Terms and Conditions for the wealth management services offered by Apar Wealth Partners LLP (Apar Wealth)
Apar Wealth offers a broad range of Wealth Management Services to its Customers, including investments in Mutual Funds, PMS, AIF, Offshore Investments and so on. Any Customer who desires to avail Wealth Management Services from the Apar Wealth shall be bound by these Terms and Conditions and any modifications thereto from time to time. The Customers are requested to read and understand these Terms and Conditions before they start availing the Wealth Management Services.

Scope of service
We will at all times endeavour to suggest/recommend a range of Apar Wealth Exclusive Mutual Funds and other financial products which are available with us under our Wealth Management Services, that we feel are likely to be suitable for you based on your financial needs, risk profile, investment objectives and other information provided by you to us, pursuant to your investment planning discussions with us. The decision to invest in products recommended by us will finally rest with you and we shall assist you in the processing of your investment based on your specific transaction Instructions. However, if you invest in a product without a recommendation from us, either through our online platform or otherwise, you are requested to review all the product literature and do an independent assessment of the product features and the risk factors involved therein, prior to your investment. You have the right not to divulge your information to us. However, if you do not divulge your information to us, our ability to recommend products, which are likely to be suitable for you, may be restricted. You may also choose not to follow the recommendation provided by us and invest in a product of your own choice subject to availability of that product with us. Such transactions will be deemed as ‘Execution Only’ transactions.
In our capacity as a distributor of Mutual Funds, we do not provide advice to you to redeem/sell your holdings in Mutual Funds. You should be guided by your investment philosophy, investment objective, liquidity preference and risk tolerance while taking any decision to stay invested or to redeem your investments. If you decide to sell your Mutual Fund holdings, we shall assist you in processing your redemption/sale transaction, based on your specific transaction Instructions.

Kinds of information we collect
We collect Personal Information that you voluntarily give us, and Site Visitorship data, on this website.

Our Commitment

1. We will ensure that, we shall provide Wealth Management Services to you in compliance with applicable laws/regulations stipulated by any Regulatory Authority from time to time, and all investment products we distribute shall be in accordance with such laws, rules and regulations.
2. We will endeavour to provide best possible after sales service to you, including, giving reminders for SIP and date of maturity, providing latest Net Asset Value (NAV) and periodical information on the performance of the Scheme/products in which you have exposure, etc.
3. We will disclose details of all commissions/other fees received, if any, from Mutual Fund(s)/AMC(s) for marketing/ distributing their products. The same shall be available on our Website.
4. We may, at regular intervals, educate you by way of advertisement/notice board/information on our Website/distribution of pamphlets, etc., the benefit of the products distributed by us, unless you have opted not to receive such information.
5. Mutual Fund Risk-o-meter of each Scheme of Mutual Fund is defined by the respective Mutual Fund house/AMC as guided by SEBI. Risk-o-meter is intended to provide you an easy understanding of the kind of Scheme you are investing in and associated risk. Apar Wealth updates the Risk-o-meter as and when the information is published by AMC in public domain using batch update approach which could, result in a lag in updating the Risk-o-meter for the Schemes on our systems and documents. You should refer to Risk-o-meter published by the AMCs on their respective websites for the Mutual Fund Schemes in consideration, prior to investing.

