Terms for Folio Creation via Distributors

HDFC Mutual Fund – Terms & Conditions for Investors

Thank you for investing in HDFC Mutual Fund ("HDFC MF"). You (“Investor”) are requested to kindly read, understand and accepted these terms and conditions ("Terms"). Your investment in HDFC MF shall be and remain subject to the following Terms. HDFC Asset Management Company Limited ("HDFC AMC") is inter alia the investment manager for HDFC MF (collectively "we", "us", or "our"). We reserve the right to modify these Terms at any time. Your continuing to invest and transact with HDFC MF subsequent to such modifications shall be construed as you having read, understood, and agreed to be bound by the revised Terms and shall constitute an agreement between you and HDFC AMC.

  • These Terms shall always be read in conjunction with our Privacy Policy and the Terms of Use of our website available on - http://www.hdfcfund.com/ and the terms and conditions of the Scheme Information Document, the Key Information Memorandum and the Statement of Additional Information (hereinafter collectively referred to as “Scheme Related Documents”).
  • You have appointed and authorised our empanelled Distributor with your free will to assist you with:(i) opening of your HDFC MF folio account with HDFC AMC by using the MF Online Partner Portal / Mobile Application; and/ or (ii) operation of your folio account by creating and pushing transaction requests on your behalf; and/ or (iii) change or updation of you registered mobile number and e-mail-id.
  • The aforesaid creation and/or operation and/or detail updation of your folio account including the usage and safe custody of your personal information viz. your mobile number, e-mail, bank account details, address, user code, passwords, OTP, etc. is and shall remain your sole responsibility at all times. HDFC AMC/HDFC MF shall not be responsible or liable for any use or operation of your folio account either directly or with the active assistance of the Distributor; and the consequences thereof. You shall be solely responsible for proper verification and approval of such creation, operation and updation of your folio account.
  • Resident adult individuals (with intended mode of holding/operation as single or “Anyone or Survivor” or “Joint”) and minor (acting through Guardian) investors, who are eligible to invest in schemes of HDFC MF as per the terms of the Scheme Related Documents and are not restricted by any legal/regulatory/judicial/quasi judicial/other authority to invest in schemes of HDFC MF, are authorised to avail of the online services.
  • Access is not permissible for US Persons (i.e., a U.S. person within the meaning of Regulation S under the Securities Act of 1933 of U.S. or as defined by the U.S. Commodity Futures Trading Commission as amended from time to time) or to residents of Canada.
  • Access is permitted for Non-Resident Indian (NRI)/Persons of Indian Origin (PIO)/Overseas Citizen of India (OCI) Users provided that for such persons: (i) the applicable local laws/regulations of their country of residence does not prohibit such access or does not impose any registration or other requirement on HDFC AMC/HDFC MF as a consequence of such access; or (ii) their country or territory is not a non compliant country or territory declared under Financial Action Task Force (FATF).
  • If you choose to transact from locations other than India, you shall do so at your own risk and you would be solely responsible for compliance with applicable local laws and regulations of such location/territory. We accept no liability whatsoever, direct or indirect, for non-compliance with the laws of any country other than the Republic of India. The mere fact that you may transact through internet from a country other than India shall not be interpreted to imply that the laws of the said country govern these Terms and/or the investments made.
  • Non individual Investors and Power of Attorney Holders shall be required to submit a physical HDFCMF Online Access Request Form, together with such documents as may be stipulated by HDFC AMC/HDFC MF.
  • You hereby agree to abide by these Terms and all applicable Indian and Foreign laws/rules/regulations in force and the changes thereto from time to time relating to the execution of transactions in the Schemes of HDFC MF.
  • You agree to comply with KYC (know your client/customer) and KYC Registration Agency (“KRA”) requirements under SEBI (KYC Registration Agency) Regulation, 2011, as may be amended from time to time, and requirements under Prevention of Money Laundering Act, 2002 and such other applicable laws/rules/regulations as the case may be. Registration on the Platform shall be permitted for KYC Registration Agency (KRA) verified Investors only.
