Terms and Conditions
Last updated: 30th September 2024
Welcome to our Mobile application and/ or the website (“Elever App”). By continuing to browse and use this Elever App either directly or through Your use of a Service Partner’s platform wherein You access the Elever App through an API integration of the Elever App into such Service Partner’s platform, You are agreeing to comply with and be bound by the following terms and conditions of use (“Agreement”), which together with our ‘Privacy Policy’, govern Your use of our Elever App.
Reference to the Elever App in this Agreement shall include browsing and usage of the Elever App when accessed directly by You or through Your use of a Service Partner’s platform wherein You access the Elever App through an Elever widget hosted on the Service Partner’s platform by way of an SDK.
Nothing contained in this Agreement is intended to modify or amend any other written agreement, if any, that may currently be in effect between You and Elever Investment Adviser Private Limited, with regard to matters other than Your use of our Elever App.
Elever may periodically modify this Agreement, and any such modifications will be effective immediately upon posting. We suggest that You periodically check this Agreement for modifications. If You do not agree to this Agreement, do not use our Elever App.
For the purpose of this Agreement, Elever Investment Adviser Private Limited, a private limited company incorporated under the Companies Act, 2013 having its office at Smartworks, Vaishnavi Tech Park, 5th Floor, South Wing, Bellandur Gate, Ambalipura, Bengaluru – 560103, Karnataka, (“Elever,” “we,” “us” or “our”) acts as the owner of the document. “You” or “Your” refers to an individual who uses our Elever App to avail our Service, or accesses our website for informational purposes.
Please note that, unless stated otherwise the context or meaning requires, the following expressions that have been used anywhere and everywhere in this Agreement or any document that is provided in relation to this Agreement, shall have the below meaning:
NOW, THEREFORE, for and in consideration of the mutual promises, benefits and covenants contained herein, Elever and You hereby agree as follows:
I. Using Our Services
II. Scope of Services
Elever is authorized to carry on the business of offering discretionary, non-discretionary and advisory services as a Portfolio Manager vide Registration No. IMP000008905 (“Portfolio Management Services”). Other information regarding the provision of Portfolio Management Services is included in the Investor Charter (available here) and Disclosure Document (available here).
In addition to Portfolio Management Services, Elever is also in the business of providing Investment Advisory services in direct market securities through its technology platform. It is registered with SEBI as an Investment Advisor vide Registration No. INA200016102.
You are availing Investment Advisory services from Elever, as per Your own free will and desire and after duly satisfying Yourself of the credentials, relating to investing in, purchasing, selling or otherwise dealing in securities or investment products, and advice on investment portfolio containing securities or investment products, whether written or oral or through any other means of communication;
As a part of availing the Services, You will be required to complete the risk profiling questionnaire on the Elever App, and basis such risk profiling, Elever will present its Investment Advice to You. In the event You wish to implement such Investment Advice, Elever will facilitate the same, in a manner compliant with Applicable Laws.
Subject to the Regulations, Elever’s role would be to deliver Investment Advisory services to You from time to time including the following:
III. Appointment
Pursuant to valid and proper authority and in accordance with Applicable Law, You hereby appoint, entirely at Your risk, Elever to render the services of (i) Portfolio Manager to you as per the terms and conditions set out in the Portfolio Management Services Agreement (“PMS Agreement”) entered into between you and Elever as per Regulation 22(1) of the Securities Exchange Board of India (Portfolio Managers) Regulations, 2020 (“PM Regulations”) and (ii) Investment Advisers in accordance with the terms and conditions of the Investment Advisory Services Agreement (“IA Service Agreement”) as mandated under Regulation19(1)(d) of the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 (“the Regulations”) for the term of Your relationship with Elever and Elever agrees to such appointment on terms and conditions provided for herein. In case of any conflict between the terms in this Agreement and those provided in the PMS Agreement, the PMS Agreement shall prevail.
IV. Consent
You hereby agree and confirm that:
V. Identity & Authentication
Elever will establish Your identity on its online services by means of a phone number or email and will authenticate it by either a password selected by You, or a one-time password (OTP) sent to Your email or mobile phone, or third-party authentication services provided by third parties such as Google and Facebook, or biometric identification enabled by Your device. Any instructions provided to, or communication with, Elever or its Service Partners which are so authenticated will be considered to have originated from You.
