Terms & Conditions

Background and Objective

Lakshy Inclusion Services Private Limited (“Lakshya“), is a private limited company incorporated under the Companies Act, 2013 with its registered office at 1st Floor, Alfalah Arcade, #24/4 Haudin Road, Halasuru Road Cross, Bangalore – 560042, Karnataka, India. Lakshya provides facility to enable the customers improve their financial health through a slew of measures to improve their household finance. Lakshya holds a registration with Association of Mutual Funds in India (“AMFI“) and has obtained ARN Code bearing number [150276] to act as an online distributor of mutual fund through its website [www.Lakshyaa.net.in] and/or mobile application/mobile site (hereinafter collectively referred to as (“Platform“). Lakshya is in the business of providing financial technology, including, but not limited to that related to savings and investments.


The users who have registered (or taken the offline services to be registered) on the Platform (“Registered Customer“) shall be entitled to avail the online Investment Account facility/ Services including but not limited to purchase, redemption and switch of mutual fund units. Before availing the services of the online Investment Account, users are requested to read and confirm all the terms & conditions (“Terms & Conditions“). By using Lakshya Investment Account services (“Services“), you understand and agree that Lakshya shall treat your use of the Services as acceptance of these Terms & Conditions from such point of usage. Any user accessing or using the Services shall be deemed to have read, understood and accepted these Terms & Conditions.

In accessing and using the Services offered by Lakshya, you may utilize the content and services offered on the Platform. You agree to follow the Terms & Conditions and Privacy Policy for the use of the Platform as may be specified on the Platform from time to time. Lakshya may at its sole discretion vary the Terms and Conditions or withdraw any of the facilities/Services provided herein from time to time. Any substantial changes will be notified on the home page and upon continuing to use the Services or accepting the terms you consent to the Terms and Conditions.

Terms and Condition: Mutual Fund

1. Related to Services

The Services provided herein are related to certain of the mutual funds. It may be noted that the Registered Customer takes his /her decision to invest and Lakshya does not provide any investment advisoryLakshyaYou agree and acknowledge that transactions done through Lakshya Investment Account facility will be tagged with the Mutual Fund distributor ARN Code [150276] and will not be treated as direct.

You agree to comply with KYC (Know your Client/Customer) and KRA (KYC Registration Agency) requirements as required under SEBI (KYC Registration Agency) Regulation 2011, SEBI Act 1992, Prevention of Money Laundering Act, 2002, all laws and regulations including but not limited to the Foreign Exchange Management Act, Reserve Bank of India (RBI) guidelines, to the extent applicable pertaining to the investments, at all times. You hereby irrevocably and unconditionally grant your no objection to Lakshya and the respective Asset Management Company (“AMC”) to collate the transaction details relating to the investments in mutual fund units done by you on the online technology platform of Lakshya and transmit such transaction data to the concerned AMC”) / mutual fund/ Registrar and Transfer Agent (RTA) of the AMC for further processing of your transactions. In order for Lakshya to provide its services properly, you agree to provide any and all information that may be required by Lakshya /AMC/ authorised service providers of the AMC, from time to time, in compliance with existing legal norms and regulations, including but not limited to contact information, address, tax‐related information and any other information required under existing or future KYC norms and laws. You agree that aforesaid information that may be provided by you to Lakshya from time to time, may be shared by Lakshya with the mutual funds/ AMCs or their respective authorized service providers, auditors, legal and tax consultants in compliance with the extant legal provisions from time to time. You also agree that Lakshya/ AMC/ authorized service providers of the AMC may take steps to verify the veracity of such information provided by you and you agree to co‐operate with Lakshya/ AMC/ authorized service providers of AMC in providing all information requested by Lakshya. You acknowledge that failure to provide such information in a timely manner may result in your ineligibility to avail of some or all of the Services of Lakshya and that Lakshya/ AMC/ Trustees of AMC shall in no way be held liable for any losses of whatsoever nature resulting from such failure to provide information on your part. You agree that any information provided by you may be required to be shared with relevant regulatory / statutory authorities and you authorise Lakshya to provide all information to such regulatory / statutory authorities as and when required.