  • You may be required to submit such other documents as may be stipulated by HDFC AMC/HDFC MF from time to time and you hereby undertake to submit such details/documents as and when required by HDFC AMC/HDFC MF. You further acknowledge that any failure to submit such documents/details may result in the suspension or termination of the ability to process transactions.
  • For the purpose of execution of transaction(s) you hereby provides consent in accordance with Aadhaar Act, 2016 and regulations made there under, for (i) collecting, storing and usage (ii) validating/authenticating and (ii) updating your Aadhaar number(s) in accordance with the Aadhaar Act, 2016 (and regulations made there under) and PMLA. You hereby also provide consent for sharing/ disclosing of the Aadhaar number(s) including demographic information with the asset management companies of SEBI registered mutual fund and their Registrar and Transfer Agent (RTA) for the purpose of updating the same in Investor’s folio accounts with their PAN.
  • Your address as per KRA will be your registered address in the records of HDFC AMC/HDFC MF.
  • Your signature for the records of the HDFC AMC/HDFC MF will be retrieved / obtained from the KRA. In case HDFC AMC in unable to obtain a clear image of the signature, you will be required to submit a physical signature updation request to HDFC AMC to transact in schemes of HDFC MF through the physical mode.
  • Your contact details, including email address and mobile number, shall be obtained from the KRA. You shall be responsible to ensure that the contact details, including the email address and the mobile number available with the KRA are accurate and updated. HDFC AMC/HDFC MF shall not be responsible to verify the correctness of the information obtained from the KRA.
  • All correspondence and/or delivery by HDFC AMC shall be made only at the address and/or email address available with HDFC AMC/HDFC MF. HDFC AMC shall send communications/letters etc. to through courier/messenger/email/SMS or through any other valid mode at its own discretion and you shall not hold HDFC AMC/HDFC MF liable for any loss and/or delay arising there from.
  • You hereby confirm that you shall not use the Platform for any illegal or improper purposes. HDFC AMC/HDFC MF shall be authorized to immediately discontinue/suspend/terminate your access to the Platform upon being made aware of any such illegal or improper use of the Platform.
  • In order to transact electronically, you may need to have access to net banking facility/other online payment facility with the select banks having arrangements with us and provide us with copy of a cancelled cheque.
  • In case of joint holding, the account details registered shall be the bank account of the first-named unit holder or, in case of joint bank account, the first-named unit holder in the folio account should be one of the joint holders of the bank account. In case it is found that the bank account details registered do not fulfil the above criteria, HDFC AMC/HDFC MF shall reject the transaction requests and refund the amounts to the registered bank account without any interest thereon, and HDFC AMC/HDFC MF shall not be liable for any losses/damage that you may sustain on account of the above.
  • Minor investors: In case of a minor unit holder/investor the natural and/or legal guardian shall represent the minor in all transactions of any description executed on behalf of the minor until the said minor attains majority.
  • The minor Investor’s bank account details are required to be registered for the purpose of receiving redemption proceeds/ IDCW payouts, and in the absence of the same, the bank account of the guardian representing the minor may be registered till such time a bank account is opened in the name of the minor and details of the same is registered in the folio account of the minor Investor. However, HDFC AMC/HDFC MF shall pay proceeds of redemption / IDCW payouts only in the name of minor investor/ minor unit holder. HDFC AMC/HDFC MF shall not be liable for any loss or damage sustained by the minor unit holder/investor on account of any non-receipt of or delays in receiving the redemption proceeds / IDCW payouts for the aforesaid reasons.
  • Nomination shall not be allowed till such time the minor attains the age of majority.
  • The guardian agrees to indemnify HDFC AMC/HDFC MF against any claim of the minor Investor for any transactions made in the minor Investor's account. Upon the minor Investor attaining the age of majority, the right of the guardian to represent the minor and transact on behalf of the minor shall stand terminated. The minor Investor shall be required to fulfil such formalities, through submission of physical request forms and documents, updation of bank and contact details, etc. as may be stipulated by HDFC AMC/HDFC MF for change of status from minor to major from time to time; and the folio account of the minor Investor shall remain suspended till such time the formalities of change of status are completed.
