Mutual Fund Terms & Conditions

Nirmal Bang Wealth Solutions Terms and Conditions

The following terms and conditions apply to the Investment Account opened and maintained with Nirmal Bang Wealth Solutions. Please read all terms and conditions carefully. By signing on these terms and conditions, you confirm to have read, understood and agreed to all of these terms.

AMCmeans an Asset Management Company licensed by SEBI as an asset manager;

Application Formmeans the application form provided by Nirmal Bang Wealth Solutions to the Customer in accordance with its general operating procedures for the application by the Customer to open the Investment Account;

Associatemeans and includes any individual, partnership firm, HUF, a body corporate, or any other entity registered with Association of Mutual Funds in India;

AMFIor such other regulatory authority as may be prescribed from time to time, to act as a distributor of financial products (including Units of various Mutual Funds) and empanelled with Nirmal Bang Wealth Solutions and offering financial products distributed by Nirmal Bang Wealth Solutions;

Business Daymeans a Business Day or Working Day or a day by any other name called on which the AMC accepts application forms and as more specifically defined in the Scheme Information Document of the respective schemes;

Nirmal Bang Wealth Solutionsmeans Nirmal Bang Wealth Solutions and includes its successors and assigns;

Codesshall have the meaning ascribed to it in Clause 8.2;

Customermeans any person who, at the recommendation and solicitation of the ASSOCIATE opens and maintains an Investment Account with Nirmal Bang Wealth Solutions in connection with the investment in any of the Mutual Funds or financial products offered by Nirmal Bang Wealth Solutions under these terms and conditions. Any such person is deemed to be a customer of the ASSOCIATE;

Electronic Servicesshall have the meaning ascribed to it in Clause 8.1;

Feesmeans and includes upfront fees and / or such other fees by whatever name called charged by Nirmal Bang Wealth Solutions or Product Provider, as may be decided and / or amended from time to time;

Investment Accountmeans the online account with Nirmal Bang Wealth Solutions through which the Customer effects transactions pursuant to these terms and conditions;

Key Information Memorandummeans abridged Scheme Information Document and prospectus of the Mutual Fund that is a part of the scheme’s application form;

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

Lossmeans any and all loss, damage, costs, charges and expenses of whatsoever nature and howsoever arising, including legal fees on a full indemnity basis;

Mutual Fundsshall mean various Mutual Funds registered with SEBI;

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

Officer/Personnelmean the directors, officers, employees, servants, agents and other authorized representatives of Nirmal Bang Wealth Solutions;

Ordermeans any authorization, request, instruction or order (in whatever form and howsoever sent) given or conveyed or transmitted to Nirmal Bang Wealth Solutions or any Service Provider by the Customer on its own / through the Customer’s authorised attorney, which Nirmal Bang Wealth Solutions or an Officer or Service Provider reasonably believes to be the authorization, request, instruction or order of the Customer;

Personincludes any individual, HUF, government, statutory body, corporate, business, firm, partnership, corporation or unincorporated body;

Productsmeans any financial product offered by Nirmal Bang Wealth Solutions including Mutual Funds or any financial and non-financial product authorised or recognized by SEBI or any other regulatory authorities (or deemed to be authorised or recognized under law) and distributed by or made available through Nirmal Bang Wealth Solutions from time to time;

Product Providersmeans an entity offering any Products through the Nirmal Bang Wealth Solutions platform;

Scheme Information Document / Statement of Additional Informationmeans the document(s) issued by the AMC, as amended from time to time (including by way of addendum), offering Units of the respective schemes/ plans for subscription;

SEBImeans the Securities and Exchange Board of India;

Service Providermeans and includes any Person acting as a service provider on behalf of Nirmal Bang Wealth Solutions;

Transactionmeans any transaction (both financial and non-financial transaction) effected under the Investment Account in respect of any Products / Mutual Funds and includes applications for subscription, switching, transferring and redemption of Units in any Mutual Funds;

Unitmeans an interest of an investor(s) in the scheme of Mutual Funds consisting of each unit representing one undivided share in the net assets of that scheme as evidenced by the account statement.

2.1 The terms and conditions herein shall apply to provisions by Nirmal Bang Wealth Solutions to the Customer of all transaction facilities in respect of all Products (including Mutual Funds) under the Investment Account.

2.2 Nirmal Bang Wealth Solutions reserves the right to add to, amend or vary any of these terms and conditions at any time in its sole and absolute discretion and any additions, amendments or variations shall take effect and bind each Customer. A Customer shall be deemed to have agreed to any addition, amendment and/or variation without reservation, whether or not the Customer gives Nirmal Bang Wealth Solutions any Orders subsequent to the said change in terms and conditions. The Customer shall refer to Nirmal Bang Wealth Solutions’ website for the revised terms and conditions, which may be updated by Nirmal Bang Wealth Solutions from time to time. Nirmal Bang Wealth Solutions will also notify clients by email or other electronic or non- electronic medium.

3.1 The Customer agrees that the Transactions carried out through Nirmal Bang Wealth Solutions’ website shall be subject to the provisions contained in the respective Scheme Information Document / Statement of Additional Information / Key Information Memorandum (as updated by issue of relevant addenda).

3.2 The Customer authorizes, consents and agrees to the disclosure by Nirmal Bang Wealth Solutions and/or any of its Officers, at any time and from time to time, of any or all information in respect of any particulars of the Customer, the Transactions or the Investment Account to any Person as Nirmal Bang Wealth Solutions may, in its sole and absolute discretion, deem fit, appropriate or necessary, or as required in accordance with applicable laws.