Customer Declaration and Warranties

1. You acknowledge that, we review and refresh the suite of Mutual Funds and other financial products offered by us basis various parameters, such as customer demand, return, fund size, fund management team, risk, etc. As a part of this process, Mutual Fund Schemes and other financial products are on-boarded, discontinued or placed for fresh investments from time to time. However, your existing investments in such Schemes will remain unchanged and you can continue to hold them or redeem them, at your discretion, subject to the terms of the respective Offer Documents. If you wish to make any new investment in any Scheme, which is placed on discontinued by us, you may reach out to the AMC directly.
2. You understand and agree that we shall act only on specific Instructions provided by you and shall forward the same to the AMC/MF or its Registrar or any other agency as directed by the AMC/MF for processing such Instructions. We shall exercise no discretion whatsoever and no action or lack thereof on our part shall be construed as an investment decision on your behalf. You understand and agree that we are not your agent and/or constituted attorney. You are required to consult your own legal, financial, accounting and tax advisors prior to instructing us to execute any Instruction for transaction in relation to your investments.
3. You agree and undertake that you shall read/refer to the respective Offer Documents and the Risk-o-meter published by the AMCs on their websites, for the Mutual Fund Scheme under your consideration, prior to entering into any transaction in Mutual Funds.
4. You acknowledge that transactions in any Scheme of Mutual Fund shall be subject to the Terms and Conditions laid down by the MF/AMC in the respective Offer Documents and the same shall be binding on you with respect to your transactions. You acknowledge and agree that the decision to accept/reject any transaction Instruction rests with the MF/AMC. You shall not hold us liable for any loss or damage sustained by you on account of any rejection of any Instruction by the AMC or due to any error, delay, failure, etc., by the AMC/Registrar to process your transaction Instruction.
5. You acknowledge and understand that we will undertake appropriate customer due diligence measures before offering Wealth Management Services to you. Your Permanent Account Number (PAN) and/or any other details as may be required under applicable laws/regulations or the respective Mutual Fund/AMC is required to be quoted in the documentation for your transactions in Mutual Funds. You also need to comply with the KYC formalities for investing in Mutual Funds and proof of the completion of KYC formalities is also required to be submitted. From time to time, any and all the changes in the legislative and regulatory guidelines shall be applicable to your investments. Your Instructions for any transaction will not be processed in case you do not comply with these requirements.
6. If you have opened your Wealth Management Services Account through our online platform, you acknowledge and agree that we would be required to share your KYC information such as identity (name, PAN, age, etc.), and address with the respective Mutual Fund/AMC/Registrar for the purpose of validation and to comply with the KYC formalities under applicable laws/regulations. Where any transaction Instructions are submitted offline i. e. with wet signatures, the signature available in your KYC records would be used by the Mutual Funds/AMCs/Registrar for signature verification. You agree to inform us and the Mutual Fund/AMC in case of any change in your KYC information, including change in signature/signatories, etc. In the event of your signature not being updated, available or legible in KYC records, we/Mutual Fund/AMC would have the right to carry out further checks to validate the authenticity of your transaction Instruction prior to processing the same. Your transaction Instruction will get rejected if the existing KYC information is not updated or adequate, and we shall not be liable for any delay in processing your Instruction or rejection of the same owing to unavailability of updated KYC Information.
7. We shall execute only those Instructions that are clear, timely and as per the rules applicable to such transactions, and we shall not be required to ascertain compliance with any legal, regulatory or investment restrictions whatsoever as applicable to you.
8. You acknowledge and understand that we will always contact you at your contact details registered in our records. You undertake that you shall register your current address, contact number and/or e-mail address with us and intimate us in writing of any change in these details promptly, so as to enable us to send you necessary alerts.
9. You understand that the value of the Units of Mutual Funds or other investment products is subject to fluctuations and past performance may not be an indication of the performances in the future. Further, you understand that we do not guarantee the performance of the Mutual Fund or other investment products and the returns from such investments.
10. You are aware and understand that you can opt for alternative wealth management solution(s) which include solutions from various AMCs. You are free to transact directly with the MF/AMC and are not restricted to the Wealth Management Services offered by us, Apar Wealth or its affiliates.
11. You agree and confirm that the execution, delivery and performance of these Terms and Conditions does not violate any law, rule, regulation, order, judgment, decree, determination, or award applicable to you.
