Arbitrage funds have caught the attention of investors for three reasons. The first reason is the inflow of Rs. 3712 crores in arbitrage funds in April 2023, which was the highest amount of funds invested in this category between April 2022 to April 2023.
The second reason for its recent popularity is also the reason why such large amounts are being invested in arbitrage funds. Arbitrage funds are now offering slightly better short-term returns than liquid funds, touching up to 7%. In contrast to liquid funds, arbitrage funds carry equity-linked tax benefits, which contributes to their better returns. This is the result of an improved sentiment towards the equity market, which creates a volatile market for arbitrage funds to take advantage of.
The third reason can be attributed to the rise in interest rates by the RBI (Reserve Bank of India), which makes debt funds offer lower returns to investors. In such a scenario, there is a natural yet sudden shift towards the equity markets and investments poured into arbitrage funds to leverage the equity exposure and offer higher returns.
However, it is prudent to note that just a year ago (2022), arbitrage funds offered lowered returns which resulted in a massive outflow from the category. From touching Rs 1.1 lakh crore last year, funds invested in arbitrage funds dropped to Rs. 82,242 crores in 2023. When Nifty’s PE (Price to Earnings Ratio) dropped from 28 to 18 in last one year, investors redeemed their arbitrage allocations and moved to equity since the dip in Nifty valuations meant a chance of the stock price to increase in the future.
Arbitrage funds essential benefit from the difference in the cash prices and futures market prices. The higher the spread, the more the returns. However, this strategy needs to be well-thought out and should be backed by latest financial insights to leverage its benefits.
This article will shed light on the importance of arbitrage funds and everything you need to know about investing in these funds so that you can make an informed financial decision which maximises your returns and keeps your investment portfolio well-balanced and hedged against uncertainty.
What are Arbitrage Funds?
Arbitrage means buying and selling securities, derivatives, or currencies simultaneously from different markets. The aim is to make risk-free profits by buying it from a market offering a lower price and simultaneously selling it to another with a higher price. For example, if you buy a security at Rs. 100 from Market A and sell it simultaneously for Rs. 110 in Market B. This way you will make a profit of Rs. 10.Arbitrage funds are hybrid mutual fund schemes that invest in the same asset (equities as well as derivative instruments) in two market segments. For example, the arbitrage fund manager can buy an asset in the cash market and simultaneously sell it in the futures market at a higher price and book a profit. In the cash market, the transactions are settled on the spot. In the futures market, it is sold at a pre-determined price on a future date.
According to SEBI (Securities and Exchange Board of India), 65% of arbitrage funds should be invested in equities and equity-related securities. Apart from this, they can also invest in debt and debt-related securities.
Remember that the fund manager invests in debt securities and short-term money market instruments only when an opportunity to leverage the spread is available. This requires careful analysis of the current market sentiment. Another thing to remember is that the difference in prices is moderate. The price difference or the profits made are slight, so the fund manager has to make many such transactions in a day to make a good amount of profit.
How do Arbitrage Funds Work?
There are many ways in which a fund manager can take arbitrage positions. Arbitrage trading in India can be done in the following ways:The price difference between two exchanges
The share price of a company might be different in two exchanges. The arbitrage fund manager takes an arbitrage position. This refers to an investment strategy mainly used for hedging where assets are bought at a lower price in one exchange and simultaneously sold in another exchange at a higher price. The profits are made from the spread available here.For example, the share price of a company XYZ is Rs. 3000 on BSE (Bombay Stock Exchange) and the same company's share price is Rs. 3025 on NSE (National Stock Exchange). Here the arbitrage fund manager will buy the shares on BSE and simultaneously sell them on NSE. This way a profit of Rs. 25 will be made per share.
Alternatively, the fund manager can also take an arbitrage position in the two exchanges of different States. Read more here.
The price difference between two securities - Capital Structure Arbitrage
Fund managers also opt for capital structure arbitrage, which refers to a strategy of leveraging the mispricing across different financial instruments of a company to make profits. By buying the undervalued securities and selling overvalued securities of the same company, profits can be recorded. These are essentially short-term strategies only since the pricing difference will even out eventually.For example, let’s assume a company reported poor annual results leading to a significant drop in the stock market by 10% in the share price. At the same time, the company’s bond price will not fall immediately but will take a few days to eventually drop as well. Taking advantage of this, investors can sell the bond, which is currently an overvalued security and buy the stock of the company which is currently an undervalued security and profit from the capital structure arbitrage.
The price difference between cash and future market
Arbitrage between two market segments, the cash or spot market and the futures market, can occur. Arbitrary fund managers mostly use this strategy, and it is commonly known as ‘cash and carry’ arbitrage. In this, the shares of the same company are bought in one market and sold in the other. These transactions can take place between the cash market, and the futures and options market.For example, let’s assume a company named ABC Ltd's shares trade at Rs. 3,200 in the NSE (National Stock Exchange of India) cash market. It currently trades at Rs. 3,250 in the futures market. Here the arbitrage fund manager can buy the shares of this company at Rs. 3,200 in the cash market (also known as the spot market) and simultaneously sell it in future markets at Rs. 3,250. This would result in risk-free profit.
Both prices will converge during expiry, which means the cash market price will move higher, and the future market price will be lower. The fund manager would make a profit of Rs. 50 per share.
The price difference in Index and Basket of Stocks
Arbitrage can also be made on indices like Nifty50, Nifty100, Nifty Bank etc. instead of an individual stock.For example, Nifty 50 Futures is trading at 18,150, and a basket of stocks with a similar proportion of stocks as the index is trading at 18,100 in the cash market. The fund manager can profit by taking a short position on Nifty50 Futures and buying the equivalent basket in the cash market at a lesser price. This way, a profit of 50 points can be made on Nifty trade.
