Winvesta (Firm reference: 919086) is a registered EMD agent of TCCL (Firm reference: 900199) which is an EMI authorised by the FCA for the issuing of electronic money and providing payment services. Any e-money issued to you is issued through TCCL pursuant to its EMI license.
Winvesta uses the services of Winvesta India to undertake marketing activity along with receiving payments, trade, import, export facilitation, taxation, etc. including data processing and data analysis both within and outside India for the Winvesta Platform in India. Subject to compliance with , you agree to avail services of Winvesta India. As an Indian resident customer, you would have been introduced to us through Winvesta India and offered the Winvesta Platform as a whole composite facility which includes the service offerings of Winvesta Ltd. along with other third-party service providers such as TCCL.
By accepting these Terms and using Our Services, you hereby acknowledge and confirm that you have expressed an interest to Winvesta India in availing Our Services and that Winvesta has not solicited the Winvesta Account Holder directly.
Documents Applicable to You:
It is important that you read all of the following documents carefully before using Our Services. This Terms along with the documents referenced in it govern your use of Our Services related to the MCA Product:
You can get a copy of your Agreement from our website or ask our customer support for the same on email@example.com. It is important that you understand the terms of your Agreement with us. If there’s anything you don’t understand or if you think there is a mistake in this Terms, you can contact us through the contact details given on our website.
We will send you service notifications or other information about your Winvesta MCA by email, or through the MCA Product. These will be in English.
To help us provide you a seamless service, it is important that your details such as your residential address, e-mail address and phone number are accurate and complete. It is essential that we are informed about any changes to your KYC details as soon as possible.
To meet our legal and regulatory requirements, we might sometimes need to ask for more information about you. Make sure to give us this information quickly so that it doesn’t cause any issues with your Winvesta MCA or Our Services.
This section governs your use of Our Services and Winvesta MCA which is opened by you. The terms applicable for:
This section applies to Winvesta Business MCA which is opened by you in your professional capacity as the authorized representative or owner of a business entity. You can’t use your Winvesta MCA for personal purposes. Instead, you’ll need to open a Winvesta Personal MCA which will be governed by Section 6.2 below. Your Winvesta MCA is an e-money account that holds your company’s e-money.
Any company, business enterprise, sole proprietorship, partnership firm, LLP, body corporate in India or any other Permitted Jurisdictions (“Company”) can open, maintain and hold a business account with us in accordance with the laws governing their local jurisdiction which enables them to open, hold and maintain a foreign currency account outside their jurisdiction for purposes as defined by their regulator. Additional conditions for opening your Winvesta MCA are as follows:
The applicant must be authorised by the business and/or be a Person of Significant Control to open the account and must not be subject to any sanctions or be a politically exposed person. Further, any of the Company director(s), officers, representatives or shareholders should not be subject to disqualification as per applicable laws. You must be able to demonstrate the validity of these representations by way of documentary evidence which we can ask you to produce for verification or regulatory purposes.
We will treat all instructions and actions by authorized representatives acting within the limits of their authority as if your company had given that instruction or carried out that action itself. It is your responsibility to withdraw your authority from, or impose limits on, any authorized representative (for example, if they are no longer employed with your company) and duly inform us regarding the same.
This section applies to Winvesta Personal MCA which is opened by you in your individual/personal capacity. You can’t use your Winvesta MCA for your company/business. Instead, you’ll need to open a Winvesta Business MCA which will be governed by Section 6.1 above. Your Winvesta MCA is an e-money account that holds your e-money.
Any individual resident in India and other Permitted Jurisdictions where we may render our Services, can open, maintain and hold a personal account with us in accordance with the laws governing their local jurisdiction which enables them to open, hold and maintain a foreign currency account outside their jurisdiction for purposes as defined by their regulator. Additional conditions for opening your Winvesta MCA are as follows:
You can use your Winvesta MCA for the following purposes:
You must NOT use the Winvesta MCA for any of the following purposes:
For Winvesta Business MCA, if you have been introduced to us through a partner, the Fees Schedule would not apply to you if the funds received in your account are moved to the partner’s Nostro Account.
When we receive a payment for your account or you add money to it, we issue the equivalent electronic money to your Winvesta MCA immediately. These funds received in accordance with a payment instruction will be subject to the segregation requirements as set out in the Electronic Money Regulations and are referred to as “Relevant Funds”. Relevant Funds are held in one of the dedicated client bank accounts that TCCL holds with a Tier-1 bank and are independent of TCCL’s business accounts. The purpose for holding funds in this manner, is to ensure that in the event of TCCL’s insolvency, or if a financial claim is made against TCCL, no creditor or claimant should be able to claim funds held in these accounts. This is because no other person or institution may have any rights or interest over the funds held in these accounts such as a lien over funds in these accounts.
Your money is safeguarded by TCCL in accordance with the Electronic Money Regulations. You acknowledge that electronic money accounts are not bank accounts and accordingly the UK’s Financial Services Compensation Scheme (FSCS) does not apply to your Winvesta MCA. TCCL adheres to the legal requirements under the Regulations which are designed to ensure the safety and liquidity of funds deposited in electronic money accounts. For more information in relation to the safeguarding mechanisms implemented by TCCL, please refer to the Safeguarding clause under TCCL Legal Terms.
If you’re not happy with Our Services you can make a complaint by contacting us and we will try our best to resolve the issue as soon as possible. All complaints follow our Complaints Procedure as published on our website. If you make a complaint, we will follow and provide you our complaints procedure when we acknowledge we have received your complaint.