The Investment Account and the execution of online instructions are subject to these Terms & Conditions, and the Offer Documents of the respective AMCs’. There may be an exit load/ any other charge(s) applicable to certain mutual fund schemes which is mentioned in the respective Offer Documents including Scheme Information Document (SID)/ Key Information Memorandum (KIM) and addendums issued thereto from time to time (collectively referred to as “Scheme Related Documents“). You hereby agree to read all the Scheme Related Documents before investing.

Lakshya may terminate the Services by giving 30 (thirty) days prior notice in writing to the Registered Customer provided that the Registered Customer shall not be relieved of obligations hereunder notwithstanding such termination incurred prior to the date on which such termination shall become effective.

2. Usage Details

You acknowledge that you are at least 18 (eighteen) years old and not barred, under any law for the time being force, from entering into a contract. Your identity on the Platform shall be authenticated by the use of your login credentials. Lakshya shall at all times treat instructions authenticated by your login credentials to have originated from you directly.Your Investment Account will be activated after Lakshya verifies your personal information in accordance with the Know Your Client (“KYC”) guidelines issued by the Securities and Exchange Board of India (“SEBI”), from time to time. If you are not KRA verified/ not carried your KYC earlier and you are a first-time investor having Aadhaar number then your Aadhaar number shall be used by Lakshya to compete your e-KYC verification if applicable under the law otherwise KYC would be completed as per the prescribed process under the law

Purchase requests made through Lakshya’s online technology platform shall be processed by respective  mutual funds/ AMCs only after funds sufficient to cover the purchase price and other costs and charges have been received by the  mutual funds/AMCs. Payments towards the purchase price and other costs and charges shall be made by the Registered Customers directly in the name of the respective mutual fund scheme(s) through the payment gateway of [ICICI AMC] (“Payment Gateway“) made available by Lakshya on its Platform. If for any reason the mutual fund/ AMC is unable to allow a transaction for purchase or redemption of the full quantity of units such as transacted by a Registered Customer through the online technology platform of Lakshya, the respective mutual fund/ AMCs shall be entitled to process a lesser quantity of units being purchased or redeemed (as the case may be) by such Registered Customer. In such a case, neither Lakshya nor the AMCs, their respective trustees shall be responsible for the non‐execution of transactions for the entire quantity or the remaining quantity of units.

For investments using ECS/ NACH/ Direct Debit, Lakshya will direct to submit the fund transfer instruction(s) to your bank. Your request for subscription will be sent to the AMC only after receiving confirmation of successful money transfer to the AMC’s account. Consequently, there may be a lag between the date of debit to your account and date Lakshya submits your request to the AMC.Subject to the above, your Instructions will be processed the same day if received before the cut-off time(s) specified by Lakshya. Else, your instructions will be processed on the next business day. Lakshya may specify cut-off time(s) earlier than the time(s) specified by the AMC/ SEBI. All authorised and complete transactions will be processed at the applicable NAV (as defined in the Scheme Information Document of respective schemes of Mutual Funds) subject to receipt of funds and acceptance of your transaction by the Mutual Funds/ RTAs. However, Lakshya shall not be liable for any loss that may arise to you as a result of incorrect NAV applied on units allotted to you by the mutual fund. Any transactions done on a holiday would be processed on the next business day and the NAV would be applicable as per the respective Scheme Related Documents. Transactions once placed cannot be cancelled.

