IndiPe

Refund, Cancellation & Reversal Policy

Refund, Cancellation and Reversal Policy

This Refund, Cancellation and Reversal Policy ("Policy") governs all transactions initiated, processed or facilitated through the Indipe Platform ("Platform") by its channel partners, distributors, intermediaries, or integrated entities ("Partner"). This Policy shall be read in conjunction with the applicable agreement executed between Indipe ("Company") and the Partner.

1. ROLE OF THE COMPANY

The Company operates as an AMFI-registered Mutual Fund Distributor and technology-enabled platform, facilitating mutual fund distribution activities and providing technology infrastructure and related services for transactions undertaken through the Platform. The Company does not provide investment advisory services or make investment decisions on behalf of investors. Transactions are facilitated through the Platform and routed to the respective Asset Management Companies ("AMCs"), Registrar and Transfer Agents ("RTAs"), payment channels, or other authorized entities, as applicable.

(Aligned with SEBI (Mutual Funds) Regulations, 1996 and AMFI guidelines prohibiting unauthorized solicitation/advisory)

2. NO CANCELLATION OF TRANSACTIONS

Once a transaction has been submitted by the Partner to the Platform and successfully transmitted to the relevant AMC/RTA, such transaction shall be deemed final and irrevocable. The Company shall have no obligation or capability to cancel, modify, or recall any such transaction.

The Partner acknowledges that all transactions are subject to SEBI-prescribed cut-off timings, NAV applicability rules, and operational guidelines issued by the respective AMC/RTA. Any request for cancellation, modification, or reversal after submission shall be governed solely by the policies, timelines, and discretion of the concerned AMC/RTA, and may not be permitted once the transaction has been processed or units have been allotted.

The Company shall not be responsible for any inability to cancel or modify a transaction due to delays in submission, incorrect instructions, or failure to meet applicable cut-off timings. The Partner is advised to verify all transaction details prior to submission to avoid errors or unintended transactions.

(Cancellation and modification rights are governed exclusively by AMC/RTA processes and cut-off timing rules prescribed by SEBI)

3. SOLE RESPONSIBILITY OF PARTNER

The Partner shall bear full and exclusive responsibility for all activities, actions, and obligations arising out of or in connection with the use of the Platform, including but not limited to the following:

  1. ensuring the accuracy, completeness, and correctness of all transaction details submitted through the Platform, including but not limited to investor information, scheme selection, transaction amount, bank account details, folio details, and any other data required for processing transactions;
  2. obtaining, verifying, and maintaining valid, informed, and auditable investor consent and authorization for each transaction, in accordance with applicable laws, SEBI regulations, AMFI guidelines, and industry best practices;
  3. ensuring that all investors onboarded or serviced by the Partner are duly KYC-compliant and meet all regulatory requirements, including Anti-Money Laundering (AML) and Prevention of Money Laundering Act (PMLA) obligations;
  4. complying with all applicable laws, rules, regulations, circulars, and guidelines issued by SEBI, AMFI, AMCs, RTAs, and any other regulatory or statutory authority, including but not limited to the AMFI Code of Conduct and SEBI (Mutual Funds) Regulations, 1996;
  5. adhering strictly to cut-off timings, NAV applicability rules, transaction processing timelines, and operational procedures prescribed by AMCs, RTAs, and regulatory authorities;
  6. ensuring that no unauthorized advisory, mis-selling, misrepresentation, or inducement is carried out in relation to any mutual fund scheme, and that all communications with investors are fair, transparent, and compliant with regulatory standards;
  7. maintaining proper records, audit trails, and documentation of all transactions, investor communications, and consents, and producing the same as and when required by regulatory authorities or the Company;
  8. promptly addressing and resolving all investor queries, complaints, disputes, or grievances arising out of transactions initiated by the Partner, including coordination with AMCs, RTAs, and other relevant entities;
  9. ensuring that all systems, integrations, and processes used by the Partner in connection with the Platform are secure, compliant, and free from unauthorized access, fraud, or misuse;
  10. immediately notifying the Company of any errors, discrepancies, fraudulent activities, or regulatory issues identified in relation to transactions processed through the Platform.
  11. The Company shall not be liable for any losses, damages, claims, penalties, or liabilities arising directly or indirectly from any errors, omissions, negligence, misconduct, breach of obligations, or non-compliance by the Partner, including but not limited to incorrect transaction instructions, failure to obtain valid investor consent, or violation of applicable regulatory requirements.