VI. Provision of Services
You acknowledge and agree that, for the provision of Services under this Agreement:
VII. Fees And Chargesy
Fees
Fees charged to the Client for Investment Advisory:
In the present relationship, the fees for Investment Advisory are charged under the Asset under Advice (AUA) mode. The applicable fee for all Investment Advisory services offered by Elever is up to 2.5% per annum per Client charged on a quarterly basis, on the daily average value of Asset Under Advice (AUA) for each calendar quarter. The fee will be subject to applicable GST. Elever is entitled to vary the percentage of the fee to be charged for each investment product offered by Elever, subject to not exceeding the maximum fee allowed to be charged by SEBI. The actual percentage and the computation of the amount of advisory fee charged for a particular investment product will be shared and provided to the Client, at the time such Client makes a transaction in an investment product
The invoice shall be raised on 1st of every calendar quarter, i.e. 1st January, 1st April, 1st July and 1st October. If 1st is a trading holiday, immediate next trading day would be considered to be the invoice date for all users. For any new subscriptions, the advance fees collected will be adjusted on a pro-rata basis when subsequent invoices are raised on the 1st of the subsequent quarter. The actual percentage and the computation of the amount of advisory fee charged will be shared and provided to the Client along with an invoice with applicable additions of taxes to the Client. The same shall be payable on or before the due date mentioned in the invoice.
Notwithstanding anything contained herein, in the event You avail the Investment Advisory service through a Service Partner, the fees are charged under Fixed Fee mode. The applicable fee for all Services offered by Elever, when availed through the platform of a Service Partner is up to INR 10,000 per annum per Client charged on a monthly advance basis. The fee will be subject to applicable GST. Elever is entitled to vary the fixed fee to be charged for investment products offered by the Investment Advisor, subject to not exceeding the maximum fee allowed to be charged by SEBI. The invoice shall be raised on 1st of every month for the services to be provided in such month. If 1st is a trading holiday, immediate next trading day would be the invoice date for all users. The invoice shall be payable on or before the due date mentioned in the invoice.
Elever's fees for Investment Advisory will be based on the AUA adviced by Elever and for Portfolio Management Services will be as per the PMS Agreement. The Client agrees that fees for Investment Advisory service are to be paid in favour of “ELEVER INVESTMENT ADVISER PRIVATE LIMITED” by way of NEFT/ RTGS/ IMPS/ UPI to the following account:
Bank Name: Axis Bank Limited
Branch: Sarjapur Road Branch
Account Number: 920020064107887
IFSC Code: UTIB0001888
The Client agrees that fees for Portfolio Management Services are to be paid in favour of “ELEVER INVESTMENT ADVISER PRIVATE LIMITED” by way of NEFT/ RTGS/ IMPS/ UPI to the following account:
Bank Name: ICICI Bank Limited
Branch: Sarjapur Road Branch
Account Number: 194905000506
IFSC Code: ICIC0001949
Sharing, reduction, deferment or waiver of investment advisory fees
The fees received by Elever for the Services may be shared with affiliates or external counterparties at its sole discretion. Elever for the Services may, in writing, reduce, defer or waive all or part of the fees or other amounts payable to it under this Agreement or direct that a portion of such fees or other amounts to be paid by You to third parties, employees of Elever, providers of services to You or such other parties as Elever in its discretion may see fit from time to time.
Out-of-pocket expenses
You shall cause Elever to be reimbursed out of Your assets all out-of-pocket expenses properly and reasonably incurred by it in connection with its performance of Services under this Agreement.
Costs to be borne by You
You shall pay Your own expenses (whether or not incurred directly by Elever) including and without limitation to:
VIII. Grievance Redressal
In case of any grievances, You shall follow the following hierarchy:
IX. Privacy and Data Protection
X. Intellectual Property
XI. Limitation of Liability
You will not dispute and/or hold Elever responsible for:
You further acknowledge and agree that, to the maximum extent permitted by law, neither Elever nor any of its Service Partners or Vendors will be liable for any incidental, special, exemplary or consequential damages, including loss of profits, loss of data or loss of goodwill, service interruption or in connection with the terms of this Agreement, as a result of Your use of Services. Elever's liability if any at all, in all circumstances shall not exceed the total investment advisory for the Service paid by You to Elever.
XII. Modification and Termination of Services
We are constantly changing and improving our Services. We may add or remove functionalities or features, and / or we may stop a Service altogether, either due to a management decision or regulatory restrictions. In each case, we will give You reasonable advance notice. In case You wish to discontinue using the Services of Elever, You may terminate Your subscription in accordance with the termination provisions under the applicable IA Service Agreement and/or PMS Agreement. Even upon termination of the IA Service Agreement and/or the PMS Agreement, the terms of this Agreement, to the extent applicable, shall continue to remain in force.
XIII. Indemnity
You agree to indemnify, defend, and hold Elever, its Service Partners and its Vendors harmless from and against any and all losses, including legal fees, arising out of or relating to Your failure to comply with the provisions of this Agreement.
XIV. Declarations by Elever
XV. Declarations by Client
XVI. Governing Law
This Agreement shall be construed in accordance with the laws of India. Notwithstanding the provisions of sub-clause (b) below, each of the Parties submit to the exclusive jurisdiction of the courts of competent jurisdiction in Bangalore, India, insofar as it relates to any Party seeking to obtain injunctive or equitable relief.
XVII. General Provisions