You are required to ensure that any application for redemption, purchase or exchange or any other instruction must be correct, complete, clear and unambiguous in all respects and should conform to the prescribed procedure/ documentation and regulatory requirements, failing which, Lakshya/ AMC reserve the right to reject the same and in such a case Lakshya/ AMC/ Trustee shall not be responsible for any consequence arising therefrom. Lakshya will forward your Instructions to the AMC electronically and the AMC will process the transactions on the basis of such electronic instructions. AMCs are not obliged to accept your application for subscription to units of their mutual fund schemes in part or in full. Lakshya may refuse to transmit your transaction data to the AMC/ its authorised agents unless, they are given in a manner and form acceptable to Lakshya and in accordance with Lakshya’s right to verify such transactions. However, Lakshya shall have no responsibility to determine the authenticity of any transactions done or purported to be done by you. You shall not hold Lakshya liable on account of Lakshya acting in good faith on any of your transaction done or purported to be done by you.

For Investment Accounts held jointly, the mutual fund folios maintained by the concerned AMC will also be held jointly and all the individuals will have the same authority to operate those folios (Any or Survivor).

You agree to be communicated for all transaction related purposes to your registered email-id or by way of SMS to your registered mobile number. You while providing the details/documents over the Platform including but not limited to personal information give your express consent/ no objection to Lakshya to contact you on matters connected to setup and operation of your Investment Account and to execute your investment instructions in relation to:

  1. Communication with AMCs on your behalf for financial or non-financial transactions executed under this Terms.
  2. Sharing your information with KRAs, AMCs and Lakshya’s service partners, for validation, to comply with legal and regulatory requirements and for the purpose of fulfilling its obligations under this Terms.
  3. Forwarding your transaction data and requests to the specific mutual funds/AMCs with respect to your instructions and orders of sale, purchase, transfer, redemption, splitting, consolidation and any other financial/non-financial transactions of mutual funds units.
  4. Transmitting to the mutual fund and/or the corresponding AMC, information relating to your nomination/changes in investment plan/ any other changes made through the online platform.
  5. Obtaining and forwarding to the AMC/its Authorized Registrar your information as available in the KRA/UIDAI records, including your e-signature.

You agree to indemnify Lakshya, AMC, trustees to the AMC, its respective officers, directors, employees and agents against any improper/ fraudulent transactions, improper/fraudulent fund transfer transactions done or purported to be done by you on the Platform/ Payment Gateway’s platform provided by Lakshya. Lakshya/AMC shall not be obliged to accept from you any oral instructions for carrying out any transactions in mutual fund units. Further Lakshya, AMC, trustees to the AMC, its respective officers, employees and agents shall be indemnified for and held free and harmless from and against any and all costs, claims, losses or liabilities of any nature (direct or indirect) resulting from the act of purchase, redemption or switch of mutual fund units, together with any and all attendant costs and expenses including reasonable legal fees and expenses, that Lakshya, AMC, trustees to the AMC, its respective officers, employees and agents may incur or be subject to, in relation to the transactions conducted by you on the Platform/ Payment Gateway’s platform. You also acknowledge that the security and the control provided by Lakshya are designed to verify the source the communication and not to detect errors in transmission or content including discrepancies between names on the account numbers and that Lakshya or any intermediary, may transmit data or take requisite action by reference account number only, even if the name on the account is also provided. Lakshya shall have no duty to verify the content of any transactions, instructions and communication, whether or not authorized, sent in its name and accepted by Lakshya.

3. User Obligations

You are obliged to:

  1. Ensure that the money you invest is from your bank account (primary holder’s bank account in case of Investment Account held jointly).
  2. The bank account from which investment is made is not a third party bank account:
    1. Third party account for this purpose are defined as: i. Investment made through from an account other than that of the beneficiary Investor
    2. in case the investment is made from a joint bank account, the first holder of the mutual fund folio is not one of the joint holders of the bank account from which payment is made.
  3. Ensure that you are an Indian resident
  4. Ensure that you do not hold any residency of US or Canada
  6. Declare that the amount invested/to be invested by you in the scheme(s) of mutual fund(s) is derived through legitimate sources and is not held or designed for the purpose of contravention of any act, rules, regulations or any statute or legislation or any other applicable laws or any notifications, directions issued by any governmental or statutory authority from time to time.
  7. Keep your login credentials safe and secret.
  8. Promptly change your login credentials and inform Lakshya of any actual or suspected unauthorised use of your login credentials.
  9. Declare that you have read and understood the contents of the respective Scheme Related Document(s) and the details of the scheme.

