This document lays down the terms and conditions which shall be applicable to the Sole / First Unit Holder (hereinafter referred to as 'User') or an authorized person of the User to carry out certain transactions / give instructions electronically on behalf of the User in respect of the User’s folio whilst availing the eServices offered by HDFC Mutual Fund. The words, I and we refer to the User and shall include both singular and plural, as the context may require. The word AMC refers to HDFC Asset Management Company Limited, a company incorporated under the provisions of Companies Act, 1956, having its registered office at Ramon House, 3rd Floor, H. T. Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai 400 020.
The eServices presently offered by HDFC Mutual Fund to an Investor includes HDFCMFOnline, HDFCMF Mobile, edocs, eAlert and ePayouts.
- HDFCMFONLINE and HDFCMFMOBILE
- “Confidential Information” refers to information obtained by the investor through the AMC for the effective availment of HDFCMFOnline and HDFCMFMobile.
- “Internet” refers to the global network of public computers running Internet Protocol (IP) The Internet supports the public `WWW’ and many special-purpose client/server software. It also provides interface for network of computers/mobile phones/other electronic devices which share and exchange information.
- “HDFCMFOnline” is a service/facility provided by the AMC that provides access to Folio/folio information, purchase/subscription, redemption, switch and other services as advised by the AMC from time to time to the Investor.
- “HDFCMFMobile” is a service/facility provided by the AMC that provides access to folio/folio information, redemption, switch and other services as advised by the AMC from time to time to the Investor through mobile phones.
- “HPIN” means HDFCMF Personal Identification Number i.e., the password given by the AMC to the User to access HDFCMFOnline and / or HDFCMFMobile pursuant to a valid HPIN application form being submitted by the User ;
- Mobile phones refers to the handset together with requisite accessories, equipment attachments and other software which is owned /possessed by the cellular service subscriber.
- “Investor” refers to any person who has an existing folio and who has been authorised by the AMC to avail of HDFCMFOnline and HDFCMFMobile.
- “Software” will mean and include such software/browsers as may be advised by the AMC from time to time for accessing HDFCMFOnline and HDFCMFMobile. There will be no obligation on the AMC to support all the versions of the software. I agree that I shall be responsible for upgrading my software, hardware and the operating system at my cost from time to time so as to be compatible with that of the AMC. The AMC shall be at liberty to change, vary or upgrade its software, hardware, operating systems etc from time to time and shall be under no obligation to support the software, hardware, operating systems used by me and that the same shall be my sole responsibility.
- In case of ‘Single’ holding, HDFCMFOnline and HDFCMFMobile will be offered by the AMC to the sole User. In case the mode of holding is ‘anyone or survivor’ or ‘Joint’, the AMC shall offer the facility of HDFCMFeServices to the first holder of the account. In case the User is a ‘minor’, the legal/natural guardian shall be eligible to avail of the facility of HDFCMFeServices till the minor attains majority. The natural/legal guardian of the minor hereby agrees to submit such details as may be specified by the AMC from time to time. In case the User is a non-individual, the authorised signatories, as may be mentioned in the Initial Application form at the time of subscription of units or any subsequent list of authorised signatories that might have been furnished by such User to the AMC, may designate such authorised signatory(s) as the authorised person(s) to transact on behalf of such User and transaction requests received from such authorised signatory(s) shall be treated to be valid transaction requests by the AMC.
- I agree that pursuant to my subscribing to HDFCMFOnline and/or HDFCMFMobile the AMC shall dispatch my HPIN either by post or courier or email or any other mode at the discretion of the AMC. I agree to preserve my User i.d./HPIN carefully. In case of loss and/or theft of the same I shall immediately inform the AMC in writing.
- I agree that I shall be liable to pay all charges, fees, interests, and costs wherever applicable, which the AMC in its absolute discretion may levy with respect to services/facilities offered herein.
- I agree that the AMC will send me communications/letters/HPIN/User i.d. etc. through courier/messenger/mail or through any other mode at its discretion at my risk and consequence. I shall not hold the AMC liable for any loss or delay arising therefrom.
- I agree that I shall not use or permit to use HDFCMFOnline and HDFCMFMobile or any related service for any illegal or improper purposes.
- I understand that the AMC would allot me a User i.d. and a HPIN in the first instance. As a safety measure I shall change the HPIN as frequently thereafter as possible.
- I agree that in the absence of any specific request from me for personally collecting the HPIN, the HPIN shall be sent to me by courier at my risk and consequences to the address notified by me for correspondence in the Application Form and the AMC shall not be held liable or responsible in any manner whatsoever, if the HPIN falls in the hands of unauthorized person/s.