12. You declare that all information provided to us is true and correct and you are not a citizen/resident of the United States of America, Canada, Australia, New Zealand or any other country the laws whereof prohibit you from availing Wealth Management Services from us. We shall, in accordance with our internal policies, permit customers who are residents or citizens of such other countries to avail our Wealth Management Services, where, in our sole discretion, Wealth Management Services can be lawfully performed by us. Customers availing of the Wealth Management Services are required to comply with all applicable laws/regulations of their respective jurisdiction. We make no representations that the products or services provided are available to persons residing outside India, or are necessarily suitable for any particular person or appropriate in accordance with any applicable local laws, rules or regulations. Among other things, this means that the disclosures provided may not conform to rules of the regulatory bodies of any other country and investment in such products will not afford the protection offered by the local regulatory regime in any other country. The provision of Wealth Management Services and/or mailing of investment holdings statements and/or provision of other information relating to the financial markets by us shall not be construed as an offer or solicitation to sell investments or securities in any country, including India where, or to any person to whom, it is unlawful to make such an invitation or solicitation.
13. You hereby expressly accept and confirm that you will inform us and the AMC/MF individually in case of change in your residential status from Resident to Non-Resident or vice versa or conversion of status from minor to major in future. You understand that any mismatch in the data relating to your status between our records and that of the AMC/MF due to non-updation of information could lead to non-acceptance of your Instruction at our end and/or non-execution of your Instruction by the AMC. Any losses, damages, costs or expenses incurred due to such non-acceptance/non-execution, owing to the above mismatch, on account of NAV movement of the Mutual Fund or otherwise, will be borne by you and we shall not be held responsible for the same.
14. You hereby expressly accept and confirm that you will also separately inform KYC Registration Agency(ies), to update any change in your KYC details required as per the applicable KYC regulations from time to time. If after investing or during the period when we provide the Wealth Management Services to you, you become aware of anything (including change of your residence or nationality) which may cause any of your acknowledgements or warranties above or otherwise provided to us, to become untrue or trigger any prohibition under the applicable laws/ regulations or the applicable Offer Documents with respect to your investments in any Mutual Fund, you should notify us as soon as reasonably practicable and take such action as we may reasonably specify to resolve the issue. Including selling, redeeming or otherwise disposing of any Mutual Fund holdings.
15. Tax Representation
    • Individual Accounts: You are responsible for fulfilling any tax obligation that you may have with respect to the filing of returns or other required documentation in respect of and the payment of all relevant taxes, including, without limitation, all income, capital gains, wealth and estate duties, stamp duties, and any other applicable taxes. The creation and continued operation of your account and/or the acquisition, holding or disposal of investments or assets in such account, as well as any income, distributions or losses realised in relation to the operation of the account may expose you to tax consequences depending on a number of factors including, but not limited to, your applicable domicile, your place of residence, your citizenship or the type of assets you hold in your account. Certain countries may have tax legislation with extraterritorial effect regardless of your place of domicile, residence or citizenship. Apar Wealth does not provide any legal or tax advice and you should seek legal and/ or tax advice from an independent legal and/or tax adviser. You acknowledge and agree that Apar Wealth has no liability in respect of any of your tax obligations and/or any legal and/or tax advice provided to you by third parties.
    • Non Individual Accounts: Customer (and each Connected Persons) is responsible for fulfilling its own obligations with respect to the filing of returns or other required documentation in respect of reporting and payment of all relevant taxes, including, without limitation, all income, capital gains, wealth and estate taxes. The creation and continued operation of the account and/or the acquisition, holding or disposal of investments or assets in such account, as well as any income, distributions or losses realised in relation to the operation of the account may expose you (or any Connected Person) to tax consequences depending on a number of factors including, but not limited to, applicable domicile, place of residence, citizenship, place of incorporation or the type of assets held in the account. Certain countries may have tax legislation with extra-territorial effect regardless of place of domicile, residence, citizenship or incorporation. Apar Wealth does not provide any legal or tax advice and you (and each Connected Persons) should seek legal and/or tax advice from an independent legal and/or tax adviser. You acknowledge and agree that Apar Wealth has no liability in respect of any of your tax obligations (or those of any Connected Persons) and/or any legal and/or tax advice provided to you by third parties.
    • For the purpose of this clause, the term ‘Connected Person(s)’ shall mean and include such person(s) connected to the Customer as defined under the Income Tax Act, 1961.

