Privacy Policy - PaisaSmart

Last updated date: 14/08/2024

Thank you for visiting our website, viz. https://www.paisasmart.com/ This privacy policy document ("Privacy Policy") is an electronic record in terms of the Information Technology Act, 2000 and the rules made thereunder, as amended from time to time. The Privacy Policy is published in accordance with of Rule 4(1) of the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Information) Rules, 2011 (the "SPI Rules") which requires the publishing of a privacy policy for handling of, or dealing in personal information including sensitive personal data or information. Elixir Equities Private Limited (also referred to as "EEPL" "PaisaSmart", "Company", "We", "Us" or "Our") is governed by the provisions of applicable laws in India including the Information Technology Act, 2000, SPI Rules and Digital Personal Data Protection Act, 2023 and such other rules/regulations (collectively hereinafter referred to as "Applicable Laws(s)"), as amended from time to time, to maintain the privacy of your Personal Data (defined later in this privacy policy). EEPL collects and processes your Personal Data only to the extent necessary for EEPL to process your requirement(s) in accordance with such Applicable Laws.

EEPL operates and owns www.paisasmart.com, www.paisasmart.org, and provides services through www.paisasmart.smallcase.com and the brand name "PaisaSmart". EEPL holds the following registrations with various regulatory authorities – (i) Mutual fund distributor registered with the Association of Mutual Funds in India ("AMFI") (bearing registration no.: ARN 1679), (ii) Stock broker registered with the Securities and Exchange Board of India ("SEBI") (bearing registration no.: INZ000017731), (iii) Trading member of BSE Limited ("BSE") (BSE Member Id: 6733) and National Stock Exchange of India Limited ("NSE") (NSE Member Id: 90209), (iv) Depository participant registered with SEBI (bearing registration no.: IN-DP-566-2021) (v) Portfolio manager registered with SEBI (bearing registration no.: INP000002163) and (vi) Research analyst registered with SEBI (bearing registration no.: INH000004787). EEPL offers model portfolio creation/research analyst services, and mutual fund distribution services under the brand name "PaisaSmart"

Please note that in line with the applicable regulatory requirements, model portfolio creation/research analyst services and mutual fund distribution services are provided Through separately identifiable departments/divisions within EEPL. Further, PaisaSmart maintains due client level segregations for the provision of these services, as prescribed under applicable laws.
We give utmost importance to the protection and privacy of the information submitted by You. We receive and store both personal and non-personal information about you when you visit and/or use our website, PaisaSmart.com or our iOS or Android mobile applications or our chatbot available through WhatsApp ('Platform/Platforms"). We are committed to ensuring the privacy of information provided by You. This Privacy Policy is intended to let You know nature of Personal Information and Non-personal information (as defined below) (collectively, "Information") that is collected by Us, the purpose of the collection of such information, and how the same is used.
This Privacy Policy also sets out the manner in which such information is processed by Us or shared with any other party, and Your rights relating to such information. We protect this information by maintaining physical, electronic, and procedural safeguards that meet Applicable Laws. We train our employees in the proper handling of personal information.
We urge You to read the terms of this Privacy Policy carefully. By accepting the terms of this Privacy Policy, You agree that You have read, understood, acknowledged and accepted this Privacy Policy to access and use the Platform. You agree, understand and consent to this Privacy Policy and any future amendments and additions. By directly or indirectly accessing the Platform, and/or availing the services on the Platform, You explicitly consent to the collection/ sharing/ processing/ use/ storage/ disclosure of Your Information by Us in terms of this Privacy Policy
You have the option not to provide us the Information sought to be collected. You also have an option to withdraw your consent at any point, provided such withdrawal of the consent is intimated to us in writing at mf.ops@elixirequities.com. If You do not provide us Your Information or if You withdraw the consent to provide Us with Your Information at any point in time, please note that Your withdrawal of consent, may result in Us being unable to provide You with Our services or to terminate any existing relationship We may have with You.

If You use or access Our Platform on behalf of someone else (as a Guardian, Power of Attorney holder, Authorised representative, Consent Manager etc.), You represent that You are authorized by such individual or entity/ User to (i) accept this Privacy Policy, and (ii) consent to the Use of such individual's Information as set out in this Privacy Policy.
We may update this Privacy Policy from time to time. Subject to Your rights under applicable laws, You agree to be bound by the prevailing terms of this Privacy Policy as updated from time to time. We encourage You to check the latest version of this Privacy Policy regularly.
By using any of our services or providing us with your personal information for any other purpose, you agree to the terms of this Privacy Policy.