3.3 The opening of the Investment Account is subject to the satisfactory completion of the account opening form and acceptance by Nirmal Bang Wealth Solutions. Upon acceptance, Nirmal Bang Wealth Solutions shall register the Customer subject to due compliance with respect to KYC and other applicable laws.

3.4 The Investment Account provided to the Customer comprises of a non-transferable, and revocable license to use the Investment Account and Nirmal Bang Wealth Solutions’ website and other facilities and services for bona fide purposes only.

3.5 The Customer should ensure that the amount invested in the Products offered by Nirmal Bang Wealth Solutions (including Mutual Funds) is through legitimate sources only and does not involve and is not designated for the purpose of any contravention or evasion of the provisions of the Income Tax Act, Prevention of Money Laundering Act, Prevention of Corruption Act and/or any other applicable law in force and also any laws enacted by the Government of India from time to time or any rules, regulations, notifications or directions issued there under. To ensure appropriate identification of the Customer(s) under KYC policy and with a view to monitoring Transactions, Nirmal Bang Wealth Solutions reserves the right to seek information, record Customer’s telephone calls and/or obtain and retain documentation for establishing the identity of the Customer, proof of residence, source of investments, etc. Nirmal Bang Wealth Solutions may re-verify identity and obtain any incomplete or additional information from the Customer for this purpose.

3.6 6 The Customer shall provide Nirmal Bang Wealth Solutions with a copy of a valid Permanent Account Number (“PAN”) card, including any other documents in the format and within the time limits as may be prescribed by Nirmal Bang Wealth Solutions and Nirmal Bang Wealth Solutions will further get these details verified with the relevant authority or body that may be appointed for providing KYC verification processing / verification services by the regulator from time to time. Once Nirmal Bang Wealth Solutions gets a confirmation/KYC under process from CVL or any other relevant authority with respect to PAN and other details of such Customers as required for the purpose of confirming the KYC, Nirmal Bang Wealth Solutions shall grant registration, access and use of the Nirmal Bang Wealth Solutions’ website and Investment Account to such Customers. Furthermore Customer shall indemnify Nirmal Bang Wealth Solutions against all Loss arising from the Customer not submitting the correct and complete documents to Nirmal Bang Wealth Solutions within the prescribed time limits, if any and/or undertaking any Transaction without compliance under KYC and submission of other legitimate details.

3.7 In cases where the Customer is a non-individual investor, the Customer represents that it has the authority to agree to these terms and conditions and that the Customer shall sign the terms hereof through its authorised signatories.

3.8 The Customer agrees and accepts that Nirmal Bang Wealth Solutions has the sole discretion to restrict any Person from dealing with Nirmal Bang Wealth Solutions without assigning any reason thereto.

3.9 Nirmal Bang Wealth Solutions may engage or appoint any Person (who is not an Officer or related to Nirmal Bang Wealth Solutions) to carry out any Order or to exercise any authority granted to Nirmal Bang Wealth Solutions by the Customer whether under this terms and conditions or otherwise. In making such engagement or appointment, Nirmal Bang Wealth Solutions shall not be liable to the Customer for any Loss suffered or incurred by the Customer as a result of any act or omission of such Person.

3.10 The Customer’s relationship with Nirmal Bang Wealth Solutions, the operation of the Investment Account and the implementation of all Orders shall be subject at all times to the applicable laws. Nirmal Bang Wealth Solutions may take or refrain from taking any action whatsoever, and the Customer shall do all things required by Nirmal Bang Wealth Solutions, in order to procure or ensure compliance with applicable laws.

3.11 The Customer shall be responsible for the systems used by Customer with respect to dealings with Nirmal Bang Wealth Solutions and for various security measures which the Customer shall take to prevent unauthorised access to Investment Account and other related details and Nirmal Bang Wealth Solutions shall not be liable for any such unauthorised access.

3.12 The Customer hereby agrees to ratify and confirm all transactions and all acts and things done or caused to be done or effected by Nirmal Bang Wealth Solutions pursuant to the Customer’s instructions in relation to the Investment Account and agrees that such transactions, acts and/or things done shall also be governed by these terms and conditions.

3.13 The Customer hereby authorises Nirmal Bang Wealth Solutions through any of its officers to perform all acts pursuant to the Customer’s instructions, whether in respect of any Transaction relating to the Investment Account or these terms and conditions (including the protection or preservation of any of Nirmal Bang Wealth Solutions’s rights and remedies hereunder and the payment of such fees and monies due and owing to Nirmal Bang Wealth Solutions by the Customer) or in respect of anything required to give effect and/or substance thereto. For the avoidance of doubt, nothing in this Clause shall impose any obligation on Nirmal Bang Wealth Solutions to take any action or exercise any rights on behalf of the Customer and Nirmal Bang Wealth Solutions shall at all times have the absolute discretion in determining whether or not to exercise any of its powers.

3.14 Whenever the Customer receives any statements of account, invoices, confirmation notes (if applicable), confirmations or notifications in respect of any Order or any document (the “Statement”) provided in relation to the Investment Account from Nirmal Bang Wealth Solutions, the Customer agrees that it will inform Nirmal Bang Wealth Solutions of any mistakes or omission or disagreements within seven (7) days from the date receipt of the relevant Statement. If the Customer fails to do so, the Customer is deemed to have agreed to the contents of such Statement and will no longer have the right to dispute the accuracy of the Statement. Accordingly, Nirmal Bang Wealth Solutions has the right to treat the Customer’s silence as the Customer’s representation that the statement is accurate. Nothing in this Clause shall prevent Nirmal Bang Wealth Solutions from unilaterally amending any such statement for any inaccuracy it detects.

