Customer Agreement & Consolidated Account Terms

1. Definitions and Interpretation
1.1 Definitions
Unless the context otherwise requires, capitalised terms used in these Terms shall have the meanings set out below:
1. “Applicable Law” means all statutes, enactments, Acts of the legislature or Parliament, laws, ordinances, rules, bye-laws, regulations, notifications, guidelines, circulars, policies, directions, directives, orders, master directions, judgments, decrees, injunctions or awards of any Governmental Authority, statutory authority, board, SRO, court, tribunal, recognised stock exchange or recognised clearing corporation, whether in India, the United States or any other jurisdiction, as may be in force from time to time and applicable to the Company, the Customer, the Services, any Foreign Securities, any Intermediary, the Consolidated Account or any transaction contemplated under these Terms, including without limitation: (i) the International Financial Services Centres Authority Act, 2019 and regulations, guidelines and circulars framed thereunder, including the IFSCA (Capital Market Intermediaries) Regulations, 2025 and the framework for Global Access Provider; (ii) the Securities and Exchange Board of India Act, 1992 and regulations framed thereunder to the extent applicable; (iii) the Foreign Exchange Management Act, 1999 (“FEMA”) and regulations, rules, directions and the Master Direction on Liberalised Remittance Scheme (“LRS”), and the Foreign Exchange Management (Overseas Investment) Rules, 2022 and Regulations, 2022; (iv) the Income-tax Act, 2025 including provisions on tax collected at source (“TCS”) and Schedule FA; (v) the Digital Personal Data Protection Act, 2023 (the “DPDP Act”) and rules framed thereunder; (vi) the Prevention of Money Laundering Act, 2002 (“PMLA”) and rules thereunder, and IFSCA’s AML/CFT/KYC Guidelines; (vii) the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, Investment Advisers Act of 1940, the Internal Revenue Code and regulations thereunder (including FATCA), the Bank Secrecy Act, the USA PATRIOT Act, regulations of the U.S. Office of Foreign Assets Control (“OFAC”), rules of the U.S. Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority, Inc. (“FINRA”); (viii) the securities laws, exchange rules, clearing and settlement rules and market-conduct regulations of any other jurisdiction in which any Foreign Security is listed, traded, cleared, settled or held (including the Securities and Futures Act 2001 of Singapore and the regulations and notices of the Monetary Authority of Singapore), to the extent applicable; and (ix) any amendments, modifications or re-enactments of any of the foregoing.
2. “Beneficial Interest” has the meaning ascribed in Section 5.
3. “Business Day” means a day (other than a Saturday, Sunday or a public holiday declared under the Negotiable Instruments Act, 1881 or notified by IFSCA) on which (i) scheduled commercial banks in India, (ii) the GIFT IFSC, and (iii) in respect of any Foreign Security, market or transaction, the principal securities market relevant thereto is open for regular business.
4. “Company”, “we”, “us” or “our” means INDmoney Global (IFSC) Private Limited, a company incorporated under the Companies Act, 2013, registered with the International Financial Services Centres Authority (“IFSCA”) as a broker-dealer and Global Access Provider under registration no. IFSCA/GAP/BD/2025-26/002, and having its registered office at Office No. 507, 5th Floor, Pragya II, Block 15-C1, Zone-1, Road No. 11, Processing Area, GIFT SEZ, GIFT City, Gandhinagar – 382355.
5. “Customer”, “You” or “Your” means the natural person who has duly completed the Company’s on-boarding and Know Your Customer (“KYC”) process, has accepted these Terms, and in whose name the Customer Account has been opened and is maintained by the Company.
6. “Customer Account” means the account maintained by the Company (on its own books and/or through any Intermediary appointed by it) in the name of the Customer, which records the Beneficial Interest of the Customer in Foreign Securities and Funds held within the Consolidated Account.
7. “DPDP Act” means the Digital Personal Data Protection Act, 2023.
8. “FATCA/CRS” means the Foreign Account Tax Compliance Act of the United States and the Common Reporting Standard developed by the OECD, as adopted in India, the United States or any other relevant jurisdiction.
9. “Foreign Securities” means securities, financial instruments, units, depositary receipts, exchange-traded funds, fractional interests or any other investment products that are listed, traded or sponsored outside India (in the United States or in such other foreign jurisdictions and markets as the Company may enable from time to time) and that are permitted from time to time by IFSCA and RBI for investment by a Resident Individual through a Global Access Provider.
10. “Funds” means monies (in Indian Rupees, U.S. Dollars or any other currency) remitted by the Customer to the Company (or to an account designated by the Company), together with interest, dividends, proceeds of sale and other amounts credited to the Customer Account, after deduction of all taxes, fees, charges and lawful set-offs.
11. “Governmental Authority” means any national, State, local or other governmental body, statutory authority, regulator, SRO, court, tribunal, taxation authority, revenue authority, enforcement agency, or any department, agency or instrumentality thereof, having jurisdiction over the Customer, the Company, any Intermediary or any transaction under these Terms.
12. “Intermediary” means any overseas broker-dealer, clearing broker, clearing agent, custodian, sub-custodian, bank, payment service provider, foreign exchange service provider, liquidity provider, market-maker, executing broker, introducing broker, prime broker, technology service provider, or any other service provider, agent or counterparty, in each case whether located in the United States, India, GIFT IFSC or any other jurisdiction, as the Company may, in its sole and absolute discretion, from time to time appoint, engage, retain, rely upon, change, replace, substitute or remove for the purposes of providing the Services or any part thereof.
13. “LRS” means the Liberalised Remittance Scheme notified by the Reserve Bank of India under FEMA, under which a resident individual is permitted to remit, in aggregate, up to USD 250,000 (or such other limit as may be notified by RBI from time to time) per financial year for permissible current and capital account transactions, including investment in foreign securities, subject to such conditions as RBI may prescribe.
14. “Consolidated Account” means the consolidated account or accounts established and maintained by the Company (directly or through any Intermediary) in the name of the Company (or its nominee) with any Intermediary, through which Foreign Securities are held and transactions are executed, cleared and settled on an Consolidated basis for and on behalf of the Company’s customers, including the Customer.
15. “Platform” means the mobile application, website, application programming interfaces (APIs), user interfaces, portals, dashboards and any other electronic facility owned, operated or made available by the Company (or any Intermediary) through which the Services are offered.
16. “RBI” means the Reserve Bank of India.
17. “Resident Individual” means an individual resident in India within the meaning of Section 2(v) of FEMA.
18. “Services” has the meaning ascribed in Section 4.
19. “Terms” means these Customer Terms and Conditions, together with all annexures, schedules, risk disclosures, consent forms, fee schedules, product-specific terms, policies and any amendments and modifications thereto issued by the Company from time to time.
1.2 Interpretation
1. References to statutes, rules, regulations, guidelines, circulars or directions include any amendment, modification, re-enactment or replacement thereof.
2. Words importing the singular include the plural and vice versa; words importing a gender include every gender.
3. Headings are for convenience only and do not affect the interpretation of these Terms.
4. References to Sections, Annexures and Schedules are to Sections of, and Annexures and Schedules to, these Terms.
5. The words “includes” and “including” are not limiting.
6. In the event of any conflict between these Terms and any product-specific terms, risk disclosure, annexure or schedule, the document dealing with the specific subject matter shall prevail to the extent of such specific subject matter, and these Terms shall otherwise prevail.
2. Acceptance
By (i) clicking an “I Accept”, “I Agree” or similar check-box or button on the Platform; (ii) electronically signing these Terms; (iii) completing the on-boarding process; (iv) remitting Funds to the Company or any account designated by it; or (v) placing any order or availing of any Service, the Customer acknowledges having read, understood and agreed to be legally bound by these Terms, together with all policies, notices, disclosures, consents and annexures referenced herein or separately made available by the Company.
These Terms constitute a legally binding agreement between the Customer and the Company. They govern the use of the Platform and the provision of the Services on an Consolidated basis. Where any Service requires the Customer to accept supplemental or product-specific terms (for example, fractional share terms or a specific product disclosure), those supplemental terms shall be read with and form part of these Terms.
All remittances of funds into, and repatriation or withdrawal of funds from, the Customer Account (including remittances under the Liberalised Remittance Scheme) are governed by the separate remittance terms and conditions made available by the Company (the “Remittance Terms”), which shall be read together with, and form part of, these Terms.
The Customer acknowledges that the Company provides Services solely as an IFSCA-registered broker-dealer / Global Access Provider, and not as an investment adviser, portfolio manager, research analyst or distributor, unless the Company separately informs the Customer in writing that it is so registered and has issued separate terms for such services.
3. Eligibility and Customer On-boarding
3.1 Eligibility
The Services are offered only to Resident Individuals who: (a) are at least 18 years of age and of sound mind; (b) have legal capacity under the Indian Contract Act, 1872 to enter into a binding contract; (c) hold a valid Permanent Account Number (PAN) issued by the Indian Income Tax Department; (d) hold an operative bank account in India with an Authorised Dealer (AD) bank; (e) are not a U.S. Person within the meaning of Regulation S of the U.S. Securities Act of 1933 and are not resident in any jurisdiction where the Services or any Foreign Security would be unlawful or require any additional registration; (f) are not subject to any economic, financial or trade sanctions administered or enforced by OFAC, the United Nations Security Council, the European Union, His Majesty’s Treasury (United Kingdom) or any other relevant sanctions authority; and (g) satisfy any additional eligibility criteria that the Company or any Intermediary may, in its sole discretion, prescribe from time to time.
3.2 Know Your Customer (KYC) and Customer Due Diligence
The Customer shall submit all documents, information, declarations and consents required by the Company (or any Intermediary) from time to time, including for purposes of KYC, Customer Due Diligence, Enhanced Due Diligence, beneficial ownership identification, source of funds verification, FATCA/CRS self-certification, risk profiling, suitability assessment, sanctions screening, and transaction monitoring. The Customer shall update such information immediately and in no later than three (3) days of any change. The Company reserves the right to refuse, suspend or terminate the Customer Account if the Customer fails or refuses to provide such information, or if the information provided is found to be inaccurate, incomplete, false or misleading.
3.3 Periodic Re-KYC
The Customer may be required to undergo periodic re-KYC as required under Applicable Law, including under the IFSCA AML/CFT/KYC Guidelines, and shall extend full cooperation to the Company and any Intermediary in connection therewith.
4. Services Offered
Subject to Applicable Law, the Terms and acceptance by the Company, the Company may offer, through the Platform, some or all of the following services (collectively, the “Services”):
1. On-boarding of the Customer and opening and maintenance of a Customer Account on an Consolidated basis;
2. Receiving, validating, routing and transmitting the Customer’s orders for the purchase or sale of Foreign Securities for execution through an Intermediary;
3. Arranging for the clearing, settlement and custody of Foreign Securities through one or more Intermediaries, to be held within the Consolidated Account for the Beneficial Interest of the Customer;
4. Maintaining books, records and sub-ledgers identifying the Customer’s Beneficial Interest in Foreign Securities and Funds held within the Consolidated Account;
5. Processing corporate actions, dividends, distributions, rights, tender offers, proxy voting and similar events relating to Foreign Securities in which the Customer holds a Beneficial Interest, including the collection and crediting of dividends and distributions to the Customer Account net of applicable withholding taxes, duties, fees and charges deducted at source;
6. Providing statements, contract notes, trade confirmations, tax reports, holding statements and other reports as required by Applicable Law or as the Company may make available;
7. Facilitating repatriation of Funds from the Consolidated Account to the Customer’s Indian bank account in accordance with Applicable Law and the Remittance Terms; and
8. Any other services that the Company may, from time to time, offer through the Platform, consistent with its registration and Applicable Law.
The Services are offered on a non-discretionary, execution-only basis. The Company does not provide investment advice, recommendations, financial planning, tax advice or solicitation to buy or sell any Foreign Security, and nothing on the Platform shall be construed as such. Any information, research, data, tools, calculators, model portfolios, watch-lists, screeners or educational content made available on the Platform is for information purposes only, is not a recommendation, and must not be relied upon as advice.