4. User Acknowledgements

You further acknowledge and agree:

  1. That the holding pattern of the Registered Customer, as reflected in the Investment Account, is deemed to be Lakshya account holding pattern of the account holder/investor(s).
  2. That there will be no changes allowed in the holding pattern of the investors associated with the Investor Account once the account is activated.
  3. That once an investment is made using the holding pattern, you will not be allowed to change the holding pattern for the subscriptions.
  4. That the other requisite data (which is not part of the form) required to be reported to AMC / authorized registrar of the AMC will be extracted from Lakshya account details maintained for the First holder. The mode of holding in all customer joint accounts is treated as Joint account.
  5. That it shall be the obligation of the AMC and not of Lakshya to regularly send to you i.e. the Registered Customer (only to first holder in cause of multiple / joint holdings) such communications as required under the SEBI Regulations.
  6. You agree and acknowledge that our servers may automatically collect certain technical information about your use of the Website, including, without limitation, your browser type, your operating system, Internet Protocol address, bandwidth speed, and information collected through cookies, web beacons, and other technologies. Some technical information may qualify as personal information, while other technical information may not be personally identifiable. The Service Provider generally uses technical information for system.
  7. Lakshya earns commission from AMCs when the you buy mutual funds. However, the recommendations on funds is not influenced by the commission Lakshya earns. The list of Mutual Fund Companies that Lakshya works with and the associated commission rates is available at https://lakshya.net.in/disclosures.
  8. Lakshya will use third party APIs to verify your account by crediting a minimum amount in the bank account provided by you during the registration on Lakshya platform. In case, the name on the bank account and PAN do not match, distributor /AMC has the right to reject the generated folio. You can transact outside the Lakshya platform (e.g. CAMS, directly through AMC website or physical location) but in such cases, transaction details will not appear on the Lakshya platform.
  9. You have granted Lakshya the permission to access your data and transaction details in order to provide access to relevant financial and non-financial products.
  10. Unless otherwise stated explicitly by either party (customer or Lakshya), you would remain a customer of Lakshya and hence agree to this T&C
  11. Lakshya may provide certain bonuses in lieu of either onboarding on Lakshya or regular savings done through Lakshya platform. The aim of such bonuses is to promote savings behaviour among the participants and does not in any way tempt investors to onboard in lieu of such bonuses. You shall not rebate or commission back the Bonus to the referred third party and abstain from attracting investors through the temptation of rebate/gifts etc. Lakshya shall reserve the right to cancel any Bonus, at its own discretion, if such Bonus is found to be in violation of these Terms and Conditions. This expiry of Bonuses shall be applicable in relation to all goals, existing and future, created through the Application.

You further understand and agree that Lakshya does not in any manner:

  1. subscribe to units of mutual funds on your behalf or in your name or collects payments from you for the units so purchased by you for remitting it further to the AMCs; or
  2. receive any account statement from mutual funds/AMCs, on your behalf or in your name pertaining to the units; or
  3. redeem /sell the units held by you on your behalf or in your name; or
  4. unilaterally instruct the mutual fund and/or the corresponding AMCs with regards to nomination/changes in investments plan/any other changes; or
  5. sign any document on your behalf or in your name for purchase, sale or redemption of units; or
  6. collect, receive and / or give receipts and discharges for any sum including dividend, interest or income arising from the units and does not sign and/or endorse dividend and interest warrants on your behalf or in your name; or
  7. correspond with or gives notice to the mutual fund/AMCs on your behalf or in your name, except for transmission of transactions done or purported to be done by you on the Platform.
Third Parties

Lakshya is only a distributor or the mutual funds and cannot control the working of the mutual fund and Lakshya shall not be liable for any loss or damage caused by reason of failures or delay of the mutual fund to deliver any units purchased even though payments have been made for the same, or failure or delay in making payment in respect of any units sold, though they may have been delivered and you shall hold Lakshya harmless and free from any claim in respect thereof. Lakshya shall also not be liable for any delay, failure or refusal of the mutual fund in registering or transferring units to your names or for any interest, dividend or other loss caused to you arising therefrom.