Rights and Obligations of Apar Wealth

1. You shall submit the KYC documents along with other documentation as required to be submitted at the time of opening a new account or as and when requested by us. We reserve a right to allow/restrict operations in a newly opened/existing accounts maintained with us, if you are not able to satisfy the due diligence or KYC requirements in line with our policy and applicable laws/regulations.
2. If transaction Instructions are received by us beyond cut off timings, as may be specified by us from time to time, the same will be processed on the next business day. We will not be liable for any loss sustained if any Instruction could not be processed due to the Instructions not being clear, timely and/or in accordance with the laws/rules/regulations applicable to such investments/other transactions. In the event of non-recovery of the applicable fees, charges, commission and taxes, we may not execute the transaction and will not be liable for any loss or damage sustained by you. We will not be liable for any delay in relaying your Instructions to the AMC/MF/ Registrar and any loss or damage, sustained by you in this regard unless such delay occurs solely due to our gross negligence in processing the Instructions.
3. In the event of death of the Customer, succession to the units held by the Customer and/or operation of the Wealth Management Services shall be in accordance with the deceased/transmission policy of the respective MF/AMC and rules for the purpose prescribed by the MF/Regulatory Authority from time to time and effective at the date of the claim. Your legal heirs will have to submit the death certificate and other documentation required by the MF/AMC for processing the request for transmission/redemption of the Units either to us or to the respective MF/AMC. If the documents are submitted to us, we will forward the documents received, to the respective MF/AMC/Registrar and will not be liable for any errors in transmission/redemption made by the MF/AMC/Registrar while processing the claim of the legal heirs of the deceased Customer.
4. Apar Wealth and other members of Group are required to and may take any action to meet Compliance Obligations relating to or in connection with the detection, investigation and prevention of Financial Crime (‘Financial Crime Risk Management Activity’) and act in accordance with the laws, regulations and requests of public and regulatory authorities operating in various jurisdictions which relate to Financial Crime. Apar Wealth may take, and may instruct (or be instructed by) any other member of the Group to take, any action which it or such other member, in its sole and absolute discretion considers appropriate to take in accordance with all such laws, regulations and requests. Such action may include but is not limited to (a) screening, intercepting and investigating any instruction, communication, drawdown request, application for services, or any payment sent to or by you, or on your behalf, (b) investigating the source of or intended recipient of funds (c) combining customer information with other related information in the possession of Apar Wealth, and/or (d) making further enquiries as to the status of a person or entity, whether they are subject to a sanctions regime, or confirming your identity and status (e) share information on a confidential basis with such Group offices whether located in India or overseas in relation to prevention of Financial Crime. Exceptionally, our Financial Crime Risk Management Activity may lead to us delaying, blocking or refusing the making or clearing of any payment, the processing of your Instructions or application for Wealth Management Services or the provision of all or part of the Wealth Management Services. To the extent permissible by law, neither we nor any other member of Group shall be liable to you or any third party in respect of any loss (whether direct or consequential and including, without limitation, loss of profit or interest, however it arose) that was suffered or incurred by you or a third party, caused in whole or in part in connection with the undertaking of Financial Crime Risk Management Activity.

Confidentiality
We will treat your personal information as private and confidential (even when you are no longer availing of the Wealth Management Services from us), and, as a general rule, not disclose such information to any other individual/institutions for any purpose unless you have authorised such disclosure explicitly herein or otherwise in writing. Our confidentiality obligations stated above shall not apply and we shall have the right to disclose your personal information, including account related information, without any specific consent or authorisation from you in the following circumstances.