4A. Global Access Framework; and Classification of Products
The Customer acknowledges that the Services are provided in accordance with the Global Access framework and the directions, circulars, notifications and guidance issued by the International Financial Services Centres Authority (“IFSCA”) from time to time, pursuant to which a Global Access Provider is permitted to provide access only to such instruments as qualify as “financial products” under the laws and regulations applicable in the IFSC. Acting in its capacity as a regulated Global Access Provider, the Company shall have the sole and final discretion, exercised in good faith for regulatory compliance purposes, to determine, classify, interpret, re-classify, or otherwise make any regulatory determination in respect of whether any security, instrument or product is eligible to be offered, retained, continued or withdrawn under the Global Access framework including (without limitation) where such security, instrument or product is, directly or indirectly, linked to, derived from, references, tracks, synthesises, or is otherwise associated with crypto-assets, virtual digital assets, tokens, non-fungible tokens, stablecoins, or any other underlying, reference asset, activity or exposure that is prohibited, restricted or not permitted under Applicable Law.
Where the Company determines whether due to regulatory direction, supervisory guidance, interpretational assessment, internal risk or compliance consideration, change in Applicable Law or market practice, action or restriction imposed by any Intermediary, exchange or issuer, or otherwise that any security, instrument or product is not eligible, or is no longer eligible, to be offered under the Global Access framework, the Company may, giving prior notice to the Customer where reasonably practicable: (a) suspend, restrict, limit, freeze, delist or discontinue access to such security, instrument or product; (b) refuse to accept, route or execute any order in respect of such security, instrument or product; (c) unwind any existing position in the Customer Account through sale in the market, internal book-transfer, mandatory liquidation, compulsory exit, return to the issuer, transfer agent action, or any other operationally appropriate means, in each case at prevailing market prices; (d) where permissible, transfer such position to another Intermediary, structure or account outside the Global Access framework; and (e) take any other consequential action as may be necessary or appropriate.
The Customer expressly agrees and acknowledges that: (i) the prior availability or continued offering of any security, instrument or product on the Platform shall not be construed as confirmation by the Company, any Intermediary, or any Governmental Authority of its regulatory permissibility under the Global Access framework or otherwise; (ii) no expectation, right or entitlement of continued access to any particular security, instrument or product is created by past availability; (iii) no waiver, representation or estoppel shall arise against the Company, whether by conduct, course of dealing, prior practice or otherwise, in respect of any such security, instrument or product; (iv) the Customer’s sole remedy in connection with any action taken under this Section 4A shall be the crediting of the net proceeds (if any) of any liquidation to the Customer Account and repatriation in accordance with these Terms, the Remittance Terms and Applicable Law; and (v) the Company shall have no liability for any loss, cost, tax, adverse market movement, opportunity cost or consequential damage arising from any action taken under this Section 4A, save for loss directly resulting from the Company’s gross negligence, wilful misconduct or fraud. Any tax consequence of any liquidation or compulsory exit effected under this Section 4A shall be on the Customer’s sole account.
4B. No Advice and Execution Only
Without prejudice to the execution-only nature of the Services described above, the Customer acknowledges and agrees that neither the Company, nor any of its directors, officers, employees, representatives or agents: (a) provides the Customer with investment advice, financial advice, tax advice, legal advice, accounting advice, or any recommendation (collectively, “Advice”); (b) offers any opinion as to the suitability or appropriateness for the Customer of any Foreign Security, account type, order, transaction, investment strategy, investment adviser or service level; (c) solicits any order or transaction; (d) monitors the Customer’s investments, holdings, portfolio, risk profile or the appropriateness of the Customer’s Customer Account or service level; (e) alerts the Customer to any recommended change to the Customer’s investments, accounts, orders or services; or (f) provides any legal, tax or accounting advice.
Nothing on the Platform, and no communication from the Company, shall be construed or relied upon as Advice or a solicitation to buy or sell any Foreign Security or to adopt any investment strategy. The Customer shall not seek, accept or rely on any Advice from the Company or any of its representatives, nor on any communication that could be construed as such. Discussions, blog posts, social-media posts, videos, podcasts, webinars, market commentary, news summaries, screeners, model portfolios, watch-lists, factsheets, performance histories and educational content on or linked from the Platform are provided for information and educational purposes only, are not tailored to the Customer’s individual circumstances, and do not constitute Advice.
The Company is not responsible for, and does not endorse, any Advice, representation, content, opinion, recommendation or other information provided by any third party, including any such information or third party referenced by or accessed through the Platform or any Intermediary’s platform. The Customer acknowledges that every order submitted to, or transaction executed through, the Platform is solely the Customer’s own decision, based on the Customer’s own evaluation of the Customer’s personal financial situation, needs, risk tolerance and investment objectives, and that the Customer bears all risks in connection therewith, including the risk of loss of principal.
5. Account Structure and Beneficial Ownership
5.1 Consolidated Structure
The Customer acknowledges and agrees that Foreign Securities purchased for, and Funds held on behalf of, the Customer through the Services will be held in an Consolidated Account. In an Consolidated structure: (i) the legal title to the Foreign Securities and Funds held within the Consolidated Account vests in the Company (or in such nominee, custodian or Intermediary as the Company may appoint), and not in the Customer; (ii) the Customer’s name does not appear on the books of the Intermediary or any depository, transfer agent or registrar as the record or registered holder of such Foreign Securities; (iii) the Customer has and retains the Beneficial Interest in the Foreign Securities and Funds attributable to the Customer Account, and the Company holds such Foreign Securities and Funds for the Customer’s Beneficial Interest on a fiduciary basis, segregated from the Company’s proprietary assets; and (iv) the Customer is a customer of the Company, and is not a customer of any Intermediary.
5.2 Beneficial Interest
“Beneficial Interest” means the Customer’s beneficial ownership of, and entitlement to the economic benefits arising out of, the Foreign Securities and Funds attributable to the Customer Account as reflected in the Company’s books and records. The Beneficial Interest includes the right to receive dividends, interest, distributions, sale proceeds, rights, bonuses and other economic benefits (net of all taxes, fees, charges and lawful set-offs), and to direct the Company to buy, sell or transfer Foreign Securities, in each case subject to and in accordance with these Terms and Applicable Law.
5.3 Segregation
The Company shall at all times (a) maintain books and records that clearly identify the Foreign Securities and Funds held for the Beneficial Interest of the Customer separately from the Company’s proprietary assets; (b) require each Intermediary holding Foreign Securities or Funds on behalf of the Company to maintain such assets segregated from the Intermediary’s proprietary assets to the extent required by Applicable Law; and (c) not commingle the Customer’s Funds with the Company’s proprietary funds, save to the extent permitted by Applicable Law and necessary for the operational execution of transactions.
5.4 Pooling Consent
The Customer expressly consents to the pooling of the Customer’s Foreign Securities and Funds with those of other customers of the Company within the Consolidated Account, and to the maintenance of such Foreign Securities and Funds on a fungible and commingled basis with those of other customers. The Customer understands that individual Foreign Securities are not earmarked on the books of any Intermediary as being specifically attributable to the Customer.
5.5 Other Material aspects of the Consolidated Structure
The Customer acknowledges and accepts the following material aspects of the Consolidated structure:
1. Certain rights attaching to Foreign Securities (including voting rights, participation in class action settlements, and elections in certain corporate actions) vest at the level of the Company or the Intermediary as the holder of record. The Company endeavours to pass such rights through to the Customer where reasonably practicable, including through proxy-voting and investor-communication facilities made available through third-party service providers engaged by the Company, and shall pass such rights through where required by Applicable Law. The availability of such facilities may vary by market and Intermediary.
2. Dividends, distributions and other corporate action entitlements may be received by the Company or the Intermediary first, and then credited to the Customer Account, and may be subject to deductions (including withholding tax and fees) at one or more levels.
3. The Customer does not have a direct contractual relationship with any Intermediary and, as a result, may not be able to directly sue, make claims against, or enforce any obligation of, any Intermediary.
4. Depending on the jurisdiction of the Intermediary and the nature of the relevant investor-protection regime (including, in the United States, coverage under the Securities Investor Protection Corporation (“SIPC”)), the Customer’s recoveries in the insolvency of the Company or an Intermediary may be based on a pro-rata or aggregated claim at the Company level, and may be subject to limits, exclusions and procedural requirements that would not apply in a fully-disclosed retail account. Any such coverage, where available, is provided to the Company (or its nominee) as the account holder of record, and is generally not available directly to the Customer.
5. The Customer’s Beneficial Interest may be identifiable and recoverable only from the Company’s books and records; any error, failure, fraud or insolvency of the Company may adversely affect the Customer’s ability to identify or recover the Customer’s Beneficial Interest.
6. Certain product features, permissions, concentration limits, position limits, trading hours, order types or settlement cycles may differ from those available in a fully-disclosed account, and may be determined by the Intermediary or by the Company based on the aggregate position of the Consolidated Account rather than the individual position of the Customer.
6. Appointment, Change and/or Replacement of Intermediaries
6.1 Company Discretion to Appoint Intermediaries
The Customer acknowledges, accepts and consents that the Company shall have the sole discretion to select, appoint, engage, retain, rely upon, instruct, change, replace, add, remove or substitute any one or more Intermediaries (including any overseas broker-dealer, clearing broker, clearing agent, custodian, sub-custodian, bank, payment service provider, foreign exchange service provider, liquidity provider, executing broker, prime broker or technology service provider) for the purposes of providing the Services, any part thereof, or any related activity, at any time and from time to time, in each case subject to Applicable Law. Such discretion shall at all times be exercised subject to Applicable Law and the Company’s duty of good faith in the performance of the Services.
6.2 No Requirement of Further Consent or Notice
The Customer agrees that the exercise of the discretion set out in Section 6.1 shall not require the further consent of, or prior notice to, the Customer, and the acceptance of these Terms shall constitute the Customer’s standing and continuing consent to any such selection, appointment, change, replacement, addition, removal or substitution. The Company may, where it considers appropriate or where required by Applicable Law, inform the Customer of a material change in the identity of its principal Intermediary, but the absence of such information shall not affect the validity of the Company’s actions.
6.3 No Disclosure Obligation
Without prejudice to the Company’s obligations under Applicable Law, the Company shall not be required to disclose to the Customer the identity of, the terms of its arrangements with, the fee structure payable to or received from, or any other commercial or operational details of, any Intermediary, except to the extent required by Applicable Law or any Governmental Authority having jurisdiction.
6.4 Transfer of Customer Assets
In connection with any change or replacement of an Intermediary, the Company shall be entitled to transfer the Customer’s Beneficial Interest in Foreign Securities and Funds from one Intermediary to another, through such operational mechanisms (including account transfers, novations, assignments or in-specie transfers) as it considers appropriate, and the Customer hereby grants to the Company all powers, authorities, mandates and consents necessary or useful for effecting any such transfer, with effect from the date of acceptance of these Terms.
