L&T Terms and Conditions

These Terms, together with the application form(s), are binding on you with respect to your dealings with L&T through various Channels.

These Terms are issued to you by L&T Investment Management Limited (“LTIML”), a company within the Larsen and Toubro Limited group of companies. These Terms and Conditions are a binding contract between you and LTIML / L&T Mutual Fund (“LTMF”), a mutual fund registered with the Securities and Exchange Board of India (“SEBI”).

You will deal with LTIML in regard to the schemes launched by LTMF. LTIML is the investment manager to the schemes launched by LTMF.

LTIML reserves the right to change these Terms and Conditions at any time, without any notice and the revised Terms and Conditions shall be binding on you. Any investor who deals with LTIML through the Channels shall be deemed to have accepted these Terms and Conditions (as may be amended from time to time).

1) Definitions

The definitions below apply throughout these Terms.

  1. "Authorised Representative" shall in respect of non–individual investor mean such person or persons authorized by the investor to act on the investor’s behalf for dealing with L&T and whose specimen signature has been lodged with L&T/its authorised representative.
  2. "Channels" shall mean various electronic channels including but not limited to internet, telephone, mobile phone, etc. provided by L&T/ through which you can deal with L&T. Some of these will be the official points of acceptance of transactions in the schemes of LTMF and necessary disclosure will be made in the Scheme Information Document.
  3. "User ID" shall mean the unique identifying number assigned to / by you at the time of registration with L&T for having access to your folio(s) through various Channels.
  4. "L&T" shall mean L&T Investment Management Limited. References to “L&T” in the Terms will also include any company to which L&T may transfer its rights and obligations under the Terms in accordance with clause 8 (A).
  5. "Mutual Fund" shall mean L&T Mutual Fund, a mutual fund registered with SEBI.
  6. "Verification code / Confirmation code / One Time Password (OTP)" shall mean a random code issued by L&T / its authorised representatives as and when required for the purpose of dealing with L&T.
  7. "SEBI" means the Securities and Exchange Board of India.
  8. "Terms" means these terms for dealing with L&T through the Channel(s) and shall include all modifications and supplements thereto from time to time.
  9. "Trustees" shall mean L&T Mutual Fund Trustee Limited, the Trustee to LTMF.
  10. "Unit" shall mean an interest of an investor(s) in the schemes of the Mutual Fund consisting of each unit representing one undivided share in the net assets of that scheme as evidenced by the account statement.
  11. "You" shall mean any person who does business with L&T under these Terms. The term “You” in case of individual investor includes your personal representatives.

References to the singular shall include the plural and vice versa. References to clauses are to clauses of these Terms.

References to statutes, rules or regulations shall be taken to include any amendments made to them from time to time.

2) General terms:

  1. You agree that the transactions carried out through the Channels in Units of various schemes offered by the Mutual Fund shall be subject to the provisions contained in the respective Scheme Information Documents and / or Key Information Memoranda and / or statement of additional information (as updated by issue of relevant addenda).
  2. In case if you have completed the Know Your Customer (“KYC”) formalities, you agree and accept that pending receipt of all the relevant documents (including the signed Folio Linking/Online Registration Form, the Terms and the necessary supporting documents) duly completed and signed by you by L&T / its authorised representatives,
    1. you will be permitted to carry out only purchase transactions excluding switches;
    2. you will be permitted to invest as a sole investor only (i.e. you won’t be able to invest jointly) unless you wish to transact in an existing folio where units are held jointly and in such cases all the joint holders will mandatorily need to be registered with L&T for dealing through the Channels; and
    3. you authorise L&T / its authorised representative to block for further dealings, the folio(s) in which you have made investments through Channels.
  3. In case if you have not completed the KYC formalities, you agree and accept that till all the relevant documents (including the signed Folio Linking Form/Online Registration Form, the Terms, KYC Form and the necessary supporting documents) duly completed and signed by you are received by L&T / its authorised representatives you will have only view access;
  4. You agree that the data provided by you pursuant to dealing with L&T could be shared by L&T with its authorised agents, representatives, affiliates, group companies and subsidiaries.
  5. You agree and accept that you shall abide by these Terms (including the instructions relating to dealing with L&T) as may be specified by L&T with respect to dealing through the Channels from time to time.
  6. You agree and accept that L&T has the discretion to restrict a particular set / class of investors from dealing with L&T or block a folio for further dealings.
  7. You accept the sole responsibility to maintain the secrecy of all information of confidential nature and shall ensure that the same is not disclosed to any person voluntarily, accidentally or by mistake.
  8. You agree and confirm that L&T and / or its authorised representatives is not in a position to verify that the dealings are indeed undertaken by you / Authorised Representative(s) at the time of dealing through the Channels and they are not or shall be not held responsible for any transactions arising out of the misuse of the password and / or Verification code / Confirmation code / One Time Password (OTP) by any person other than you / Authorised Representative(s).
  9. You agree and consent to the transmission of data (personal, account / User ID related, etc) by electronic means through the Channels with respect to dealing with L&T.
  10. You agree that L&T may suspend any or all the services provided for the purpose of dealing, without liability, in whole or in part, at any time without prior notice if you do not comply with any of these Terms or any modifications thereof.
  11. You shall not assign any right or interest or delegate any obligation arising herein.
  12. You shall be responsible for the systems used by you with respect to dealings with L&T and for various security measures which you have to take to prevent unauthorised access to details relating to the dealing with L&T through the Channels, and L&T shall not be liable for any such unauthorised access.
  13. You agree that L&T is currently permitting the dealing with L&T without any charge (however applicable exit load / any other charge levied by the Mutual Fund will be chargeable in accordance with the provisions contained in the respective scheme information documents), but L&T reserves the right to levy any charge it may deem fit.
  14. You agree that L&T is providing only a facility to you for the purpose of dealing in the Units of schemes of the Mutual Fund and hence there is no contractual obligation on L&T / LTMF / the Trustees with respect to such facility and the said facility can be withdrawn at the sole discretion of L&T and without any prior notice to you.
  15. You acknowledge that dealing through the Channels will be at your own risks. You shall solely be responsible to evaluate all the risks arising out of the same. The risks would, inter alia include:
    1.   Internet frauds - The Channels may be susceptible to number of frauds, misuse, phishing, hacking and other actions, which could affect instructions sent to L&T / its authorised representatives. There cannot be any guarantee from such internet frauds, phishing, hacking and other actions.
    2.   The susceptibility of the Channels to virus(es) or other malicious, destructive or corrupting codes or programs.

3) Terms applicable to USER ID, Verification code / Confirmation code / One Time Password (OTP) and / or password

  1. You agree and unconditionally confirm that you shall be solely responsible to ensure protection and confidentiality of the User-ID, password and / or the Verification code / Confirmation code / One Time Password (OTP) and any disclosure thereof shall be entirely at your risk.
  2. You agree to accept responsibility for all activities occurring under your account or password that are due to your conduct, inaction, or negligence.
  3. You grant express authority to L&T / its authorised representatives for giving effect to dealing requests made by you through the Channels authenticated by the password and / or the Verification code / Confirmation code / One Time Password (OTP).
  4. You agree that L&T may, in its absolute discretion, issue a new password and / or Verification code / Confirmation code / One Time Password (OTP) to you on the Terms stated herein or on such other Terms as L&T may deem fit.
  5. You agree to notify L&T immediately if the password and / or Verification code / Confirmation code / One Time Password (OTP) is lost or stolen or if you are aware or are of the belief that another unauthorized person is privy to or has used the Verification code / Confirmation code / One Time Password (OTP) or it is suspected that the Verification code / Confirmation code / One Time Password (OTP) has been tampered with. On receiving such notification, L&T / its authorised representative may issue a new User ID and / or password and / or Verification code / Confirmation code / One Time Password (OTP) to you.