Apart from this, arbitrage trading can also be created by corporate actions or events such as:
Mergers and acquisitions - An arbitrage strategy can be adopted when two firms or corporates merge. A share swap ratio is assigned to the company being acquired or merged which denotes the number of shares of the acquiring company that the shareholders of the acquired company will get.
A share swap ratio of 1:20 means the shareholders of the acquired company will get 1 share of the acquiring company for every 20 shared they held in the acquired company. This could create a price disparity and a massive volatility in the share price of both these companies for a while before they stabilise. Depending upon the share swap ratio, the fund manager calls on which to buy and which to sell that would maximise the returns.
Rights issue - when a company needs more funds, they issue shares to their existing investors. These shares are offered at discounted prices for a limited period. This can be arbitraged by buying at a discounted price and selling at market price.
Buyback arbitrage - when a company buys back their shares, there may be a difference in the trade and buyback prices.
Arbitrage Trading in Commodities
Arbitrage trading in India can be done on commodities also. The different types of arbitrage strategies used in commodity arbitrage trading are:- Cash and Carry Arbitrage Strategy This strategy involves buying and selling the commodities in different markets (spot and futures). The commodity traders set a trade in the spot market and simultaneously take a position in the future market. The profit here will be the price difference in the commodity in both markets.
- Future Spread Strategy In this strategy, only the future prices of the same commodity are traded, and the profit is the difference between the future contracts. In this, the movement of the spread is more important than the commodity's price movement. This strategy is quite risky, and the right decision needs to be made to make profits.
- Calendar spread When a trader buys and sells the future contract of a commodity at the same strike price. The expiry of the two future contacts is different. For example, A trader can buy a gold futures contract in February 2023 at Rs. 58,100. Simultaneously the trader sells a gold futures contract on March 2023 at Rs. 58,600. The contracts are made on the same day, but the expiry is different. The difference in the price is the profit made.
- Scalping/Jobbing Strategy This is a short-term trading strategy where several trades must be executed to make profits. The price movements are predicted by analysing the markets and the behaviour pattern of the existing buyers and sellers. Jobbing /scalping is only done when the transaction costs are low. These trades aim to make a quick profit in many trades; hence less risk is involved. The traders must constantly monitor the price movements.
- Trading based on Technical Charts and Tools The future prices of the commodities can be predicted by using technical analysis of the charts and available tools. This can help in predicting accurately and increasing returns.
- Inter-exchange strategy This happens when a commodity is traded in exchanges with the same expiry contract. The trader takes advantage of the price difference in two exchanges based on liquidity, volatility, and contract specifications. For example, the price of a commodity is Rs. 700 per 5 kgs in the Multi Commodity Exchange of India Limited (MCX). The same commodity price is Rs. 705 in National Commodity and Derivative Exchange (NCDEX). The trader buys it in the Multi Commodity Exchange of India Limited and sells it in National Commodity and Derivative Exchange. Here the trader makes a profit of Rs. 5 per 5 kgs.
- Inter-commodity Strategy This trading involves taking two positions in two different commodities. One position can be extended (bullish) and the other short (bearish). The purpose of this trade is to make money from two different commodities. If both commodities move in the same direction, the trader will make a loss. This can only happen if they both move in different directions and the trader can identify the right direction of the commodity. Some of the most prominent commodity pairs are -
- Gold and Silver
- Gold and Crude Oil
- Silver and Copper
- Soya Oil and Soyabean
- Zinc and Lead
- Mustard Oil and Mustard Seeds
Example -
Supposing in May 2023, the price of rice in the cash market is Rs. 2900 per quintal. In the futures market, the rice price for the June expiry contract is Rs. 2950 per quintal. Here the trader can buy the commodity(rice) in the spot market and simultaneously sell it In the future market. This way, a profit of Rs. 50 per quintal can be made.The actual profit will be after the deduction of any applicable charges.
The different trading strategies that can be used are:
Read more about how to leverage Arbitrage opportunities in commodities here.
Benefits of arbitrage funds:
Following are the benefits of arbitrage funds:1. Low Risk:
Arbitrage funds come with a low level of risk for investors. Since securities are bought and sold simultaneously, there is minimal risk compared to longer-term investments. These funds also invest in stable debt securities, making them appealing to those who prefer lower risk.2. Thrive During Volatile Markets:
Arbitrage funds are among the few low-risk investments that perform well during times of high market volatility. When prices are unstable, the difference between cash and futures markets increases. In calm markets, stock prices remain relatively stable, and these funds can benefit from such situations.3. Suitable for Cautious Investors:
For cautious investors who want to benefit from market volatility without taking on excessive risk, arbitrage funds are a good option.4. Tax Treatment like equity funds:
Despite primarily investing in equities, arbitrage funds are treated as equity funds for taxation purposes. If you hold shares for more than a year, any gains you receive are taxed at the lower capital gains rate, which is favorable compared to the ordinary income tax rate.Drawbacks of arbitrage funds:
Following are the limitations of arbitrage funds:1. Unpredictable Payoff:
One of the major drawbacks of arbitrage funds is their unpredictability in generating returns. They may not perform well during stable market conditions. If there aren't enough profitable arbitrage opportunities, the fund's performance could resemble that of a bond fund temporarily, leading to lower profits.2. Lower Long-Term Returns:
Excessive exposure to bonds can significantly reduce the fund's overall profitability. As a result, actively managed equity funds often outperform arbitrage funds over the long term, making them less attractive for investors seeking higher returns.3. High Expense Ratios:
Successful arbitrage funds need a large number of trades which can lead to high expense ratios. While these funds can be highly profitable during periods of market fluctuations, their significant expenses suggest that they should not be the sole investment in an investor's portfolio.The fund manager's role
The fund manager's job is to make profit for investors over a medium period. They handle the risk of sudden market fluctuations by investing part of the funds in safer investment avenues. They ensure that the investments are made in high-quality debt securities to match the expected returns when there aren't many good profit-making opportunities.Taxes on gains
Arbitrage funds are taxed like equity funds. Short-term gains are taxed at 15%, and long-term gains at 10% without indexing. So, if you are in a higher tax bracket, investing in an arbitrage fund might be better than a debt fund to save on taxes.What Type of Investors Can Invest in Arbitrage Funds in the futures market?
