ICICIdirect.com :: Mutual Funds :: Terms and Conditions

These terms and conditions for online investing in Mutual Funds are in addition to and binding on the existing Power of Attorney and the Client Agreement that has been signed by you at the time of your becoming our client.

1. Definitions

"Unit" shall mean the interest of an investor, which consists of one undivided share in the Net Assets of the Scheme.

"Net Asset Value (NAV)" of the Units of the Scheme will be computed by dividing the net assets of the Scheme by the number of Units outstanding on the valuation date.

"Purchase" shall mean subscription to the units of the various schemes of the Mutual Fund.

"Redemption" shall mean sale of the units of the various schemes of the Mutual Fund.

"Switch" shall mean an option to the investor to shift his existing investment in any of the schemes of the Mutual Fund to another scheme of the Mutual Fund.

"Systematic Investment Plan (SIP)" or "Automatic Investment Plan (AIP)" shall mean an option available to the investor for investing in a specified frequency of months in a specified scheme of the Mutual Fund for a constant sum of investment.

"Systematic Withdrawal Plan (SWP)" or "Automatic Withdrawal Plan (AWP)" shall mean a facility provided to the investor to withdraw a pre-determined amount in a specified frequency of months from a specified scheme of the Mutual Fund.

"Load" shall mean a charge, which the Asset Management Company (AMC) may collect on entry and/or exit from a scheme.

2. The client is requested to check up the personal and bank related details provided by him/her. Neither ICICIDirect nor any of the Mutual Funds chosen shall accept any liability which may arise as a consequence of the erroneous information provided by the client.

3. The units of the schemes shall be allotted, redeemed or switched, as the case may be, at the Net Asset Value (NAV) prevalent on the date of the application, if the application for purchase, redemption or switch is received by the Fund before the cut-off time as specified on the website and consistent with the terms of the Scheme. ICICIDirect shall take all necessary action to ensure that the NAV allotted is the NAV applicable on the date of the transaction. However ICICIDirect shall not be liable for any loss that may arise to the client as a result of the correct NAV not being allotted to the client's transactions on the website.

4. Any request falling due on a holiday would be processed on the next business day and respective NAV would be applicable as per the Mutual Fund's offer document.

5. ICICIDirect or the concerned Mutual Fund or their respective registrars shall not entertain any offline transaction requests.

6. In the case of Automatic Investment Plan, in the absence of sufficient allocated funds, unallocated funds to the extent available shall also be utilised. In the absence of sufficient funds, both allocated and unallocated, no investment shall be made for that particular period.

7. For change of address or any personal details of the client, the client shall send a letter or fax to ICICIDirect signed by all the co-holders.

8. ICICI Direct shall send a physical copy of the transaction statement or the accounts statement to the client on a monthly basis. The client can view the same on the website.

9. The client service team of ICICIDirect shall handle all Mutual Fund related queries of the client.

10. The client undertakes to read all the relevant offer documents and terms and conditions of all schemes of all mutual funds offered through ICICIDirect, BEFORE entering into any transactions through ICICIDirect.

11. After the first purchase transaction, the client will not be permitted to transact for a period of 4 to 7 business days, depending upon the processing time of the Mutual Fund's Registrar. ICICIDirect does not accept any liability for delay in processing time at the Mutual Fund's or Registrar's end.

12. It is explicitly stated herein that the Mutual Fund schemes offered online, have not been recommended by ICICIDirect, nor have been sponsored by ICICI Securities Limited, or its affiliates or its sponsors.

13. Neither ICICIDirect, nor any of the Mutual Funds shall be liable for any failure to perform its obligations, to the extent that such performance has been delayed, hindered or prevented by systems failures, network errors, delay or loss of data due to the above and in circumstances of acts of God, floods, epidemics, quarantine, riot or civil commotion and war.

14. ICICIDirect shall provide its services on a best effort basis. However ICICIDirect shall not be liable for failure of the system or for any loss, damage or other costs arising in any way out of:
a) System failure including failure of ancillary or associated systems, or fluctuation of power, or other environmental conditions; or
b) Accident, transportation, neglect, misuse, errors, frauds of the clients or agents or any third party; or
c) Any fault in any attachments or associated equipment of the clients; or
d) Any incidental, special or consequential damages including without limitation of loss of profit.
The client further agrees to indemnify ICICIDirect for any loss that may arise as a result of system failure, accident or any of the reasons mentioned above.

15. For all correspondences with ICICIDirect, the client shall quote his e-broking account no.