Morningstar India Web Site Terms and Conditions
These are the general terms and conditions of Morningstar India Private Limited for use of the Morningstar web site (the 'Site'). Please read these terms and conditions carefully as your use of the Site is subject to them. Morningstar reserves the right at its sole discretion to change, modify or add to these terms and conditions without prior notice to you. By continuing to use the Site you agree to be bound by such amended terms.
1. What you are allowed to do You may:
   (a) browse the Site and view the information on it for personal, professional or other commercial purposes;
   (b) print off pages from the Site to the extent reasonably necessary for your use of the Site in accordance with the above. Provided that at all times you do not do any of the things set out in clause 2.
2. What you are not allowed to do Subject to these terms and conditions, you may not:
   (a) systematically copy (whether by printing off onto paper, storing on disk or in any other way) substantial parts of the Site;
   (b) remove, change or obscure in any way anything on the Site or otherwise use any material contained on the Site except as set out in these terms and conditions;
   (c) include or create hyperlinks to the Site or any materials contained on the Site; or
   (d) use the Site and anything available from the Site in order to produce any publication or otherwise provide any service that competes with the Site (whether on-line or by other media); or
   (e) for unlawful purposes and you shall comply with all applicable laws, statutes and regulations at all times.
3. No Investment Advice You acknowledge that:
   (a) Morningstar does not provide investment advice and that nothing on the Site constitutes investment advice (as defined in the Financial Services Act 1986) and that you will not treat any of the Site's content as such;
   (b) Morningstar does not recommend any financial product;
   (c) Morningstar does not recommend that any financial product should be bought, sold or held by you; and
   (d) nothing on the Site should be construed as an offer, nor the solicitation of an offer, to buy or sell securities by Morningstar
   (e) information which may be referred to on the Site from time to time may not be suitable for you and that you should not make any investment decision without consulting a fully qualified financial adviser.
4. Access The Site is directed exclusively at users located within the United Kingdom and as such any use of the site by users outside India is at their sole risk. By using the Site you confirm that you are located within India and that you are permitted by law to use the Site.
5. Your personal information:
   Morningstar's use of your personal information is governed by Morningstar's Privacy Policy, which forms part of these terms and conditions.
6. Copyright and Trade Marks
   6.1 All copyright and other intellectual property rights in any material (including text, photographs and other images and sound) contained in the Site is either owned by Morningstar or has been licensed to Morningstar by the rights owner(s) for use by Morningstar on the Site. You are only allowed to use the Site and the material contained in the Site as set out in these terms and conditions.
   6.2 The Site contains trade marks, including the Morningstar name and logo and the 'QuickTake' and 'Morningstar Rating' marks. All trade marks included on the Site belong to Morningstar or have been licensed to Morningstar by the trade mark owner(s) for use on the Site. You are not allowed to copy or otherwise use any of these trade marks in any way except as set out in these terms and conditions.
7. Exclusions and limitations of liability
   7.1 Morningstar does not exclude or limit its liability for death or personal injury resulting from its negligence, fraud or any other liability which may not by applicable law be excluded or limited.
   7.2 Subject to clause 7.1, in no event shall Morningstar be liable (whether for breach of contract, negligence or for any other reason) for (i) any loss of profits, (ii) exemplary or special damages, (iii) loss of sales, (iv) loss of revenue, (v) loss of goodwill, (vi) loss of any software or data, (vii) loss of bargain, (viii) loss of opportunity, (ix) loss of use of computer equipment, software or data, (x) loss of or waste of management or other staff time, or (xi) for any indirect, consequential or special loss, however arising.