Arbitrage funds are ideal for those who want to invest in equities but are unwilling to take risks. It is better to invest in arbitrage funds, where a professional fund manager handles the accumulated corpus. This will help them earn good returns without taking any stress of the volatility in the markets. Investors need to plan their financial goals and must be aware of their investment objectives. Accordingly, they can allot funds in arbitrage mutual funds.The arbitrage funds provide steady returns in all market phases (volatile, bull, bear). A lot of arbitrage opportunities can arise in any market condition. For instance, in a bull phase, the price of the future is higher than the spot market. In the volatile market, the stock prices are mismatched. The arbitrage fund manager identifies the profitable arbitrage opportunity for their investors.
How to Invest in Arbitrage Funds?
Investments and arbitrage trading in India can be through any mutual fund company, an AMC (Asset Management Company), or a stock broker dealing with mutual funds. Investors can invest in arbitrary funds after the New Fund Offering (NFO) is introduced in the market.The investment can be made by paying a lump sum or SIP (Systematic Investment Plan). The investors are allotted units of the fund according to the amount invested. The Net Asset Value (NAV) of the units keep changing with the change in the price of the units. The NAV (Net Asset Value of the units of the arbitrage funds keep changing with the changes in the price of the securities. The profit or loss of the investor would depend on the difference between the value of the units at the time of buying and selling them.
Also read: Working Of A Systematic Investment Plan
What is the Role of an Arbitrage Fund Manager?
When investors invest in arbitrage funds, they are appointed a fund manager by the mutual fund agency or the Asset Management Company. It is the fund manager's responsibility to ensure the investor's money is invested correctly and to make profits for the investor. A transactional fee is charged for the services rendered.Also read: Asset Manager or Fund Manager
What is Arbitrage Process?
The fund manager gathers the funds from various investors and invests this accumulated corpus in different investment schemes. Most funds are invested in fixed-income securities and debt funds with high credit quality. This investment helps in earning regular returns. A significant chunk of the funds is invested directly in the markets. The fund manager identifies the opportunities to arbitrage the investments. The arbitrage process in capital structure can be in two exchanges or different segments of the same market.Things to Remember Before Investing in Arbitrary Funds
An investor must remember a few things before investing in arbitrary funds. Some of them are as follows:- Risk factor There is no equity exposure risk since the arbitrage trade in India happens simultaneously in cash and the future market. There is no counter-party risk since they are traded in the stock market. However, there are few opportunities to conduct these trades. The price difference is also less, meaning the returns would be average.
- Cost of investment Mutual fund companies, Asset Management Companies or stock brokers dealing with arbitrage funds charge an annual fee called an expense ratio. This is the percentage of the fund's total assets. This fee includes the fund manager's fees and the charges imposed by fund management. These are transaction costs which are charged on each trade.
- Returns Investors can earn moderate profits from their investments in arbitrage funds. Historically, if investor remains invested in these funds for one to six months, then returns of around 7% can be expected.
- Tenure of the Investment The ideal tenure for such funds would be a medium-term investment between 3 to 5 years. Exit load is charged for those investing only for 30 to 60 days. Those having a time frame of at least 6 months or above can invest in arbitrage funds. Since these funds depend greatly on volatility, the investor may invest in a lump sum instead of a SIP (Systematic Investment Plan). The investor may also consider investing when markets are highly volatile and showing no signs of a particular direction. If markets are not volatile, liquid funds will give better returns to the investor.
- Financial targets or goals These funds are suitable for those who have funds lying idle in their savings accounts and are willing to invest them for a few months to a few years. One must understand that these funds have small returns, but the risk involved is less. Few investments in equities and few in arbitrary funds would help them efficiently meet their financial targets. The investor may diversify the portfolio to meet the financial goals.
However, one must remember that there is no assurance of returns in arbitrage funds. Volatility plays a crucial role in these funds, and money can be made as long the markets keep moving in different directions. The opportunities are available when the market trade flat. If it continues, then the arbitrage funds will give below-average returns.
Arbitrage funds are Hybrid funds which invest in short-term debts or term deposits. This would mean low returns with some interest rates and credit risk.
In addition to these charges, the fund houses levy exit loads for those selling their holdings within 30 to 60 days. These additional charges are imposed to stop their investors from exiting early.
Returns would depend a lot upon the fund manager’s strategies. It would depend upon how the fund manager would leverage the opportunities. Steady returns can be achieved in all phases - bull, bear and volatile. The arbitrage fund manager must identify these phases and invest accordingly. For instance, in a bull phase, the cash is priced lesser than the Futures. It is the opposite in the bear phase. In a volatile phase, the prices of the shares are mis-priced.
Taxes on Arbitrage Funds
Regarding taxation, arbitrage funds are taxed in the same manner as equity funds. This is because the fund managers invest some funds in equities and debt. The taxation till 65% equity exposure is the same as equity funds.The taxes are applicable based on the holding period of the arbitrage funds. They are:
- Short-term capital gains (STCG) taxes: This tax applies to the arbitrage mutual fund units sold in less than a year. The taxes imposed are at 15%.