- I agree that any new HPIN allotted to me by the AMC based on a valid request sent by me will supercede any previous HPIN(s) that might have been allotted to me for a particular folio.
- I am aware that the transactions through HDFCMFOnline and HDFCMFMobile can be effected by use of the HPIN allotted to me by the AMC only. I shall not request/ demand any evidence of proof for transactions undertaken through the Internet and the audit trail of the log-in would be conclusive proof to establish that the transactions are bonafide.
- I understand and agree that I must keep the HPIN totally confidential and not reveal the HPIN to any third party. I agree to commit the HPIN to memory and not record it in a written or electronic form and not let any unauthorized person have access to my computer/mobile or leave the computer/mobile unattended while accessing HDFCMFOnline and/or HDFCMFMobile. I further agree and understand that in case I forget my HPIN, I can request for change of HPIN and such replacement shall not be construed /deemed as the commencement of a new contract.
- I agree that for accessing HDFCMFMobile, I would be required to download and install the software application as may be specified by the AMC from time to time. For downloading the software application on my Java and GPRS enabled mobile phone, I acknowledge that I have entered/will enter into separate terms and conditions/agreement with the service provider of such software application.
- I agree that I shall not hold the AMC liable or responsible for any loss/damage that may be suffered by me while downloading such software for accessing HDFCMFMobile.
- I am aware that subscription through HDFCMFMobile and/or HDFCMFOnline will be available only through the select banks listed on the Website.
- I agree that the units will be created based on the credit receipt in the AMC’s account and not based on the date of debit from my account.
- I agree that the AMC may in its absolute discretion and in my interest request a fax confirmation signed by me of the electronic instructions and any additional information that the AMC may require. The AMC shall not be bound to act on any electronic instructions received until such fax confirmation and additional information in a form and manner acceptable to the AMC is received. However, the AMC shall have no obligation to check or verify the authenticity or accuracy of the fax confirmations purporting to have been sent by the User and may act thereon as if the same had been duly given.
- Usage of or subscription of units through HDFCMFOnline and/or HDFCMFMobile shall be in addition to and not in substitution of the existing procedure for transacting in the units.
- I/We hereby acknowledge that I/We are utilising the facility of HDFCMFOnline and HDFCMFMobile at my/our risk. These risks would include the following:
- Misuse of HPIN: I/We acknowledge that if any third person obtains access to my/our HPIN, such third party would be able to transact/provide electronic instructions to the AMC. Whilst the AMC shall aim to provide security to prevent any unauthorized access, there cannot be any guarantee from such Internet frauds, hacking and other actions, which could affect the electronic instructions to the AMC.
- Internet Frauds: The Internet per se is susceptible to a number of frauds, misuse, hacking and other actions, which could affect the electronic instructions to the AMC. Whilst the AMC shall aim to provide security to prevent the same, there cannot be any guarantee from such Internet frauds, hacking and other actions that could affect the electronic instructions to the AMC.
- Technology Risks: The technology for enabling HDFCMFOnline and HDFCMFMobile provided by the AMC could be affected by virus or other malicious, destructive or corrupting code, programme or macro or any other reasons not attributable to the AMC. It may also be possible that the site of the AMC may require maintenance and during such times it may not be possible to process the request of the Investor. This could result in delays in the processing of instructions or failure in processing of instructions and other such failures and inability. I/We understand that the AMC disclaims all and any liability, whether direct or indirect, whether arising out of loss of profit or otherwise arising out of any failure or inability of the AMC to honour any Investor instruction for whatsoever reason. I/We accept that the AMC shall not be responsible for any of the aforesaid risks. I /We also accept that the AMC shall disclaim all liability in respect of the said risks.
Through this facility the User can opt for Reserve Bank of India’s (RBI) National Electronic Fund Transfer (NEFT) available with all banks at select branches only for crediting the redemption and dividend payouts directly into the investor’s account. If the User’s bank branch is not offering NEFT facility, then redemption / dividend payments will be made by cheques or demand drafts and the same shall be mailed to the User
Also, .the User can opt for RBI’s Electronic Clearing Services (ECS) available in RBI specified locations only for receiving dividend directly into the User’s bank account. If the User is not from RBI specified locations, then dividend payments will be made by cheques or demand drafts and the same shall be mailed to the User.
I/We agree that to avail ePayouts, I shall provide correct and accurate details of my /our bank account viz. name of the bank, account number, MICR code, IFSC code, etc. The AMC will replace the User’s existing bank account details with the details provided herein. The AMC shall rely on the bank account details provided by the User as true and correct and shall credit the dividend due directly to the said bank account.