3.15 Any instructions (oral or otherwise) purported to be given by any Person other than the Customer, need not be acted upon by Nirmal Bang Wealth Solutions but Nirmal Bang Wealth Solutions is authorised to act on any and all such instructions which Nirmal Bang Wealth Solutions believes in good faith, or has reason to believe, is from the Customer as soon as such instructions have been received by Nirmal Bang Wealth Solutions in writing, fax, email or any other mode of electronic communication. Nirmal Bang Wealth Solutions shall maintain sufficient audit trail of such instructions received from the Customer and shall not be liable for any loss, damage, cost, charge and expense incurred by the Customer as a result of Nirmal Bang Wealth Solutions so acting.

4.1 Nirmal Bang Wealth Solutions has full rights to reject the Investment Account opening application of any Customer at its sole discretion without assigning any reason.

4.2 Without limiting other remedies, Nirmal Bang Wealth Solutions may issue a warning, temporarily suspend, indefinitely suspend or terminate a Customer’s Investment Account and refuse to provide any Products and services to Customer if: (a) the Customer breaches any of these terms and conditions or the linked policies and information incorporated herein by reference, including Nirmal Bang Wealth Solutions’s written policies and procedures posted on the Nirmal Bang Wealth Solutions’ website; (b) Nirmal Bang Wealth Solutions is unable to verify or authenticate any information Customer provides to Nirmal Bang Wealth Solutions or on the Nirmal Bang Wealth Solutions’ website; or (c) Nirmal Bang Wealth Solutions believes that Customer’s actions may cause legal liability for Nirmal Bang Wealth Solutions or its Service Providers. Once temporarily suspended, indefinitely suspended or terminated, the Customer may not continue to use the Nirmal Bang Wealth Solutions’ website under the same Investment Account, a different Investment Account or re-register under a new Investment Account, subject to discretion of Nirmal Bang Wealth Solutions.

4.3 In the event of termination of Investment Account for any reason whatsoever, Nirmal Bang Wealth Solutions shall be entitled to recover all applicable outstanding Fees, charges and dues from Customer.

5.1 The Customer may instruct Nirmal Bang Wealth Solutions to execute any Transaction by placing an Order with Nirmal Bang Wealth Solutions and/or its Service Provider. The Customer understands that an Order once placed with Nirmal Bang Wealth Solutions cannot be revoked. Upon the receipt of such Order, Nirmal Bang Wealth Solutions shall execute the Transaction by placing an order with the relevant AMC/RTA/Stock Exchanges/Any relavant authority. The Order becomes irrevocable immediately after Nirmal Bang Wealth Solutions or Service Provider has received the Transaction on behalf of Customer. In the case of an Order for the subscription of Units, Nirmal Bang Wealth Solutions shall execute the Transaction by placing the Order with the relevant AMC/RTA/Stock Exchanges/Any relavant authority, where the subscription is settled by Service Provider, upon the receipt of the Order and on a cleared-fund basis or, in the sole and absolute discretion of Nirmal Bang Wealth Solutions/AMC/RTA/Stock Exchanges/Any relavant authority, upon the receipt of the Order.

5.2 Orders placed by the Customer with Nirmal Bang Wealth Solutions may be aggregated and consolidated either daily or from time to time by Nirmal Bang Wealth Solutions together with orders placed by Nirmal Bang Wealth Solutions's other customers or any other Person whom Nirmal Bang Wealth Solutions deems fit, for the purposes of placement of the orders by Nirmal Bang Wealth Solutions with the relevant AMC/RTA/Stock Exchanges/Any relavant authority.

5.3 Orders received by Nirmal Bang Wealth Solutions on any Business Day before the relevant cut-off time (as may be specified by Nirmal Bang Wealth Solutions in its sole and absolute discretion) shall be consolidated with other orders (if any) for placement with the relevant AMC on the same Business Day. Orders received after the specified cut-off time shall be deemed to be an Order received by Nirmal Bang Wealth Solutions on the next Business Day and shall only be placed with the relevant AMC/RTA/Stock Exchanges/Any relavant authority on the next Business Day.

5.4 The Customer agrees and confirms that all the authorised and complete Transactions will be processed at the applicable NAV (as defined in the Scheme Information Document of respective schemes of Mutual Funds) subject to realization / utilization of the funds and acceptance of the Transactions by the Mutual Funds / their authorised representatives.

5.5 Where Nirmal Bang Wealth Solutions has placed a consolidated Order for the subscription of Units or for the switching of Units with the relevant AMC/RTA/Stock Exchanges/Any relavant authority, any of these authority will (subject to the AMC’s right to refuse or reject any such Order pursuant to the trust deed and/or Scheme Information Document and/or addendum of the relevant scheme) issue the relevant Units to and register the Units in the name of the Customer.

5.6 The Customer agrees that the Customer shall be responsible for all Transactions conducted through the Nirmal Bang Wealth Solutions’ website and records generated by Nirmal Bang Wealth Solutions / its authorised representatives shall be conclusive proof of the Transaction being undertaken and shall be binding on the Customer and may be used as evidence in any proceedings, legal or otherwise. In case of any discrepancy with regard to a Transaction, the Customer agrees to notify Nirmal Bang Wealth Solutions / its authorised representatives within 7 days of receipt of the record of such transaction.

5.7 In respect of Transactions involving Units purchased, Nirmal Bang Wealth Solutions will send the confirmation notes and statements to the Customer in respect of all Transactions in the Investment Account by email or any other mode as provided by Nirmal Bang Wealth Solutions from time to time.