6.5 Customer’s Acknowledgements
The Customer further acknowledges that: (a) different Intermediaries may offer different services, products, trading hours, settlement cycles, margin terms, fee structures, corporate action elections, protection schemes (e.g., SIPC or equivalent) and operational capabilities, and the Company is under no obligation to replicate any such feature across Intermediaries; (b) in the event of a change of Intermediary, certain Foreign Securities, features or services available with the outgoing Intermediary may not be available with the incoming Intermediary, and the Customer may be required to liquidate, transfer, reduce or modify positions to accommodate such change; (c) the Customer shall have no claim against the Company in respect of any such change, other than a claim based on the Company’s gross negligence, wilful misconduct or fraud; and (d) the Company’s exercise of its discretion under this Section 6 shall not be construed as an endorsement, recommendation or warranty by the Company in respect of any Intermediary.
7. Customer Account
7.1 Opening
Upon successful completion of on-boarding and acceptance of these Terms, the Company shall open a Customer Account in the name of the Customer. The Customer Account is a sub-ledger account maintained on the Company’s books (and/or on the books of an Intermediary, as a Tracking Account) that records the Customer’s Beneficial Interest in the Funds and Foreign Securities held within the Consolidated Account. The Customer Account is not a bank account, a demat account, or a brokerage account with any Intermediary. The Customer Account and the Consolidated Account are maintained under a zero-leverage, margin-type account designation for operational purposes, without any borrowing, leverage or extension of credit to the Customer, as further described in Sections 8.7 and 8.10.
7.2 Single-Holder Accounts
The Customer Account shall be in the sole name of the Customer. Joint accounts, minor accounts (other than as specifically permitted under Applicable Law and expressly accepted by the Company), and accounts held in a fiduciary, trustee or nominee capacity are not permitted unless separately agreed in writing.
7.3 Access and Authorisation
The Customer shall access the Customer Account and the Platform using the credentials (including username, password, OTP, biometric authentication and any other authentication factors) issued to or set up by the Customer. The Customer shall be solely responsible for the security and confidentiality of such credentials. Any instruction, order or action placed using such credentials shall be deemed to have been issued by the Customer, and the Company shall be entitled to rely upon and act on such instructions without further verification. The Customer shall immediately notify the Company of any actual or suspected unauthorised access, use or breach of security.
7.4 Dormancy
A Customer Account shall be classified as ‘Dormant’ where the account holder has neither executed any trade nor credited funds to their wallet for a continuous period exceeding 12 months from the date of onboarding, or such other period as may be prescribed by the Company in accordance with Applicable Law. Upon such classification, the Company reserves the right to restrict account functionalities. Reactivation of a Dormant Account shall be conditional upon the account holder successfully completing such identity verification and/or KYC procedures as the Company may prescribe from time to time.
7.5 Online Payment Services; Mandates and Auto-Debit
The Customer acknowledges and agrees that any online payment service made available by or through the Platform (including the creation, activation, modification or revocation of payment mandates, e-NACH mandates, auto-debit, auto-pay, standing instructions, recurring payment arrangements, UPI auto-pay and similar arrangements) is used by the Customer at the Customer’s own risk and responsibility. While the Company has taken commercially reasonable efforts to guard against unauthorised use of any information transmitted by the Customer, neither the Company nor any Intermediary, payment service provider, bank or technology service provider makes any representation or guarantee that any service provided by or through them will not result in theft, interception, corruption or unauthorised use of data transmitted over the internet. The Customer shall be solely responsible for: (a) the correctness and validity of any mandate or instruction provided by the Customer; (b) the sufficiency of funds in the underlying bank account on each applicable debit date; (c) timely revocation, modification or cancellation of any mandate or instruction no longer required; and (d) any consequence of any dispute, reversal, return, recall, charge-back, dishonour or failure initiated by or arising from the Customer, the Customer’s bank or any payment service provider. The Company shall not be liable for any loss, inconvenience or consequence arising from the Customer’s failure to perform any of the foregoing, or from any unauthorised use of the Customer’s credentials, devices or instruments.
8. Orders, Execution and Settlement
8.1 Order Placement
The Customer may place orders for the purchase or sale of Foreign Securities through the Platform during the permitted trading hours notified by the Company. Orders shall be placed in such form and with such order types (including market, limit, stop, good-till-cancelled, fractional) as the Company may make available. Each order shall be deemed an unconditional instruction by the Customer to the Company to effect the transaction on the terms specified.
8.2 Validation, Routing and Aggregation
The Company shall validate each order against the Customer’s available Funds, holdings, permissions, position limits, concentration limits, risk-checks, sanctions screening and such other controls as it considers appropriate. Validated orders shall be routed to the applicable Intermediary for execution. The Company may aggregate the Customer’s order with orders of other customers for operational efficiency, and shall allocate executions fairly and equitably.
8.3 Execution
Orders shall be executed by an Intermediary on the principal securities market, trading venue or alternative trading system where the relevant Foreign Security is traded, subject to the rules of such venue and the Intermediary. The Company makes no representation or warranty that any order will be executed, will be executed at a particular price or within a particular time, or will be executed in full or in part. Executed orders may be cancelled, reversed or busted by the relevant exchange, Intermediary or regulator in accordance with Applicable Law, and the Customer shall be bound by any such cancellation, reversal or bust. The Customer further acknowledges that an Intermediary may not owe the Customer or the Company a duty of best execution under the laws of its jurisdiction, may match or cross orders internally rather than routing them to an exchange or other trading venue, and may, in certain markets or for certain products, act as principal or counterparty to a transaction.
8.4 Rejection and Restriction
The Company and/or any Intermediary reserves the right, at any time and without prior notice, to reject, cancel, restrict, modify, delay, suspend or liquidate any order or position where: (a) Applicable Law so requires; (b) the Customer has insufficient Funds or holdings; (c) a risk, compliance, sanctions, AML, market-integrity or operational concern is identified; (d) position or concentration limits are or would be breached; (e) trading in the Foreign Security has been halted, restricted or suspended; or (f) the Company or Intermediary considers such action necessary or appropriate. The Company shall not be liable for any loss arising out of any such action, save for loss directly resulting from its own gross negligence, wilful misconduct or fraud.
8.5 Settlement Cycles
Foreign Securities settle in accordance with the settlement cycle applicable to the relevant market (e.g., T+1 in the United States, or such other cycle as may be in force in the relevant market). Foreign currency conversions required for settlement shall be effected at rates made available by the Company’s banker, foreign exchange service provider or Intermediary, which may include a spread, margin or fee retained by them and/or by the Company.
8.6 Fractional Securities
Where the Company makes fractional ownership of Foreign Securities available, the Customer acknowledges that a fractional Beneficial Interest: (a) may not be freely transferrable off-Platform; (b) may be rounded, liquidated or converted in specified circumstances (including account closure or a change of Intermediary); (c) may not carry voting rights; and (d) is subject to the terms of the Intermediary facilitating fractionalisation.
8.7 Good-Faith Deposits & Margins
The Company does not, extend any margin loan, leverage or borrowing of any kind, or offer margin or leveraged trading to the Customer, notwithstanding the account-type designation described in Section 8.10. If margin lending or any similar credit facility is introduced in future, it shall be subject to separate written terms accepted by the Customer and shall be subject to Applicable Law and such limits as IFSCA/RBI may prescribe.
8.8 Market Data and Prices
All market data, quotations, last-traded prices, indicative prices, bid-offer depth, charts, fundamental information, corporate-action data, news, ratings, research, analytics and other information displayed on or disseminated through the Platform (collectively, “Market Data”) is provided on an “as is” and “as available” basis. Market Data is typically sourced from one or more Intermediaries, exchanges and third-party data providers, and there may be delays, omissions, errors, inaccuracies, gaps or interruptions in Market Data. None of the Company, any Intermediary or any third-party provider of Market Data makes any warranty or representation whether express or implied as to the accuracy, accessibility, adequacy, availability, completeness, correctness, currentness, fitness for any particular purpose, merchantability, non-infringement, timeliness, title or uninterrupted availability of any Market Data, nor that any automated or manual system delivering Market Data will operate uninterrupted or error-free. The Customer shall not rely on Market Data as a substitute for an execution quotation, and the Customer’s actual execution price may differ from any price displayed as Market Data.
8.9 Extended-Hours and Outside Regular Market Hours Trading
Where the Company makes available the ability to place orders outside the regular trading hours of the principal market for any Foreign Security (including pre-market, after-hours, overnight or 24-hour trading sessions, collectively “Extended-Hours Trading”), the Customer acknowledges and accepts that Extended-Hours Trading carries materially higher risks than trading during regular market hours, including: (a) lower liquidity and reduced depth of book; (b) higher volatility and more rapid price changes; (c) wider bid-offer spreads and higher execution slippage; (d) potential de-linkage between the extended-hours price and the next regular-session opening price; (e) the impact of news, corporate announcements, earnings releases or macro-economic data released outside regular hours; (f) reduced availability of market-makers, order types, market data and related functionality; and (g) potential execution on alternative trading systems or venues that may operate under different rules or risk characteristics than the primary exchange. The Customer represents that the Customer is knowledgeable of, and willing and able to assume, the risks of Extended-Hours Trading, and the Customer shall have no claim against the Company in respect of any loss arising from the voluntary use of Extended-Hours Trading.
8.10 Account Type; Settlement; No Leverage
The Customer Account and the Consolidated Account are maintained with the relevant Intermediary under a zero-leverage, margin-type account designation for the purposes of U.S. securities regulation (including Regulation T of the Board of Governors of the U.S. Federal Reserve System). This designation is operational in nature: it permits the proceeds of a sale of a Foreign Security to be applied towards further purchases without awaiting settlement of that sale, and permits intra-day and same-day transactions, in each case without the settled-funds restrictions and “good faith violation” framework applicable to cash accounts. In respect of markets outside the United States, the equivalent account designations and settlement conventions of the relevant market, exchange, clearing system or Intermediary shall apply.
Notwithstanding such account designation: (a) the Company does not offer, and the Customer is not entitled to, any margin loan, leverage, borrowing, short selling or extension of credit of any kind; (b) the Customer may purchase Foreign Securities only to the extent of the Funds (including unsettled sale proceeds of the Customer’s own Foreign Securities) available in the Customer Account, and the Platform is intended to reject orders exceeding such available Funds; (c) no interest-bearing debit balance is intended to arise in the Customer Account; and (d) no remittance made by the Customer is, or shall be applied as, margin for any transaction. The Customer acknowledges and agrees that the account designation is a classification of the Customer Account under the rules of the relevant market, does not constitute margin trading, leveraged trading or borrowing by the Customer for the purposes of FEMA, the LRS or the OI Rules, and does not change the requirement that the Customer’s investments be fully paid from the Customer’s own remitted Funds.
The Customer may be required to additionally execute such margin account agreements, and acknowledge such margin risk disclosure statements, as the relevant Intermediary may require in connection with the account designation, and such documents shall form part of the terms applicable to the Customer Account.