Information/Personal Data collected by PaisaSmart includes, but are not limited to, the following:
1. "Personal Information" which means information which could reasonably be used to identify You personally, such as Your name, email address, registration account details, physical address or other relevant personal details; and demographic information, such as gender, pin code or similar information. For the purpose of this Privacy Policy, sensitive personal data or information has been considered as a part of Personal Information, which may include information such as password, nominee details, financial information (details of bank/ demat account, debit card, transactional details, portfolio details or other permissible payment modes etc).
2. "Non-Personal Information" which means information that does not identify You or any other individual, and includes session, web beacons and usage data, log data and aggregate information. We use this information to inter alia deliver Our web pages to You upon request, to tailor Our Platform to the interests of Our Users, to measure traffic within Our Platform, to improve the quality and performance of the Platform, including functionality and interactions on the Platform, etc.
3. An illustration of the categories of data/ information which We may collect/receive/ share/ process/ use/ store in order to serve You through the Platform:
  1. Personal details (e.g. full name, age, gender, contact details including, residential address, date of birth, documents such as identity card/passport details / Aadhaar details / PAN / Voter ID/driving license, and/or education details) provided by you to PaisaSmart to avail various services from PaisaSmart.
  2. Your details including transaction history, balances and payment details, for effecting transfer of monies through various payment channels facilitated by PaisaSmart.
  3. Financial details (e.g. Details of Your trading experience, demat account, active bank account opened on the Platform including account number, Partner Bank and NBFCs customer ID, e-NACH, NEFT, IMPS, UPI ID details, debit card information, including the debit card number, card type, expiry date on the debit card, and name on the card, salary and income details. income, expenses, net worth, and/or credit history) needed as part of the request for some of PaisaSmart's products/services.
  4. Images/videos of documents/photos required to avail any of PaisaSmart's products/services.
  5. Know Your Customer ("KYC") documents including all proofs of identity and address, photograph, Permanent Account Number (PAN), signature, email ID (including email ID for correspondence), occupational details, etc.
  6. UPI ID, category and other identifiers along with the details of services on the Platform, mode of payment, location, the date, currency and amount of the transaction, whether the payment was successful, and other information provided by You directly or indirectly to Us or provided to Us by other third party entities. We also store transaction details such as amount spent, counterparty details, beneficiary information, account balance, transaction ID, date and time of transaction. Further, We may store information relating to Your income, lifestyle levels and usage pattern.
  7. Subject to obtaining applicable consents, we reserve the right to seek Your comprehensive transaction history and account statements across all Demat and bank accounts held by You. Such information may be accessed and/or processed through various Account Aggregators, wherein we shall act as a Financial Information User in accordance with applicable laws and regulations.
  8. Complete communication history with the PaisaSmart WhatsApp chatbot. Further, we may record calls and retain copies of such calls, email correspondence, and other modes of communication exchanged with us.
  9. Risk profile, investment selection, beneficiary and nominee data etc.
  10. Employment details (e.g. occupation, employer name, positions held, employment history, salary and/or benefits, if any) as part of PaisaSmart's record retention for credit / various product evaluations or as required under applicable law including Prevention of Money Laundering (Maintenance of Records) Rules, 2005.
  11. Information about Your investments and the details of Your Demat Account and mutual fund investments.
  12. Specimen signature(s) or consent for the processing of your instructions received by PaisaSmart through PaisaSmart's various payment and delivery channels.
  13. Timestamp including IP Address and Geolocation details of the system you use to access PaisaSmart's services. Communications with customer service support, behavioral data (for example, data collected using cookies), information about promotions, surveys, promotional campaigns and records of Your decision(s) to subscribe or to withdraw from receiving marketing materials, if any.
  14. Opinions provided by you to PaisaSmart by way of feedback or responses to surveys.
  You hereby agree, acknowledge and grant Your consent to Us to obtain information/data from You through the Platform, different communication channels, when You provide Your details in forms, surveys, online applications or similar online fields. Further, You hereby agree, acknowledge and grant Your consent to allow Us to obtain/share, Your information/data from/to third-party entities including but not limited to our affiliates, relevant Asset Management Companies ("AMCs"), Registrar and Transfer Agents ("RTAs"), KYC Registration Agency ("KRAs"), business partners and financial institutions, to the extent required to provide You the services on the Platform, enhance the user experience, build affluence scores/ user insights, analyse data for the introduction of new services and features, and as may be required to comply with any regulatory requirements and contractual obligations.
  You acknowledge that You are not a minor (i.e., you are above the age of 18), and are competent to enter into a contract, and that You are providing Your Personal Information of Your free will. The Platform may be accessible to children under the age of 18. We do not knowingly collect any information from minors. If information about a minor has been inadvertently shared with Us (without the consent of their parents/guardians), please contact us at mf.ops@elixirequities.com.
  You acknowledge that We may keep records of communications, including phone calls received and made for making enquiries, orders, feedback or other purposes for rendering services effectively and efficiently. The Company will be the exclusive owner of such data and records. You hereby consent and authorize Us to publish feedback obtained by You on the Platform. However, all records are regarded as confidential. Therefore, such records will not be divulged to any third party, unless required by law.
  We will store Your Personal Information at least for a reasonable time from the last date of use of the services on the Platform, the Platform or for such period as may be required under applicable laws.
4. Images/videos of documents/photos required to avail any of PaisaSmart's products/services.
5. Complete communication history with the PaisaSmart WhatsApp chatbot
6. Risk profile, investment selection, beneficiary and nominee data etc.
7. Employment details (e.g. occupation, employer name, positions held, employment history, salary and/or benefits, if any) as part of PaisaSmart's record retention for credit / various product evaluations or as required under applicable law including Prevention of Money Laundering (Maintenance of Records) Rules, 2005.
8. Specimen signature(s) or consent for the processing of your instructions received by PaisaSmart through PaisaSmart's various payment and delivery channels.
9. Timestamp including IP Address and Geolocation details of the system you use to access PaisaSmart's services
10. Opinions provided by you to PaisaSmart by way of feedback or responses to surveys.