4) Terms applicable if you are a non–individual investor / hold Units jointly

  1. If any third party or unauthorized signatory (in case you are a non-individual investor) gains unauthorized access with respect to the dealings by using your password and/or Verification code / Confirmation code / One Time Password (OTP), you agree that L&T / its authorised representatives shall not be liable for any damage or loss arising out of such unauthorized use of the password and / or Verification code / Confirmation code / One Time Password (OTP). You agree to indemnify L&T / LTMF/ the Trustees and its Directors, employees, agents and representatives against any liability, costs, or damages arising out of claims or suits by such other third parties or other person relating based upon or related to such access or use.
  2. In case you are a non-individual investor, you undertake to submit to L&T/ its authorised representatives a certified true copy of a resolution authorizing signatories (along with their specimen signatures) who shall have the full authority to act for and on behalf of you with respect to dealings through the Channels. Only these Authorised Representative(s) will be permitted to transact through the Channels. Additionally these Authorised Representative(s) will have the right (if permitted by the resolution) to specify the names of certain authorised personnel who could have the right only of online viewing of accounts and initiation of a transaction through the Channels.
  3. In case you are a non-individual investor, you undertake that any changes to the list of the Authorised Representative(s) as mentioned above shall be communicated to L&T / its authorised representatives forthwith in writing and you agree that the same shall be effective only upon its registration by L&T/ its authorised representatives. L&T / its authorised representatives shall not be held responsible for any transactions that are initiated / authorised by a person who has ceased to be an Authorised Representative(s), pending receipt of a written confirmation to this effect you and registration of the same by L&T / its authorised representatives.
  4. In case you are a non-individual investor or have a joint account with the Mutual Fund (i.e. Units of the schemes of the Mutual Fund are held jointly by you), you agree that in case a transaction request through the Channel is not authorised by all the Authorised Representatives / joint holders in line with the mode of operation selected, within the applicable cut–off time as may be specified by L&T, then such transaction will expire and shall not be carried forward and a fresh transaction request will be required to be initiated.
  5. You agree that if the bank account through which you propose to make payments towards your dealing in the Units of the schemes of Mutual Fund is held jointly, you shall be solely responsible for getting the authorization of the other joint holder(s) for making the payment in favour of the respective Mutual Fund(s) and the dealing will be completed only on receipt of funds by the Mutual Fund concerned.

5) Terms relating to processing of transactions submitted through Channels

  1. You agree and confirm that all the authorised and complete transactions will be processed at the applicable NAV (as defined in the scheme information documents of respective schemes of Mutual Fund and / or specified in the SEBI (Mutual Funds) Regulations, 1996) subject to realization / utilization of the funds and acceptance of the transactions by the Mutual Fund / its authorised representatives. A transaction will be deemed to be complete only once it is authorised by all the joint holders / Authorised Representatives as the case may be and the funds are received by the Mutual Fund. The electronic time stamping done on the transaction request received through a Channel after the transaction is complete shall be deemed to be time stamping done in accordance with guidelines issued by SEBI from time to time.
  2. You agree that you shall be responsible for all transactions conducted through the Channel(s) and records generated by L&T / its authorised representatives shall be conclusive proof of the transaction being undertaken and shall be binding on you and may be used as an evidence in any proceedings, legal or otherwise. In case of any discrepancy with regard to a transaction, you agree to notify L&T / its authorised representatives within 7 days of receipt of the record of such transaction.
  3. You agree that there may be a time lag between the time a transaction is completed and before the same is updated in the records of L&T / its authorised representatives. There may be a possibility of variances in values arising out of delayed data feeds, transmission losses in electronic data etc. for which L&T / its authorised representatives shall not be liable.
  4. You agree that the payment for the transaction undertaken by you over the Channel(s) will be facilitated through a payment gateway and L&T / its authorised representatives / LTMF / Trustees will not be liable for any failures in the link or for any fraud (either payment gateway’s and / or bank’s end) that could take place at the time of making payment and you shall inform L&T / its authorised representatives immediately if your bank account is debited and wherein corresponding Units have not been allotted. L&T / its authorised representatives shall re-confirm the receipt of the funds and following which it shall process the transaction based on the applicable NAV on the date of receipt of funds by the Mutual Fund.
  5. You agree that submission of a transaction request through the Channel(s) shall not be deemed to be acceptance of the transaction by L&T / its authorised representatives / Mutual Fund and the transaction could be rejected if does not comply with the provisions of the respective scheme information documents and / or statement of additional information or for any other reason which L&T / its authorised representatives / Mutual Fund deems fit.

