Last updated on 15th Jul 2020.
Terms and Conditions
You acknowledge that the Platform is a web service that allows You to avail the services directly from the Company and Spenny Fintech Private Limited (“Spenny”) including their products and services and facilitate communication with them for such services, and other mutual fund and general investment-related information. The Company hereby grants You, a limited, non-exclusive, non-transferable, royalty free license to use the Platform for the purposes of availing the services from Spenny, collectively hereinafter referred to as (the “Platform Services”).
Spenny is an AMFI registered mutual fund distributor. It is hereby clarified that the Company is not rendering the services of mutual fund, and it is merely providing a platform to its users, Spenny to facilitate the transaction of investment in mutual funds and stocks. If You buy a regular mutual fund on the Platform, Spenny receives commissions from AMCs, details of which have been provided on the Platform and the default mutual funds available on the Platform are direct mutual funds, whether or not Spenny receives any commissions. Please note that Spenny only facilitates the sale of direct mutual funds through the Platform and will not be liable in any manner with respect to the mutual fund units allotted to You by the AMC.
As part of the Platform Services provided to You, after availing such services, You agree to provide honest feedback/review about the concerned Platform Service, if required by the Company, Spenny.
In case of any dissatisfaction with the Platform Services, You shall first file a formal complaint with the customer service of the Company and/or Spenny, as may be applicable, prior to pursuing any other recourse. The complaints can be lodged at firstname.lastname@example.org and upon lodging a complaint You agree to provide complete support to the customer service team with such reasonable information as may be sought by them from You. The decision of the Company and/ or Spenny, as may be applicable, on the complaints shall be final and You agree to be bound by the same.
You agree that You shall not copy, reproduce, sell, redistribute, publish, enter into a database, display, perform, modify, alter, transmit, license, create derivatives from, transfer or in any way exploit any part of any information, content, materials, services available from or through the Platform, except that You may download the Platform for Your own personal, internal use and non-commercial use.
You agree that You will not use the Platform in any manner or engage in any activity that may damage, disable or impair or adversely affect the use of the Platform or interfere with any other users’ use, legal rights, or enjoyment of the Platform. Further, You agree not to remove any text, copyright or other proprietary notices contained in the content downloaded from the Platform.
Further, You undertake not to:
The Platform and all information, content, materials, products including, but not limited to text, content, photographs, graphics, texts, video and audio content and computer code (“Content”) on the Platform is owned and controlled by the Company and the design, structure, selection and feel and arrangement of the Content is protected by copyright, patent and trademark laws and other various intellectual property rights either in the favour of the Company, Spenny or third parties from whom the appropriate permissions have been taken under applicable laws. The trademarks, logos and service marks displayed on the Platform (“Marks”) are the property of the Company and its affiliates or other respective third parties, as the case may be. You are not permitted to use the Marks without the express prior written consent of the Company or the third party that owns the Marks.
Further, You understand and accept that all information, except Your personal information and other data submitted by You for the purposes of transacting on the Platform, through the Platform shall be deemed the property of the Company, and the Company shall be free to use any ideas, concepts, know-how or techniques provided by You on the Platform, in any manner whatsoever. On initiating a contact or query through the Platform, You agree to be contacted by the Company or Spenny or any other entities with whom the Company has entered into an arrangement for the provisions of Services to You.
The Company will have no liability related to any user Content arising under intellectual property rights, libel, privacy, publicity, obscenity or other laws. The Company also disclaims all liability with respect to the misuse, loss, modification or unavailability of any user Content. Further, the Company will not be liable for any loss that You may incur as a consequence of unauthorized use of Your Account or Account information in connection with the Platform or the Platform Services either with or without your knowledge.
The Company and its affiliates have endeavoured to ensure that all the information on the Platform is correct, but the Company and/ or its affiliates neither warrants nor makes any representations regarding the quality, accuracy or completeness of any data, information regarding the Platform Services or otherwise. The Company shall not be responsible for the delay or inability to use the Platform or related functionalities, the provision of or failure to provide functionalities, or for any information, software, functionalities and related graphics obtained through the Platform, or otherwise arising out of the use of the Platform, whether based on contract, tort, negligence, strict liability or otherwise. Further, the Company shall not be held responsible for non-availability of the Platform during periodic maintenance operations or any unplanned suspension of access to the Platform that may occur due to technical reasons or for any reason beyond the Company’s control. You understand and agree that any material or data downloaded or otherwise obtained through the Platform is done entirely at Your own discretion and risk, and that You will be solely responsible for any damage to Your computer systems or loss of data that results from the download of such material or data.
You acknowledge that the software and hardware underlying the Platform as well as other internet related software which are required for accessing the Platform are the legal property of the respective vendors. The permission given by the Company to access the Platform will not convey any proprietary or ownership rights in the above software/hardware to You.
Please note that not all the Platform Services are available in all geographical areas and depending on Your location, You may not be eligible to avail certain Platform Services offered by the Company, Spenny as the case may be. The Company and/or Spenny reserve the absolute right to determine the availability and eligibility for any of the Platform Service offered on the Platform.
Further, You will not dispute or hold Spenny responsible for**:**
You warrant that all the details and information provided by You to the Company and/or Spenny while using this Platform (including for the purposes of carrying out investments) are correct, accurate and genuine. You further warrant that providing such details and information on the Platform or sharing of the aforesaid details/information shall not violate any third – party rights or the intellectual property right of any third party.