- Long-term capital gains (LTCG) taxes: This tax applies to an investor's arbitrage mutual fund units for over a year. A 1 lakh exemption is given on long-term capital gains in a financial year. Anything above 1 lakh in a financial year will be taxed 10% without indexation benefits. If a person falls in the higher tax-paying bracket, investments are made in arbitrage funds rather than debt funds.
This is because, from April 01, 2023, the taxation on debt mutual funds has been changed, removing all the benefits of long-term capital gains form debt-based investments (with less than 35% invested in equities). Short-term and long-term gains on debt mutual funds are now taxed as per the slab rate of income tax.
However, this change is only for investments made on or after April 01, 2023. Therefore, if you invest in debt mutual funds, your returns after adjusting for tax will be lower. Read more about the tax implications of investing in arbitrage funds here.
Arbitrage Funds compared to other forms of investment
Investment decisions should be made on the basis of financial goals and the resources available for investment. Factors like your risk appetite, the tenure you want to invest for, and the returns you are seeking play a major role in deciding the investment plan that is best suited for you. Whether arbitrage funds should form a part of your portfolio will depend on these factors. However, here is how arbitrage funds may perform in certain situations as compared to other traditional forms of investments to give you further insights into how arbitrage funds function.Arbitrage funds as Compared to Fixed Deposits
Investors have their ways of investing to secure their future. Many are comfortable investing in fixed deposits. While there are others, who want more returns. For this, they invest in equities and debt funds. Here are some differences between the fixed deposit and arbitrage fund investments:- Risk factor: The risk involved in investing in an arbitrage fund is more significant than fixed deposit investments.
- Liquidity: Arbitrage funds are highly liquid and give higher returns, whereas fixed deposits have less liquidity and lower returns. Returns: The fixed deposits give assured returns pre-determined at the time of investment. On the other hand, there are no guaranteed returns on arbitrage funds since they are linked to the stock market.
- Premature Withdrawal: Fixed deposits have a fixed tenure and a lock-in period. Any withdrawals before this maturity period will attract a penalty. On the other hand, if arbitrage funds are invested for a short time, then an exit load fee is charged. There are no additional charges for long-term investment in arbitrage funds.
- TDS (Tax Deducted at Source): Fixed deposits deduct TDS (Tax Deducted at Source) at 10 % if the interest income earned from the fixed deposit is more than Rs. 40,000. There is no TDS (Tax Deducted at Source) in arbitrage funds.
- Taxation: In fixed deposits, the interest income is added to an individual's income, and the tax to be paid is according to the income tax slab rate. On the other hand, in arbitrage funds, the Short-term capital gains (STCG) taxes are 15% if held for less than a year. Long-term capital gains (LTCG) taxes are 10% above Rs. 1 lakh if held for over a year.
Arbitrage funds as Compared to Liquid Funds /Debt funds
- Returns: Arbitrage funds are chosen by investors because of good returns in a very short period like six months to two years. However, if an investor wants more stable returns in the short term, then liquid funds are preferred by most investors. In the long term, they both deliver similar returns.
- Liquidity: Liquid funds are better in terms of liquidity. The money can be withdrawn from liquid funds in a day or two. Whereas arbitrary funds require three to five days to withdraw funds. Liquid funds can be redeemed after seven days without any exit fees. This is not the case with arbitrary funds.
- Expense ratio: Arbitrage funds have a higher expense ratio than liquid funds. This is because arbitrary funds need daily trading and arbitrary opportunities to make a profit. It is also dependent on the skills and efficiency of the fund manager. All this increases the cost of the fund considerably.
- Risk: The arbitrage funds are considered to be low-risk funds. Yet, when compared to the liquid funds they are slightly riskier than the liquid funds.
- Taxation: Arbitrage funds are more tax efficient than liquid funds. The gains in liquid funds are added to the taxable income in a financial year and taxed according to the income tax slab rate. Arbitrage funds are taxed at 15% in the case of STCG and 10% LTCG if held for more than a year with an exemption of Rs. one lakh in a financial year.
Arbitrage funds as Compared to Equity Funds
- Risk: Arbitrage funds are less risky than equity funds. A person with a high-risk appetite can invest in an equity fund. While those unwilling to take risks can consider arbitrage funds.
- Expense ratio: Arbitrage funds need to do daily trades. This increases the cost, which is eventually borne by the investor. Apart from this, an exit load (a fee levied on early exit) is also charged in case of exiting from the arbitrary fund thirty to sixty days after purchase. On the other hand, the expense ratio of the equity fund is low. The exit load in most of the equity funds is if exited within twelve months. This again depends upon the scheme in which the investor has invested.
- Returns: Equity funds deliver better returns than arbitrage funds. This is because of the equity holdings. In arbitrary funds, if there is a low arbitrage opportunity the returns might not be good.
- Taxation: Both these funds are taxed in a similar manner. However, a person falling in a higher tax bracket can opt for a short-term arbitrage fund. If the investor wants to invest for a period of one to three years, then equity funds could be a good option.
Conclusion
Arbitrage mutual funds are one of the few funds that have the potential of giving profits in a volatile market. Usually, in most other mutual fund schemes, the unit price falls whenever markets are volatile or less favourable. The unique strategy and tax benefits of arbitrage funds offers a good opportunity for investors to include this form of investment and try to hedge their portfolios against uncertainty in a volatile market. If you are thinking of investing in arbitrage funds, be sure to stay up to date with the latest news, understand the marketing triggers and invest in the arbitrage funds that suit your financial goals the most. Here is a summarised read that might interest potential investors of arbitrage funds.FAQs – Frequently Asked Questions
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Which is better arbitrage funds or liquid funds ?