1. Disclosure to an AMC/MF and/or its agent, or Registrar;
2. Disclosure on a confidential basis to Apar Wealth or any third party agencies/service providers, whether located in India or overseas including but not limited for the purpose of availing support services of any nature;
3. Disclosure to any Regulatory Authority or to any judicial or quasi-judicial authority having jurisdiction over us or if disclosure is compelled by any law/regulation or where the disclosure is required for the protection of our interests.
4. Where such disclosure is required for the purposes of preventing fraud or otherwise where the disclosure is required in the public interest;
5. Disclosure is for a regulatory mandated business purpose, such as disclosure of default to credit information companies or debt collection agencies.

Indemnity

1. You undertake to indemnify and keep us and our directors, officers, employees and agents indemnified at all times against and hold us harmless from all actions, proceedings, claims, loss, damage, charges, costs and expenses which may be made or brought against or suffered or incurred by us or our directors, officers, employees or agents which might have arisen either directly or indirectly out of or as a consequence of or in connection with
   a) We acting pursuant to, in accordance with, or relying upon, any Instructions (either in writing or through any other medium including Internet Banking, telephone, facsimile message, e-mail, etc.) given by you and/or any person acting through or on your behalf, which we believe, in good faith, to be authentic, and/or any action or step taken by us hereunder (including the costs of enforcing the same), including but not limited to any variation in Instruction where you have given a contrary Instruction to the AMC/MF directly or for any other reason whatsoever, and/or
   b) non receipt of any Instructions claimed to have been sent by you to us, non-execution of any Instructions, or delay in receipt of or execution of Instructions due to any reason. except where such actions, proceedings, claims, loss, damage, charges, costs or expenses (as the case may be) have arisen as a consequence of our gross negligence or wilful misconduct.
2. Notwithstanding anything contrary contained herein or elsewhere, we shall have no liability to you or to any other person for any consequential, compensatory, special or other damages, including without limitation for loss of profits.
3. This indemnity is without prejudice to any other rights, privileges, powers and remedies that we may have in law. A failure or delay in exercising any right, power or privilege by us will not operate as a waiver, and a single or partial exercise of any right, power, or privilege will not preclude any subsequent or further exercise of that right, power or privilege or the exercise of any other right, power or privilege.
4. This Indemnity will survive the termination of your wealth management relationship with us.

Force Majeure
We shall not be liable for any delay or failure in performance of any of our obligations in relation to the Wealth Management Services offered by us, including, but not limited to, the failure, malfunction or unavailability of telecommunications, data communications, computer systems and services, to the extent that such delay/failure is attributable to any cause beyond our reasonable control. For the purpose of this document ‘force majeure’ shall be deemed to be any cause affecting the performance of these Terms and Conditions arising from events beyond our reasonable control and shall include the following:

1. Strikes, lock-outs or other industrial action
2. Civil commotion, riot, invasion, war threat or preparation for war;
3. Outbreak of war, rebellion, revolution, hostilities, riot, civil disturbance, acts of terrorism.
4. Epidemic, quarantine restrictions, outbreak of debilitating disease and any travel restrictions or bans (including bans on non-essential travel) issued by the World Health Organisation or any governmental authority;
5. Fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural physical disaster.
6. Impossibility of the use of railways, shipping, aircraft, motor transport or other means of public or private transport.
7. Political interference with our normal operations; and
8. Any change in or introduction of any laws/regulations.

Any delay or failure on our part to provide any services or perform these Terms and Conditions on account of any force majeure event or any event beyond our reasonable control will not be deemed to be a breach of these Terms and Conditions and under no circumstances shall we be responsible to you or to any third party for any indirect or consequential losses arising out of or in connection with such delay or failure.

Dispute Resolution
All disputes or differences arising out of any transactions under the Wealth Management Services offered by the Apar Wealth shall be settled amicably between Apar Wealth and the Customer. Before resorting to external dispute resolution mechanisms, Apar Wealth and the Customer shall attempt to settle by negotiation any dispute in relation to these Terms and Conditions and where practicable shall refer the matter to personnel who have authority to intervene and direct some form of resolution.

Governing Law and Jurisdiction
These Terms and Conditions shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts at Mumbai. You confirm having read and understood these Terms and Conditions in totality and agree to abide by the same.