How We collect Your DataWe collect personal information about Users through our Platform, e-mail requests, telephonic conversations and various interactions in person with You or through social media websites such as YouTube, Twitter/ X, Instagram, and LinkedIn, which may include the following:
1. Information that Users may provide when they visit Our Platform or enter information on Our Platform at the time of registration or in connection with use of services on the Platform;
2. Any information that is freely available, accessible in the public domain, furnished under the Right to Information Act, 2005 or any other law for the time being in force, shall not be regarded as sensitive personal data or information. We may also retrieve your Personal Information that is available with KRAs;
3. Information that Users provide when they subscribe to email newsletters, press releases or other periodicals through the Platform;
4. Information that Users provide when they respond to surveys or marketing communications sent by Us or Our affiliates;
5. Images of documents / photos that may be provided by the User in order to avail services on the Platform;
6. Voice recordings of conversations between User(s) and Our customer care agent(s)/executives;
7. Specimen signature(s) provided by Users and/or any other consent(s) provided for processing the instructions provided by User;
8. Information that Users provide when posting content on social media websites;
9. Information that Users provide in their social media accounts;
10. Information captured in Our web logs such as device information (e.g. device brand and model, screen dimensions), unique identification numbers (e.g. Internet Protocol address and device ID), and browser information (e.g. URL, browser type, pages visited, date/time of access);
11. Information captured by cookies (refer to the 'Cookies, Tags and Similar Technologies' section below);
12. Records of interaction with Our representatives;
13. Details pertaining to usage of the Platform which include time, frequency, duration and pattern of use, features used and the amount of storage used;
14. Internet protocol address, browser type, browser language, referring URL, files accessed, errors generated, time zone, operating system and other visitor details collected in our log files, the pages of Our Platform that You visit, the time and date of Your visit, the time spent on those pages and other statistics ("Log Data").
15. To resolve complaints & enquiries;
16. Information submitted by clients through distributors, referrers and/or other third party associated with the Company; and
17. Through any other mode with Your implicit/ explicit consent.

