult a tax or other professional about your unique circumstances. MMTC-PAMP does not represent to provide advice or recommendations about your specific taxes, tariffs and duties and any statements made by us are only for the purpose of raising issues for you to discuss with your tax or other professional.
  63. Indemnification: Customer hereby agrees to indemnify and keep MMTC-PAMP indemnified from and against all actions, claims, demands, proceedings, losses, damages, personal injury, costs, charges and expenses, directly or indirectly, whatsoever (‘Losses’) which MMTC-PAMP or its respective employees, agents, workers or representative may at any time incur, sustain, suffer or be put to as a consequence of or by reason of or arising out of: (i) the usage of the Platform by the Customer; (ii) by reason of MMTC-PAMP ‘s (as applicable) acting in good faith and taking or refusing to take or omitting to take action on the Customer’s instructions, and in particular arising directly or indirectly out of the negligence, mistake or misconduct of the Customer; (iii) breach or noncompliance of the Terms and relating to the GAP account; and/or (iv) fraud or dishonesty relating to any transaction by the Customer. Without prejudice to the foregoing, MMTC-PAMP shall be under no liability whatsoever to the Customer in respect of any loss or damage arising directly or indirectly out of:

    i. Effecting transaction based on instructions received from Customers,

    ii. The instruction of a Customer to transfer Gold from his / her GAP account to another GAP account,

    iii. The exercise by MMTC-PAMP of its right to terminate / exercise the facility/services provided on the Platform,

    iv. Any injury to the credit, character and reputation of the Customer due to use of facility/ services on the Platform,

    v. Any misstatement, misrepresentation, error or omission in any details disclosed by MMTC-PAMP if receives any process, summons, order, injunction, execution distrait, levy lien, information or notice which MMTC-PAMP in good faith believes/ calls into question the Customer’s ability, or the ability of someone purporting to be authorised by the Customer, to make the transfer, MMTC-PAMP may, at its option and without liability to the Customer or such other person, decline to allow the Customer to obtain any portion of his gold/ product, or may handover such gold/product over to an appropriate authority and take any other steps required by applicable law.
  64. Disclaimers and limits of liability: The Customer declares it has read, understood and accepted all of the terms and conditions outlined in these Terms. The Customer agrees that when entering into a GAP product transaction with MMTC-PAMP, the Customer is relying on its own judgment and, to the extent permitted by law. The Customer acknowledges and declares that any information regarding the GAP including but not limited to the information displayed on the Platform, in these Terms, etc., shall not be construed as any advice or recommendation given or views expressed to the Customer, by MMTC-PAMP. MMTC-PAMP does not make any representations, recommendations, projections, warranties or guarantees of any kind, either expressed or implied, as to the performance of its Gold/Redeemable Products with respect to future prices or any return on investment. MMTC-PAMP will not be liable for any Loss or damage caused by reliance on information obtained in any of our newsletters, literature, reports, e-mail correspondence, website, or any other communication from MMTC-PAMP. MMTC-PAMP will not be liable to any Customer (including but not limited to Transferee) for any Losses caused by or relating to transfer/deposit of Gold to GAP account of any other Customer. MMTC-PAMP explicitly urges to all its Customers to inspect the package for any damage or tamper before receiving or signing for receipt. If you find any tampering, do not accept the parcel and return the same. MMTC-PAMP will not be liable for any loss or damage caused if the Customer accepts the parcel inspite of it being damaged or tampered. The duty to verify the parcel for any damages or tampering is of the Customer and if the Customer accepts the parcel and later comes to know of any damage or tampering, MMTC-PAMP shall not be liable for any loss or damage to Customer. If such loss is later reported and approved by logistics partner and Insurance Company, the limit of liability shall be restricted to the amount paid by the logistic partner for such loss or damage in transit as per their terms and conditions and the same shall be binding upon the Customer.
  65. You acknowledge that MMTC-PAMP will not be liable to you or any other person as a result of your access or use of Gold/Redeemable Product for indirect, consequential, special, incidental, punitive, or exemplary damages, including, without limitation, lost profits, lost savings and lost revenues (collectively, the “excluded damages”), whether or not characterized in negligence, tort, contract, or other theory of liability, even if MMTC-PAMP has been advised of the possibility of or could have foreseen any of the excluded damages, and irrespective of any failure of an essential purpose of a limited remedy. In no event will MMTC-PAMP or any of its respective directors, employees, agents’ total liability to you for all damages, losses, liabilities and causes of action under these Terms and the facility/ services provided by MMTC-PAMP collectively exceed total amount paid by you, if any, for access to that particular products or services. The foregoing limitation of liability shall apply to the fullest extent permitted by law in the applicable jurisdiction.
  66. You declare that You are an individual not having registration and neither required to take registration under Central Goods and Service Tax Act 2017, State Goods and Service Tax Act 2017, Integrated Goods and Service Tax Act 2017 and Union Territory Goods and Service Tax Act 2017.
  67. You declare that gold you are selling was previously owned by you for personal use.
  68. You declare that You are not an unregistered dealer of gold and silver or any other precious metal ornament or any related product.
  69. If found of any misrepresentation then You will be solely responsible for all applicable taxes, interest and penalty due to the government at any given point of time.
  70. Any notice, communication or information required to be given or provided by MMTC-PAMP under or in connection with these Terms to the Customer may be given / provided by posting / notifying it on the Platform, message to the mobile number, emailing it to your email address or posting to the street address listed in your GAP Account

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