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Terms and Conditions

Nex Invest: Mutual Funds
Last updated: 2 August 2023
Last reviewed: 2 August 2023

1. About This Terms & Conditions (“T&C“)

1.1 These Terms and Conditions apply when you use any Mutual Funds Services provided by PT Nex Teknologi Digital and affiliates ("we", "us", “our” "ours" and “affiliate”) in connection with the use of the Mutual Funds trading and investment feature (“Mutual Funds Feature”) available in Nex mobile application (“Nex App”). By using the Mutual Funds Feature, you are deemed to have read, understood and accepted all of the terms and conditions set out herein, as may be amended, modified or supplemented from time to time.

 

1.2 When we refer to “this T&C”, “the T&C” or “your T&C”, we mean our Nex Invest: Mutual Fund Terms and Conditions.

 

1.3 Nothing in this T&C will supersede or vary any term set out in other terms and conditions governing our relationship with you, including but not limited to the terms and conditions of Nex App

1.4 In the event of any contradiction or inconsistencies with other terms, this T&C shall prevail in respect of your use of Mutual Funds Services and resolution of any disputes or issues arising out of your use of our Mutual Funds Services. Where the issue relates to the general feature or product available in Nex App, the Nex App Terms and Conditions shall prevail.

 

1.5 In particular, the following clauses of the Nex App Terms and Conditions shall be deemed applicable mutatis mutandis to the Mutual Funds Feature and our provision of the Mutual Funds Services:

  • Clause 3 (Who can use our Digital Service);

  • Clause 4 (Your use of our Digital Service);

  • Clause 7 (Our Records);

  • Clause 11 (How we use Personal Data about you);

  • Clause 12.1 (Communication);

  • Clause 12.2 to 12.4 (Intellectual Property);

  • Clause 12.5 (Use of Third-Parties); and

  • Clause 12.6 to 12.11 (Miscellaneous). 
     

1.6 When you use any of our Mutual Funds Services described in this T&C, or authorise others to use them, you acknowledge and agree to the entire terms and conditions of this T&C which forms the basis of the agreement between you and us.

1.7 By “you", "your" or “yours”, we mean the individual user of the Mutual Funds Feature registered on the Nex App.

2. Definitions

2.1 “Nex App Account” or “Account” means any and all accounts which are accessed by you through Mutual Funds Services provided on the Nex App.

 

2.2 “Authorised User” means any person authorised by you from time to time to use the Mutual Funds Services in relation to your Account

 

2.3 “Content” refers to any information, images, links, sounds, graphics, videos, software or other materials including quotes, news and research data that are available through our Mutual Funds Services

 

2.4 “Mutual Funds Unit” is a unit of one or more securities, stocks, bonds, derivatives, or otherwise any other investment unit, which trading and investment is made available through the Mutual Funds Feature of Nex App.

2.5 “Mutual Funds Investment” means the trading of Mutual Funds Units or any other activities related to investment in Mutual Funds Units. 

2.6 “Electronic Instructions” means any instructions, communications, instructions, orders, messages, data, information or other materials related to Mutual Funds Investment received by us through Mutual Funds Services, which we reasonably believe come from you or your Authorised User, including but not limited to any instruction or order to purchase/bid or sell/redeem a Mutual Funds Unit(s)

2.7 “Mutual Funds Services” means the provision of a digital gateway for Users to access electronic Mutual Funds Investment services which may be offered to you from time to time via electronic means, including any modification thereof made by us (the scope and nature of which shall be determined at our sole discretion).

2.8 “Mobile OS” is a mobile operating system (OS) software that allows smartphones and other devices to run applications and programs, including but not limited to Apple iOS and Google Android

 

2.9 “Net Asset Value” or “NAV” means the intrinsic value of a Mutual Funds Unit that is (i) announced at the end of each Exchange Day by the relevant Mutual Funds Unit’s broker, and (ii) used as a subscription/bid and redemption price for such Mutual Funds Unit, subject to the cut-off time set out in Clause 3.4

 

2.10 “Own Device” refers to all devices or hardware, such as a smartphone, that is required to access and use the Mutual Funds Services provided by the Nex App, and which is registered under a User’s individual credentials.

 

2.11 “Personal Data” or “Personally Identifiable Information” covers all personal information processed by us, which means information that (either alone or combined with other information) enables you to be identified directly or indirectly. 