How We Use Your DataWe recognise and acknowledge the value and importance of the protection of Your Personal and Non-Personal Information. By virtue of this Privacy Policy, We will collect/ receive/ share/ process/ use/ store Your Personal Information and/or Non-Personal Information in accordance with applicable laws to provide You with the services on the Platform, enhance the user experience, manage our relationship with You, build affluence scores/ user insights, analyse data for the introduction of new services and features, and as may be required to comply with any regulatory requirements and contractual obligations. We use and process User's information (Personal and Non-Personal) for a range of purposes, which may include the following:
1. Facilitating Mutual Fund Transactions: Setting up your account and facilitating the processing of your transactions through our transaction partners. This includes maintaining records of your transactions and holdings, generating and sending reminders, alerts, and notifications for transactions.
2. KYC Updates and Verification: Registering or updating your KYC details in centralized databases such as NDML KRA and CERSAI (CKYC) to comply with regulatory requirements and to facilitate your transactions.
3. Service Support and Queries: Resolving any queries or concerns and providing support in case of issues with the use of our services or those provided by our partners.
4. Communications and Updates: Informing you about offers related to products and services, sharing marketing materials, and communicating updates about the progress and resolution of transactions or services availed.
5. Experience Enhancement: Streamlining and customizing your experience while using our mobile application, website, or chatbot, and employing non-personal and aggregated information to enhance service delivery.
6. Transactional Support and Analysis: Preparing analyses, reports, and tools such as portfolio snapshots, capital gains reports, and consolidated transaction history to assist in your financial decision-making.
7. Security and Compliance: Monitoring, identifying, resolving, and preventing security incidents, frauds, criminal activities, and ensuring compliance with applicable laws. Further, User data may also be collected to ensure the security and integrity of Our information technology systems.
8. Research and Development: For research and development purposes to improve existing services and to design new offerings tailored to meet your financial needs.
9. Monitoring and Review: To monitor and review our services from time to time; Also, to undertake financial/regulatory / management reporting and create and maintain various risk management models; And, for conducting audits and for record keeping purposes.
10. Investigate, prevent, or take action regarding illegal activities, suspected fraud, violations of our Terms, breach of Our agreement with You or as otherwise required by law
11. To fulfil the requirements of existing laws/regulations and/or court orders/ public orders/ regulatory directives received by PaisaSmart/ protect and defend the rights of users or PaisaSmart.
12. Any other matter incidental and associated to the above

Sharing of Personal Data
1. PaisaSmart may share any Personal or Non-Personal data of users with the following parties, in connection with and as may be necessary for the conduct of PaisaSmart's business/operations.
2. With the Registrar & Transfer Agent's (RTA) of various Mutual Funds and/or other issuers, clearing corporations, exchanges, depositories, group companies, and associate entities to facilitate the services, banks, financial institutions, NBFCs and/or authorised external third parties/intermediaries, cloud services or any other service provider who are involved in transaction processing, dispatches, printing/marketing etc. while providing the service, unless any user will specifically write to PaisaSmart to refrain from sharing Personal Data with such partie.
3. With technology service providers like Cybrilla Technologies, Mindstack Technologies, OpenAI, and Amazon Web Services India Private Limited, as well as any other relevant technology providers as PaisaSmart may deem fit from time to time, to ensure efficient service delivery and technological advancement.
4. PaisaSmart also ensures that the parties to whom such aforesaid Personal Data is shared have confidentiality provisions and high levels of security practices, controls, and procedures to ensure its protection.
5. Notwithstanding anything contained, PaisaSmart shall not be responsible/liable, either directly or indirectly, for the authenticity/accuracy of the Personal Data submitted by you and/or for its misuse, not attributable to the acts of PaisaSmart, at any time and in any manner whatsoever.

Other Websites
1. PaisaSmart's website, mobile app and WhatsApp chatbot might contain links to other websites. Once you have left PaisaSmart services, you should check the applicable privacy policy of the third-party website to determine how they will handle the Personal Data they collect from you. PaisaSmart is not responsible for the privacy practices followed by such third parties or the content of such thirdparty websites.