Through this facility the User can receive documents viz. account statements, etc. by email to the email address provided by the User in HDFCMF eService Request Form. I/we agree that in case I subscribe to this service, the AMC shall not be liable incase my / our details are sent to an incorrect email ID due to an incorrect email ID provided by me/us.
Through this facility the User can receive account statements on the mobile numbers provided by the User in HDFCMF eService Request Form and can also avail of sms confirmations every time the User transacts with HDFCMF. I/we agree that in case I subscribe to this service, the AMC shall not be liable incase my / our details are sent to an incorrect mobile number due to an incorrect mobile number provided by me/us.
- GENERAL AND OTHER APPLICABLE TERMS AND CONDITIONS TO E-SERVICES OFFERED BY THE AMC
I agree to abide by the AMC’s Terms and Conditions for services and the rules in force and the changes in Terms and Conditions from time to time relating to the specific eServices availed by me.
- All correspondence/delivery by the AMC shall only be made at the address and/or email address as registered with the AMC.
- If the User is a minor then HDFCMF eServices might be availed of by his/her natural guardian or by a guardian appointed by a court of competent jurisdiction on behalf of the minor. The guardian shall represent the minor in all transactions of any description until the said minor attains majority. Upon attaining of majority, the right of the guardian to operate the said folio(s) shall cease. The guardian agrees to indemnify the AMC against the claim of the minor for any transactions made by him in the minor’s account.
- I agree that the AMC shall not be liable for any damages, losses (direct and/or indirect) whatsoever, due to disruption or non-availability of any of the services/facility/s due to technical fault/error or any failure of the service provider or failure in telecommunication network and any error in any software or hardware systems.
- I agree that in case of a dispute, the matter will be settled by arbitration as per the rules of Arbitration and Conciliation Act, 1996. The Managing Director of the AMC or any other person nominated by him will be the sole arbitrator and that the place of arbitration will be Mumbai and the language of arbitration shall be English.
- The AMC may offer HDFCMFeServices to Investor who have complied with the formalities specified by the AMC. I agree that in order to be eligible for HDFCMFeServices, I would need to have net banking facility with the Banks listed on the Website and be a current Internet user or have access to the Internet and have knowledge of how the Internet works. I accept that the Application for HDFCMFeServices does not automatically imply acceptance by the AMC.
- The AMC reserves the right to decide the type of services/facilities that may be offered on HDFCMFeServices from time to time. The AMC may also make additions/ deletions to the services/facilities offered on HDFCMFeServices at its sole discretion.
- If any User chooses to access/use HDFCMFeServices from locations outside India, the User does so at his own risk and shall be solely responsible for compliance with all applicable laws in force in such locations.
- I agree to indemnify the AMC for all liabilities, losses, damages and expenses which the AMC may sustain or incur either directly or indirectly as a result of:
- Providing HDFCMFeServices that enable the Investor to give electronic instructions to the AMC or by reasons of the AMC in good faith taking or refusing to take any action on the electronic instructions received from the User.
- Fraud or dishonesty relating to any instruction by the User.
- Non-compliance with the terms and conditions set out herein.
- Negligence or mistake or misconduct of the User.
- Any information given out by the Software system being Inaccurate/incorrect.
- for and against all losses, damages and/or claims that may be caused or suffered by the AMC as a consequence of breach of any of the above-mentioned Terms and Conditions.
- WITHDRAWAL OF THE SERVICES
The AMC shall be entitled to withdraw the services mentioned herein any time whatsoever.
I/We hereby agree to bear the charges, if and when stipulated by the AMC from time to time for availing of the services mentioned herein.
- BINDING NATURE OF ABOVE TERMS AND CONDITIONS
I/We agree that by use of the above-mentioned services, I/We shall be deemed to have agreed to all the above terms and conditions and such terms and conditions shall be binding on me/us in the same manner as if I/We have agreed to the same.
- ACCURACY OF INFORMATION
I agree that if I notice any error in the account information supplied to me through HDFCMFOnline and HDFCMFMobile or by the use of eServices, I shall advise the AMC of the same as soon as possible. The AMC shall endevour to correct the error. All outputs of statements are duplicate statements of account and will be prepared by electronic means and the information contained therein will be extracted from a computerized back up system maintained by the AMC. I agree if I notice any discrepancy in the transaction confirmation sent by the AMC to me, I shall intimate the AMC of such discrepancy within 30 days of the receipt of such transaction confirmation. While the AMC will take all reasonable steps to ensure the accuracy of the statement, the AMC is not liable for any error. I agree that I shall hold the AMC harmless against any loss, damages etc that may be incurred /suffered by me, if the information contained in the 1above said outputs turn out to be inaccurate/incorrect.