 

2.12 “Provider” or “Service Provider” means:

  • any independent third parties approved to become our partners  (individual or non-individual) in Indonesia or otherwise, which offer services or products, directly or indirectly through the Mutual Funds Services, including but not limited to PT Star Mercato Capitale (“TanamDuit”);

  • any person to whom we outsource certain functions or activities to allow us to operate our Mutual Funds Services;

  • any government, regulator, law enforcement agency, financial institution, and ancillary service provider (for example, telecommunication, internet access, cloud network, logistics, facilities management, data centres, system hosting, call centres, equipment and software providers), agent or subcontractor involved in our provision of Digital  Services; and

  • our agents or storage or archival service providers for the purpose of making, printing, recording, mailing, storage, and/or filing any documents or items on which Personal Data appear

 

2.13 “Charges” means any fees, brokerages, commissions and other charges, whether by us or our Provider. 

 

2.14 “User” refers to an individual registered with the Nex App.

3. Your use of our Mutual Funds Service

3.1 All Mutual Funds Services are provided in partnership with our Service Providers. We only facilitate passing Electronic Instructions to our Service Providers. As such, you are bound by our Service Providers’ terms of use, including but not limited to any limits or cut-off times. It is your duty and responsibility to educate yourself regarding their terms of use before using any of the Mutual Funds Services, including but not limited to the terms and conditions and privacy policy of TanamDuit. Your consent to this T&C shall be deemed as a consent to the terms and conditions and privacy policy of our Service Providers

 

3.2 Mutual Funds Investment is inherently risky. By using the Mutual Funds Feature, you have agreed to assume all liability for any actions taken by you in relation to your Mutual Funds Investment. You are individually and solely responsible to manage any risks related to your Mutual Funds Investment, including but not limited to obtaining the necessary information and/or professional advice regarding Mutual Funds Investment and the risks related thereto. Any representation of risks made by us with regards to any Mutual Funds Investment or Mutual Funds Unit(s) is a preliminary estimate only

 

3.3 Any Electronic Instructions you made in relation to the Mutual Funds Feature are made consciously and independently without any form of duress. You hereby release us from any claims, loss, damages, fees, or otherwise any other expenses arising directly or indirectly from the execution or non-execution of your Electronic Instructions;

3.4 There may be limits imposed to the purchase/bid or redeem/sale of a certain Mutual Funds Unit. These limits are set out in (i) our Fees, Rates, and Limits page for the general limits applicable to your account, and (ii) the relevant Mutual Funds Unit product and information page, for limits specific to that particular Mutual Funds Unit;

3.5 You hereby understand that the actual Mutual Funds Unit that will be purchased at the completion of your Electronic Instruction is subject to the NAV cut-off time, which is calculated as follows:

  • Any Electronic Instruction that is made at a given Exchange Day on or before 13.00 WIB (GMT+7), shall be executed and completed using the NAV that will be announced at the end of that Exchange Day; and

  • Any Electronic Instruction that is made at a given Exchange Day after 13.00 WIB (GMT+7), shall be executed and completed using the NAV that will be announced at the end of the next Exchange Day.For the avoidance of doubt, the amount of Mutual Funds Unit  that will be purchased for a given amount of Mutual Funds Investment informed to you prior in an Electronic Instruction submitted after the cut-off time set out above is an estimate only,

3.6 We shall have the right to decline to act on any Electronic Instructions if:

  • your Electronic Instructions are unclear, incomplete or inconsistent with other Electronic Instructions issued to us by you;

  • the Electronic Instructions have lapsed, been rendered invalid due to failure to comply with applicable conditions or are cancelled by a regulatory or governmental body;

  • the Electronic Instructions cannot be processed due to any disruptions that are beyond our reasonable control;

  • processing the Electronic Instructions might expose us to legal action or censure from any government, regulator or law enforcement agency.

 

3.7 We will treat all Electronic Instructions as final and unconditional when we receive them. You cannot revoke or change your Electronic Instructions once submitted to us. This means we shall be entitled (but not obliged) to effect such Electronic Instructions without your further consent and notice to you.

 

3.8 We may, from time to time at our discretion, lock and disable the buying, selling, and trading of a certain Mutual Funds Units in the Mutual Funds Feature. We may decide to lock such Mutual Funds Units due to the following reasons: (i) price fluctuation and market condition, (ii) requirement under applicable laws or by authorized institutions, or (iii) scheduled or emergency maintenance of the Mutual Funds Units.

 

3.9 We may lock and disable the buying, selling, and trading of all Mutual Funds Units in the Mutual Funds Feature of your Account upon your request, or at our discretion for reasons which include are not limited to: (i) the use of your Mutual Funds Feature and/or Account or our Services that violates this T&C, our Privacy Policy, and/or applicable laws, (ii) we detect potential fraud, embezzlement, or any suspicious transactions from your Mutual Funds Feature and/or Account, (iii) upon receiving order, instruction, or advice from an authorized government or monetary institution, or (iv) any other reasons which detriments either us, you, or third parties.