The Customer acknowledges that, to the extent applicable under the rules of FINRA or of the relevant market as in force from time to time, frequent day trading in a margin-type account may attract day-trading designations and requirements (including, where applicable, “pattern day trader” requirements prescribing minimum account equity), and the Company or the Intermediary may restrict, limit or block day trading, or impose such other conditions as may be required to comply with such rules, informing the Customer where reasonably practicable.
If a debit or shortfall arises in the Customer Account for any reason (including a trade bust, correction, reversal, fee, tax, foreign-exchange movement or settlement adjustment), the Customer shall make good such debit or shortfall promptly upon demand, and the Company may liquidate Foreign Securities or apply Funds in the Customer Account towards such debit or shortfall, informing the Customer where reasonably practicable. The Company and any Intermediary shall have no liability to the Customer for any loss, opportunity cost, inability to trade, adverse market movement or other consequence arising out of or in connection with any account-type designation, settlement convention, day-trading restriction or trading limit under this Section 8.10, save for loss directly resulting from the Company’s gross negligence, wilful misconduct or fraud.
9. Custody of Funds and Securities
9.1 Custody
Foreign Securities shall be held in custody by one or more Intermediaries appointed by the Company pursuant to Section 6, in such form (including street name, nominee holding, DTC book-entry form, CSD book-entry form, or fractional form) as is customary or required in the relevant market. The Company shall exercise reasonable care in the selection and monitoring of such Intermediaries.
9.2 Client-Segregated Ledgers
The Company shall maintain on its books a client-segregated ledger reflecting, for each Customer Account, the Foreign Securities and Funds attributable to that Customer Account. Such ledger shall form the primary evidence of the Customer’s Beneficial Interest, subject to reconciliation with records maintained by the Intermediary.
9.3 Interest on Funds
The Customer acknowledges that Funds held within the Consolidated Account may be placed in one or more cash accounts, sweep accounts, cash management programmes, money-market arrangements or other short-term facilities made available by the Intermediary. Any interest or yield earned on such Funds shall be dealt with in the manner notified by the Company from time to time, and may be retained by the Intermediary and/or shared between the Company and the Customer in such proportion as the Company may notify. The Company is under no obligation to pay interest on any Funds held in trust for the Customer within the Consolidated Account.
9.4 No Hypothecation Without Consent
The Company shall not pledge, re-hypothecate, lend or otherwise encumber the Customer’s Foreign Securities for the Company’s proprietary account, and shall require each Intermediary to comply with the corresponding restrictions imposed by Applicable Law (including, in the United States, Rules 8c-1 and 15c2-1 under the U.S. Securities Exchange Act of 1934). If, in future, the Company proposes to introduce any securities lending or margining programme that permits the use of Customer Foreign Securities, such programme shall be subject to a separate written consent from the Customer.
10. Corporate Actions, Dividends and Voting Rights
10.1 Mandatory and Voluntary Actions
The Company shall process mandatory corporate actions (including stock splits, reverse splits, bonus issues, mergers, demergers, redemptions and similar events) on a pass-through basis, allocating the economic effect to each Customer Account in proportion to the Customer’s Beneficial Interest as of the applicable record date.
For voluntary corporate actions (including rights offerings, tender offers, exchange offers and dividend reinvestment options), the Company may, at its discretion, offer the Customer the ability to elect through the Platform. Failure to make a timely election within the cut-off notified by the Company shall be deemed to be an election in favour of the default option (typically, non-participation in the voluntary action).
The Customer authorises the Company to appoint third-party service providers for: (a) proxy voting and corporate action elections, in accordance with the Customer’s instructions; and (b) class action filing and settlement processing, including executing any agency arrangements required by such providers; and (c) any other related service. The Customer acknowledges it may be bound by settlement terms, including releases, where a settlement payment is obtained on its behalf.
10.2 Dividends and Distributions
Dividends and distributions declared in respect of Foreign Securities in which the Customer holds a Beneficial Interest shall be credited to the Customer Account after deduction of (i) any withholding tax at source at the rates applicable in the country of the issuer or the relevant market, with treaty relief where available subject to prescribed documentation (for example, in the case of U.S. securities, generally 30%, reduced to 25% under the India-U.S. Double Taxation Avoidance Agreement upon submission of a valid IRS Form W-8BEN by the Customer, subject to Applicable Law); and (ii) any fees, custodian charges, ADR pass-through fees and similar charges.
Customer hereby gives consent to the Company for accepting and processing the dividend or distribution on behalf of the Customer.
10.3 Voting Rights
The Company has engaged a third-party proxy-voting and investor-communications service provider to facilitate the receipt of proxy materials and the submission of voting instructions by Customers in respect of Foreign Securities, where supported by the relevant Intermediary, issuer and market. The availability, scope and timing of this facility may vary by market and Intermediary, and remains subject to operational feasibility and Applicable Law. Where such a facility is not made available, the Customer acknowledges that the Customer may not be able to exercise voting rights in respect of Foreign Securities held through the Consolidated Account.
11. Fees, Charges, Taxes and Pass-Throughs
11.1 Fees
The Customer shall pay to the Company (and, where applicable, to any Intermediary) all fees, commissions, brokerage, platform charges, subscription fees, foreign exchange conversion spreads or fees, wire transfer charges, custodial fees, corporate action processing fees, account maintenance fees, withdrawal fees, account closure fees, transfer fees and any other charges at the rates set out in Annexure A (Schedule of Fees) or as otherwise notified by the Company from time to time through the Platform or any other means.
11.2 Regulatory and Pass-Through Charges
The Customer shall also bear all taxes, duties, cesses, levies, regulatory fees, SEC/FINRA pass-through fees (including Section 31 Regulatory Transaction Fees and Trading Activity Fees), Consolidated Audit Trail (CAT) fees, equivalent regulatory, exchange, clearing or settlement charges in any other market, ADR pass-through fees, exchange fees, market data fees, stamp duties, transaction taxes, withholding taxes and any other charges imposed by any Governmental Authority, SRO, exchange, clearing corporation or Intermediary in connection with the Services or any transaction.
11.3 GST and Indian Indirect Taxes
All Company fees are exclusive of Goods and Services Tax (GST) and other Indian indirect taxes, which shall be charged at the applicable rate and be payable by the Customer.
11.4 Debit Authority; Set-Off
The Customer authorises the Company to debit the Customer Account with all amounts due to the Company or any Intermediary in connection with the Services, and to set off any such amounts against any Funds, sale proceeds or credits in the Customer Account. The Company shall have a general lien and right of set-off over all Funds and Foreign Securities held for the Beneficial Interest of the Customer in respect of any amount due by the Customer under these Terms.
11.5 Changes in Fees
The Company may revise its Schedule of Fees from time to time by giving the Customer not less than thirty (30) calendar days’ prior notice through the Platform, e-mail or other electronic means. Continued use of the Services after the effective date of such revision shall constitute the Customer’s acceptance of the revised fees. Regulatory pass-through charges may be revised with such shorter notice as may be necessary to reflect changes at source.
12. Statements, Confirmations and Electronic Communications
12.1 Consent to Electronic Delivery
The Customer consents to the delivery of all trade confirmations, account statements, tax statements, holding statements, policy updates, notices, disclosures, risk disclosures and all other communications in electronic form, through the Platform, by e-mail or by any other electronic means. The Customer shall be responsible for maintaining a valid e-mail address and for accessing the Platform at appropriate intervals.
12.2 Deemed Receipt
All electronic communications shall be deemed to have been received by the Customer on the date they are sent or posted on the Platform.
12.3 Objection Period
The Customer shall examine each contract note, confirmation and statement promptly upon receipt and shall notify the Company in writing of any error, omission or discrepancy within seven (7) days of receipt. In the absence of such a notification within the stipulated period, the contents shall be deemed accepted by the Customer, save in the case of manifest error or fraud.
13. Customer Representations, Warranties and Covenants
The Customer represents, warrants and covenants to the Company, on a continuing basis, that:
1. The Customer is a Resident Individual and satisfies each eligibility requirement in Section 3.1 on the date of acceptance of these Terms and on the date of placing each order.
2. All information, documents, declarations and consents provided by the Customer are true, correct, complete, accurate and not misleading in any material respect, and the Customer shall promptly notify the Company of any change.
3. The Customer has the full legal capacity, power and authority to enter into these Terms, to place orders, to remit Funds under LRS, and to perform all obligations under these Terms.
4. The Customer is the sole beneficial owner of all Funds remitted and all Foreign Securities held for the Customer’s Beneficial Interest, and such Funds and Foreign Securities are not derived from and shall not be applied towards any unlawful activity, including any predicate offence under PMLA.
5. The Customer is not a U.S. Person, is not resident in any jurisdiction where the Services would be unlawful, and is not a Politically Exposed Person or a person connected to a PEP (except as disclosed in writing and accepted by the Company).
6. The Customer is not subject to any sanctions administered by OFAC, the UN, the EU, HMT or any other relevant sanctions authority, and shall not cause the Company or any Intermediary to breach any sanction.
7. The Customer shall comply with all Applicable Law, including FEMA/LRS, the Income-tax Act, 1961 (or, as applicable, the Income-tax Act, 2025), the PMLA and the DPDP Act, in connection with the Customer’s use of the Services.
8. The Customer understands that the Services are offered on a non-advisory, execution-only basis, and the Customer has taken, or has expressly elected not to take, independent legal, tax, financial and investment advice before entering into these Terms and placing any order.
9. The Customer has read and understood the risk disclosures set out in Section 16 and the Risk Disclosure Statement made available on the Platform, and accepts all risks described therein.
10. The Customer shall not engage in any activity on the Platform that could constitute market abuse, insider trading, market manipulation, front-running, spoofing, layering, wash trades, circular trading, or any similar prohibited practice under any Applicable Law.
11. The Customer shall maintain the confidentiality of the Customer’s credentials, and shall be responsible for all activities under the Customer Account.
12. The Customer acknowledges that the Company is not, and does not act as, the Customer’s agent, trustee (except to the extent expressly provided in Section 5) or fiduciary, and the Customer shall not hold out the Company as such.
14. Prohibited Activities; Anti-Money Laundering; Sanctions
14.1 Prohibited Conduct
The Customer shall not, directly or indirectly, use the Services or the Platform: (a) for any unlawful purpose or in violation of Applicable Law; (b) to transmit funds derived from, or intended for, any unlawful activity, including any predicate offence under PMLA or the U.S. Bank Secrecy Act; (c) to deal in any Foreign Security in breach of any sanctions, export control or anti-terrorism law; (d) to engage in any form of market abuse; (e) to impersonate any person, provide false information, or open a Customer Account in any name other than the Customer’s own; (f) to access the Platform by any automated means not expressly authorised by the Company (including bots, scrapers, scripts, high-frequency trading engines or similar means); or (g) to disrupt or circumvent any security, integrity or operational feature of the Platform.
14.2 AML/CFT Compliance
The Customer shall cooperate fully with the Company and each Intermediary in the discharge of their AML/CFT/KYC obligations under Applicable Law, and shall promptly provide any document, declaration or information requested. The Company shall be entitled to freeze, block, suspend or close the Customer Account and to report the Customer or any transaction to any Governmental Authority where required by Applicable Law, without incurring any liability to the Customer.
14.3 Sanctions Screening
The Company (directly or through any Intermediary) shall conduct ongoing sanctions and adverse-media screening on the Customer and on counterparties involved in transactions. The Customer authorises such screening and acknowledges that the Company may reject, freeze or reverse any transaction involving a sanctioned person, entity, jurisdiction or asset.
15. Data Protection and Privacy
15.1 Data Fiduciary
For the purposes of the DPDP Act and rules framed thereunder, the Company is a Data Fiduciary in respect of the Customer’s personal data processed in connection with the Services. The Customer is the Data Principal.