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Is investing in an arbitrage fund better than investing in a fixed deposit ?
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How safe are the investments in arbitrage funds ?
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What is the lock-in period of arbitrage funds ?
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Where does the fund manager of arbitrage funds invest ?
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Are there any drawbacks to investing in arbitrage funds ?
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Is arbitrage trading legal in India ?
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Is arbitrage trading risk-free ?
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How can I become an arbitrage trader in India ?
DISCLAIMER
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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MoneyForLife Planner
To help you for your money needs you can avail the facility of MoneyForLife Planner (‘MoneyForLife Planner/ Planner’). MoneyForLife Planner facility is powered by Aditya Birla Money Limited, a subsidiary of ABCL. MoneyForLife Planner provides an indicative assessment of your money needs based on the factors like income, age, family members and their future, your future money requirements and current lifestyle status as per details filled in by you on the online questionnaire. The Planner provides an indicative view about the generic investment opportunities available in the manner indicated by you. The results provided by the Planner are generic in nature and do not necessarily reflect the actual investment profile that you may hold and it is not necessary for you to act on it. The Planner provides a generic indication of your money needs to enable you to prioritize your investment needs which are rule based. Therefore, the search results displayed by the Planner cannot be construed to be entirely accurate / comprehensive.
No fee or consideration or economic benefit either directly or indirectly is associated for availing the assessment through MoneyForLife Planner and therefore it is not to be considered as an investment advice or financial planning and / or investment advisory services.
You agree and understand that use of MoneyForLife Planner does not assure attainment of your investment objectives and there is no assurance that the money objectives will be achieved, as the same is subject to performance of the securities, the forces affecting the securities market and your risk profile. You are advised to consult an investment advisor in case you would like to undertake financial planning and / or investment advice for meeting your investment requirements.
You also agree that risks associated with any investment would be entirely yours and you would not hold ABCL and/or ABC Companies or any of its employees liable for any losses that may arise on account of any investments under taken basis the use of MoneyForLife Planner.
All investment decisions shall be taken by you in your sole discretion. You are advised to read the respective offer documents carefully for more details on risk factors, terms and conditions before making any investment decision in any scheme or products or securities or loan product. All investments in any product / fund / securities etc. will be on the basis, subject to and as per the terms and conditions of the specific product’s / fund’s / security’s offer document, key information memorandum, risk disclosure document, product or sales brochure or any other related documents which are offered by the respective issuer of such product/securities. You can use execution platform/services with any third party as deem fit and proper, and there is no compulsion to use the execution services through this Website.
Not an Investment Advisor, Planner, Broker or Tax Advisor
The facilities on the Website are not intended to provide any legal, tax or financial or securities related advice. You agree and understand that the Website is not and shall never be construed as a financial planner, financial intermediary, investment advisor, broker or tax advisor. The facilities are intended only to assist you in your money needs and decision-making and is broad and general in scope. Your personal financial situation is unique, and any information and advice obtained through the facilities may not be appropriate for your situation. Accordingly, before making any final decisions or implementing any financial strategy, you should consider obtaining additional information and advice from your advisor or other financial advisers who are fully aware of your individual circumstances. For more details, please also refer to the Legal Disclaimers provided on the Website.
Financial Solutions
We may provide you with various money solutions and options which are generally available basis your investment profile or those which are generally held by persons of similar investment profile. You authorize us to use/disseminate the information to provide the Financial Solutions however it is not necessarily for you to act on it. It only serves an indicative use of information which you may execute in the manner agreed by you.
Password Protection
You shall not be entitled to avail the facilities without the use of a user name and password. You are responsible for maintaining the confidentiality of your password and Account, and you shall not allow anyone else to use your password at any time. You are fully responsible for all activities that occur using your password or Account. You are requested to please notify www.adityabirlacapital.com immediately of any unauthorized use or access of your password or Account, or any other breach of security. The Website will not be liable for any loss that you may incur as a result of someone else using your password or account, either with or without your knowledge.
Intellectual Property Rights
This Website contains information, materials, including text, images, graphics, videos and sound (“Materials”), which is protected by copyright and/or other intellectual property rights. All copyright and other intellectual property rights in these Materials are either owned by ABCL or have been licensed to Facilities Provider, ABCL / ABC Companies by the owner(s) of those rights so that it can use these Materials as part of this Website. Other than those Materials which belong to Third Parties, ABC Companies retains copyright on all Information, including text, graphics and sound and all trademarks displayed on this Website which are either owned by or licensed to by ABCL and/or used under license by ABC Companies.
You shall not (a) copy (whether by printing off onto paper, storing on disk, downloading or in any other way), distribute (including distributing copies), download, display, perform, reproduce, distribute, modify, edit, alter, enhance, broadcast or tamper with in any way or otherwise use any Materials contained in the Website. These restrictions apply in relation to all or part of the Materials on the Website; (b) copy and distribute this information on any other server or modify or re-use text or graphics on this system or another system. No reproduction of any part of the Website may be sold or distributed for commercial gain nor shall it be modified or incorporated in any other work, publication or web site, whether in hard copy or electronic format, including postings to any other web site; (c) remove any copyright, trade mark or other intellectual property notices contained in the original material from any material copied or printed off from the web site; link to this Website; without our express written consent.