3.10 If your Mutual Funds Feature is locked, you may contact our Customer Service to request for the reasoning for the locking, and/or submit a request to unlock your Mutual Funds Feature. We may require you to submit evidence and/or documents to support your request. At our discretion, we will determine whether to revoke or retain the locking of your Mutual Funds Feature. 

 

3.11 We may close your Mutual Funds Feature upon your request, or at our discretion for reasons which include are not limited to: (i) any violation of this T&C, our Privacy Policy, or applicable laws (ii) upon receiving order, instruction, or advice from an authorized government or monetary institution, or (iii) any other reasons which detriments either us, you, or third parties. Your Mutual Funds Feature may also be closed when you close or deactivate your Nex App account.

3.12 To close your Mutual Funds Feature, please contact and follow the instructions given by our Customer Service. 

4. Warranties, Disclaimer and Limitations

 

4.1 We do not provide any warranty of any kind of:

  • our Mutual Funds Services, whether provided by us or in partnership with our Service Providers, including warranties of accessibility, quality, provision or performance of any goods or services;

  • our Content, including warranties of accuracy, adequacy, currency or reliability;

  • our hyperlinks to any other websites or content, which, for avoidance of doubt, shall not be construed as an endorsement or verification of such websites or content.

 

4.2 We will not be responsible for any loss suffered by you arising from or in connection with your use of the Mutual Funds Services or your Mutual Funds Investment through the Mutual Funds Feature even if we are advised of, or otherwise might have anticipated, the possibility of such loss, damage or expense. In particular, we will not be liable to you for any loss as a result of:

  • any Mutual Funds Services not being available due to system maintenance or breakdown/non-availability of any network;

  • any non-processing or delay in processing of Electronic Instructions by us or by any Provider through whom your Electronic Instructions are transacted;

  • inaccurate or incomplete Content, reliance on or use of the information provided on any Channel for any purpose;

  • any disclosure of any Personal Data which you have consented to us to (i) acquire; (ii) collect; (iii) process; (iv) analyze; (v) store; (vi) display; (vii) announce; (viii) transfer (ix) disseminate; (x) disclose; (xi) delete; and (xii) utilize or where such collection, use or disclosure is allowed under the applicable laws in Indonesia;

  • any unauthorised and/or unlawful access to our machines, data processing system or transmission link;

  • any Electronic Instruction received from your Account, or otherwise any use of your Account or Own Device that is not authorized by you or your Authorised User. 

  • the enactment, modification, or enforcement of any rules, regulations, orders, decree, or instructions by any government institution or regulator having jurisdiction or purporting to have jurisdiction over Mutual Funds Units and/or Mutual Funds Investment. 

  • any act of force majeure including but not limited to acts of God, war or warlike hostilities, civil commotions, riots, blockades, embargoes, sabotage, strikes, lock-outs, fire, flood, shortage of material or labour, delay in deliveries from sub-contractors; or

  • any event outside our control.

 

4.3 The management, performance, and yield of any Mutual Funds Investment is the responsibility of the investment managers of the relevant  Mutual Funds Unit, and that the responsibility of TanamDuit (in its role as a Mutual Funds Selling Agent (APERD)) and us (in our role as a Mutual Funds Outlet (Gerai)) are limited to the marketing of such Mutual Fund Units.

4.4 Any claims against or disputes with a Provider are to be settled between you and the Provider. You will not claim against us in this respect.

5. Fees

5.1 The Mutual Funds Investment conducted through the Mutual Funds Feature is subject to Charges, which may vary from time to time as calculated in accordance with the terms set out in our Fees, Rates and Limits page and shall be notified to you before you submit your Electronic Instructions to us. By submitting an Electronic Instruction, you have agreed and accepted the Charges applicable to that Electronic Instruction.

6. Change to this T&C

6.1 We may change, amend, modify, or supplement this T&C from time to time. In the event of any such event, we will give you at least 48 (forty eight) hours prior written notice via email, at a minimum, to the contact details you have supplied to us,  along with the new version of the T&C.

6.2 If you do not agree with the proposed change(s) to the T&C, you must tell us  and you will have the right to terminate this T&C and your use of our Mutual Funds Services at any time before the proposed date of their entry into force. If you do not contact us in order to tell us that you do not accept the changes and request to terminate this T&C you will be deemed to have accepted the change(s) to the T&C.