5.8 The Customer acknowledges that any AMC/RTA/Stock Exchanges/Any relavant authority which receives the Order from Nirmal Bang Wealth Solutions is not obliged to accept the order in part or whole. Nirmal Bang Wealth Solutions shall not be liable or responsible for any action or rejection on the part of any AMC/RTA/Stock Exchanges/Any relavant authority in respect of any Order. Nirmal Bang Wealth Solutions shall have no responsibility or liability for ensuring that the relevant AMC allots the Units or for any Losses (including any loss of investment opportunity) which the Customer may suffer or incur as a result of any refusal to accept or delay in accepting such Order by the AMC.

5.9 The Customer acknowledges that the issue prices and redemption (realisation) prices are determined by the AMC in accordance with the prescribed procedures on any Business Day. Accordingly, any price or value quoted by Nirmal Bang Wealth Solutions to the Customer in respect of any Unit in any Mutual Funds is not conclusive and is indicative / historic only. The Customer hereby agrees that in placing an Order, the Customer is not relying on any such information provided to him/her by Nirmal Bang Wealth Solutions and acknowledges that the applicable issue or redemption price in relation to the Customer’s Order may be different from the indicated or quoted / historic places.

6.1 The Customer acknowledges that investments in Products including Mutual Funds are subject to investment risks and market risks, including possible loss of the principal amount invested. The Customer represents and warrants that the Customer understands and is fully aware of the risks involved in investing in financial products including Mutual Funds.

6.2 In relation to investments into Mutual Funds or any Products, the Customer acknowledges that the Customer has read and understood or will obtain from either Nirmal Bang Wealth Solutions or the relevant AMC up-to-date versions of the Scheme Information Document, Statement of Additional Information and Key Information Memorandum of the respective scheme or any other documents by whatever name called issued by Product Provider including risk factor and disclaimer as contained in the Scheme Information Document and addendum issued by the scheme or any materials supplied by the relevant AMC / Product Provider that might exist on the date of the Transaction and the date of the Order given by the Customer to Nirmal Bang Wealth Solutions prior to placing any Order with Nirmal Bang Wealth Solutions to subscribe for Units in such Mutual Funds. The Customer acknowledges and agrees that Nirmal Bang Wealth Solutions shall bear no liability or responsibility whatsoever to the Customer for any error, misstatement or omission in any Scheme Information Document, Statement of Additional Information or report or any other material prepared by or issued by any AMC/ Product Provider, or willful action or omission, default, fraud or negligence by the AMC/ Product Provider.

6.3 Nirmal Bang Wealth Solutions accepts no responsibility and will bear no liability to the Customer for giving any recommendation or advice to the Customer as to whether to invest or not to invest in any Products, or in connection with the performance of any Mutual Fund schemes. The Customer acknowledges the desirability and importance of seeking independent financial or professional advice with respect to any dealings or investments in any Products including Mutual Funds or investment opportunities. The Customer acknowledges that any dealings or investments under the Investment Account in any such Products including Mutual Funds is solely and exclusively made by the Customer based on the Customer’s own judgment and after the Customer’s own independent appraisal and investigation into the risks associated with such dealings or investments have been made.

6.4 The Customer acknowledges that any investment in any Products offered currently or in future by Nirmal Bang Wealth Solutions may be subject to a lock in period as provided in the Scheme Information Document/Statement of Additional Information/addenda or any other terms and conditions issued by Product Provider / issuer and the Customer may not be entitled to redeem till the maturity period is completed.

7.1 Nirmal Bang Wealth Solutions may, at any time in its sole and absolute discretion, impose upon the Customer any position or Transaction limits, or any trading or Transaction restrictions. Such limits may include minimum transaction sizes, specified times or procedures for communicating Orders to Nirmal Bang Wealth Solutions or otherwise. Such transaction limits may also be set by a regulatory, statutory or such other body as may govern the transactions. In placing Orders with Nirmal Bang Wealth Solutions, the Customer shall adhere to such transaction limits, whether imposed by Nirmal Bang Wealth Solutions or any such body.

7.2 Nirmal Bang Wealth Solutions shall have the absolute discretion whether to accept and partially execute any Order to ensure that the relevant limit or restriction imposed is not breached or to entirely reject such Order.

7.3 In case the Customer directly approaches AMCs for any financial or non-financial transactions, the Customer shall promptly inform Nirmal Bang Wealth Solutions about the same. In case the Customer fails to inform Nirmal Bang Wealth Solutions, Nirmal Bang Wealth Solutions shall be not liable to Customer for any loss.

8.1 Nirmal Bang Wealth Solutions may, from time to time and at its sole and absolute discretion, provide to the Customer, such computer software or telephone services or systems (including but not limited to any other services or information accessible through Nirmal Bang Wealth Solutions's proprietary software or latest mobile technology) (the Electronic Services) for the purposes of viewing details or information relating to his Investment Account or placing Orders or Transactions.

8.2 The Customer has the sole responsibility and shall be liable for the security and safe keeping of the Customer's Investment Account number as well as any and all passwords, identification and other Codes issued to the Customer by Nirmal Bang Wealth Solutions or by any certification authority duly recognised by Nirmal Bang Wealth Solutions for the purpose of enabling the Customer to access the Electronic Services and the Investment Account (the Codes).