No Warranty
Although all efforts are made to ensure that information and content provided as part of this Website is correct at the time of inclusion on the Website, however there is no guarantee to the accuracy of the Information. This Website makes no representations or warranties as to the fairness, completeness or accuracy of Information. There is no commitment to update or correct any information that appears on the Internet or on this Website. Information is supplied upon the condition that the persons receiving the same will make their own determination as to its suitability for their purposes prior to use or in connection with the making of any decision. Any use of this Website or the information is at your own risk. Neither ABCL and ABC Companies, nor their officers, employees or agents shall be liable for any loss, damage or expense arising out of any access to, use of, or reliance upon, this Website or the information, or any website linked to this Website.
No Liability
This Website is provided to you on an "as is" and "where-is" basis, without any warranty. ABCL, for itself and any ABC Companies and third party providing information, Materials (defined later), facilities, or content to this Website, makes no representations or warranties, either express, implied, statutory or otherwise of merchantability, fitness for a particular purpose, or non-infringement of third party rights, with respect to the website, the information or any products or facilities to which the information refers. ABCL will not be liable to you or any third party for any damages of any kind, including but not limited to, direct, indirect, incidental, consequential or punitive damages, arising from or connected with the site, including but not limited to, your use of this site or your inability to use the site, even if ABCL has previously been advised of the possibility of such damages. Any access to information hosted on third party websites of billers/banks/merchants/ABC Companies etc. is not intended and shall not be treated as an offer to sell or the solicitation of an offer to buy any product/offering of these ABC Companies or third parties.
The Facilities Provider or ABCL or ABC Companies shall have absolutely no liability in connection with the information and Material posted on this Website including any liability for damage to your computer hardware, data, information, materials, or business resulting from the information and/or Material or the lack of information and/or Material available on the Website. In no event shall ABCL or ABC Companies shall be liable for any for any special, incidental, consequential, exemplary or punitive damages for any loss, arising out of or in connection with (a) the use, misuse or the inability to use this Website; (b) unauthorized access to or alteration of your transmissions or data; (c) statements or conduct of any third party on the site; or (d) any other matter whatever nature relating to this Website.
Further, the Facilities Provider cannot always foresee or anticipate technical or other difficulties. The facilities may contain errors, bugs, or other problems. These difficulties may result in loss of data, personalization settings or other facilities interruptions. The Website does not assume responsibility for the timeliness, deletion, mis-delivery, or failure to store any user data, communications, or personalization settings.
The Facilities Provider, ABCL, ABC Companies and the providers of information shall not be liable, at any time, for any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communications line failure, theft or destruction or unauthorized access to, alteration of, or use of information contained at this Website.
Manner of Use of Personal Information
All Personal Information including Sensitive Personal Information provided/related to you, shall be stored/used/processed/transmitted expressly for the Purpose or facilities indicated thereon at the time of collection and in accordance with the Privacy Policy. Other than those otherwise indicated and agreed by You, this Website do not collect or store or share your Personal Information. Aditya Birla Capital is the brand and accordingly all products and facilities are provided by respective ABC Companies as applicable. Therefore, for any of these Purposes, the Website will use ABC Companies their authorized third party vendors, agents, contractors, consultants or facilities providers (individually a ‘Third Party Service Provider’ and collectively, the “Third Party Service Providers”) and to that extent you understand and authorize the Facilities Provider to share/transmit such information to Third Party Service Providers. Such sharing of information will be solely for the purpose to fulfill / complete / authenticate your specific requests/transaction execution and for providing information about any ABC Companies product or facilities or services or for data analytics or to deliver to you any administrative notices, alerts or communications relevant to your Purpose (and which may include sending promotional emails or SMS or calls or any other mode permitted under law) or to analyze the usage and improve the facilities/solutions offered or for any research or troubleshooting problems, detecting and protecting against errors or to improve features, tailor the facilities on the Website to your interests, and to get in touch with you whenever necessary.
Except in the manner as stated in the Privacy Policy, the Website will not disclose your Personal Information with any affiliated or unaffiliated third parties,
You may receive e-mails /communications/notifications from the Third Party Services Providers regarding facilities updates, information/promotional e-mails/SMS and/or update on new product announcements/services in such mode as permitted under law.
Use of Website in India
This Website is controlled and operated from India and there is no representation that the Materials/information are appropriate or will be available for use in other locations. If you use this Website from outside the India, you are entirely responsible for compliance with all applicable local laws. There is no warranty or representation that a user in one region may obtain the facilities of this website in another region.
Information published on the Website may contain references or cross references to products, programs and facilities offered by ABC Companies/third parties that are not announced or available in your country. Such references do not imply that it is intended to announce such products, programs or facilities in your country. You may consult your local advisors for information regarding the products, programs and services that may be available to you.
In your use of the Website, you may enter correspondence with, purchase goods and/or facilities from, or participate in promotions of advertisers or members or sponsors of the web site, including those of ABC Companies. Unless otherwise stated, any such correspondence, advertisement, purchase or promotion, including the delivery of and the payment for goods and/or facilities, and any other term, condition, warranty or representation associated with such correspondence, purchase or promotion, is solely between you and the applicable ABC Companies and/or third parties.
You agree that Facilities Provider / ABC Companies has no liability, obligation or responsibility for any such correspondence, purchase or promotion between you and any other ABC Companies and/or third parties.
Third party websites
This Website may be linked to other websites (including those of ABC Companies) on the World Wide Web that are not under the control of or maintained by ABCL. Such links do not indicate any responsibility or endorsement on our part for the external website concerned, its contents or the links displayed on it. These links are provided only as a convenience, in order to help you find relevant websites, facilities and/or products that may be of interest to you, quickly and easily. It is your responsibility to decide whether any facilities and/or products available through any of these websites are suitable for your purposes. The Facilities Provider or ABCL is not responsible for the owners or operators of these websites or for any goods or facilities they supply or for the content of their websites and does not give or enter into any conditions, warranties or other terms or representations in relation to any of these or accept any liability in relation to any of these (including any liability arising out of any claim that the content of any external web site to which this web site includes a link infringes the intellectual property rights of any third party).