7. Termination

7.1 We may limit, replace or suspend any of our Mutual Funds Services and inform you the  reason.

 

7.2 If we need to end this T&C (and close the Mutual Funds Feature linked to your Accounts), we may do so at any time by giving the reason or advance notice to you within 7 (seven) calendar days before such termination becomes effective. We shall tell you as soon as practicable by any notification method, including through Mutual Funds Services, local newspapers, displays at our branches or media publications. 

7.3 Unless we tell you otherwise, you can end any Mutual Funds Services or close the Mutual Funds Feature of your Account by giving us seven (7) calendar days advance written notice, as long as you meet conditions as stipulated in the terms and conditions governing the product.

7.4 Termination of this T&C will not affect any rights or obligations accrued before the effective termination date.

7.5 For the avoidance of doubt, your permanent deactivation of your Nex App Account or the termination or the revocation of your consent to the Nex App Terms and Conditions shall cause the immediate termination of this T&C and revocation of your access to our Mutual Funds Services.

7.6 You and we hereby expressly agree to waive the provisions of Article 1266 of the Indonesian Civil Code.

8. Other Terms and Conditions

8.1 As a part of the Nex App, we will use your Personal Data in the same manner as set out in Clause 11 of the Account Terms and Conditions, which is deemed to be set out in full herein by this reference, as well as the Privacy Policy

 

8.2 You fully understand and agree that this T&C constitute an electronic T&C and your action of completing the signing-up process for an Account or  logging-in to Your Account is your active consent to enter into an T&C with us that this T&C and our Privacy Policy are legally valid and binding and shall continue so long as You use the Nex App and Mutual Funds Services.

 

8.3 You shall not sue nor object the validity of this T&C or the Privacy Policy which are made in the electronic form.

 

8.4 The parties’ rights and obligations in Clauses 3, 4, 7, and 8 as well as the clauses of the Account Terms and Conditions deemed applicable to this T&C pursuant Clause 1.5 herein, will survive the temporary suspension, permanent suspension, deletion of the Nex App or the Mutual Funds Feature or expiration of this T&C between you and us.

 

8.5 In the event of the termination or expiration of the partnership between us and TanamDuit, you have the right (but not the obligation) to continue the use of of the services currently being provided through our Mutual Funds Services, through TanamDuit directly, subject to the terms, conditions, and platform(s) provided by TanamDuit.

 

8.6 This T&C is governed by the laws of the Republic of Indonesia. Any and all disputes arising from the use of the Nex App or Mutual Funds Services will be resolved amicably to reach a consensus within 30 (thirty) calendar days, since the notification of the dispute has been notified by one party, to the other party.

8.7 Any dispute that cannot be resolved through consensus, will be finally resolved through the Indonesian National Board of Arbitration (“BANI”) located in Mampang - South Jakarta, Indonesia, appointing a single arbitrator in accordance with and subject to the arbitration rules of BANI for the time being in force. Subject to the arbitral award, which must be rendered no longer than 6 (six) months since registration at BANI, You hereby acknowledge and accept that the arbitral award is final and binding to You and Nex, where the losing party shall bear all of the filing Dispute costs and/or fees incurred from the Dispute resolution proceeding, including but not limited to the cost of appointing the arbitrator for the closure of the Dispute as well stipulation of BANI decision from the relevant Court.  You hereby expressly and irrevocably agree that the appointed arbitrator shall be solely bound by strict rules of law in making his/her decision and shall not be entitled to render an ex aequo et bono award.

9. Investor Statement

9.1 As a part of your usage of the Mutual Funds Feature, you may be required to answer a risk profile questionnaire (“Questionnaire”) to help us and/or TanamDuit in understanding your risk level preference.

9.2 By agreeing to this Terms and Conditions, you hereby agree to make the following investor statement (“Investor Statement”):

  1. The Questionnaire results will be used solely to provide an overview of the decisions I will make.

  2. I understand that the results of this Questionnaire are not suggested by PT Star Mercato Capitale as APERD and PT Nex Teknologi Digital as Outlet (Gerai) for the investment product that I have chosen, I also understand that PT Star Mercato Capitale and PT Nex Teknologi Digital are not responsible for the investment product that I have chosen with or without the results of this Questionnaire.

  3. I understand the investment risks that may occur when purchasing investment products from PT Nex Teknologi Digital as an Gerai, and these risks are my full responsibility.

  4. I guarantee that the data that I have filled in is correct and in accordance with my background, and I will still be fully responsible even if I buy an investment product that is different from my risk profile.

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