8.3 The Customer agrees that Nirmal Bang Wealth Solutions shall be entitled to rely on the digital signature and/or correct entry of the Codes in order to ascertain whether any Order placed with Nirmal Bang Wealth Solutions is that of the Customer's and to act on that assumption. The Customer shall be fully responsible and liable for any Orders placed with Nirmal Bang Wealth Solutions through the use of the Electronic Services notwithstanding that such Order may have been given by a third party with or without authority to give such instructions or Order on behalf of the Customer.

8.4 In utilizing the Electronic Services, the Customer agrees not to do anything that will violate, infringe, prejudice or in any way affect Nirmal Bang Wealth Solutions's or any third party's intellectual property rights (IP Rights) and shall take all necessary measures to preserve and protect these IP Rights. All IP Rights (whether by way of copyright or otherwise) in the information or reports available from or generated by the Electronic Services vest solely in and will remain the exclusive property of Nirmal Bang Wealth Solutions.

8.5 The Customer agrees pursuant to these terms and conditions that the risk of electronic instructions given by the Customer not being genuine or being forged, fraudulent, ambiguous or erroneous lies solely with the Customer and the Customer undertakes to keep Nirmal Bang Wealth Solutions and its Personnel indemnified against all Loss incurred by Nirmal Bang Wealth Solutions or its Personnel arising out of anything done or omitted pursuant to the said electronic instructions given or purportedly given by the Customer or his authorised person, including but not limited to:

  • loss or unauthorised use of the Codes;
  • the unauthorised use of or access to the Electronic Services;
  • forgery of the Customer’s digital signature;
  • any delay, fault, failure or loss of access to, or unavailability of the Electronic Services for whatever reason.

8.6 In the use of the Electronic Services, the Customer shall not:

  • reproduce, retransmit, disseminate, sell, distribute, publish, broadcast, circulate, exploit (whether for commercial benefit or otherwise) the information and/or reports obtained from or through the Electronic Services in any manner whatsoever without the express written consent of Nirmal Bang Wealth Solutions and shall not use the information for any wrongful or illegal purpose or in contravention of applicable laws;
  • make any additions, modifications, adjustments or alterations to, tamper any part or corrupt any information or services available on or through the Electronic Services;
  • permit any equipment or software to be linked to or communicate in any manner or be used in connection with any other service or system whereby any information and/or reports obtained from Nirmal Bang Wealth Solutions may be accessed, used, stored or redistributed by or through such other equipment or software; and
  • use the facilities available under the Electronic Services otherwise than as contemplated under these terms and conditions or such other directions which may be issued by Nirmal Bang Wealth Solutions from time to time.
  • use the facilities available under the Electronic Services otherwise than as contemplated under these terms and conditions or such other directions which may be issued by Nirmal Bang Wealth Solutions from time to time.

8.7 In providing the Electronic Services to the Customer, Nirmal Bang Wealth Solutions may in its sole and absolute discretion, from time to time and without notice to the Customer:

  • amend, modify, suspend or terminate the operation of the Electronic Services;
  • suspend or terminate the Customer's access to or use of the Electronic Services; or
  • deactivate the Codes,

9.1 Fees / charges by whatever named called charged by Nirmal Bang Wealth Solutions for carrying any Transactions on the Nirmal Bang Wealth Solutions’ website will be displayed in the post log-in section and may be subject to changes at the sole discretion of Nirmal Bang Wealth Solutions

9.2 Nirmal Bang Wealth Solutions shall raise statements / invoices on behalf of the FA on the Customer towards the payment of fees by the Customer to the FA based on the Agreement with the FA and Nirmal Bang Wealth Solutions. The Customer shall pay such statements / invoices promptly.

9.3 The Customer shall promptly pay to Nirmal Bang Wealth Solutions any outstanding Fee on the due date of the relevant Transaction or upon demand by Nirmal Bang Wealth Solutions as provided for under these terms and conditions.

9.4 Nirmal Bang Wealth Solutions shall be entitled to charge interest on any sum or payment due to Nirmal Bang Wealth Solutions from the Customer at such rate and calculated and/or compounded in such manner as Nirmal Bang Wealth Solutions may, in its sole and absolute discretion, impose and determine from time to time and to debit the bank account through ECS in respect of the interest due. As per the mandate to be provided by customer.

9.5 Unless specified otherwise, all payments made by the Customer to AMC and / or Nirmal Bang Wealth Solutions shall be in free and clear funds and free of deductions or withholdings. In case where the Customer chose to combine the investment amount with the payment of any additional Fees charged by Nirmal Bang Wealth Solutions on account of any Transaction, Nirmal Bang Wealth Solutions / Service Provider shall deduct such Fees and make the investment for the net amount.

9.6 Any taxes, duties, disbursements, costs and/or other expenses incurred by Nirmal Bang Wealth Solutions in connection with the Investment Account or otherwise in connection with the Customer shall be borne by the Customer who shall reimburse Nirmal Bang Wealth Solutions for any such said payments made by Nirmal Bang Wealth Solutions on behalf of the Customer. All interest, Fees, commissions and other charges of Nirmal Bang Wealth Solutions are exclusive of any goods and services tax or any other applicable tax which shall be borne and separately charged to the Customer.

9.7 The Customer acknowledges that in relation to investments in the Mutual Funds, the Mutual Fund and/or Product Providers would pay monies (by way of commissions, discounts, fees or otherwise) to Nirmal Bang Wealth Solutions in connection with, or in relation to, the issue of Units to or for the Customer, or other dealings in connection with Units in any Mutual Fund. The Customer agrees that Nirmal Bang Wealth Solutions may retain these monies for its sole benefit and is under no obligation to account to the Customer for such monies.