15.2 Notice and Consent
The Company shall process the Customer’s personal data in accordance with its Privacy Notice, made available on the Platform, which forms part of these Terms. By accepting these Terms and providing the consent under Annexure C, the Customer provides free, specific, informed, unconditional and unambiguous consent to the Company’s processing of the Customer’s personal data for the specified purposes, including (a) on-boarding, KYC, sanctions screening, risk profiling, identity verification, and fraud prevention; (b) provision and management of the Services, Customer Account and Platform; (c) compliance with Applicable Law, responses to regulatory and law-enforcement requests, and reporting to Governmental Authorities; (d) account statements, communications and customer support; (e) analytics, security monitoring, and improvement of the Platform; and (f) such other purposes as are notified in the Privacy Notice.
15.3 Sharing with Intermediaries
The Customer consents to the sharing of the Customer’s personal data with the Intermediaries (including overseas broker-dealers, custodians, clearing agents, banks, payment service providers and technology service providers), whether located in India, the United States, GIFT IFSC or any other jurisdiction, as necessary for providing the Services. The Customer acknowledges and expressly consents to such cross-border transfer of personal data, including to the United States and any other jurisdiction to which the DPDP Act permits transfer of personal data from time to time, subject to appropriate safeguards. The Company shall use commercially reasonable efforts to require Intermediaries to observe standards of protection equivalent to those applicable to the Company.
15.4 Retention
The Company shall retain personal data for the duration of the customer relationship and for such further period as is required under Applicable Law (including anti-money laundering, tax and securities laws), after which it shall be erased or anonymised unless retention is required or permitted under Applicable Law.
15.5 Data Principal Rights
The Customer may exercise, through the channels set out in the Privacy Notice, the rights conferred by the DPDP Act, including the right to (a) access information about processing; (b) correction, completion, updating and erasure of personal data; (c) grievance redressal; and (d) nominate another individual to exercise rights in the event of the Customer’s death or incapacity. The Customer may withdraw consent, subject to the continuing legal right of the Company to process personal data on any other lawful ground recognised by the DPDP Act (including compliance with Applicable Law and enforcement of legal claims); the Customer acknowledges that withdrawal of consent may render the continued provision of the Services impracticable.
15.6 Security
The Company shall implement reasonable security safeguards to protect personal data, commensurate with the nature, scope and purposes of processing, including access controls, encryption in transit and at rest, secure authentication, periodic testing, and incident response procedures. The Customer acknowledges that no system can be guaranteed to be fully secure, and shall cooperate with the Company in the event of any actual or suspected security incident.
15.7 Notifiable Data Breach
In the event of a personal data breach within the meaning of the DPDP Act affecting the Customer’s personal data, the Company shall notify the Data Protection Board and the Customer in accordance with the DPDP Act.
16. Risk Disclosures
The Customer acknowledges and accepts that investing in Foreign Securities through an Consolidated structure involves a range of risks, including (without limitation) the risks set out below, and in the more detailed Risk Disclosure Statement available at the Mandatory Disclosures web link - https://www.indmoney.com/page/mandatory-disclosures :
1. Market Risk: Investments are executed in markets outside the IFSC, which operate under different laws, trading hours, holiday calendars, disclosure norms, and investor-protection standards. Prices may fluctuate due to local or global market conditions.
2. Currency Risk: Foreign investments are subject to exchange-rate fluctuations. Adverse currency movements may reduce or negate investment gains when converted to the investor’s base currency.
3. Custody Risk: Securities or funds may be held with foreign brokers, custodians, or other intermediaries. Their insolvency, operational failure, or negligence could lead to partial or total loss of investments.
4. Liquidity and Settlement Risk: Settlement cycles and market liquidity may differ across jurisdictions. Variations in market practices or operational processes could cause delays in execution or settlement of trades.
5. Technology and Time-Zone Risk: Orders placed through electronic systems across different time zones are exposed to latency, outages, or price gaps due to time-zone differences and system dependencies.
6. Product and Suitability Risk: Products available in foreign markets may be complex and involve higher risk than domestic instruments. Investors must ensure that such products suit their financial condition, objectives, and risk tolerance.
7. Regulatory and Legal Risk: Foreign investments are governed by the laws and regulations of the relevant jurisdiction. Investor-protection standards, disclosure requirements, dispute-resolution mechanisms, and supervisory frameworks may vary from those in India or the IFSC. Investors should remain informed of applicable regulatory changes.
8. Taxation Risk:Investments may attract taxes, withholding, or reporting obligations in both India and the foreign jurisdiction. Tax treatment is subject to change without notice. Investors are responsible for ensuring compliance with all applicable tax laws and maintaining adequate records.
9. Remittance and Regulatory Compliance Risk: All fund transfers must comply with the applicable laws of India, the IFSC, and the foreign jurisdiction, including the Reserve Bank of India’s Liberalised Remittance Scheme (LRS). Any breach of such rules may attract regulatory or penal action.
10. Consolidated Structure Risk: The specific risks described in Section 5.5, including reduced enforceability of rights against Intermediaries and pro-rata or aggregated treatment in insolvency or investor-protection scenarios.
11. Foreign Investor Protection Schemes: Where a foreign investor-protection scheme (such as SIPC in the United States) applies, it applies at the account-of-record level and not at the beneficial-interest level; coverage limits, exclusions and procedures apply, and such protection may be limited or unavailable in certain markets.
12. Withholding Tax Risk: Dividends and, in certain cases, interest and sale proceeds may be subject to withholding tax at source (e.g., 30% on U.S. dividends for non-U.S. persons, reducible under the India-U.S. DTAA to 25% on submission of a valid W-8BEN). Withholding rates, treaty relief and documentation requirements differ by country of issuer and market, and treaty relief may not be available in every market. Estate tax and other taxes may apply in the country of the issuer.
13. U.S. Estate Tax Risk: Foreign Securities that are “U.S. situs assets” (including equity securities of U.S. issuers) may be subject to U.S. federal estate tax on the death of the Customer at rates up to 40%, with very limited exemptions available to non-resident aliens. Other jurisdictions may impose estate, inheritance, gift or similar taxes on securities situated or registered in those jurisdictions. The Customer should consult independent tax advice and consider appropriate estate planning.
14. Multi-Jurisdiction Risk: Foreign Securities may be listed, traded, cleared, settled or held in different jurisdictions with differing laws, regulation, disclosure standards, investor-protection arrangements, insolvency regimes, market holidays, trading hours, currency conventions and settlement cycles. The rights, protections and remedies available in respect of a Foreign Security depend on the market in which it is traded and held, and may differ materially from those available in India or the United States. Securities denominated in U.S. Dollars but listed or traded outside the United States may nonetheless be subject to local market conventions, including in relation to corporate actions, local-currency components and taxes.
15. Fractional Share Risk: Fractional interests may be less liquid, may not carry voting rights, and may be subject to rounding, liquidation or conversion in specified circumstances.
16. Operational Risk: Errors, delays, bugs, human mistakes and force majeure events may affect the Services. Some risks are not insurable or indemnifiable.
17. LRS/FEMA Risk: Changes in LRS limits, permissible purposes, TCS rates, reporting requirements or repatriation obligations may affect the Customer’s ability to invest, hold, add to or repatriate.
18. Concentration Risk: Concentration of the Customer’s portfolio in any single Foreign Security, sector, geography or currency may amplify losses.
19. No Guarantee of Returns: Past performance is not indicative of future results. The Company does not guarantee any return, yield, income or performance.
17. Conflicts of Interest
The Customer acknowledges that the Company, its affiliates, directors, officers, employees and associated persons may, from time to time and consistent with Applicable Law: (a) hold proprietary positions in the same or similar Foreign Securities as the Customer; (b) receive rebates, revenue share, payment for order flow, markups, spreads, or other forms of remuneration from Intermediaries; (c) receive inducements from product issuers in respect of certain products; and (d) deal with Intermediaries that are affiliates of the Company. The Company shall manage such conflicts in accordance with a conflict-of-interest policy adopted under Applicable Law and, to the extent required, disclose such conflicts to the Customer. Such conflicts may also include that an Intermediary acts as principal or counterparty to a transaction, internalises or crosses customer orders, or earns spreads, commissions, rebates or other compensation in connection with execution, custody or foreign exchange. The Customer consents to such conflicts to the fullest extent permitted by Applicable Law.
18. Intellectual Property and Platform Licence
All intellectual property rights in and to the Platform, including all software, APIs, user interfaces, databases, content, graphics, trade marks, service marks, trade names, know-how and designs (other than data provided by the Customer), are the sole and exclusive property of the Company or its licensors. The Company grants the Customer a limited, revocable, non-exclusive, non-transferable and non-sublicensable licence to access and use the Platform solely for personal, non-commercial use in connection with the Services. The Customer shall not copy, modify, decompile, reverse engineer, distribute, rent, lease, publish, display or create derivative works of the Platform, or remove any proprietary notice. Any feedback provided by the Customer may be used by the Company without restriction.
19. Taxation
19.1 Customer Responsibility
The Customer shall be solely responsible for understanding and complying with all tax obligations applicable to the Customer in India, the United States and any other relevant jurisdiction, including income tax, capital gains tax, withholding tax, TCS, stamp duty, GST, estate tax and Schedule FA reporting.
19.2 Indian Tax
The Customer acknowledges, without limitation, that: (a) gains from the sale of Foreign Securities are taxable in India in the hands of the Customer, whether as short-term or long-term capital gains, at rates prescribed under the Income-tax Act, 1961 (or, as applicable, the Income-tax Act, 2025) as in force from time to time; (b) dividends received on Foreign Securities are taxable in India at applicable slab rates, with credit available for U.S. federal withholding tax under the India-U.S. DTAA subject to compliance with prescribed procedures (including Form 67); (c) remittances under LRS are subject to TCS at the source; (d) the Customer’s holdings and income from Foreign Securities must be disclosed in Schedule FA of the Customer’s Indian income tax return; and (e) non-disclosure may attract penal consequences under the Applicable Law.
19.3 Foreign and U.S. Tax Matters
Income, gains and distributions in respect of Foreign Securities may be subject to tax, withholding and reporting in the country of the issuer or of the relevant market, at the rates and subject to the procedures prescribed in that jurisdiction, with treaty relief (where available) subject to the Customer providing the required documentation. In respect of U.S.-source income, the Customer shall furnish a valid IRS Form W-8BEN (or any successor form or a W-9 if applicable) and any other U.S. tax documentation requested by the Company or any Intermediary. U.S. federal withholding tax (generally 30%, reducible to 25% on dividends and certain other income under the India-U.S. DTAA) shall apply. Interest on certain debt securities may qualify for the portfolio interest exemption. The Customer acknowledges U.S. estate tax exposure on U.S.-situs assets (as described in Section 16), and is solely responsible for any U.S. tax filings.
19.4 FATCA/CRS
The Customer consents to the collection, reporting and exchange of information under FATCA, CRS and equivalent regimes, in accordance with Applicable Law and the declarations made by the Customer.
19.5 No Tax Advice
The Company does not provide tax advice. Any tax summaries, reports or estimates made available by the Company are provided for convenience only, may not be accurate for all Customers or all circumstances, and must not be relied upon as tax advice. The Customer is urged to obtain independent advice from a qualified chartered accountant or tax adviser.
20. Limitation of Liability; Disclaimers; Indemnity
20.1 To the maximum extent permitted by Applicable Law, the Services and the Platform are provided on an “as is” and “as available” basis, without any representation, warranty or condition of any kind, express or implied, including any implied warranty of merchantability, satisfactory quality, fitness for a particular purpose, accuracy, completeness, timeliness, uninterrupted availability or non-infringement.