  • To continue access and transacting, the minor Investor (upon attaining the age of majority) shall also be required to update the bank account details, contact details, nomination, etc. before the suspension of the folio account is removed.
  • Joint holders (irrespective of the mode of operation) are permitted to transact after completion of an authentication by all the joint holders independently. Completion of the authentication process by all the joint holders in the manner stipulated by HDFC AMC/HDFC MF shall be construed as a confirmation provided by all the joint holders that they have read, understood, and having agreed to be bound by these Terms. Execution of transactions by the first holder shall be deemed as access/execution of transactions for and on behalf of and with the consent of all the joint holders.
  • For registration of nomination in case of joint holders, a copy of a duly filled nomination form in the format stipulated by HDFC AMC/HDFC MF, signed by all the joint holders, is required to be provided. In case the nomination form is not signed by all the joint holders, the same shall be liable to be rejected and the nomination shall not be registered in the folio account of the joint holders; and HDFC AMC/HDFC MF shall not be liable for any loss/damage sustained by the joint holders on account of the same.
  • Subject to the terms contained herein, the Scheme Related Documents, and the applicable SEBI Regulations, nomination shall be mandatory for individual Investors having a single mode of holding. Investors who do not wish to nominate are required to confirm their non-intention to nominate.
  • Through nomination facility, we are not in any way attempting to grant nominee any rights other than those granted to him by law to which he is subject. A nomination does not create any interest in the units / property after the death of the unit holder and the nominee shall hold the units in his capacity as a trustee for legal heirs or legatees of the deceased Investor.
  • Nomination can also be made in favour of the Central Government, State Government, local authority, any person designated by virtue of these offices or a religious or charitable trust. However, you are not allowed to nominate a trust (other than a religious or charitable trust), society, body corporate, partnership firm, karta of Hindu Undivided Family or a power of attorney holder.
  • You are allowed to nominate a minor; and in which case the name, address and signature of the natural/ legal guardian of the minor nominee is required to be provided. The guardian to a minor nominee for any folio account should be a person other than the Investor.
  • Unhindered access, functioning and execution through electronic mode of service cannot always be guaranteed due to external factors beyond the control of HDFC AMC/HDFC MF. Further there cannot be any guarantee that the server that makes it available will be free of viruses or other harmful, malicious, or disruptive components. The internet per se is susceptible to a number of frauds, misuse, hacking and other actions, which may also affect the electronic instructions from time to time. Whilst we aim to provide security to prevent the same, there cannot be any guarantee from such internet frauds, hacking and other actions. You agree not to hold HDFC AMC/HDFC MF liable or responsible for any loss/damage that may be suffered by you for any of the aforesaid reasons.
  • You shall notify us immediately of any unauthorized access, use or any other breach of security whatsoever that you may be aware of regarding your folio account.
  • HDFC AMC/HDFC MF shall have the sole discretion of rejecting any request for any transaction with insufficient/incorrect information and/or documents or for any other reason as HDFC AMC/HDFC MF may deem fit, and the decision of HDFC AMC/HDFC MF in this regard shall be final and binding. HDFC AMC/HDFC MF shall not be liable for any loss that you may sustain on account of any such rejection. Further, HDFC AMC/HDFC MF also reserves a right to seek additional information from any Investor for processing requests for transactions or otherwise on case to case basis at its sole discretion.
  • Investors requesting for any transaction may be liable to pay all charges, fees, interests, and costs, as applicable, which HDFC AMC/HDFC MF in its absolute discretion may levy with respect to such transactions.
  • Investment requests may not be processed by HDFC AMC till clear funds sufficient to cover the subscription price have been received by HDFC AMC in the designated bank account and not upon the debit of funds from the Investor’s account.