6) Liability

  1. You agree to keep indemnified and hold L&T / LTMF / Trustees and its officers and agents free and harmless at all times, against all monetary and other harm, injury, costs, losses, liabilities, damages, charges, actions, legal proceedings, claims and expenses and consequences including without limitation any costs between attorney and client, whether direct or indirect, by reason of dealing with L&T and/or doing and/or omitting to do anything in accordance with the Terms specified herein or any instructions relating to the dealing with L&T other than liabilities caused as a direct result of L&T’s negligence, knowing default, fraud or breach of the relevant applicable rules or of these Terms.
  2. You agree that L&T is not liable for any loss caused through a fall in value of investments (including, without limitation, those which may occur due to delays during the process of verifying an investor’s identity in compliance with anti-money laundering regulations).
  3. You agree that L&T shall not be held liable or responsible for any loss caused due to blocking/by L&T / its authorized representatives of folios in which you have made investments through Channels.
  4. You agree that L&T is also not liable for any indirect, special or consequential loss you might suffer (including direct or indirect loss of profit).
  5. You agree that you shall not hold L&T / its authorised representatives / LTMF / Trustees responsible or liable if you incur any loss as a result of information being disclosed by you with respect to your dealing with L&T.
  6. You agree and undertake not to hold L&T / its authorised representatives liable for the following:
    1. any delay or failure in processing the transactions carried out by you due to any system failure at L&T / its authorised representatives’ end or for any other reason whatsoever.
    2. for any loss or damage incurred or suffered by you due to any error, defect, failure or interruption in the dealing arising from or caused by any reason whatsoever.
    3. for any fraud, negligence/mistake or misconduct by you.
    4. for any breach or non-compliance by you of these Terms.
    5. for not permitting you to deal with L&T after such reasonable verification as L&T / its authorised representatives may deem fit.
    6. for permitting any person who provides L&T / its authorised representatives with the password and / or Verification code / Confirmation code / One Time Password (OTP) to deal with L&T. L&T / its authorised representatives shall be under no obligation to further ascertain your identification at the time of dealing with L&T.
    7. for any loss or damage incurred or suffered by you due to withdrawal or termination or suspension of the dealing facility by L&T arising from or caused by any reason whatsoever.

You agree that this undertaking shall be valid until such time you have not expressly informed L&T in writing that you do not wish to deal with L&T any longer and it shall be also valid in respect of any claims made on account of or relating to your dealing with L&T.

7) No waiver

No forbearance, delay or failure on L&T’s part to exercise any power or right under these Terms shall operate as a waiver of such power or right, nor shall any single or partial exercise of such power or right preclude any further exercise of that or any other power or right.

8) Assignment, Termination and Amendments

(A) Assignment
You consent to L&T’s assigning to any appropriate L&T group company or any third party, which is appropriately regulated and authorised all or any of its benefits and obligations under these Terms.

(B) Termination
Termination by you

  1. You may terminate dealing with L&T at any time by giving prior written notice to L&T / its authorised representatives or deactivation of your User ID. The User ID would continue to be active until such time such a request is received and registered by L&T / its authorised representatives.

Termination by L&T


  1. L&T may, on its own accord and discretion, choose to treat a User ID as inactive / dormant where it is not used for a defined period of time in the interest of your security.
  2. L&T may disallow the dealing facility, without liability, without prior notice on occurrence of any of the following events (i) non-compliance of the Terms stated herein; (ii) death, insolvency, bankruptcy or liquidation of the investor; (iii) any other cause arising out of the operation of law; or (iv) or such other reason as L&T deems proper.
  3. L&T may, at its sole discretion, at any time suspend your right to deal with L&T for such reason and for such time period as it may deem fit.
  4. L&T may terminate this agreement with you by giving you one month’s notice in writing.

In the event of termination for any reason whatsoever, L&T shall be entitled to recover all outstanding charges and dues from you, if any.

(C) Amendments
L&T may amend these Terms to:

  1. comply with changes in law or regulation;
  2. correct inaccuracies, omissions, errors or ambiguities;
  3. take account of any corporate reorganisation inside the L&T group of companies and/or a transfer of our rights and obligations under these Terms to another company as contemplated by clause 8) A); and
  4. reflect changes in the scope and nature of the services, products or investments we provide or wish to provide under these Terms, or changes to our computer or database systems, our administrative processes and procedures, market practice or customer requirements.
  5. any other purpose it deems fit.