20.2 Without prejudice to Section 20.1, the Company shall have no liability to the Customer for any loss, damage, cost or expense arising out of or in connection with: (a) acts, omissions, insolvency, default, fraud, negligence or suspension of any Intermediary, exchange, trading venue, clearing house, depository, transfer agent, registrar, banker, payment service provider or telecommunications provider; (b) market movements, volatility, halts, limit-up/limit-down events, circuit-breakers, flash-crashes, trading suspensions or delistings; (c) any decision by a Governmental Authority, exchange or Intermediary to restrict, suspend, cancel, bust, reverse or modify any transaction or trading facility; (d) force majeure events as described in Section 21; (e) the Customer’s reliance on any information, research, data, tools or educational content on the Platform; (f) fluctuations in foreign exchange rates; (g) any tax withholding or levy; (h) any failure, error or delay in the Customer’s internet connectivity, device, browser, operating system or third-party application; (i) hardware or software malfunction of the Platform, any Intermediary’s systems, or any third-party system or network; (j) delays, outages, interruptions or failures arising from the Company’s scheduled or unscheduled servicing, updating, patching, maintenance or upgrading of the Platform or its integrations; (k) any errors, delays, omissions or inaccuracies in Market Data; (l) any economic, political, regulatory or governmental action taken by any Governmental Authority, whether in the Customer’s country of residence or in any country in which any Foreign Security is issued, traded or settled; or (m) any other cause beyond the Company’s reasonable control. Nothing in this Section 20.2 shall exclude liability arising from the Company’s gross negligence, wilful misconduct or fraud.
20.3 To the maximum extent permitted by Applicable Law, the Company’s aggregate liability to the Customer (in contract, tort, statute or otherwise) arising out of or in connection with these Terms, the Services or the Platform shall not exceed the higher of (a) the total fees actually paid by the Customer to the Company in the twelve (12) months immediately preceding the event giving rise to the claim, or (b) INR 10,000. The Company shall in no event be liable for any indirect, consequential, special, incidental, punitive or exemplary damages, loss of profit, loss of business opportunity, loss of goodwill or loss of data, even if advised of the possibility of such damages. Nothing in these Terms shall exclude or limit liability for fraud, gross negligence, wilful misconduct or any other liability that cannot be excluded or limited under Applicable Law.
20.4 The Customer shall indemnify and keep indemnified the Company, its affiliates, directors, officers, employees, agents and Intermediaries (the “Indemnified Parties”) against all losses, damages, claims, actions, suits, proceedings, penalties, fines, liabilities, costs and expenses (including reasonable legal fees) incurred by any Indemnified Party, arising out of or in connection with (a) any breach of these Terms by the Customer; (b) any inaccuracy in any representation, warranty or covenant of the Customer; (c) any violation by the Customer of Applicable Law (including FEMA/LRS, Income-tax Act, PMLA, DPDP Act, sanctions and U.S. securities laws); (d) any act of fraud, gross negligence or wilful misconduct by the Customer; (e) any claim by a Governmental Authority in connection with the Customer’s activities; and (f) any third-party claim arising out of or in connection with the Customer’s use of the Services or the Platform.
21. Force Majeure
Neither Party shall be liable for any failure or delay in performing its obligations under these Terms (other than an obligation to pay money that has already fallen due) to the extent such failure or delay is caused by a Force Majeure event, including acts of God, natural disasters, extreme weather, pandemics, epidemics, war (declared or undeclared), terrorism, insurrection, civil unrest, embargoes, sanctions, strikes, lockouts, industrial action, failure or interruption of telecommunications, internet, utility, cloud, satellite or payment systems, cyber-attack, ransomware, exchange/market-wide halts or limit-up/limit-down events, acts or orders of any Governmental Authority, or any other event beyond the reasonable control of the affected Party. The affected Party shall make reasonable efforts to mitigate the effect of such event and resume performance.
22. Suspension and Termination; Transfer of Positions
22.1 Suspension by the Company
The Company may, at any time and without prior notice, suspend, restrict, limit, block or freeze the Customer Account, in whole or in part, where: (a) Applicable Law, any Governmental Authority, or any Intermediary so requires or requests; (b) the Company suspects any breach of these Terms, any AML/CFT concern, any sanctions concern, any fraud, any unauthorised access, or any market abuse; (c) a dispute, claim, attachment, garnishment or other legal process affects the Customer Account; (d) an event of force majeure affects the Services; or (e) the Company determines, in good faith, that such action is necessary for the protection of the Company, any Intermediary, the Platform or any other customer.
22.2 Termination by the Customer
The Customer may terminate these Terms and close the Customer Account at any time, subject to (a) completion of pending transactions; (b) liquidation or transfer of all Foreign Securities held for the Customer’s Beneficial Interest; (c) repatriation of all Funds in accordance with Applicable Law and the Remittance Terms; and (d) payment of all amounts due to the Company and any Intermediary. Termination shall take effect on completion of all such actions.
22.3 Termination by the Company
The Company may terminate these Terms or close the Customer Account on fifteen (15) days’ written notice for convenience, or with immediate effect where: (a) the Customer breaches these Terms in a material respect and fails to cure within the cure period specified (if curable); (b) the Customer becomes insolvent, incapacitated or deceased; (c) the Customer is or becomes ineligible under Section 3.1; (d) the Customer fails or refuses to provide information required by the Company or any Intermediary; (e) the Company is directed by a Governmental Authority to do so; or (f) the Company withdraws the Services or ceases to operate.
22.4 Consequences of Termination
On termination of these Terms, the Company shall: (a) liquidate, transfer or repatriate the Customer’s Beneficial Interest (as applicable and as the Customer may direct) in accordance with Applicable Law; (b) deduct all amounts due to the Company and any Intermediary (including termination fees, conversion fees, wire fees and taxes) from the Customer Account; and (c) share all necessary records to enable the Customer to comply with Applicable Law (including tax and Schedule FA reporting).
22.5 Transfer of Positions
In the event of termination or a change in regulatory regime that requires a transfer of the Customer’s positions, the Customer authorises the Company to effect such transfer (in specie or in cash, directly or through an Intermediary) to such account as the Customer may direct in writing, subject to Applicable Law. Where the Customer does not provide acceptable instructions within the period notified by the Company, the Company may liquidate the Customer’s positions and repatriate the net proceeds to the Customer’s Indian bank account.
23. Grievance Redressal
23.1 Redressal Mechanism
The Company has put in place a grievance redressal mechanism consistent with IFSCA requirements. The Customer may submit a grievance by following the process laid down in the Policy on Complaint Handling and Grievance Redressal - Global Access (web link - https://www.indmoney.com/page/grievance-redressal-policy-global-access ).
24. Dispute Resolution, Governing Law and Jurisdiction
24.1 Good-Faith Discussions
In the event of any dispute, controversy, claim or difference arising out of or in connection with these Terms, the Services or the Platform (a “Dispute”), the Parties shall first attempt to resolve the Dispute through good-faith discussions for a period of thirty (30) calendar days.
24.2 Arbitration
If the Dispute is not resolved within the period in Section 24.1, it shall be referred to and finally resolved by arbitration administered under the Arbitration and Conciliation Act, 1996 (as amended), or under the arbitration framework of the International Financial Services Centres Authority / GIFT IFSC (if the IFSCA makes such a framework applicable to Disputes of this nature), as the Company may elect. The arbitration shall be conducted by a sole arbitrator mutually appointed by the Parties; failing agreement, the arbitrator shall be appointed in accordance with the applicable rules. The seat of arbitration shall be GIFT City, Gandhinagar, Gujarat, India. The language of arbitration shall be English. The award shall be final and binding, and may be enforced in any court of competent jurisdiction.
24.3 Governing Law
These Terms shall be governed by and construed in accordance with the laws of India, without regard to any conflict of laws principles. Matters relating to the execution, clearing, settlement or custody of Foreign Securities in any market may additionally be subject to the laws, rules and market practices of that market and of its regulators, exchanges, clearing and settlement systems and self-regulatory organisations (including, in the United States, U.S. federal securities laws and the rules of the SEC, FINRA and applicable U.S. exchanges), to the extent applicable.
24.4 Courts
Subject to Section 24.2, the courts at GIFT City / Gandhinagar, Gujarat, India shall have exclusive jurisdiction over all Disputes and over any application in aid of or in relation to arbitration proceedings.
24.5 Equitable Relief
Nothing in this Section 24 shall prevent either Party from seeking interim, injunctive or other equitable relief from a court of competent jurisdiction to preserve rights pending arbitration.
25. Amendments and Modifications
The Company may amend or modify these Terms (including Annexures, Schedules and the Privacy Notice) from time to time, in its sole discretion, to reflect changes in Applicable Law, product features, operational requirements, risk profile, Intermediary arrangements or otherwise. Amendments shall take effect upon the updated Terms being posted on the Platform. The Customer is responsible for reviewing the Terms as posted on the Platform from time to time. Continued use of the Services after an amendment takes effect shall constitute the Customer’s deemed acceptance of the amended Terms. Where the Customer does not accept an amendment, the Customer’s sole remedy is to terminate these Terms in accordance with Section 22.2.
26. Notices and Communications
All notices and communications from the Company to the Customer shall be validly given if posted on the Platform or sent to the e-mail address, mobile number or postal address provided by the Customer at the time of on-boarding (or as updated by the Customer). Notices by the Customer to the Company shall be sent to the notice address set out on the Platform, currently Office No. 507, 5th Floor, Pragya II, Block 15-C1, Zone-1, Road No. 11, Processing Area, GIFT SEZ, GIFT City, Gandhinagar – 382355, or by e-mail to the Company’s grievance/support addresses. Notices shall be deemed received on the date of posting/transmission in the case of electronic communications, and three (3) Business Days after dispatch in the case of physical communications.
27. Assignment
The Customer shall not assign, novate or transfer the Customer Account or any right or obligation under these Terms, in whole or in part, to any other person. The Company may assign, novate or transfer these Terms, the Customer Account or any of its rights or obligations hereunder (a) to any affiliate, subsidiary, parent or group company; (b) in connection with a merger, amalgamation, scheme of arrangement, sale of business or similar corporate reorganisation; or (c) where required by Applicable Law or by any Governmental Authority. The Customer hereby consents to any such assignment, novation or transfer by the Company.
28. Survival, Severability and Waiver
28.1 Survival
Sections 5, 6, 11, 13, 15, 19, 20, 22.4, 24 and any other provision that by its nature is intended to survive, shall survive the termination or expiry of these Terms.
28.2 Severability
If any provision of these Terms is held to be invalid, illegal or unenforceable in any respect under any Applicable Law by a court or authority of competent jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired, and the Parties shall replace the invalid provision by a valid and enforceable provision that most closely reflects the original commercial intent of the Parties.
28.3 Waiver
No delay or omission on the part of a Party in exercising any right, power or remedy under these Terms shall operate as a waiver thereof, nor shall any single or partial exercise preclude any further or other exercise. All waivers must be in writing.
28.4 No Partnership
Nothing in these Terms shall be construed as creating a partnership, joint venture, agency or employment relationship between the Parties.
28.5 Third-Party Rights
Save for the Indemnified Parties (who may enforce Section 20.4 as if they were parties to these Terms), these Terms do not confer any rights on any person who is not a party to them.
29. Entire Agreement; Precedence
These Terms, together with the Annexures, the Privacy Notice, the Fee Schedule, the Risk Disclosure Statement, the DPDP Consent, and any product-specific terms accepted by the Customer, constitute the entire agreement between the Company and the Customer in respect of the subject matter hereof, and supersede all prior communications, representations, understandings or agreements (whether written or oral) between them. In the event of any conflict between these Terms and any such ancillary document, these Terms shall prevail, except to the extent that such document expressly provides otherwise in respect of the specific subject matter.