If you’re still not happy, you can refer your complaint to the Financial Ombudsman Service. For more details you can visit their website at www.financial-ombudsman.org.uk
We will endeavour to make the Services available to you, except if we are unable to do so due to maintenance or system changes. If maintenance or system changes are required on any aspect of the Services and such maintenance will impact your use of the Services, we will give you at least 3 (Three) business days’ notice of such maintenance (except in the event that such maintenance is required on an urgent or emergency basis, in which case we will not give you any notice prior to the Services being unavailable).
We exclusively own all intellectual property rights in our trademarks, trade names, service names, logo, design, Our Services, Winvesta Platform and our websites (“Products”). You must not use our intellectual property as your own, except to enjoy our Products and Services.
You shall not, and shall not permit or enable any other entity or person, directly or indirectly, to:
We have the right to make the MCA Product available for your use through certain licensing arrangements with third party service providers. Similarly, you may choose to avail the services of other third-party service providers through the Winvesta Platform. All intellectual property rights in products and services of such third-party service providers vest with them and/or their licensors.
All intellectual property rights in your data (personal and sensitive) shall remain your exclusive property. You represent and warrant that you have the legal right to disclose all such data as provided by you pursuant to this Terms along with the right to enter into this Terms and perform your obligations specified hereunder.
You agree that the reporting of transactions, payment of any applicable taxes and any other compliance to the laws of your local jurisdiction is your responsibility in relation to the use of a Winvesta MCA. All legal and tax obligations therefore fall under your responsibility and that of any authorised person within your company. Winvesta will not be responsible with regards to the execution of tax obligations or any other legal/compliance obligations under laws applicable to you and/or your company in any of the countries in which you operate. You are requested to undertake your own due diligence in consultation with your legal advisors in order to comply with the regulations applicable to you and ascertain the risks associated with your use of Our Services.
We will be responsible for ensuring that Our Services are rendered to you in compliance with laws of England and Wales.
This Agreement starts as soon as we notify you that we’ve accepted your application and opened your Winvesta MCA. This Agreement will then continue until ended (terminated) by you or us.
Termination for Convenience: You can close your account and terminate this Agreement at any time by giving us prior written notice of 1 (one) month. If you’d like to, please get in touch with us by sending us an email from your registered email address.
We can close your account by giving you at least 60 (sixty) days’ notice via email, text message or call. We will refund any balance available in your account to you after deducting dues, if any, as explained under Consequences of Termination.
Termination for Cause: Either of us may terminate this Agreement if:
Additional Grounds for Termination: You or we may suspend Services and/ or terminate this Terms at any time without prior notice if:
Additionally, we may close your account or suspend your account immediately if TCCL asks us to do so or if we believe you’ve:
Consequences of Termination: You’ll need to repay any money you owe us before we can close your account. We will hold back money from your available balance to cover payments that you approved before your account was closed. Once we’ve closed it, you won’t be able to access your account. If we find there are still charges/fees on your Winvesta MCA after this Agreement is ended, you must refund us any money that relates to a transaction on your Winvesta MCA or any charges/fees validly applied whether before or after your Agreement has ended. We’ll notify you of any outstanding charges/fees and you’ll need to refund us as soon as possible. If you don’t repay the amount(s) as soon as we notify you, we may take legal action to recover the money you owe us. Any costs incurred by us due to Termination for Cause or under Additional Grounds for Termination shall be payable by you filing.
For the avoidance of doubt, termination by either party shall not affect any contract/transaction previously entered into and shall not relieve either party of any outstanding obligations arising out of this Agreement, nor shall it relieve you of any obligations arising out of any contract/transaction entered into prior to such termination.
You may be liable to indemnify us for certain losses. But don’t worry, this will only be in the following circumstances:
You will not be responsible if the loss has been incurred due to the act/omission of our employees. However, please note that, in general you are solely responsible for loss incurred as a result of your own acts/omissions including without limitation, inputting correct trade or transaction details, accuracy and reliability of all data provided by you.
We will provide Our Services with due diligence and care but we cannot guarantee the performance of the MCA Product and other third-party service provider’s products and services. Except for our responsibilities to you that we can’t exclude or limit, our liability to you in connection with this Terms (whether in contract, tort including negligence, breach of statutory duty or otherwise) is excluded and limited in the following ways, We’re not responsible:
Nothing in this Terms excludes or limits our liability:
If you have failed to comply any terms of the Terms and we don’t enforce our rights, or we delay in enforcing them, this will not prevent us from enforcing those or any other rights at a later date.
You will find our current Terms on our website, application and/or the MCA Product. We may, from time to time, update or make other changes to the Terms of this Terms. We will provide you with 30 (Thirty) days’ notice of any material changes, which may include notifying you by email (provided you have supplied us with an up-to-date e-mail address) or through the MCA Product. If you do not agree with those changes, you should stop using the MCA Product and notify us. This Terms will then be terminated and you will pay any charges due as per the Consequences of Termination clause above. We will assume you agree with changes to this Terms if you continue to use the MCA Product after those changes have taken effect.
Nothing in this Terms confers or is intended to confer a benefit enforceable by a person who is not a party to it and no term of this Terms is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to this Terms.
If you want to take legal action against us in the courts, only the courts of England can deal with any matter relating to these Terms.