USE of APP
In case any facilities/services, access/dissemination of information or execution of transaction is done through use of any APP related to ABC Companies, the additional terms and conditions governing the Use of APP shall be applicable and to be read along these Terms of Use.
Postings and monitoring
The Facilities Provider or ABCL or ABC Companies does not routinely monitor your postings to the Website but reserves the right to do so if deemed necessary if it is related to the facilities offered on the web site and to comply with law. However, in our efforts to promote good citizenship within the internet community, if the Facilities Provider or ABCL or ABC Companies becomes aware of inappropriate use of the Website or any of its facilities, any information, opinions, advice or offers posted by any person or entity logged in to the Website or any of its associated sites is to be construed as public conversation only, and the Facilities Provider or ABC Companies shall not be liable or responsible for such public conversation. You agree that in such cases, we will respond in any way that, in our sole discretion, as deemed appropriate. You acknowledge that Facilities Provider or ABC Companies will have the right to report to law enforcement authorities any actions that may be considered illegal, as well as any information it receives of such illegal conduct. When requested, ABC Companies/Facilities Provider will co-operate fully with law enforcement agencies in any investigation of alleged illegal activity on the internet.
Submissions and unauthorized use of any Materials contained on this Website may violate copyright laws, trademark laws, the laws of privacy and publicity, certain communications statutes and regulations and other applicable laws and regulations. You alone are responsible for your actions or the actions of any person using your user name and/or password. As such, you shall indemnify and hold Facilities Provider, ABCL / ABC Companies and its officers, directors, employees, affiliates, agents, licensors, and business partners harmless from and against any and all loss, costs, damages, liabilities, and expenses (including attorneys' fees) incurred in relation to, arising from, or for the purpose of avoiding, any claim or demand from a third party that your use of the Website or the use of the Website by any person using your user name and/or password (including without limitation your participation in the posting areas or your submissions) violates any applicable law or regulation, or the rights of any third party.
We reserve the right to terminate access to this Website at any time and without notice. Further this limited license terminates automatically, without notice to you, if you breach any of these Terms of Use. Upon termination, you must immediately destroy any downloaded and printed Materials.
If you come across any breaches/violation or offensive material you must report to us at abc.secretarial@adityabirla.com
Use of Cookies
You agree and understand that the Website will automatically receive and collect certain anonymous information in standard usage logs through the Web server, including computer/computer resource-identification information obtained from "cookies" sent to your browser from a web server or other means as explained in the Privacy Policy.
Facilities Changes and Discontinuation
The Website reserves the right to discontinue or suspend, temporarily or permanently, the facilities. You agree that the Facilities Provider/ ABC Companies will not be liable to you in any manner whatsoever for any modification or discontinuance of the facilities. The format and content of this Website may change at any time. We may suspend the operation of this Website for support or maintenance work, in order to update the content or for any other reason.
ABCL, ABC Companies, and its directors, employees, associates, or other representatives shall not be liable for any damages or injury, arising out of or in connection with the use, or non-use including non-availability of the Website and also for any consequential loss or any damages caused because of non-performance of the system due to a computer virus, system failure, corruption of data, delay in operation or transmission, communication line failure, or any other reason whatsoever. The Website will not be responsible for any liability arising out of delay in providing any information on the Website.
Compliance with the Law
You agree that you will not:
- Use any robot, spider, scraper, deep link or other similar automated data gathering or extraction tools, programme, algorithm or methodology to access, acquire, copy or monitor the Website, or any portion of the Website.
- Use or attempt to use any engine, software, tool, agent, or other device or mechanism (including without limitation, browsers, spiders, robots, avatars or intelligent agents) to navigate or search the Website, other than the search engines generally available by third party web browsers
- Post or transmit any file which contains viruses, worms, Trojan horses or any other contaminating or destructive features, or that otherwise interferes with the proper working of the Website or the facilities.
- Attempt to decipher, decompile, disassemble, or reverse engineer any of the software, comprising or in any way making up a part of the Website or the facilities.
- You agree not to use the facilities for illegal purposes or for the transmission of material that is unlawful, harassing, libelous (untrue and damaging to others), invasive of another's privacy, abusive, threatening, or obscene, or that infringes the rights of others.
Restrictions on Commercial Use or Resale
Your right to use the facilities is personal to you; therefore, you agree not to resell or make any commercial use of the facilities. In addition, the Website welcomes your feedback as a user of the facilities. Any feedback you provide will become the confidential and proprietary information of the Website, and you agree that the Website may use in any manner and without limitation, all comments, suggestions, complaints, and other feedback you provide relating to the Website. The Website shall have a worldwide, royalty-free, non-exclusive, perpetual, and irrevocable right to use feedback for any purpose, including but not limited to incorporation of such feedback into the Website or other Website software or facilities.
No Endorsements
All product and facilities marks contained on or associated with the facilities that are not the Website marks are the trademarks of their respective owners. The Website would require you to respect the same. References to any such names, marks, products or facilities of third parties or hypertext links to third party sites or information does not imply the Website’s endorsement, sponsorship or recommendation of the third party, information, product or facilities.