ANNEXURE A - SCHEDULE OF FEES

The rates and any new charges shall be as notified on the Platform from time to time in accordance with Section 11 and can be accessed at https://www.indmoney.com/pricing?type=us-stocks

Note: Certain costs levied by Intermediaries (including third-party depositaries, custodians, exchanges, clearing houses and SROs) are passed through to the Customer without mark-up. Pass-through fees may change without prior notice.

ANNEXURE B - Consent Letter for Migration from a Fully-Disclosed Account

The Customer acknowledges that the Company may have migrated, or consents that the Company may migrate, the Customer’s holdings of Foreign Securities, cash balances and other assets (collectively, the “Migrated Assets”) from a fully-disclosed brokerage account maintained with an overseas broker-dealer under the Company’s earlier customer terms (the “Earlier Terms”) to the Consolidated Account structure governed by these Terms. The Customer hereby ratifies, confirms and approves all actions taken by the Company, the outgoing broker-dealer and any Intermediary in connection with such migration, including (i) the in-kind, in-specie, book-entry, ACATS, DTC, DWAC, DRS or equivalent transfer of Foreign Securities; (ii) the transfer of cash balances; (iii) the liquidation of any holdings that could not be transferred in kind (including fractional interests below applicable thresholds, unsupported, restricted or non-transferable securities, rights and entitlements); (iv) the re-registration of Migrated Assets from the Customer’s name at the outgoing broker-dealer to the name of the Company (or its nominee) at the incoming Intermediary; and (v) the termination or wind-down of the Customer’s direct customer relationship with the outgoing broker-dealer. The date on which such migration was (or is) completed in respect of the Customer, as notified to the Customer or as reflected in the Customer’s post-migration account statement, shall be the “Migration Effective Date”.
Effect of Migration: With effect from the Migration Effective Date, the Customer’s Beneficial Interest in the Migrated Assets is held through the Consolidated Account subject to these Terms. The Customer acknowledges and accepts each of the consequences of the Consolidated structure set out in Section 5.5 (including in relation to investor-protection schemes such as SIPC, voting rights, class-action participation, and the manner in which the Customer’s Beneficial Interest is identified and evidenced), which the Customer acknowledges differ from the rights and protections that were available under the Earlier Terms in a fully-disclosed account.
Supersession of Earlier Terms: With effect from the Migration Effective Date, the Earlier Terms shall stand superseded by these Terms in respect of all ongoing matters, save in respect of (i) transactions executed prior to the Migration Effective Date, (ii) provisions of the Earlier Terms expressly stated to survive termination, and (iii) any claim or dispute that arose prior to the Migration Effective Date.
Reconciliation: The Company shall make available to the Customer a post-migration holdings statement reflecting the Migrated Assets credited to the Customer’s Customer Account. The Customer shall notify the Company in writing of any discrepancy in such statement within fifteen (15) business days of its being made available; absent such notification within that period, the statement shall be deemed accepted by the Customer, save in the case of manifest error or fraud. Save for claims arising from gross negligence, wilful misconduct or fraud, the Customer releases the Company, the outgoing broker-dealer, the incoming Intermediary and their respective affiliates from any claim arising out of the proper conduct of the migration, including the choice of mode of transfer, timing and sequencing, trading restrictions and market movement during the migration window, and the liquidation of any non-transferable assets.
Tax: The Customer acknowledges that the migration is intended to effect a change in account structure and the identity of the registered holder, and not a sale or disposition by the Customer of the Customer’s Beneficial Interest in the Migrated Assets, and accordingly is not, in and of itself, intended to constitute a taxable event for the Customer. The tax characterisation of the migration in India, the United States and any other relevant jurisdiction, the updating of Schedule FA and FATCA / CRS declarations, and any tax arising from any liquidation effected as part of the migration, shall be the Customer’s sole responsibility. The Company has not provided, and the Customer has not relied upon, any tax advice in respect of the migration.

ANNEXURE C - CONSENT UNDER THE DIGITAL PERSONAL DATA PROTECTION ACT, 2023

I, the Customer (Data Principal), have read the Privacy Notice made available by INDmoney Global (IFSC) Private Limited (the Data Fiduciary) and, in accordance with Section 6 of the DPDP Act, provide my free, specific, informed, unconditional and unambiguous consent, given by a clear affirmative action, to the collection, storage, use, processing, transfer and disclosure of my personal data for each of the following purposes:

on-boarding, KYC, Customer Due Diligence, Enhanced Due Diligence, sanctions screening, risk profiling, FATCA/CRS declarations, and fraud prevention;
providing, operating and improving the Services and the Platform, including order execution, clearing, settlement, custody, corporate actions, statements and customer support;
compliance with Applicable Law, regulatory and tax reporting, audit, and responding to orders from Governmental Authorities;
communication by the Company (including transactional, service-related and regulatory communications) via e-mail, SMS, push notifications, in-app messages, calls or any other electronic means;
cross-border transfer of my personal data to Intermediaries located outside India (including in the United States, Singapore, and such other jurisdictions as the DPDP Act permits from time to time);
marketing communications, only to the extent I have separately opted in;
such other purposes as are disclosed in the Privacy Notice.

I acknowledge that I have been informed of the purposes, my rights under the DPDP Act, and the manner in which I may withdraw consent, raise a grievance, or approach the Data Protection Board. I understand that withdrawal of consent does not affect the lawfulness of processing already carried out, or processing that is permissible on other lawful grounds under the DPDP Act.

ANNEXURE D - CONSENT FOR RECEIVING AND SHARING OF KYC AND PERSONAL INFORMATION WITH INDMONEY GROUP COMPANIES

Context and Background

I, the Customer, have entered into the Customer Terms and Conditions with INDmoney Global (IFSC) Private Limited (the “Company”), a member of the INDmoney group of companies. Certain Group Companies may presently hold, or may in future hold, KYC and related personal information in respect of me, collected in the course of providing me the services that they are respectively regulated to provide. With a view to (i) enabling the Company to rely upon KYC already conducted by a Group Company for the purposes of my on-boarding and ongoing customer due diligence under the IFSCA AML / CFT / KYC Guidelines; (ii) enabling other Group Companies to similarly rely upon KYC conducted by the Company; and (iii) streamlining my experience across the INDmoney platform.

Definitions

Group Companies. “Group Companies” or “INDmoney Group” means the Company’s ultimate parent entity and each of its subsidiaries, holding companies, affiliates, associate companies, in each case whether located in India, GIFT IFSC or any other jurisdiction, as may be constituted, added, removed or renamed from time to time, and any other entity operating under the INDmoney brand.

KYC and Personal Information. “KYC and Personal Information” means any and all of the following information and documents relating to me: (i) identity-proof and address-proof documents; (ii) photograph and signature; (iii) Permanent Account Number (PAN) and Aadhaar (to the extent, and in the manner, permitted by Applicable Law, including the Aadhaar Act, 2016 and the PMLA); (iv) contact details (mobile number, email address, residential and correspondence address); (v) date of birth, place of birth, nationality and tax residency; (vi) occupation, employer, income, net worth, source of funds and source of wealth; (vii) bank account details, banking references and cancelled cheques; (viii) risk profile, investment experience, investment objectives and financial goals; (ix) declarations made by me (including in relation to FATCA, CRS, FEMA / LRS, OPI, Politically Exposed Person (PEP) status, and ultimate beneficial ownership); (x) photograph, video, live-selfie, geolocation and device information captured as part of in-person verification (IPV), video-based customer identification, or digital on-boarding; (xi) results of sanctions screening, adverse-media screening and PEP screening performed on me; (xii) the CKYC Identifier and CKYC records relating to me held at the Central KYC Records Registry (CKYCR); (xiii) any updates, corrections, re-KYC documents and periodic updation information; and (xiv) any other document, information, analysis, assessment, internal rating or determination made by or in respect of me in the course of customer due diligence or enhanced due diligence.

Consent

Express consent to receive from Group Companies. I hereby freely, specifically, by a clear affirmative action, and on an informed and unambiguous basis, give my consent to each Group Company that presently holds or may in future hold my KYC and Personal Information to share, transmit, disclose, transfer and make available my KYC and Personal Information to the Company, through such secure channel as the concerned Group Company and the Company may establish, for the Permitted Purposes set out in this Annexure D. I direct each such Group Company to act upon this consent, notwithstanding any confidentiality obligation it may owe to me, and I release each such Group Company from such obligation solely to the extent of the disclosure covered by this consent.

Express consent to share with Group Companies. I further give my consent to the Company to share, transmit, disclose, transfer and make available my KYC and Personal Information to any Group Company, through such secure channel as the Company and such Group Company may establish, for the Permitted Purposes set out in this Annexure D.

Consent to KYC reliance. I acknowledge and consent that the Company and Group Companies may rely upon KYC and customer due diligence already conducted by one another, in accordance with (a) the reliance framework permitted under the IFSCA (Anti-Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines (the “IFSCA KYC Guidelines”), as amended from time to time; (b) in respect of Indian Group Companies, the corresponding KYC framework under the Prevention of Money Laundering Act, 2002 and the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, read with the Master Direction on Know Your Customer issued by the Reserve Bank of India / the SEBI KYC (Know Your Client) Registration Agency Regulations, 2011 and circulars issued thereunder; and (c) the CKYCR framework for central storage and retrieval of KYC records. I understand that, notwithstanding any such reliance, the Company remains ultimately responsible for its own KYC compliance under Applicable Law.

Permitted Purposes

I consent to the sharing of my KYC and Personal Information between the Company and Group Companies for each of the following purposes (collectively, the “Permitted Purposes”):

on-boarding, re-KYC, periodic KYC updation, enhanced due diligence, and any other customer identification procedure required under the IFSCA AML-KYC Guidelines and equivalent applicable KYC frameworks of SEBI, RBI or any other Governmental Authority;
reliance on existing KYC (including documents, records and the CKYC Identifier) to avoid duplicate collection of KYC documents from me;
identity verification, liveness and document authenticity checks, sanctions screening, adverse-media screening, PEP screening and fraud prevention;
transaction monitoring for suspicious activity, money laundering, terrorist financing, proliferation financing and sanctions violations, and for filing of statutory reports with the Financial Intelligence Unit – India (FIU-IND), IFSCA, RBI, SEBI or any other Governmental Authority, as required by Applicable Law;
risk profiling, suitability assessment and eligibility verification for products and services offered by the Company or any Group Company;
account administration, confirmations, statement delivery, service communications, authentication, security monitoring and customer support;
compliance with Applicable Law, including tax and regulatory reporting (including under FATCA, CRS, FEMA, the Income-tax Act, 1961 and the DPDP Act), internal audit, regulatory audit, statutory audit and external forensic review;
responding to orders, summons, notices, requests or inquiries from Governmental Authorities, courts, tribunals, investigating agencies and regulators;
the defence, conduct, establishment or exercise of legal claims, including in connection with litigation, arbitration, investigations, disputes and grievance redressal;
operation of the group-wide AML / CFT programme permitted under the IFSCA KYC Guidelines, including group-wide information-sharing for AML / CFT purposes and group-wide risk management; and
intimation of, or cross-sell of, products and services offered by the Company or Group Companies, provided that any direct marketing communication to me shall be subject to my separate opt-in (which I may withdraw at any time without affecting any other processing permitted under this consent).

Operational and Related Matters

Continuing consent. I understand that this consent is given on a continuing basis, and that no separate, transaction-specific or instance-specific notice or consent shall be required before each instance of sharing, provided that such sharing remains within the scope of the Permitted Purposes.