You hereby further acknowledge and agree that You may create a pool or selection of mutual funds (“Portfolio”) either for the purposes of subscription or otherwise (including for the purposes of Your own analysis). While creating such a Portfolio, You will be given an option to make the Portfolio created by You to be made visible to other users on the Platform. If You opt for the Portfolio to be made visible to third parties, You hereby acknowledge and agree that the Portfolio can be copied or used by the Company and/or Spenny or the other users of this Platform for the purposes of investment. Please note that in such cases, You shall not claim any royalty or other financial/monetary benefits or compensation from the Company and/or Spenny or any of the other users of this Platform for the use of Your Portfolio.
Notwithstanding whether You opt to make Your Portfolio public or not, You hereby specifically acknowledge and agree that You shall not have any proprietary right or intellectual property right over the choice, selection, idea or concept of pool of mutual funds in that Portfolio; and the Company and/or Spenny shall have the right to adopt or copy the Portfolio for its commercial and non-commercial use.
Further, You shall be solely responsible for any investment decision taken by it on the basis of the Portfolio created using this Platform or the system generated analysis of such a Portfolio; and the Company and/or Spenny shall not be liable for any loss or damage caused to You or any other users of this Platform due to such an investment decision, or any kind of reliance upon it. The Company andSpenny specifically and expressly disclaims the accuracy and correctness of the analysis or data generated or reflected while creating such a Portfolio.
In order to access the Platform Services on the Platform and Your account on the Platform (“Account”), You will have to register on the Platform by providing details including but not limited to mobile number, mother’s name, father’s name, email address, password, date of birth, gender, Permanent Account Number (PAN), signature, marital status, nominee details, cancelled cheque, photograph and video recording, etc. and other information as may be required by the Company from time to time. Your Account will be activated once Spenny, undertakes Your KYC verification in accordance with the Know Your Client (“KYC”) guidelines issued by the Securities and Exchange Board of India (“SEBI”) based on the information provided by You including personal information.
We may also ask You for certain financial information, including Your billing address, bank account details, credit card number, expiration date and/or other payment related details or other payment method data, and debit instructions or other standing instructions to process payments for the Platform Services. The Company may ask You to provide certain additional information about Yourself on a case to case basis. You shall ensure and confirm that the Account information provided by You is complete, accurate and up-to-date. If there is any change in the Account information, You shall promptly update Your Account information on the Platform. If You provide any information that is untrue, inaccurate, not current or incomplete (or becomes untrue, inaccurate, not current or incomplete), or if the Company has reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete, the Company has the right to suspend or terminate Your Account and refuse any and all current or future use of the Platform (or any portion thereof) at its discretion, in addition to any right that the Company may have against You at law or in equity, for any misrepresentation of information provided by You.
You will be responsible for maintaining the confidentiality of the Account information and are fully responsible for all activities that occur under Your Account and also agree to keep your login credentials safe and confidential at all times. You further agree to promptly change your login credentials and inform the Company immediately in case of any actual or suspected unauthorized use of Your Account. The Company cannot and will not be liable for any loss or damage arising from Your failure to comply with this provision. You may be held liable for losses incurred by the Company or any other user of or visitor to the Platform due to authorized or unauthorized use of Your Account as a result of Your failure in keeping Your Account information secure and confidential.
The Company, in consultation with Spenny, may modify these terms at any time.
The transactions on the Platform with respect to the Platform Services will be completed only after successful transfer of money from Your registered bank account to the relevant AMC. Please note that the mutual fund and the stock will be credited to Your Account within 2 (two) days from the date of successful transfer of such amount. You hereby agree and acknowledge that the transactions on the Platform once completed cannot be cancelled by You. With respect to investments in mutual funds and stocks, in case of successful transfer of money from Your account registered with the AMC, however, any failure to reflect the mutual fund in the Account, the money would be refunded to Your registered bank account within the relevant time period agreed with the AMC and Spenny shall not be responsible for the same.
You hereby expressly agree to receive communication (including transactional messages) or by way of SMS and/or E-mail or through WhatsApp from the Company or Spenny or any third party in connection with the Platform Services or Your registration on the Platform. You can unsubscribe/ opt-out from receiving communications through SMS and e-mail anytime by visiting email@example.com
The Company reserves a right to create any Whatsapp groups (“Groups”) through its representatives (hereinafter referred to as “Group Admin”) who are expressly authorized to control, monitor and administer the Groups on its behalf. The usage, membership, and participation in the Group are subject to the following terms and conditions:
The views or comments posted herein by any participant (including any recommendation for investment and/or disinvestment in any financial products including mutual funds) shall be the views and comments of that participant only and shall not be construed to be the views or comments of the Group Admin and/or the Company, Spenny or that such view/comments are endorsed by the Group Admin and/or the Company or Spenny.
The participant agrees and acknowledges that views/comments/suggestion by any other participants in the Groups shall be subject to verification by the participant reading/relying upon such views/comment/suggestion including view/comments/suggestion with respect to any financial product or class of financial products and financial market conditions. The participant agrees and acknowledges that the investments in mutual funds, stocks or any other financial products are subject to market risks (including possible loss of the principal amount invested), and the participant shall read all investment/scheme-related documents carefully, and make its own assessment before making any investment/disinvestment decision.
If You believe the Platform violates Your intellectual property, You must promptly notify the Company in writing at firstname.lastname@example.org These notifications should only be submitted by the owner of the intellectual property or an agent authorized to act on his/her behalf. However, any false claim by You may result in the termination of Your access to the Platform. You are required to provide the following details in Your notice:
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