  • The payment for any transaction may be made by the Investor using any of the payment gateways including, but not limited to, Net Banking Facility, National Electronics Funds Transfer System (NEFT), Real Time Gross Settlement (“RTGS”), VISA/Master Maestro Debit Cards, HDFC Bank Fund Transfer Facility, etc.; and HDFC AMC/HDFC MF will not be liable for any failures in the link or for any fraud (either at the payment gateway's end and/or the bank's end or failure of telecommunication network or by the distributor) that could take place at the time of making payment. If HDFC AMC/HDFC MF does not receive the subscription amount, the transaction will be treated as cancelled. A transaction shall be construed to be completed only upon receipt of a written confirmation in that regard from HDFC AMC/HDFC MF and not otherwise.
  • The Investor hereby confirms that any amount utilised for transacting in the Schemes of HDFC MF is/shall be through legitimate sources only and transaction executed by the Investor are not for the purpose of contravention and/or evasion of any act, rules, regulations, notifications or directions issued by any regulatory authority in India or in any other jurisdiction applicable to the Investor.
  • If any incorrect bank account number is provided by the Investor, any amount payable to the Investor could be credited to the wrong bank account so provided by the Investor and there is no guarantee of recovery of the same. Investor shall take all care and caution to ensure that there are no mistakes and errors and that the information given to HDFC AMC/HDFC MF is error free, accurate, proper, and complete at all points of time. The Investor confirms that HDFC AMC/HDFC MF shall not be held liable for any loss or damage that may be sustained by the Investor on account of such error on the part of the Investor.
  • The Investor hereby unconditionally agrees and undertakes that, if the Investor receives any wrong credit of funds in his bank account from HDFC AMC/HDFC MF, which does not belong to the Investor, on account of any reason whatsoever; the Investor shall immediately return the same to HDFC AMC/HDFC MF.
  • Any request for transaction shall be time stamped consistent with the terms of the Scheme Related Documents. The Net Asset Value (NAV) applicable for purchase or redemption or switching of units shall be based on the time of the business day on which the application is received or completed; and subject to the provisions of realisation of funds and cut off timings as described in the Scheme Related Documents of HDFC MF. Any transactions received/completed after the cut off time as mentioned in the Scheme Related Documents shall be deemed to be received on the succeeding business day and shall be processed accordingly. The decision of HDFC AMC in this regard shall be final and binding on the Investor.
  • These Terms may be amended or modified at any time and for such reason as HDFC AMC deems fit and proper including but not limited to comply with changes in laws and/or regulations, to correct inaccuracies, omissions, errors or ambiguities, reflect changes in the scope and nature of the services, business plans of HDFC AMC/HDFC MF, or Investor requirements.
  • HDFC AMC may, at its sole discretion, suspend/disallow/modify/restrict all or any of the facilities offered to any Investor at any time and for such time period and for such reasons as it deems fit, including on account of inactive/dormant folio account, non compliance of the Terms, death, insolvency, or bankruptcy of the Investor, any restriction imposed by any legal/judicial/regulatory authority, or for any other cause arising out of the law/regulation or for such other reasons. Provided however, HDFC AMC/HDFC MF shall not be liable for any loss or damage that may be sustained by any Investor on account of such suspension/withdrawal/termination by HDFC AMC.
  • You shall solely be responsible for the correctness of information supplied to us through any means such as electronic mail or written communication. We accept no liability for the consequences arising out of any erroneous information supplied by you. If you notice an error in the information supplied to us, you shall immediately notify the same to us in order to enable us to endeavour to correct the error wherever possible on a "reasonable efforts" basis.
  • All outputs of statements are duplicate Statements of Account and are prepared by electronic means and the information contained therein will be extracted from a computerized back-up system maintained by HDFC AMC. In case you notice any error in the account information supplied through the Platform or transaction confirmation received by you, you shall promptly, but not later than 30 (Thirty) days from the date of receipt of the information, intimate us of the same. Upon receipt of such intimation, we shall endeavour to correct the error.
  • You hereby agree and acknowledge that, while we will take all reasonable steps to ensure the accuracy of the statement and information generated, we shall not be held liable for any errors therein. You further agree to hold us harmless against any loss, damages, etc. that may be incurred /suffered on account of any inaccurate/incorrect information contained in the outputs from the Platform.