Storage, Transmission & Security Practices
1. Your information, including Personal Information, is transmitted between your device and our servers using HTTPS protocol for encryption. HTTPS is the technology used to create secure connections for your web browser and it's indicated by a padlock icon in Your browser. In addition to HTTPS, we make sure that Your Personal Information is always encrypted or hashed before we store it. We use industry standard encryption and hashing algorithms.
2. Here's a draft clause on data communication through WhatsApp with an emphasis on the use of end-to-end encryption:
3. PaisaSmart utilizes WhatsApp for secure communication with clients regarding services, notifications, and support. All communications through WhatsApp are secured with end-to-end encryption, ensuring that messages can only be read by the sender and the recipient. No third party, including WhatsApp or PaisaSmart, can access the contents of these encrypted messages
4. When you communicate with PaisaSmart via WhatsApp, you consent to the use of this platform and acknowledge that while end-to-end encryption is employed to protect the privacy and integrity of the exchange, you are also responsible for securing your device and your WhatsApp account. PaisaSmart is not liable for breaches that are attributable to compromised user devices or unauthorized access to your WhatsApp account.
5. Please be aware that while PaisaSmart adheres to strict security protocols for communication via WhatsApp, it is your responsibility to ensure that any sensitive or personal information shared over the platform is done so under appropriate circumstances and with due consideration of privacy risks.
6. PaisaSmart stores and processes your Personal Data only in India. PaisaSmart's data center and systems also maintain backup and disaster recovery systems in India. Information collected is stored on our servers, log files or storage systems owned by us or by third parties specifically providing such storage services.
7. PaisaSmart takes various steps and measures to protect the security of your Personal Data from misuse, loss, unauthorized access, modification or disclosure. PaisaSmart uses the latest secured server layers encryption and access control on its systems. PaisaSmart safety and security processes are audited by a third-party cybersecurity audit agency from time to time.
8. PaisaSmart has provided multiple levels of security to safeguard your app by the Login / Logout option. Please do not share your PaisaSmart login, password and OTP details with anybody.
9. PaisaSmart also ensures the device binding for the WhatsApp chatbot so that the same conversation cannot be initiated on different devices without any additional authentication / OTP.
10. However, PaisaSmart shall not be held responsible for any loss, damage or misuse of your Personal Data, if such loss, damage or misuse is attributable to a Force Majeure Event. A "Force Majeure Event" shall mean any event that is beyond the reasonable control of PaisaSmart and shall include, without limitation, sabotage, fire, flood, explosion, pandemic, epidemic, acts of God, civil commotion, strikes or industrial action of any kind, riots, insurrection, war, acts of government, computer hacking, unauthorized access to computer data and storage device, computer crashes, breach of security and encryption, etc.

Your Rights in relation to Your Personal Data
1. You have the right to correct, amend, complete and update Personal Data for the processing of which has previously given consent. You represent that the Personal Data you provide from time to time is and shall be correct, current and updated and you have all the rights, permissions and consents to provide such Personal Data.
2. In addition to the rights detailed above, you may also have the right to revoke or withdraw your consent to the processing of your Personal Data. With this, PaisaSmart will no longer share your data with any of the parties involved in providing the services. However, PaisaSmart may retain your Personal Data if the purpose for its usage exists, after which the same is disposed of except for any record retention required by Applicable Laws.
3. If you wish to withdraw your consent given under this Policy for collection and use of any Personal Information, you can withdraw your Consent by sending us an email at mf.ops@elixirequities.com
4. PaisaSmart will facilitate your request to exercise such rights subject to the provisions of applicable laws relating to the processing and storage of Personal Data. If you wish to exercise any of the rights, please write an email, providing in as much detail as possible, the right(s) you wish to exercise.

Communications from PaisaSmart
1. PaisaSmart may from time to time contact you via calls, SMS, emails, and other communication channels to provide you with information pertaining to PaisaSmart's Services, notifications on updates vis-à-vis PaisaSmart Services (when PaisaSmart considers it necessary to do so), educational information and promotions.
2. PaisaSmart may maintain/ upload information on social media sites like Facebook, YouTube, Instagram and Twitter/X. When You visit the social media accounts of the Company, We collect information about Your activities on those accounts. The information We collect and review includes whether You visited or commented on a blog or provided a rating etc.

Notify Us
1. If at any time you believe that PaisaSmart or its users/members have not adhered to these principles, please notify PaisaSmart by e-mail at mf.ops@elixirequities.com and PaisaSmart will use all commercially reasonable efforts to promptly notify you, determine and correct the problem.

Grievance Redressal
1. If you have any questions, concerns, or grievances regarding this Privacy Policy and/or our mutual fund distribution services, you may write to us at mf.ops@elixirequities.com. For any concerns or queries relating to our research analyst services and/or model portfolio creation services, please contact us at support@paisasmart.com.

Policy Review and Updates
1. This policy will be reviewed by PaisaSmart as and when required and the same may change at any time. PaisaSmart reserves the right to change this policy from time to time. Any changes shall be effective immediately upon the posting of the revised Privacy Policy. We encourage You to regularly check this notice on Our Platform for updates.
2. The latest and the most updated policy can always be found at PaisaSmart's website. While PaisaSmart will make reasonable efforts to keep you posted on any updates to this privacy policy, to make sure that you are aware of any changes, it is recommended that you review this policy periodically.
3. This Privacy Policy shall apply uniformly to PaisaSmart's desktop website, mobile applications, WhatsApp chatbot and any services provisioned by PaisaSmart on its platform.