In the instances of third-party claims, the AMC/mutual fund/trustees to the mutual fund shall be liable for failure/ delay only where such claims/losses arise due to a reason entirely attributable to an error or gross negligence of the AMC. In no event shall the AMC/ mutual fund/ trustees to the mutual fund be liable for losses/claims arising due to force majeure reasons beyond the reasonable control of the AMC/ mutual fund.

The Platform may contain links and access to other websites. It is hereby clarified that all such other links are not under the control of Lakshya or the Platform and Lakshya is not responsible for the contents of any site, including without limitation any changes or updates or advertisement contained therein. Lakshya is not responsible for any errors, inclusions, omissions or representations provided on such sites. You are requested to verify the accuracy of all information on your own before undertaking any reliance on any information which does not related to Lakshya or the Services. It is further clarified that the content, accuracy, opinions expressed, and other links provided by these sites are not verified, monitored or endorsed by Lakshya in any way.

Lakshya shall not in absence of gross negligence on the part of Lakshya, be liable to you for any act, omission or delay by the mutual fund or for any claims which you may suffer or incur as a result of or in course or discharge by Lakshya or its employees, officers, directors duties. Without prejudice to the above, Lakshya shall not be held liable for any loss or damage or failure to comply or delay in complying with its obligations under these Terms & Conditions which is caused directly or indirectly by any event or circumstances beyond Lakshya’s reasonable control. These include system failure, network errors, delay or loss of data due to the above and in circumstances of acts of God, floods, epidemics, quarantine, riot, civil commotion and/or war. You further agree that Lakshya shall not be held liable for any losses, damages, expenses, costs, liabilities and claims of whatsoever nature caused by fraudulent or unauthorized use or access of your information, and/or signatures. Lakshya will be under no duty to verify compliance with any restrictions on your investment powers. Lakshya will not be liable for any loss, damage, cost, charges or expenses directly or indirectly caused by reasons of any defects or imperfections or mechanical or other failure with relation to computer, cable, telex, telephone or postal system.

 Third-Party Product Providers: Terms and Conditions

Lakshya, may provide third-party services via its Platform. You understand that Lakshya does not own those services and you may need to accept their respective terms and conditions, ane may require to share additional information in order to avail such products/services provided by third parties on Lakshya Platform Lakshya does not hold any Liability on the information collected from You by third-party website or application and We cannot indemnify You for any third party actions.


While Lakshya will make every effort to have its computer systems available at all times, Lakshya makes no guarantees with respect to the availability of such systems. Lakshya will make every effort to resolve availability issues such as network problems, virus attacks etc. in an expeditious manner. Notwithstanding these, Lakshya will as such not be liable for any loss, damage, cost, charges or expenses directly or indirectly caused by reasons of lack of such availability.

While every reasonable precaution has been taken to ensure the accuracy, security and confidentiality of data and information available through the Investment Account, Lakshya/ its authorised representative/its service provider shall not be held responsible for any consequence of any action carried out by you.


While currently, the Services offered by Lakshya are free of transaction charges, you acknowledges that Lakshya reserves the right to charge fees in the future for the Services or any other services offered by Lakshya. Any such changes will be communicated by Lakshya via email or through its mobile application 30 (thirty) days ahead of implementation and will be displayed on the Lakshya’s Platform. Under such circumstances, you have the option to transfer its assets out of its account without incurring any costs payable to Lakshya.

You agree and understand that any such charges/fees that Lakshya may choose to levy will be in addition to those levied by the mutual funds, if any. All fees, charges and reimbursement of expenditure shall be paid or made in full by user without any counter claim, set off or withholding.

