Refund, Cancellation and Redeem Policy
This Refund and Cancellation Policy (“Policy”) outlines the terms and conditions governing transaction cancellations and refunds for services provided by Indipe Paytech Private Limited (“Company,” “we,” “us,” or “our”) through our website and mobile application (“Platform”). By using our services, you agree to the terms of this Policy amended from time to time by the Company.
This policy is in strict compliance with the Securities and Exchange Board of India (SEBI) and the Association of Mutual Funds in India (AMFI) guidelines and aims to ensure transparency and investor protection in all mutual fund transactions facilitated by our services. Our platform facilitates mutual fund transactions using a third-party payment gateway, ensuring that all financial transactions comply with regulatory norms and safeguard investor interests.
Eligibility for Refunds
- Refunds or cancellations are permitted under the following conditions:
- Pre-Execution Cancellation: Cancellation requests prior to execution may be considered at the sole discretion of the respective Asset Management Company (AMC), (STP, SWP, purchase, redemption, switch, or SIP registration), subject to the terms and conditions outlined for particular scheme.
- Cancellation: Once the execution of a mutual fund transaction is completed, it cannot be cancelled as mutual fund units will be allotted by the asset management company. If you wish to withdraw the money, units must be redeemed from the mutual funds. Payments made via transfer are non-cancellable.
- Duplicate Payments: If multiple payments are made for the same transaction, the additional amount shall be allocated towards the client’s account as additional units or credits. If the client wishes to redeem the excess amount, they are required to submit a formal redemption request in accordance with the established procedures. The redemption will be processed following the receipt and verification of the request, subject to the terms and conditions governing such transactions.
- Technical Errors: In cases where transactions fail due to technical issues, incorrect NAV application, or system failures, cancellation requests will be subject to internal verification and approval from the respective Asset Management Company (AMC). In case of successful debit but failure or rejection of the transaction, the refunded amount will be credited to your registered bank account within 6-7 working days.
- Erroneous transactions: In case any mutual fund transaction (such as purchase, redemption, switch, or SIP registration) is incorrectly processed due to system errors, technical glitches, or operational failures within our Platform or associated systems. the customer shall be entitled to request a refund or cancellation of the affected transaction. Such requests must be submitted in writing within Seven (7) days of the transaction date. Upon verification of the error, the company will process the refund or cancellation in accordance with applicable laws and regulations.
- Redemption Process:
- The Customer may initiate a redemption by submitting a formal request by raising a ticket. The redemption proceeds will be subject to applicable deductions, including Exit Load, Taxation and other charges as stipulated by the AMC. The net amount, after all applicable deductions, will be credited to the investor’s registered bank account within the timeframe specified by the AMC, in compliance with prevailing regulations
- Refunds are not applicable in the following scenarios:
- Delays or Failures Attributable to Third-Party Services: The Company utilizes services from third-party providers, including but not limited to payment gateways, banks, RTAs, and AMCs. Delays, failures, or disruptions caused by these entities, such as technical glitches, network issues, or processing delays, are beyond the Company’s control. Consequently, refunds will not be issued for inconveniences arising from such third-party service disruptions.
- Non-Utilization of Services After Payment: If a user chooses not to utilize the services after making a payment, or transaction facilitation, the Company is not obligated to provide a refund. Resources allocated and administrative efforts expended in preparation for service delivery are considered consumed upon payment.
Timeframes
- Pre-Execution Cancellations: Upon successful creation of Mutual fund Folio, Customers are granted access to initiate transactions, including redemptions and cancellations, through the designated platform. Cancellation requests for any initiated transactions must be submitted prior to the execution of the transaction. Once a transaction has been executed, it cannot be canceled, and the Customer must follow the standard redemption process.
- Refund Processing: Refunds for failed transactions or duplicate payments will be processed within (15) working days from the date of request approval.
- SIP Cancellations: Requests to cancel Systematic Investment Plans (SIPs) should be submitted at least 21 days prior to the next scheduled debit date. Processing times may vary based on the AMC’s policies.
Refund Request Procedure
- To initiate a refund request:
- Submit a Request: Contact our support team via email at support@indipe.in or through the Platform’s support section, providing details of the transaction, including transaction ID, date, amount, and reason for the request, within Seven (7) business days of the transaction date.
- Verification: Our team will verify the details and may request additional documentation if necessary.
- Approval: Upon successful verification, the refund or cancellation will be processed within Ten (10) business days.
Processing of Refunds
- Approved refunds will be processed to the original payment method used during the transaction.
- Refunds will be completed within Fifteen (15) business days from the date of approval.
- No additional charges will be levied for processing refunds. However, the AMC may impose an exit load as per the Scheme.
Exceptions and Special Circumstances
- AMC Policies: Refunds and cancellations are subject to the policies of the respective AMCs. Certain transactions may require additional time for processing based on AMC guidelines.
- Force Majeure: In events beyond our control (e.g., natural disasters, regulatory changes), processing times may be extended.
Contact Information
For refund or cancellation queries:
- Email: support@indipe.in
- Phone: 9049494980
- Address: World Trade Center, Tower 1, Office No. 307, Oppo. EON IT Park, Kharadi, Pune, Maharashtra-411014
Our support team is available Monday to Friday 10:00 AM to 07:00 PM to assist you.
Policy Updates
We reserve the right to update this Policy periodically to reflect changes in our practices or for legal compliance. Updates will be posted on our Platform with the revised effective date. Continued use of our services after such changes constitutes acceptance of the new terms.
Note: This Policy is governed by Indian laws, including the Consumer Protection Act, 2019, the Information Technology Act, 2000, and the Indian Contract Act, 1872.
For further assistance or clarification, please contact our support team.