9.8 Nirmal Bang Wealth Solutions may at its full and absolute discretion charge a sales charge (“Sales Charge”) for the subscriptions of Units in any of the Mutual Funds. Nirmal Bang Wealth Solutions reserves the right to vary and increase the Sales Charge from time to time. The Sales Charge is separate and independent of the initial sales charge or upfront fees which may be charged by the Mutual Funds.

10.1 If an Investment Account is opened or maintained in the name of more than one person:-

  • The term "Customer" shall refer to each such person jointly and severally, and the liability of each such person to Nirmal Bang Wealth Solutions shall be joint and several; and
  • Nirmal Bang Wealth Solutions shall be entitled to recover any sum due or owed to Nirmal Bang Wealth Solutions by any of the person(s) in whose name the Investment Account is opened or maintained or constituting the Customer.

No person constituting the Customer shall be discharged, nor shall his/her/its liability be affected by, any discharge, release, time, indulgence, concession, waiver or consent given at any time in relation to any one or more of the other such person(s) constituting the Customer.

10.2 In respect of each Investment Account opened in the name of 2 or more person(s), the first holder of Investment Account in case of joint account or authorized signatories in case of non-individual person(s), are authorised to give Orders in relation to Transaction and any other instruction to Nirmal Bang Wealth Solutions. Any correspondence, mail, notice or communication addressed and sent by Nirmal Bang Wealth Solutions to the first holder/authorised signatory and such communication in respect of a Joint Account shall be deemed to have been addressed and sent to all the person(s) named in respect of such Joint Account.

10.3 In a Joint Account, if Nirmal Bang Wealth Solutions, prior to acting on any instructions given by one signatory, receives contradictory instructions from the other signatory, Nirmal Bang Wealth Solutions may thereafter only act on the instructions of all signatories for the said Joint Account.

10.4 The doctrine of survivorship shall apply to any Investment Account opened in the joint names of more than one person(s). Accordingly, in the event of the death of such person(s) constituting the Customer, the Investment Account shall immediately vest in the surviving person(s) (as the case may be).

10.5 The password shall be assigned only to the first applicant / authorised signatory as listed in the Application Form.

10.6 The provisions in this Clause shall apply to any other services provided by Nirmal Bang Wealth Solutions or any other Person or Service Provider appointed by Nirmal Bang Wealth Solutions from time to time in this regard.

The Customer agrees and undertakes to notify Nirmal Bang Wealth Solutions immediately of any change in the particulars of the Customer, or any information relating to the Investment Account or to update the changes online. Nirmal Bang Wealth Solutions shall at all times be entitled to rely on the records in the Application Form last submitted by the Customer unless any change in the particulars therein have been notified to Nirmal Bang Wealth Solutions or updated online by the Customer. Nirmal Bang Wealth Solutions is not obliged to verify any particulars furnished or updated online by the Customer and Nirmal Bang Wealth Solutions shall not be liable or responsible for any Loss suffered or incurred by the Customer or any other Person by reason of any error or omission in the completion of the Application Form or in the furnishing or online updating of the particulars by the Customer.

12.1 All acts performed by Nirmal Bang Wealth Solutions prior to receiving written notice of the Customer’s death, incapacity of or incapability shall be valid and binding upon the Customer and the Customer’s successors in title.

12.2 In the event of the Customer’s death, Nirmal Bang Wealth Solutions shall be absolutely protected in acting under these terms and conditions until Nirmal Bang Wealth Solutions receives actual notice of death from the legal personal representatives or executors of the Customer. The legal personal representatives or executors will be recognised by Nirmal Bang Wealth Solutions as having the sole authority to act under these terms and conditions on behalf of the deceased Customer only upon the legal personal representatives or executors producing the relevant legal documents which establish them as the legal representatives of the deceased Customer.

13.1 In addition and without prejudice to any other right or remedy of Nirmal Bang Wealth Solutions (at law or otherwise) the Cu stomer shall indemnify and hold Nirmal Bang Wealth Solutions/AMC and its Personnel harmless from and against any and all Loss suffered or incurred by Nirmal Bang Wealth Solutions and /or its Personnel as a result of:

  • any failure by the Customer to comply with these terms and conditions;
  • Nirmal Bang Wealth Solutions acting in accordance with the Orders or in any manner permitted under these terms and conditions;
  • any change in any applicable laws; and/or
  • any act or thing done or caused to be done by Nirmal Bang Wealth Solutions in connection with or referable to these terms and conditions or any Investment Account or the instructions of the Customer.

13.2 The Customer's obligation to indemnify Nirmal Bang Wealth Solutions and its Personnel shall survive the termination of the Investment Account and these terms and conditions.

14.1 In addition and without prejudice to any other right or remedy which may be available (whether under these terms and conditions or under applicable laws), and in the absence of fraud on the part of Nirmal Bang Wealth Solutions and/or its Personnel, neither Nirmal Bang Wealth Solutions nor their respective directors, officers, servants, agents or employees shall be liable to the Customer in any respect for any Loss suffered by the Customer, including but not limited to any Loss arising out of any of the following:

  • any reliance by the Customer on any information and/or reports which are incomplete, inaccurate, corrupted, untrue or out-of-date, notwithstanding that such information and/or reports may or may not have been customised for the use of the Customer, where such information and/or reports have been prepared, compiled or produced by any fund manager and/or issuer of any Mutual Funds or any third party, received by Nirmal Bang Wealth Solutions in good faith and forwarded to the Customer by Nirmal Bang Wealth Solutions or made available through the Electronic Services;
  • any loss or unauthorised use of the Electronic Services or delay in the transmission or wrongful interception of any Order or contract through any equipment or system, including any equipment or system owned and/or operated by or on behalf of Nirmal Bang Wealth Solutions;
  • any delay, fault, failure or loss of access to or unavailability of the Electronic Services for whatever reason;
  • any delay, failure or omission in the execution of the Orders of the Customer due to any reason beyond the control of Nirmal Bang Wealth Solutions;
  • for any fraud, negligence/mistake or misconduct by Customer;
  • any action taken for non-compliance with PAN/Bank guidelines issued by SEBI/other regulatory authorities or 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 Customer(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 such action or any delay thereof.