9) Property rights in information

The intellectual property in all material provided on the website (including any Scheme Information Documents and addenda thereto, Key Information Memoranda, other literature, manuals, reports, research papers, data, flow charts, drawings, designs, diagrams, tables, software, source code or object code or other information or materials in whatever form and on whatever media stored or held) is held by L&T / or its group Companies unless otherwise stated. Except as expressly permitted herein or on the website, none of the material provided on the website may be copied, reproduced, distributed, republished, downloaded, displayed, posted, transferred or transmitted in any form or by any means, including, but not limited to, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of L&T / or its group Companies. Further, you or an Authorised Representative (in case you are a non-individual investor) shall not transfer, reverse engineer, decompile, disassemble, modify or create derivate works based on the materials provided on the Website except as permitted herein or by law.

The Copyright, Trademarks, Service Marks, Registered Designs, Database Rights, Patents and all similar rights in and relating to the website arising or subsisting in any country in the world and the information contained in it are owned by L&T / or its group Companies , its licensors or relevant third party content providers. Nothing on the website should be construed as granting, by implication, estoppel or otherwise, any license or right to use any trademark displayed on the website without the written permission of L&T / or its group Companies or its relevant affiliate.

You also agree not to use any information available on L&T website for any unlawful purpose, and you shall comply with any request of L&T / or its group Companies or any of the third party providers to protect their respective rights in the information.

10) Rules, regulations and bye-laws

You undertake to comply with all applicable laws and statutory requirements and agree to be bound by and to diligently follow and ensure compliance with the Terms stated herein.

11) Disclaimer

  1. You are instructed that any information on the website of L&T should be used in conjunction with traditional investment techniques, which may include obtaining applicable legal, accounting, tax or other professional advice or services. L&T is not responsible for any omissions, errors or investment consequences arising from the use of this material available on the website of L&T by you.
  2. The data and information provided on the website of L&T does not constitute advice and should not be relied upon while taking investment decisions.
  3. Whilst every reasonable precaution has been taken to ensure the accuracy, security and confidentiality of data and information available through the Channel(s), L&T, LTMF or the Trustees shall not be held responsible for any consequence of any action carried out by you or unauthorized person.
  4. L&T may suspend or withdraw the Channel(s) at any time, and you acknowledge that the Channel(s) is also subject to interruption for reasons beyond F L&T’s control.
  5. L&T makes no express or implied warranty:
    1. that the dealing with L&T through the Channel(s) will be uninterrupted or free from errors or that any identified defect will be corrected;
    2. that the Channel(s) service is free from any virus or other malicious, destructive or corrupting code, program;
    3. with respect to the merchantability, satisfactory quality or fitness for a particular purpose of the Channel(s) or any of the products/services offered therein; or
    4. in relation to non-infringement of any third party rights.
  6. L&T, LTMF or the Trustees to the Mutual Fund shall not be liable for any loss or damage or other consequences arising from any suspension, breakdown, withdrawal, interruption, technical flaw, the presence of virus or other malicious, destructive or corrupting code, programs over the Channel(s) or otherwise and any consequent delay or failure in completion of any payment or other instructions as a consequence thereof arising from the use or inability to use the Channel(s).

12) Confidentiality

L&T shall make reasonable efforts to keep all the information relating your dealing with L&T confidential. Provided however that L&T shall be entitled to disclose any information or particulars pertaining to you to any authority, statutory or otherwise as may be required by law or as required to effect the transactions requested by you.

13) Privacy

L&T shall not sell or market any personal information or personalized data of its investors to unaffiliated organizations. L&T shall maintain your personal information and data according to strict standards of security and confidentiality.

14) Miscellaneous

  1. In case of any dispute, either judicial or quasi-judicial the same will be subject to the exclusive jurisdiction of the courts in Mumbai.
  2. These Terms are subject to SEBI as amended from time to time and includes guidelines, circulars, press releases or notifications that may be issued by SEBI or the Government of India, to regulate the activities of mutual funds.
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