Cross-border transfer. I acknowledge and expressly consent that certain Group Companies (including the Company itself, which is located in GIFT IFSC) and certain service providers engaged by them may be located outside India and/or outside GIFT IFSC, and that, as a result, my KYC and Personal Information may be transferred across international borders to such jurisdictions for the Permitted Purposes. I consent to such cross-border transfer in accordance with the DPDP Act and any notifications, rules or restrictions issued thereunder from time to time.

Standards of protection. The Company and each receiving Group Company shall apply reasonable security safeguards (including access controls, encryption in transit and at rest, confidentiality arrangements, role-based access and contractual protections) to my KYC and Personal Information. The Company shall use commercially reasonable efforts to require each Group Company that receives my KYC and Personal Information from the Company to observe standards of data protection that are substantively equivalent to those applicable to the Company under Applicable Law, including the DPDP Act and the IFSCA KYC Guidelines.

Purpose limitation. My KYC and Personal Information shared pursuant to this consent shall be used by each receiving Group Company only for the Permitted Purposes and for no other purpose, and shall not be further shared with any third party outside the INDmoney Group except (i) where permitted by a separate consent provided by me, (ii) where required by Applicable Law, or (iii) to service providers bound by written obligations of confidentiality and data protection that are substantively equivalent to those in this Annexure D.

Retention. My KYC and Personal Information shared pursuant to this consent shall be retained by the Company and the receiving Group Company for the duration of my customer relationship, and for such further period as is required under Applicable Law (including AML/CFT, tax, securities and exchange-control laws; and in particular, for at least such minimum period as is prescribed under the IFSCA KYC Guidelines and PMLA). Thereafter, such information shall be erased or anonymised unless continued retention is required or permitted under Applicable Law.

Accuracy and updation. I undertake to ensure that the KYC and Personal Information I provide is accurate, complete and up to date, and to notify the Company promptly of any change. I understand and consent that any update to my KYC and Personal Information provided to the Company or any Group Company may be propagated to the other Group Companies for the Permitted Purposes.

Data Principal Rights; Withdrawal of Consent

Rights. I am aware that, under the DPDP Act, I have the right to (a) obtain a summary of the personal data about me that is being processed and the processing activities undertaken; (b) seek correction, completion, updating or erasure of personal data in accordance with the DPDP Act; (c) nominate another individual to exercise rights under the DPDP Act in the event of my death or incapacity; and (d) grievance redressal. I may exercise any such right by contacting the Company’s Data Protection Officer at the e-mail address notified on the Platform and in the Privacy Notice.

Withdrawal of consent. I may withdraw this consent at any time by communicating such withdrawal to the Company’s Data Protection Officer at the address notified for the purpose. I acknowledge that: (a) withdrawal of this consent shall not affect the lawfulness of processing already carried out prior to such withdrawal; (b) the Company and Group Companies may continue to retain and process my KYC and Personal Information to the extent permitted or required under Applicable Law on any other lawful ground recognised by the DPDP Act, including compliance with AML / CFT obligations, tax obligations, record-retention requirements and defence of legal claims; (c) withdrawal of consent in respect of AML / CFT-related processing shall not operate so as to require deletion of records that must be maintained under PMLA, the IFSCA KYC Guidelines or equivalent Applicable Law; and (d) withdrawal of this consent may render the continued provision of the Services, or of services by one or more Group Companies, impracticable, and may result in suspension or closure of my Customer Account and/or other group accounts in accordance with the Terms and the terms governing those services.

Grievance. For any grievance regarding the receiving or sharing of my KYC and Personal Information under this Annexure D, I may approach the Grievance Officer / Data Protection Officer of the Company through the channels set out in Section 23 of the Customer Terms and Conditions and in the Privacy Notice, and may thereafter escalate to the Data Protection Board of India in accordance with the DPDP Act, or to IFSCA / any other regulator having jurisdiction, as applicable.

General

Capacity. I confirm that I am legally competent to give this consent, that I have read and understood it in full, that I have had the opportunity to seek independent legal advice before giving it, and that I am giving it voluntarily and of my own free will.

Independent consent. This consent is separately given and does not depend on the provision of any particular Service. It is separately withdrawable. It does not dilute, replace or limit any other lawful basis on which the Company or any Group Company may process my KYC and Personal Information under Applicable Law.

Reading together. This Annexure D is given in addition to, and shall be read together with, the general DPDP consent in Annexure C and the privacy, confidentiality and data-protection provisions of the Customer Terms and Conditions. In the event of any inconsistency between this Annexure D and Annexure C, this Annexure D shall prevail solely to the extent of the specific subject matter of inter-group sharing of KYC and Personal Information.

Consent confirmation

I have read, understood and accept the whole of this Annexure D, and I give my free, specific, informed and unambiguous consent, by this clear affirmative action, to the Company and to Group Companies to receive, share and process my KYC and Personal Information as set out above.

ANNEXURE E - FATCA / CRS SELF-CERTIFICATION AND DECLARATION

(For Individual Customers)

Given pursuant to the Foreign Account Tax Compliance Act of the United States (FATCA), the Intergovernmental Agreement between the Government of India and the Government of the United States of America dated 9 July 2015 (the “IGA”), the Common Reporting Standard developed by the OECD for the Automatic Exchange of Information (CRS), Section 285BA of the Income-tax Act, 1961, Rules 114F to 114H of the Income-tax Rules, 1962, and the Digital Personal Data Protection Act, 2023.

Part A - Purpose and Context

The Self-Certification and Declaration (the “Declaration”) is given by the undersigned Customer to INDmoney Global (IFSC) Private Limited (the “Company”) as an annexure to, and integral part of, the Customer Account Opening Form and Terms and Conditions. The Company, as a reporting entity, and certain Intermediaries with whom the Company maintains the Consolidated Account, are required under Applicable Law to identify customers who are, or may be, reportable persons for U.S. federal tax purposes (under FATCA) or for tax purposes in any other Reportable Jurisdiction (under CRS), and to report information about such customers and their financial accounts to the U.S. Internal Revenue Service (IRS) (through the Central Board of Direct Taxes (CBDT)) and/or to the tax authorities of the Customer’s jurisdiction of tax residence, as the case may be.

This Declaration is a continuing declaration. The Customer shall notify the Company in writing, within three (3) days, of any change in circumstance that affects the accuracy of any statement made herein.

Consent to Reporting and Information Exchange

The Customer hereby consents, freely, specifically and unambiguously by a clear affirmative action, to:

Collection and processing by the Company of all information and documentation necessary for FATCA / CRS compliance, including identity documents, tax-residency declarations, TINs, financial-account information, transaction information and the terms of the Customer Account.
Disclosure and reporting by the Company to: (a) the Central Board of Direct Taxes (CBDT) and the Income-tax Authorities of India; (b) the U.S. Internal Revenue Service (IRS), either directly or (as applicable) through the CBDT in accordance with the IGA; (c) the competent tax authority of any Reportable Jurisdiction in which the Customer is a tax resident, either directly or through the CBDT in accordance with CRS; (d) the Company’s Intermediaries (including any overseas broker-dealer, custodian, clearing agent, bank or paying agent) for the purposes of their own FATCA / CRS / U.S. withholding-tax compliance, including the preparation of IRS Forms 1042 and 1042-S; and (e) any other Governmental Authority having jurisdiction.
Withholding at the rates prescribed under the U.S. Internal Revenue Code (including Chapters 3 and 4 thereof), the IGA and any applicable DTAA, by the Company, any Intermediary or any paying agent, from any income, distribution, dividend, interest, sale proceed or other payment credited to the Customer Account. The Customer acknowledges that the default U.S. federal withholding rate on dividends paid to a non-U.S. Person is 30%, reduced to 25% for Indian tax residents on submission of a valid IRS Form W-8BEN claiming benefits under the India–U.S. Double Taxation Avoidance Agreement.
Cross-border transfer of the Customer’s personal and financial-account information to jurisdictions outside India (including the United States, GIFT IFSC, and any other Reportable Jurisdiction), for the purposes set out above, in accordance with the DPDP Act and the consents provided in Annexure C and Annexure D.

Customer Undertakings

The Customer undertakes that:

W-8BEN / W-9. The Customer shall complete, sign and submit to the Company (or to any Intermediary, as required) a valid and current IRS Form W-8BEN (or W-9, if applicable), and shall renew the same (a) every three (3) years, (b) upon the occurrence of any change of circumstance that would render the certification incorrect, and (c) on any other occasion required under Applicable Law.
Notification of change. The Customer shall promptly, and in any event within thirty (30) days, notify the Company in writing of any change in the Customer’s (a) name, (b) nationality or citizenship, (c) residential or mailing address, (d) tax residency, (e) TIN, (f) U.S. Person status under FATCA, or (g) any other fact relevant to this Declaration, and shall, upon request, submit a fresh Self-Certification and curing documentation.
Indian tax disclosures. The Customer shall disclose all income, dividends, gains and holdings arising in or from the Customer Account in the Customer’s Indian income tax return (including in Schedule FA – Foreign Assets), and shall comply with all tax obligations in India, the United States and any other Reportable Jurisdiction.
No circumvention. The Customer shall not, by reason of any change in residence, citizenship or circumstance, use the Customer Account in a manner that would breach any Applicable Law, including any restriction in the Terms in respect of U.S. Persons.
Cooperation. The Customer shall cooperate with the Company, any Intermediary and any Governmental Authority in the furnishing of any additional information or documentation as may be required under Applicable Law.

Consequences of Non-Compliance

The Customer acknowledges that, if the Customer: (1) fails to provide a complete, accurate and timely Self-Certification, or a valid IRS Form W-8BEN or W-9; (2) fails to provide curing documentation in respect of any U.S. indicium; or (3) provides any information that is false, incorrect, incomplete or misleading, the Company and any Intermediary shall be entitled, at their discretion and without further notice, to:

treat the Customer as a “recalcitrant account holder” under FATCA and/or as an “undocumented account holder” under CRS;
apply withholding on payments at the maximum rate prescribed under Applicable Law (including, in the case of FATCA, up to 30% on certain U.S.-source payments, and up to 24% U.S. backup withholding where applicable);
report the Customer’s account information to the CBDT, the IRS and/or any other competent authority as a recalcitrant, undocumented or non-compliant account;
restrict, suspend, freeze or close the Customer Account in accordance with Section 22 of the Terms;
liquidate and repatriate the Customer’s positions in accordance with the Terms; and
take such other action as may be necessary or appropriate under Applicable Law.

The Customer shall be solely liable for any penalty, interest or consequence arising from the Customer’s non-compliance, and shall indemnify the Company and each Intermediary in accordance with Section 20.4 of the Terms.

General

Capacity and authority. The Customer confirms that the Customer has the legal capacity to make this Declaration and is doing so voluntarily and on the Customer’s own free will.
Truth and completeness. The Customer declares that, to the best of the Customer’s knowledge and belief, all information provided in this Declaration is true, correct, complete and not misleading, and that the Customer has not omitted any material information.
Independent advice. The Customer confirms that the Customer has had the opportunity to seek independent legal and tax advice before making this Declaration, and that the Company has not provided, and the Customer has not relied upon, any tax or legal advice in connection herewith.
Continuing declaration. The Customer acknowledges that each statement in this Declaration is a continuing declaration, made afresh on the date of each order, remittance, transfer, repatriation and other transaction, and that the Company shall be entitled to rely on it until the Customer provides a written update.
Reading together. This Declaration supplements, and shall be read together with, Annexure C (DPDP Consent) and Annexure D (KYC Sharing Consent).