Promotional Offers
You may receive from time to time, announcement about offers with intent to promote this Website and/or facilities/products of ABC Companies (“Promotional Offers”). The Promotional Offer(s) would always be governed by these Terms of Use plus certain additional terms and conditions, if any prescribed. The said additional terms and conditions, if prescribed, would be specific to the corresponding Promotional Offer only and shall prevail over these Terms of Use, to the extent they may be in conflict with these Terms of Use. The Website reserves the right to withdraw, discontinue, modify, extend and suspend the Promotional Offer(s) and the terms governing it, at its sole discretion.
Charges for use of Website
There are no charges or fees to be paid by you for use of this Website. However, you are responsible for all telephone access fees and/or internet service fees that may be assessed by your telephone and/or internet service provider. You further agree to pay additional charges, if any levied by Third Party Service Provider(s), for the facilities provided by them through the Website (Additional Charges).
No Endorsement
You are advised to be cautious when browsing on the internet and to use good judgment and discretion when obtaining information or transmitting information. From this Website, users may visit or be directed to third party web sites. The Website makes no effort to review the content of these web sites, nor is the Website or its licensors responsible for the validity, legality, copyright compliance, or decency of the content contained in these sites.
In addition, the Website does not endorse or control the content of any other user and is not responsible or liable for any content, even though it could be unlawful, harassing, libelous, privacy invading, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable, or that it infringes or may infringe upon the intellectual property or other rights of another. You acknowledge that the Website does not pre-screen content, but that the Website will have the right (but not the obligation) in their sole discretion to refuse, edit, move or remove any content that is available via the facilities.
Electronic Communications
These Terms of Use and any notices or other communications regarding the Facilities may be provided to you electronically, and you agree to receive communications from the Website in electronic form. Electronic communications may be posted on the Website and/or delivered to your registered email address, mobile phones etc either by Facilities Provider or ABC Companies with whom the services are availed. All communications in electronic format will be considered to be in "writing". Your consent to receive communications electronically is valid until you revoke your consent by notifying of your decision to do so. If you revoke your consent to receive communications electronically, the Facilities Provider shall have the right to terminate the facilities.
Assignment
You shall not assign your rights and obligations under this Agreement to any other party. The Website may assign or delegate its rights and/or obligations under this Agreement to any other party in future, directly or indirectly, or to an affiliated or group company.
Legal Disclaimers
The information provided on or through the Website is for general guidance and information purposes only and they do not in any manner indicate any assurance or opinion of any manner whatsoever. Any information may be prone to shortcomings, defects or inaccuracies due to technical reasons. Certain information on Website may be on the basis of our own appraisal of the applicable facts, law and regulations in force at the date hereof.
The information (and opinions, if any) contained on the Website may have been obtained from public sources believed to be reliable and numerous factors may affect the information provided, which may or may not have been taken into account. The information provided may therefore vary (significantly) from information obtained from other sources or other market participants. Any reference to past performance in the information should not be taken as an indication of future performance. The information is dependent on various assumptions, individual preferences and other factors and thus, results or analyses cannot be construed to be entirely accurate and may not be suitable for all categories of users. Hence, they should not be solely relied on when making investment decisions. Your investment or financial decision shall always be at your own discretion and based on your independent research; and nothing contained on the Website or in any information would construe ABCL/ABC Companies or any of its employees/authorized representative as having been in any way involved in your decision making process. Any information and commentaries provided on the Website are not meant to be an endorsement or offering of any stock or investment advice.
Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Facilities Provider / ABCL/ABC Companies makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. Information on this Website sourced from experts or third party service providers, which may also include reference to any ABCL Affiliate. However, any such information shall not be construed to represent that they belong or represent or are endorsed by the views of the Facilities Provider or ABC Companies. Any information provided or sourced from ABCL Affiliate belongs to them. ABCL is an independent entity and such information from any ABCL Affiliate are not in any manner intended or to be construed as being endorsed by ABCL or Facilities Provider. The information does not constitute investment or financial advice or advice to buy or sell, or to endorse or solicitation to buy or sell any securities or other financial instrument for any reason whatsoever. Nothing on the Website or information is intended to constitute legal, tax or investment advice, or an opinion regarding the appropriateness of any investment or a solicitation of any type. Investment in the securities market and any financial instruments are inherently risky and you shall always assume complete and full responsibility for the outcomes of all the financial or investment decisions that you make, including but not limited to loss of capital. You are therefore advised to obtain your own applicable legal, accounting, tax or other professional advice or facilities before taking or considering an investment or financial decision.
No Solicitation
No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.
The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.
Statutory Disclosure
ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF. Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.
Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
Force Majeure
The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.
Indemnification
You agree to protect and fully compensate Facilities Provider, ABCL, ABC Companies, subsidiaries, licensors, suppliers and facilities providers, employees, officers and directors, from any and all third party claims, liability, damages, expenses and costs (including but not limited to reasonable attorneys fees) caused by or arising from your use of the facilities, your violation of the Terms of Use or your infringement, or infringement by any other user of your account, of any intellectual property or other right of anyone.
No Waiver
The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
Exclusive Agreement
You agree that these Terms of Use are the complete and exclusive statement of agreement supersede any proposal or prior agreement, oral or written, and any other communications between you and the Facilities Provider and its Third Party Service Providers or processor bank/merchants relating to the subject matter of these Terms of Use. These Terms of Use, as the same may be amended from time to time, will prevail over any subsequent oral communications between you and the Website and/or the processor bank.
Termination
Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.
Governing Law and Jurisdiction
The Website specifically prohibits you from usage of any of its facilities in any countries or jurisdictions that do not corroborate to all stipulations of these Terms of Use. The Website is specifically for users in the territory of India. In case of any dispute, either judicial or quasi-judicial, the same will be subject to the laws of India, with the courts in Mumbai having exclusive jurisdiction.
These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.
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