14.2 For the avoidance of doubt and without prejudice to the generality of the foregoing, Nirmal Bang Wealth Solutions and its Personnel shall not in any event be liable to the Customer for any indirect or consequential loss, or for punitive damages.

15.1 Either party may terminate the Investment Account by giving the Thirty (30) Day’s written notice.

15.2 Termination of the Investment Account shall in no way prejudice or affect any rights Nirmal Bang Wealth Solutions may have against the Customer under these terms and conditions or under applicable laws.

15.3 Nirmal Bang Wealth Solutions reserves the right to terminate the status as Customer forthwith, upon the occurrence of any of the following events:

  • If the Customer commits any breach of any of the terms and conditions hereunder and does not remedy such breach within thirty (30) days after written notice has been given to it by Nirmal Bang Wealth Solutions requiring such remedy;
  • If the Customer becomes insolvent or enters into liquidation or receivership or suffers an administration receiver to be appointed in relation to the whole or any part of its assets, or suffers any judgment to be executed in relation to any of its property or assets, if any of these would adversely affect the performance of the obligation under this terms and conditions;
  • If any of the Customer's representations, warranties or statements hereunder or in the Application Form or in any document delivered pursuant to the Investment Account has not been complied with or is incorrect or incomplete in any respect;
  • where applicable, if the Customer ceases, or threatens to cease, to carry on business;
  • If Nirmal Bang Wealth Solutions forms the view, in good faith, that it should take action in order to preserve its rights or interests in relation to any Investment Account or under its relationship with the Customer.

16.1 In the event that the Investment Account is terminated by either Party in accordance with 15.1 above, the Product Provider / Nirmal Bang Wealth Solutions shall deduct from Customer cash account the sum of any outstanding Fees, charges and expenses and wherever necessary redeem the in vestment in the Customer’s Investment Account to satisfy any monies due from the Customer to Product Provider/Nirmal Bang Wealth Solutions under these terms and condition s or in connection with the Investment Account or any Transaction effected there under.

16.2 In the event that the Investment Account is terminated by Nirmal Bang Wealth Solutions pursuant to Clause 16.3 above, and without prejudice to any other right of Nirmal Bang Wealth Solutions hereunder or under applicable law, Nirmal Bang Wealth Solutions may (but is not obliged to) immediately or at any time thereafter, do any one or more of the following:

  • Suspend (indefinitely or otherwise) or terminate the Investment Account, or Nirmal Bang Wealth Solutions’s relationship with the Customer, accelerate any and all liabilities of the Customer to Nirmal Bang Wealth Solutions so that they shall become immediately due and payable;
  • cancel any of the Customer's outstanding Order(s);
  • Apply any amounts of whatsoever nature standing to the credit of the Customer against any amounts which the Customer owes to Nirmal Bang Wealth Solutions (of whatsoever nature and howsoever arising, including any contingent amounts), or generally to exercise Nirmal Bang Wealth Solutions’s right of set-off against the Customer;
  • Exercise its rights of sale in respect of any of the Customer’s Units or call upon any security pursuant to the Customer’s instructions;
  • demand any shortfall after (c) or (d) above from the Customer, hold any excess pending full settlement of any other obligations of the Customer, or pay any excess to the Customer by way of cheque to the last known address of the Customer; and
  • Exercise such other authority and powers that may have been conferred upon Nirmal Bang Wealth Solutions by these terms and conditions.

17.1 The Customer acknowledges and agrees that any communication (including but not limited to the sending of notices, annual and semi-annual reports, performance statements, or confirmation notes or status of Orders (whichever may be applicable for the relevant Mutual Funds in question) to the Customer from Nirmal Bang Wealth Solutions may be sent, at Nirmal Bang Wealth Solutions’s sole discretion, by electronic mail, facsimile, telex, or ordinary mail to the Customer’s last known address. Any such communication shall be deemed to be received by the Customer (a) if given by electronic mail, facsimile or telex transmission at the same time it is dispatched; or (b) if given by post, two (2) days after the same has been posted.

17.2 Any communications from the Customer to Nirmal Bang Wealth Solutions, whether they be instructions relating to the Investment Account or otherwise, shall be given in accordance with Nirmal Bang Wealth Solutions’s general operating procedures.

The intellectual property in all material provided on the Nirmal Bang Wealth Solutions’ website (including any literature, manuals, reports, research papers, data, flow charts, drawings, designs, diagrams, tables, software, source code or object code or other information or materials in whatever form and on whatever media stored or held) is owned by Nirmal Bang Wealth Solutions unless otherwise stated. Except as expressly permitted herein or on the Nirmal Bang Wealth Solutions’ website, none of the material provided on the Nirmal Bang Wealth Solutions’ website may be copied, reproduced, distributed, republished, downloaded, displayed, posted, transferred or transmitted in any form or by any means, including, but not limited to, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of Nirmal Bang Wealth Solutions. Further, Customer or an authorised representative (in case Customer is a non-individual investor) shall not transfer, reverse engineer, decompile, disassemble, modify or create derivate works based on the materials provided on the Nirmal Bang Wealth Solutions’ website except as permitted herein or by law.