Payment Gateway

You agree not to use or permit the use of the Payment Gateway or any related services for any illegal or improper purposes. You hereby acknowledge that you are utilizing the Payment Gateway at your own risk. You agree and understand that these risks would include but not be limited to the following risks and Lakshya/ AMC/ trustees of the AMC, disclaim all liability and responsibility for any claims, losses, damages and costs of whatsoever nature arising due to such risks:

  1. Misuse of Password: You acknowledge that if any third party obtains access to your password of the Investment Account, such third party would be able to transact on the Platform. You shall ensure that the terms and conditions applicable to the use of the Net Banking password as contained in the Payment Gateway for Net Banking are complied with at all times.
  2. Internet Frauds: You understand that the Internet per se is susceptible to a number of frauds, misuse, hacking and other actions, which could affect payment instructions given using Payment Gateway or the transactions done using Platform. Whilst Lakshya shall aim to provide security to prevent the same, there cannot be any guarantee against such internet frauds, hacking and other actions. You shall separately evolve/evaluate all risks arising out of the same.
  3. Mistakes and Errors: In the event of your account receiving an incorrect credit by reason of a mistake committed by any third party, the concerned mutual fund/AMC or the bank shall be entitled to reverse the incorrect credit at any time whatsoever without your consent. You shall be liable and responsible to Lakshya / concerned mutual fund /concerned AMC and accede to accept instructions without questions for any unfair or unjust gain obtained by you as a result of the same.
  4. Technology Risks: The technology for enabling the transfer of funds and the other services offered by the Payment Gateway and Lakshya could be affected by virus or other malicious, destructive or corrupting code, program or macro. You understand that the Platform of Lakshya or the bank may require maintenance and during such time it may not be possible to process your request. This could result in delays in the processing of transactions/payment instructions or failure in the processing of transactions/payment instructions and other such failures and inability. You understand that Lakshya disclaims all and any liability, whether direct or indirect, whether arising out of loss of profit otherwise arising out of any failure or inability by Lakshya /bank/mutual funds/AMCS to process any transaction/payment instructions for whatsoever reason. You understand and accept that Lakshya/AMC/trustee company of the AMC, authorised registrars of the AMC shall not be responsible for any of the aforesaid risks.
  5. Limits: You are aware that Lakshya may from time to time impose maximum and minimum limits on funds that may be transferred by virtue of the payment transfer service given. You realize and accept and agree that the same is to reduce your risks. You shall be bound by such limits imposed and shall strictly comply with them.
  6. Indemnity: You agree and undertake to indemnify Lakshya/mutual funds/AMCs/trustees to the AMCs/authorized registrar of the AMC from and against all losses and damages that may be caused as a consequence of breach of any of the Payment Gateway for net banking and the terms and conditions mentioned herein above.
  7. Withdrawal of Facility: Lakshya shall be entitled to withdraw this service at any time without assigning any reason whatsoever.
  8. Binding nature of above terms and conditions: You agree that by use of this facility, you shall deemed to have agreed to all the above terms and conditions and such terms and conditions shall be bound on you in the same manner as if you have agreed to the same in writing. Transaction rights for Systematic Investment Plans (“SIPs”) will be pursuant to your execution of the instructions, in the manner and form as prescribed by Lakshya and / or mutual funds on the Platform from time to time. The instructions will be applicable to all SIP transactions whether presently existing or to be opened in future. You agree that, upon granting such instructions for SIP transactions, you will be bound by the terms of the relevant SIP scheme of the mutual fund to which you subscribe.
Due consideration

Lakshya may provide you information, however any information contained in Lakshya brochures or other materials or otherwise communicated by Lakshya shall not be construed by you as investment advice and that all decisions to purchase or sell units made by you shall be on the basis of your own personal judgment arrived at after due consideration. You understand and agree that Lakshya does not in any manner guarantee payments on any units; or guarantee liquidity of any units; or make any offer to buy back any units; or guarantee the redemption or repayment of any units on maturity; or guarantee the payments of interest or dividend; or promise, indicate or guarantee any returns; or guarantee any good delivery. The transaction execution services and the data, reports and information and recommendations, if any provided are incidental to the distribution services of Lakshya and shall not in any manner be constructed as offering of any kind of investment advisory services or any kind of legal, tax or financial advice. Further it shall also not mean that any of Lakshya’s employees or associates have been in any way involved in your decision-making process. Units of the mutual fund are not endorsed by Lakshya and do not constitute Lakshya obligation. The investment decision, if any, will be taken by you in your sole and absolute discretion.