4. NO REFUNDS FOR SUCCESSFUL TRANSACTIONS

The Company shall not process, initiate, or be liable for any refunds in respect of transactions that have been successfully executed, processed, and confirmed by the relevant Asset Management Company ("AMC") or Registrar and Transfer Agent ("RTA"). Once a transaction has been accepted and units have been allotted in accordance with applicable Net Asset Value ("NAV") rules and SEBI-prescribed cut-off timings, such transaction shall be deemed final and binding.

Investments in mutual fund schemes do not constitute refundable payments. Accordingly, any request for return of funds after successful execution shall not be treated as a "refund" but shall be subject to the redemption process of the respective scheme. All redemptions shall be governed strictly by the terms and conditions of the scheme information document (SID), key information memorandum (KIM), AMC policies, and applicable SEBI regulations, including but not limited to exit load provisions, lock-in periods (if any), and applicable taxation.

The Company shall have no role in initiating, processing, or expediting redemption requests. Any such requests must be raised by the Partner directly with the relevant AMC/RTA in accordance with their prescribed procedures. The timelines for redemption processing, payout of proceeds, and any applicable deductions shall be determined solely by the AMC/RTA and applicable regulatory guidelines.

Further, the Company shall not be responsible or liable for any losses arising from market fluctuations, NAV changes, exit loads, taxation, or delays in redemption processing. Units once allotted are subject exclusively to redemption mechanisms under the SEBI regulatory framework and shall not be eligible for refunds under any circumstances.

5. FAILED OR REJECTED TRANSACTIONS

In the event a transaction is rejected, not processed, partially processed, or fails at any stage including but not limited to validation, payment authorization, settlement, or allotment at the level of AMC, RTA, payment gateway, sponsor bank, or any other intermediary:

  1. such rejection or failure may occur due to reasons including but not limited to incorrect or incomplete investor details, KYC non-compliance, mismatch in bank account details, insufficient funds, payment authorization failure, cut-off time breaches, scheme restrictions, regulatory restrictions, or technical/system errors at any intermediary level;
  2. any reversal, refund, or credit of funds shall be undertaken solely by the concerned AMC, RTA, banking partner, or payment system in accordance with their internal processes, settlement cycles, and applicable regulatory guidelines;
  3. the timelines for such reversals shall vary depending on the nature of the failure and the processes of the respective AMC, RTA, or banking channel, and may be subject to delays beyond the control of the Company;
  4. the Company shall not initiate, control, expedite, or guarantee any such reversal or refund process and shall not be responsible for any delay, failure, or discrepancy in such reversals;
  5. in cases of partial processing or partial allotment, any balance amount shall be handled strictly by the AMC/RTA in accordance with applicable regulations and scheme-specific rules;
  6. the Partner shall be responsible for coordinating with the relevant AMC, RTA, or banking partner for status updates, reconciliation, and resolution of such failed or rejected transactions;
  7. the Company shall not be liable for any financial loss, opportunity loss, or consequential damages arising from such transaction failures, rejections, or delays in fund reversals.

6. DUPLICATE/ERRONEOUS TRANSACTIONS

All claims relating to duplicate, erroneous, unintended, or unauthorized transactions must be promptly identified and raised by the Partner directly with the relevant AMC, RTA, or banking channel, as applicable. The Partner shall be solely responsible for initiating such claims and for ensuring that all required documentation, including but not limited to transaction references, investor consent records, bank confirmations, and supporting evidence, is submitted in accordance with the procedures prescribed by the AMC/RTA.