   7.3 Subject to clauses 7.1 and 7.2, Morningstar's liability to you whether in contract, tort or otherwise is limited to a maximum of INR 250.
8. Disclaimer
   8.1 ALL INFORMATION CONTAINED ON THE SITE IS FOR GENERAL INFORMATIONAL USE ONLY AND SHOULD NOT BE RELIED UPON BY YOU IN MAKING ANY INVESTMENT DECISION. THE SITE DOES NOT PROVIDE INVESTMENT ADVICE AND NOTHING ON THE SITE SHOULD BE CONSTRUED AS BEING INVESTMENT ADVICE. BEFORE MAKING ANY INVESTMENT CHOICE YOU SHOULD ALWAYS CONSULT A FULLY QUALIFIED FINANCIAL ADVISER.
   8.2 ALTHOUGH MORNINGSTAR USES ITS REASONABLE EFFORTS TO ENSURE THAT INFORMATION ON THE SITE IS ACCURATE AND COMPLETE, WE CANNOT GUARANTEE THIS TO BE THE CASE. AS A RESULT, USE OF THE SITE IS AT YOUR SOLE RISK AND MORNINGSTAR CANNOT ACCEPT ANY LIABILITY FOR LOSS OR DAMAGE SUFFERED BY YOU ARISING FROM YOUR USE OF INFORMATION CONTAINED ON THE SITE. YOU SHOULD TAKE ADEQUATE STEPS TO VERIFY THE ACCURACY AND COMPLETENESS OF ANY INFORMATION CONTAINED ON THE SITE.
   8.3 Information contained on the site is not tailored for individual use and as a result such information may be unsuitable for you and your investment decisions. You should consult a financial adviser before making any investment decision.
   8.4 The Site includes advertisements and links to external sites and co-branded pages in order to provide you with access to information and services which you may find useful or interesting. Morningstar does not endorse such sites nor approve any content, information, goods or services provided by them and cannot accept any responsibility or liability for any loss or damage suffered by you as a result of your use of such sites.
   8.5 Morningstar is unable to exercise control over the security or content of information passing over the network or via the Service, and Morningstar hereby excludes all liability of any kind for the transmission or reception of infringing or unlawful information of whatever nature.
   8.6 Morningstar accepts no liability for loss or damage suffered by you as a result of accessing Site content which contains any virus or which has been maliciously corrupted.
9. Availability and updating of the Site
   9.1 Morningstar may suspend the operation of the Site for repair or maintenance work or in order to update or upgrade its content or functionality from time to time. Morningstar does not warrant that access to or use of the Site or of any sites or pages linked to it will be uninterrupted or error free.
   9.2 Morningstar may change the format and content of the Site at its sole discretion from time to time. You should refresh your browser each time you visit the Site to ensure that you access the most up to date version of the Site.
10. Enquiries or complaints
   If you have any enquiries or complaints about the Site then please address them (within 30 days of such enquiry or complaint first arising) to : helpdesk +91-22-61217188 (Boardline), Morningstar India Private Limited, 14th Floor, Platinum Technopark, plot 17 & 18, Sector 30A, Vashi, Navi Mumbai – 400 705, Maharashtra, India. email: helpdesk.in@morningstar.com
11. General and governing law
   11.1 These terms and conditions form the entire understanding of the parties and supersede all previous agreements, understandings and representations relating to the subject matter. If any provision of these terms and conditions is found to be unenforceable, this shall not affect the validity of any other provision. Morningstar may delay enforcing its rights under these terms and conditions without losing them. You agree that Morningstar may sub-contract the performance of any of its obligations or may assign these terms and conditions or any of its rights or obligations without giving you notice.
   11.2 Morningstar will not be liable to you for any breach of these terms and conditions which arises because of any circumstances which Morningstar cannot reasonably be expected to control.
   11.3 These terms and conditions shall be governed and interpreted in accordance with Indian law, and you consent to the non-exclusive jurisdiction of the Indian courts.
Morningstar India Refund Policy