  • Whilst every reasonable precaution has been taken to ensure the accuracy, security and confidentiality of data and information on the Platform, there cannot be any guarantee from internet frauds, hacking and other similar actions.
  • HDFC AMC/HDFC MF shall not be liable for any damages or losses sustained by the Investor (direct and/or indirect) whatsoever, due to disruption or non-availability of the services/facility for any transaction due to technical fault/error or any failure or failure in telecommunication network or any error in any software or hardware systems.
  • HDFC AMC/HDFC MF shall not be liable for any unauthorised transactions initiated by the Investor or the Distributor and the Investor hereby fully indemnifies and holds HDFC AMC/ HDFC MF harmless against any action, suit, proceeding initiated against it or any loss, cost or damage incurred by it as a result thereof.
  • HDFC AMC/ HDFC MF may use your personal information for following purposes:
    • To process your requests for any of the services or transactions;
    • To deliver any administrative notices, alerts, advice, notifications and other communications.
    • For market research, project planning, troubleshooting problems, detecting and protecting against error, fraud or other criminal activity;
    • To disclose as required by applicable laws/regulations or to any Indian or foreign statutory, regulatory, judicial, quasi-judicial authorities/agencies including, but not limited to Financial Intelligence Unit-India (FIU-IND)
    • To disclose to our Sponsor(s), Trustees, its employees, and agents, and to other institutions and/or any third party service providers that provide services to us and which are bound by confidentiality arrangements with us.
    • For participation in any telecommunication or electronic clearing network.
    • In compliance with a legal directive.
    • For fraud prevention purposes.
  • HDFC AMC/ HDFC MF may, either directly or through call centres, call or send promotional information/ material or other messages to the mobile number/(s) or email IDs provided by you during the course of registration and you shall be deemed to have provided your consent for receipt of such promotional information/material. If you do not wish to receive such promotional information/ materials, please call on toll free no. 1800 3010 6767/ 1800 419 7676 or register for the Do Not Call Register of HDFC AMC.
  • HDFC AMC/ HDFC MF may record telephonic conversations with Investors for quality control purposes.
  • The confidentiality obligations of HDFC AMC/HDFC MF shall be subject to the Privacy Policy displayed on the website http://www.hdfcfund.com and these Terms shall be read in conjunction with the said Privacy Policy. The Investor, by agreeing to these Terms shall be deemed to have consented to the terms of the Privacy Policy of HDFC AMC.
  • Investor shall indemnify and keep indemnified HDFC AMC/HDFC MF and its directors and officers for all claims, liabilities, losses, damages and expenses which HDFC AMC/HDFC MF may sustain or incur either directly or indirectly as a result of any breach or non-compliance of any of these Terms by the Investor.
  • These Terms shall be governed by the laws of the Republic of India; and the Investor and the HDFC AMC/HDFC MF agree to submit to the exclusive jurisdiction of the courts in Mumbai as regards any claims or matters arising under these Terms. HDFC AMC/HDFC MF accepts no liability whatsoever, direct or indirect, for non-compliance with the laws of any country other than the Republic of India.
  • In case of a dispute, the matter will be settled by arbitration as per the rules of Arbitration and Conciliation Act, 1996. HDFC AMC shall nominate the sole arbitrator and that the place of arbitration shall be Mumbai and the language of arbitration shall be English.
  • Failure on the part of HDFC AMC/HDFC MF to enforce any rights conferred by these Terms or any law / regulation shall not be deemed to be a waiver of any such rights.
  • In case you wish to offer your comments or feedback regarding this Platform or the online services offered on this Platform or if you wish to air any complaints or grievances, you may contact us on 1800 3010 6767 / 1800 419 7676 or write to us to [email protected].
  • Words and expressions used but not defined herein shall have the same meanings assigned to them in such Scheme Related Documents.
  • In case of any conflict between the provisions of these Terms and the provisions of the Scheme Related Documents, the provisions of the Scheme Related Documents shall prevail.

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