The Company shall not be responsible for initiating, processing, or facilitating any corrective action, including reversals, cancellations, or adjustments, in respect of such transactions. The Company shall also not be liable for any delays, rejections, or outcomes arising from the handling of such claims by the AMC/RTA or any third-party entity.

The Partner acknowledges that resolution of duplicate or erroneous transactions is subject to the operational policies, cut-off timings, and regulatory guidelines applicable to the respective AMC/RTA, including SEBI regulations. Any corrective action, if permitted, shall be carried out solely at the discretion of the AMC/RTA and may be subject to applicable charges, NAV applicability rules, and scheme-specific conditions.

The Company reserves the right to reject, disregard, or not entertain any claim that:

  1. is not supported by adequate, verifiable and complete documentation;
  2. is raised beyond the timelines prescribed by the AMC/RTA or applicable regulatory framework;
  3. arises due to negligence, system misuse, or non-compliance by the Partner; or
  4. involves discrepancies that cannot be independently validated through system records or audit trails maintained by the Company.

The Partner further agrees to maintain proper internal controls, audit mechanisms, and reconciliation processes to prevent the occurrence of duplicate or erroneous transactions and shall bear full responsibility for any financial or regulatory consequences arising therefrom.

7. NO CUSTODY OR FUND HANDLING

At no point does the Company receive, hold, manage, pool, or exercise any control over investor funds, securities, or units. The Company does not operate any escrow accounts, settlement accounts, or intermediary holding structures for investor monies, nor does it act as a custodian, trustee, or clearing entity in any capacity.

All fund flows are executed directly between the investor and the designated banking channels, payment gateways, or Asset Management Companies ("AMCs") through authorized mechanisms such as net banking, UPI, or other approved payment systems. The Company merely facilitates the transmission of transaction instructions via its technology platform and does not participate in the movement, settlement, or reconciliation of funds.

The Company does not have access to investor bank accounts, does not initiate debits or credits independently, and does not retain any authority to redirect, delay, or interfere with fund flows. Any payment processing is carried out by regulated third-party payment service providers or banking institutions in accordance with applicable laws and regulatory guidelines.

Accordingly, the Company shall not be liable for any issues arising from payment failures, delays, reversals, unauthorized transactions, or discrepancies in fund transfers, as such matters fall within the purview of the respective banking channels, payment service providers, AMCs, or RTAs.

(This clause is intended to ensure strict alignment with SEBI (Mutual Funds) Regulations, 1996 and applicable circulars, which prohibit unauthorized entities from handling or controlling investor funds.)

8. CHARGES AND FEES

All platform fees, technology charges, onboarding fees, subscription fees, API usage charges, integration costs, maintenance fees, or any other service-related charges payable to the Company shall be strictly non-refundable under any circumstances. This includes, without limitation, situations involving transaction failure, rejection, delay, partial processing, system downtime, technical errors, or termination of services by the Partner.

The Partner acknowledges and agrees that such fees are charged for access to and use of the Platform, infrastructure, and associated services, and are not contingent upon the successful completion of any specific transaction. Accordingly, no refunds, adjustments, or credits shall be provided once such fees have been invoiced or paid.

Any applicable taxes, duties, or statutory levies associated with such fees shall also be non-refundable. The Company reserves the right to revise its fee structure from time to time, with prior notice to the Partner, and continued use of the Platform shall constitute acceptance of such revised charges.

9. LIMITATION OF LIABILITY

To the maximum extent permitted under applicable law, the Company shall not be liable for any direct, indirect, incidental, consequential, special, exemplary, or punitive damages, including but not limited to loss of profits, loss of business, loss of data, loss of goodwill, or regulatory penalties, arising out of or in connection with the use of the Platform or any transactions processed through it. This limitation shall apply regardless of the form of action, whether in contract, tort (including negligence), strict liability, or otherwise.