Mutual Fund investments are subject to market risks, and you have read and understood all scheme related documents carefully before investing.


Proprietary Rights

You acknowledge and agree that Lakshya owns all rights, title and interest in and to the Services, including any intellectual property rights which subsist in the Services (whether registered or not). You further acknowledge that the Services may contain information which is designated confidential by Lakshya and that you shall not disclose such information without Lakshya’s prior written consent. Further, you hereby agree that Lakshya grants you limited license to access and make personal use of the Platform and the Services. This license does not confer any right to commercially use, download, copy, create a derivative work from, modify, reverse engineer, reverse assemble or otherwise attempt to discover any source code, sell, assign, sub-license, grant a security interest in or otherwise transfer any right in the Services. You do not have the right to use Lakshya’s trade names, trademarks, service marks, logos, domain names, and other distinctive brand features. You do not have the right to remove, obscure, or alter any proprietary rights notices (including trademark and copyright notices), which may be affixed to or contained within the Services. You will not copy or transmit any of the Services.

General Provisions

All eligible benefits on investments will be as per the provisions of Income Tax Act 1961 as amended from time to time. This service does not constitute an offer to buy or to sell or a solicitation to any person in any jurisdiction where it is unlawful to make such an offer or solicitation. Lakshya/its authorised representative/service providers is not responsible for any omissions, errors or investment consequences arising from the use of the materials available on the Platform. The Services/facility may be suspended or withdrawn at any time, and that the Investment Account facility is also subject to interruption. The Platform and the linked backend infrastructure may be inaccessible and/or unavailable at times. In such an event Lakshya will not be liable for any damage, liability, action, cause of action, suit, claim, demand, loss, cost, and expense arising directly or indirectly from or in connection with such system inaccessibility and/or unavailability. Lakshya/its authorised representative and its service provider shall not be liable for any loss or damage or other consequences arising from any suspension, breakdown, withdrawal, interruption, technical flaw, the presence of virus or other malicious, destructive or corrupting code, programs over the Investment Account or otherwise and any consequent delay or failure in completion of any payment or other instructions as a consequence thereof arising from the use or inability to use the Investment Account.

Lakshya/its authorised representative and its service provider shall not be liable for any failure to perform any of its obligations or service standards etc. if the performance is prevented, hindered or delayed by a Force Majeure Event, which includes any event due to any cause beyond the reasonable control including, without limitation, unavailability of any communication system including Internet, breach or virus in the processes or payment mechanism, sabotage, fire, flood, explosion, acts of God, civil commotion, strikes or industrial action of any kind, riots, insurrection, war, acts of government, computer hacking, unauthorized access to computer data and storage devices, computer crashes, breach of security and encryption codes.
These Terms & Conditions shall be governed by, and construed in accordance with, the laws of India, and shall be subject to the exclusive jurisdiction of the courts in Bangalore. All disputes concerning the Terms & Condition shall be first referred to mediation, and then to arbitration by a sole arbitrator appointed by Lakshya. The seat of arbitration shall be at Bangalore.

Customer Acknowledgment for Third Party Service

1. Dvara Smart Gold

Dvara Smart Gold The Customer agrees and acknowledges that the information furnished by the Customer to the Service Provider and/or Service Recipient are true, accurate and complete and undertakes to update the Service Provider and/or Service Recipient in the event there is any change in the details furnished. The Customer confirms that he/she has been provided the detailed terms and conditions of the Product and the said terms and conditions are clearly understood and accepted by him/her.