I agree that I shall be liable for the losses from unauthorized transactions through HDFCMFOnline or HDFCMFMobile if I have breached any of the Terms and Conditions herein or caused the loss by negligent actions such as the following:
- Keeping a written or electronic record of HPIN;
- Disclosing or failing to take all reasonable steps to prevent disclosure of the HPIN to anyone and/or failing to advise the AMC of such disclosure within reasonable time;
- Not advising the AMC within a reasonable time about unauthorized access to or erroneous transactions in the account.
- The AMC shall in no circumstances be held liable to the Investor if HDFCMFOnline or HDFCMFMobile is not available in the desired manner for reasons including but not limited to natural calamity, floods, fire and other natural disasters, legal restraints, faults in telecommunication network, Internet or network failure, software or hardware error or any other reason beyond the control of the AMC. The AMC shall under no circumstances be liable for any damages whatsoever whether such damages are direct, indirect, incidental, consequential and irrespective of whether any claim is based on loss of revenue, investment, production, goodwill, profit, interruption of business or any other loss or ant character or nature whatsoever and whether sustained by me for any other reason.
- DISCLOSURE OF PERSONAL INFORMATION
I agree that the AMC may disclose in strict confidence to other institutions/third parties my personal information as may be reasonably necessary for reasons inclusive of but not limited to the following:
- In compliance with legal directive
- For fraud prevention purposes
- Statutory reporting
- For processing /giving effect to any electronic instructions or for such administrative or other purposes
- KNOW YOUR CUSTOMER(KYC)
I agree that I shall comply with the KYC requirements as provided in the Offer Document(s) as applicable to me and that I am aware that for transacting on HDFCMFonline , the User needs to be KYC Compliant as per the Offer Document(s).
- PROPREITARY RIGHTS
I/We acknowledge that the software underlying HDFCMFOnline and HDFCMFMobile as well as other Internet related software which are required for accessing HDFCMFOnline and HDFCMFMobile are the legal property of the respective vendors. The permission given by the AMC to access HDFCMFOnline and HDFCMFMobile will not convey any proprietary or ownership rights in the above software. I/We agree that I shall not attempt to modify, translate, disassemble, decompile or reverse engineer the software underlying HDFCMFOnline or HDFCMFMobileor create any derivative product based on the software. I further agree not to use the name, logo or mark of the AMC/HDFC Mutual Fund (or any logo or mark similar thereto), and any related patent, trademarks and service marks applications, design rights, copyrights, and all or any similar or equivalent rights arising or subsisting in any country in the world.
The grant of the facility of HDFCMFOnline and HDFCMFMobile to me is not transferable under any circumstances and shall be used only by me.
- GOVERNING LAW
These Terms and Conditions and/or the operations of the Investor maintained by the AMC and/or the use of the services/facilities provided through HDFCMFOnline and/or HDFCMFMobile shall be governed by the laws of the Republic of India. The Investor and the AMC agree to submit to the exclusive jurisdiction of the courts in Mumbai as regards any claims or matters arising under these Terms and Conditions. The AMC accepts no liability whatsoever, direct or indirect, for non-compliance with the laws if any country other than the Republic of India. The mere fact that HDFCMFOnline and/or HDFCMFMobile can be accessed through Internet by an Investor in a country other than India shall not be interpreted to imply that the laws of the said country govern these Terms and Conditions and/or the use of HDFCMFOnline and/or HDFCMFMobile.
The clause heading in these Terms and Conditions are only for the sake of convenience and do not effect the meaning of the relative clause. I shall not assign these Terms and Conditions to anybody else. The AMC however is at liberty to subcontract and employ agents to carry out its obligations under these Terms and Conditions. The information and materials and the facility interface, including text, graphics, links or other items on the Website will be on “as is” basis. Words and expressions not defined herein but defined in the Offer Document and/or Key Information Memorandum of the relevant Scheme shall have the same meanings respectively assigned to them in such Offer Document and/or Key Information Memorandum. These terms and conditions are subject to Securities and Exchange Board of India (Mutual Funds), Regulations, 1996 and circulars, guidelines / notification issued there under as amended from time to time and other laws, rules and regulations issued by the Government of India relating to mutual funds and the provisions of HDFCMF eServices. Nothing specified in the Terms and Conditions hereinabove shall be considered as solicitation to buy or an offer to sell or recommendation for a security or any other product or service, to any person in any jurisdiction where such solicitation, offer, recommendation, purchase or sale would be unlawful under the laws of that jurisdiction.