The copyright, trademarks, service marks, registered designs, database rights, patents and all similar rights in and relating to the Nirmal Bang Wealth Solutions’ website arising or subsisting in any country in the world and the information contained in it are owned by Nirmal Bang Wealth Solutions, its licensors or relevant third party content providers. Nothing on the Nirmal Bang Wealth Solutions’ website should be construed as granting, by implication, estoppel or otherwise, any license or right to use any trademark displayed on the Nirmal Bang Wealth Solutions’ website without the written permission of Nirmal Bang Wealth Solutions or its relevant affiliate. The Customer also agrees not to use any information available on the Nirmal Bang Wealth Solutions’ website for any unlawful purpose, and the Customer shall comply with any request of Nirmal Bang Wealth Solutions or any of the third party providers to protect their respective rights in the information.

19.1 The Customer is instructed that any information on the Nirmal Bang Wealth Solutions’ website should be used in conjunction with investment techniques, which may include obtaining applicable legal, accounting, tax or other professional advice or services. Nirmal Bang Wealth Solutions is not responsible for any omissions, errors or investment consequences arising from the use of this material available on the Nirmal Bang Wealth Solutions’ website by the Customer. The data and information provided on the Nirmal Bang Wealth Solutions’ website does not constitute advice and should not be relied upon while taking investment decisions.

19.2 Whilst every reasonable precaution has been taken to ensure the accuracy, security and confidentiality of data and information available through the Nirmal Bang Wealth Solutions’ website, Nirmal Bang Wealth Solutions shall not be held responsible for any consequence of any action carried out by the Customer or unauthorised person.

19.3 Nirmal Bang Wealth Solutions makes no express or implied warranty:

  • that the dealing with Nirmal Bang Wealth Solutions through the Nirmal Bang Wealth Solutions’ website will be uninterrupted or free from errors or that any identified defect will be corrected;
  • that the Nirmal Bang Wealth Solutions’ website service / Electronic Service is free from any virus or other malicious, destructive or corrupting code, program;
  • with respect to the merchantability, satisfactory quality or fitness for a particular purpose of the Nirmal Bang Wealth Solutions’ website or any of the products/services offered therein; or
  • in relation to non-infringement of any third party rights.

19.4 Nirmal Bang Wealth Solutions, shall not be liable for any loss or damage or other consequences arising from any suspension, breakdown, withdrawal, interruption, technical flaw, the presence of virus or other malicious, destructive or corrupting code, programs over the Nirmal Bang Wealth Solutions’ website or otherwise and any consequent delay or failure in completion of any payment or other instructions as a consequence thereof arising from the use or inability to use the Nirmal Bang Wealth Solutions’ website or any other services provided by Nirmal Bang Wealth Solutions or any other Person appointed by Nirmal Bang Wealth Solutions.

20.1 If any dispute and/or difference that has arisen between the Parties hereto during the subsistence of this terms and conditions or thereafter, in connection with the validity, interpretation, implementation or alleged material breach of any provision of these terms and conditions or regarding any question arising out of this terms and conditions or the rights & liabilities of the parties or otherwise, the Parties hereto shall endeavor to settle such dispute/difference amicably by negotiation.

20.2 In case of failure to resolve the dispute and/or difference amicably, the dispute and/or difference shall be referred to Arbitration presided by a sole arbitrator, to be appointed by Nirmal Bang Wealth Solutions

20.3 The Arbitration proceedings shall be governed by the Arbitration and Conciliation Act, 1996 or any amendment thereto.

20.4 The Arbitration proceedings shall be held in Mumbai, India and in the English language.

20.5 The Parties hereto shall submit to the Arbitrator's award and the award shall be enforceable in any competent court of law.

20.6 The provisions of this clause shall survive the termination of these terms and conditions for any reason whatsoever.

20.7 Notwithstanding anything contained above, dispute either judicial or quasi judicial and all the other court proceedings the same will be subject to the exclusive jurisdiction of the courts in Mumbai.

These terms and conditions, any Investment Account, and the relationship between the Customer and Nirmal Bang Wealth Solutions, and the rights and obligations contemplated thereunder, shall be governed by and be construed in accordance with the laws of India.

22.1 Nirmal Bang Wealth Solutions shall not be liable for any failure to perform any of its obligations under this terms and conditions if the performance is prevented, hindered or delayed by a Force Majeure Event (defined below) and in such case its obligations shall be suspended for so long as the Force Majeure Event continues. Nirmal Bang Wealth Solutions shall endeavor to inform the Customer of the existence of a Force Majeure Event.

22.2 Force Majeure Event means an event arising due to any cause beyond the reasonable control of Nirmal Bang Wealth Solutions, including, without limitation, unavailability of any communication system (including Internet), breach or virus in the processes or payment mechanism, sabotage, fire, flood, explosion, acts of God, civil commotion, strikes or industrial action of any kind, riots, insurrection, war, acts of government, and computer hacking.

23.1 The Customer hereby agrees and acknowledges that Nirmal Bang Wealth Solutions / Product Provider shall not be liable for any actions, claims, costs (including legal costs on a full indemnity basis), losses, charges, expenses and damages whatsoever as may be suffered, incurred or sustained by the Customer arising from or in connection with the operation of the Investment Account or by Nirmal Bang Wealth Solutions / Product Provider pursuant to these terms and conditions or by the acts, omissions, representations or advice given by the FA.

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