The Customer acknowledges that the customer information being sought on this form, is in relation to the Product offered by DVARA SMARTGOLD (“Product”) and being purchased/made by the Customer. The information provided on this form is being provided to Lakshy Inclusion Services Private Limited acting on behalf of DVARA SMARTGOLD, as DVARA SMARTGOLD’s channel partner. DVARA SMARTGOLD is hereby authorised to use the customer information provided on this form, as necessary from time to time, in the conduct of transactions by DVARA SMARTGOLD on behalf of the Customer, in relation to the Product purchased by the Customer and the Customer’s Gold Account maintained with DVARA SMARTGOLD.

The Customer hereby authorises DVARA SMARTGOLD to purchase and sell Gold/convert Gold/Silver into jewellery, coins or other ornaments and objects on the Customer’s behalf, as instructed from time to time by the Customer. The Customer further authorises DVARA SMARTGOLD to store the Bullion purchased, with an independent vaulting agency on behalf of the Customer. The Customer acknowledges that DVARA SMARTGOLD provides free vaulting of the Bullion to the Customer so long as the Customer is an active customer. In the event the Customer Bullion Account becomes dormant (i.e) 6 (six) months of continuous inactivity, DVARA SMARTGOLD shall be entitled to levy an annual charge of 0.5% (Point  Five percentage) on the average 3 (three) month value of the Bullion reflected in the Customer Bullion Account (“Vault Fees”). Such Vault Fees shall be deducted from the Bullion balance or can be paid directly to DVARA SMARTGOLD by the Customer and the same shall be payable on a quarterly basis. Additionally, in the event that the Customer Bullion Account remains dormant for 1 year i.e. 12 months of continuous inactivity and the balance is less than 1gm in the Customer Bullion Account, DVARA SMARTGOLD shall be allowed to close the Customer Bullion Account and sell the bullion held therein and transfer the proceeds to the Customers Bank Account provided by the Service Provider.

The Customer acknowledges that Lakshy Inclusion Services Private Limited is DVARA SMARTGOLD’s channel partner and DVARA SMARTGOLD may on its behalf, choose to have Lakshy Inclusion Services Private Limited or any other Person authorised by DVARA SMARTGOLD from time to time, contact and communicate with the Customer.

If the Customer has availed/avails of a loan from a Lending Partner against collateral of Customer Redeemable Products (other than Bullion and gold coins)  maintained with Dvara SMARTGold at a locker facility (location mutually determined by lending partner and DVARA SMARTGOLD) by banks or other reputed institutions for Customer Redeemable Products, the Customer agrees to provide Dvara SMARTGold with particulars of the loan and acknowledges that DVARA SMARTGOLD shall mark a lien on the  Customer Redeemable Products (other than Bullion and gold coins)  in favour of the Lending Partner.  The lien shall be marked on the  Customer Redeemable Products (other than Bullion and gold coins)  in favour of the Lending Partner, subject to prior receipt of (i) duly executed sanction letter and loan agreements; (ii) hypothecation agreement; and (iii) such other documents executed by the Customer in favour of the Lending Partner including but not limited to any demand promissory notes. Further, the Customer shall authorise DVARA SMARTGOLD to:

 (i)          in the event of any default under the loan documentation, to transfer/sell/auction/dispose of the Gold jewelry based on the instructions of the Lending Partner;  further  deduct all the auctioning and sales/disposal charges that may be applicable at the time of selling the customers jewellery; and to transfer the residual proceeds if any to the Customer Bank Account;

(ii)        deduct the jewelry making charges from the Customers gold balance or as specified by the Customer; and

(iii)      deduct Vault Fees from the Bullion balance in the Customer Bullion Account, in the event of 6 continuous months of inactivity.

The Customer confirms that he/she has read and agreed to the (“Customer Terms and Conditions”)

Terms and Conditions updated as of <12-04-2021>