Without prejudice to the generality of the foregoing, the Company shall not be liable for any losses arising out of or in connection with:

  1. transaction failures, rejections, delays, or processing errors occurring at the level of AMC, RTA, payment gateway, banking partner, or any third-party service provider;
  2. incorrect, incomplete, misleading, or unauthorized data, instructions, or inputs provided by the Partner or its representatives;
  3. any breach, non-compliance, or violation of applicable SEBI regulations, AMFI guidelines, KYC/AML requirements, or other regulatory obligations by the Partner;
  4. system downtime, scheduled maintenance, API failures, network issues, cyber incidents, or technical disruptions beyond the reasonable control of the Company;
  5. delays or failures caused by force majeure events, including but not limited to natural disasters, acts of government, regulatory changes, strikes, or failures of telecommunications or internet services;
  6. any acts, omissions, negligence, fraud, or misconduct of the Partner, its employees, agents, or end investors;
  7. reliance placed by the Partner or any third party on data, reports, or outputs generated by the Platform without independent verification.

In no event shall the Company's aggregate liability, whether in contract, tort, or otherwise, exceed the total fees actually received by the Company from the Partner in relation to the specific transaction or service giving rise to the claim.

In no event shall the Company's liability exceed the fees actually received by it from the Partner in relation to the specific transaction.

10. REGULATORY COMPLIANCE OBLIGATION

The Partner acknowledges, represents, and warrants that it is duly registered with the Association of Mutual Funds in India (AMFI), where applicable, and holds a valid and subsisting AMFI Registration Number (ARN) along with all necessary certifications, licenses, and approvals required under applicable laws to carry out distribution or facilitation of mutual fund transactions.

The Partner shall be solely responsible for ensuring adherence to all Know Your Customer (KYC), Anti-Money Laundering (AML), Prevention of Money Laundering Act (PMLA), FATCA/CRS requirements, investor suitability assessments, risk profiling (where applicable), and all other regulatory obligations applicable to its role. The Partner shall also ensure that all investor communications, disclosures, and representations are accurate, complete, and in compliance with applicable laws and regulations.

The Partner further agrees to maintain proper records, documentation, and audit trails of all transactions, investor consents, and communications as required under applicable regulations, and shall promptly provide such records to regulatory authorities or AMCs/RTAs upon request.

The Partner shall immediately notify the Company of any suspension, cancellation, expiry, or adverse action relating to its ARN or regulatory status, including any notices, investigations, or proceedings initiated by SEBI, AMFI, or any other regulatory authority.

The Company shall have no responsibility or obligation to verify, monitor, or ensure the Partner's compliance with any regulatory requirements, and shall not be liable for any consequences arising from the Partner's failure to comply with applicable laws, regulations, or guidelines.

11. INDEMNITY

The Partner agrees to indemnify, defend, and hold harmless the Company, its affiliates, directors, officers, employees, and agents from and against any and all claims, demands, losses, damages, liabilities, costs, expenses, or regulatory actions (including reasonable legal fees) arising out of or in connection with:

  1. any breach or non-compliance with applicable SEBI regulations, AMFI guidelines, or other statutory requirements;
  2. any unauthorized, disputed, or improperly executed transactions initiated or facilitated by the Partner;
  3. any act of mis-selling, misrepresentation, omission of material information, or provision of unauthorized advisory services by the Partner;
  4. submission of incorrect, incomplete, misleading, or fraudulent transaction instructions or investor data;
  5. failure to obtain valid investor consent, authorization, or documentation as required under applicable laws;
  6. any negligence, misconduct, or violation of contractual obligations by the Partner;
  7. any claims raised by investors, regulators, or third parties attributable to the Partner's actions or omissions.

This indemnity shall survive termination of the Partner's relationship with the Company and shall remain enforceable notwithstanding cessation of use of the Platform.

12. GRIEVANCE HANDLING

All investor-facing grievances relating to transactions, refunds, or redemptions shall be handled by the Partner in coordination with the respective AMC/RTA. The Company shall not be responsible for direct resolution of investor complaints.

13. MODIFICATION

The Company reserves the right to amend this Policy at its sole discretion. Continued use of the Platform by the Partner shall constitute acceptance of such modifications.