Terms & Conditions.
The terms governing your access and use of the Idlewise website, mobile application, and related services.
Idlewise is a platform that helps companies, trusts, societies, and other eligible institutions put idle current-account cash to work in SEBI-regulated mutual funds, and bring it back automatically ahead of scheduled payments.
By accessing, visiting, or using Idlewise, you agree to comply with and be bound by these Terms and Conditions. If you do not agree, you may not use the Services in any manner.
Who We Are
The services under the Idlewise brand are provided by different legal entities based on the nature of the service.
Nature of Service: AMFI-registered mutual fund distributor. Operates the Idlewise platform and facilitates mutual fund transactions on your instructions.
Nature of Service: Owns the technology platform — app/website development, infrastructure, support, analytics, and security.
What Idlewise Does
Idlewise moves your institution's surplus current-account cash into SEBI-regulated liquid and debt mutual fund schemes, and back, based on parameters and approvals you configure.
Sweep-out — on your approval, fund units are purchased in your institution's name.
Sweep-in — fund units are redeemed and proceeds credited to your registered current account, ahead of your scheduled payments.
Idlewise never holds or takes custody of your funds. Money moves directly between your bank account and your institution's own mutual fund folio, held with the registrar (CAMS/KFintech) in your institution's own name and PAN.
Eligibility & Onboarding
Idlewise is available to Private Limited Companies, Public Limited Companies, LLPs, registered partnerships, trusts, societies, and educational or healthcare institutions with a valid Indian PAN and an eligible current account.
To onboard, you'll need to provide, as applicable to your entity type: your constitutional document (Certificate of Incorporation, Trust Deed, Partnership Deed, or equivalent), PAN and GST registration, a board or trustee resolution naming your authorised signatories, KYC documentation for each signatory, and your registered current account details.
Terms of Use
By using the Platform, you agree to:
- Provide accurate, current, and complete information for onboarding, KYC, and continued use, and promptly update any change in your authorised signatories.
- Maintain the confidentiality of your account credentials and notify us immediately of unauthorised access.
- Use the Platform only for lawful purposes and in accordance with the Prevention of Money Laundering Act, 2002 (PMLA) and SEBI/AMFI regulations.
- Ensure only duly authorised signatories initiate or approve transactions on your institution's behalf.
Idlewise reserves the right to suspend, restrict, or terminate your account if suspicious or unlawful activity is detected.
Approvals & Authorised Signatories
Every sweep-out and sweep-in requires approval by your institution's designated signatories, per the approval matrix you configure at onboarding. Every proposal, approval, and transaction is logged with the approving signatory's identity, timestamp, and IP address.
Idlewise verifies that an individual is a recorded authorised signatory, but does not verify their internal authority within your institution beyond that. You're responsible for your own internal governance over who is designated a signatory.
Third Party Services
Our Platform integrates with third-party services — banks, Asset Management Companies, registrars (CAMS/KFintech), KYC Registration Agencies, and payment gateways. Idlewise does not control and is not liable for the acts or availability of these third parties.
Data Privacy & Protection
By using our Platform, you agree to the processing of your personal data as outlined in our [Privacy Policy].
Limitation of Liability
Idlewise, its directors, employees, or partners shall not be held liable for:
Any indirect, incidental, or consequential damages arising from your use of, or inability to use, the Platform.
Loss of investment performance due to market fluctuations in the underlying mutual fund schemes.
Any third-party services or transactions conducted via banking or payment channels outside our control.
Refund & Cancellation
Failed Transactions
In case of a failed mutual fund transaction, refunds are processed automatically to your registered bank account within 6–7 business days.
Allotted Units
Once mutual fund units are officially allotted, transactions cannot be cancelled. Withdrawal requires a standard sweep-in request, per AMC policy.
Dispute & Governing Law
Arbitration
Any dispute arising under these Terms shall be subject to binding arbitration under the Arbitration and Conciliation Act, 1996, with the seat of arbitration in Bangalore, India.
Governing Law
These Terms are governed by and construed in accordance with the laws of India. Legal proceedings shall be brought exclusively in the courts of Bangalore, India.
Intellectual Property Rights
All content, design, features, logos, and functionality on the Platform are the exclusive property of Idlewise/Sigfyn or its licensors. Unauthorised reproduction or reverse engineering may result in legal action.
General Provisions
Disclaimer
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully. Idlewise does not offer investment advice.
Severability
If any provision of these Terms is held unenforceable, it will be replaced with a provision having the same effect as far as possible; the rest continue in full force.
Force Majeure
Idlewise shall not be liable for failure to perform obligations during events beyond its reasonable control.
Notices
Notices to Idlewise should be sent to grievance@sigfyn.com. General product queries can go to contact@sigfyn.com.
Changes to Terms
Idlewise reserves the right to modify these Terms from time to time. Continued use after any changes means you accept the revised Terms.
For any questions about these Terms, reach out directly.