Refund Policy

As a general rule, the fees and related charges that Morningstar India Private Limited (Morningstar) assesses its clients for access to Morningstar products and services are payable in advance, are not subject to unilateral client cancellation prior to the end of the term specified in the relevant client agreement, and are not refundable. Exceptions, if any, to this general rule are set forth in the relevant client agreement for the product/service in question.

Important Disclaimer for Mutual Fund Research

© 2021 Morningstar. All rights reserved. The Morningstar name is a registered trademark of Morningstar, Inc. in India and other jurisdictions. Research on securities [as defined in clause (h) of Section 2 of the Securities Contracts (Regulation) Act, 1956], and being referred to for the purpose of this document as “Investment Research”, is issued by Morningstar Investment Adviser India Private Limited. Morningstar Investment Adviser India Private Limited is registered with SEBI as an investment adviser (registration number INA000001357), providing investment advice and research, and as a portfolio manager (registration number INP000006156). Morningstar Investment Adviser India Private Limited has not been the subject of any disciplinary action by SEBI or any other legal/regulatory body. It is a wholly owned subsidiary of Morningstar Investment Management LLC, which is a part of the Morningstar Investment Management group of Morningstar, Inc. In India, Morningstar Investment Adviser India Private Limited has only one associate, viz., Morningstar India Private Limited, and this company predominantly carries on the business activities of providing data input, data transmission and other data related services, financial data analysis, software development etc

The author/creator of this Investment Research (“Research Analyst”) or his/her associates or immediate family may have (i) a financial interest in the subject mutual fund scheme(s) or (ii) an actual/beneficial ownership of one per cent or more securities of the subject mutual fund scheme(s), at the end of the month immediately preceding the date of publication of this Investment Research. The Research Analyst, his/her associates and immediate family do not have any other material conflict of interest at the time of publication of this Investment Research. The Research Analyst or his/her associates or his/her immediate family has/have not received any (i) compensation from the relevant asset manager(s)/subject mutual fund(s) in the past twelve months; (ii) compensation for products or services from the relevant asset manager(s)/subject mutual fund(s) in the past twelve months; and (iii) compensation or other material benefits from the relevant asset manager(s)/subject mutual fund(s) or any third party in connection with this Investment Research. Also, the Research Analyst has not served as an officer, director or employee of the relevant asset manager(s)/trustee company/ies, nor has the Research Analyst or associates been engaged in market making activity for the subject mutual fund(s).

The terms and conditions on which Morningstar Investment Adviser India Private Limited offers Investment Research to clients varies from client to client, and are spelt out in detail in the respective agreement. The Investment Research: (1) includes the proprietary information of Morningstar, Inc. and its affiliates, including, without limitation, Morningstar Investment Adviser India Private Limited; (2) may not be copied, redistributed or used, by any means, in whole or in part, without the prior, written consent of Morningstar Investment Adviser India Private Limited; (3) is not warranted to be complete, accurate or timely; and (4) may be drawn from data published on various dates and procured from various sources. No part of this information shall be construed as an offer to buy or sell any security or other investment vehicle. Neither Morningstar, Inc. nor any of its affiliates (including, without limitation, Morningstar Investment Adviser India Private Limited, nor any of their officers, directors, employees, associates or agents shall be responsible or liable for any trading decisions, damages or other losses resulting directly or indirectly from the use of the Investment Research.

The various ratings assigned by Morningstar Investment Adviser India Private Limited to mutual fund schemes are (i) Gold, (ii) Silver, (iii) Bronze, (iv) Neutral and (v) Negative. A Gold rated mutual fund scheme is Morningstar Investment Adviser India Private Limited’s highest-conviction recommendation, which stands out as best of breed for its investment mandate, and is expected to outperform its relevant performance benchmark and/or peer group within the context of the level of risk taken over the long term (defined as a full market cycle or at least five years). A Silver rated mutual fund scheme is Morningstar Investment Adviser India Private Limited’s high-conviction recommendation and is expected to outperform its relevant performance benchmark and/or peer group within the context of the level of risk taken over the long term, although it does not necessarily rise to the standard of best in breed. A Bronze rated mutual fund scheme is one where Morningstar Investment Adviser India Private Limited has the conviction to award it a positive rating and expects it to beat its relevant performance benchmark and/or peer group within the context of the level of risk taken over the long term, as the mutual fund scheme has advantages that outweigh its disadvantages. A Neutral rated mutual fund scheme is one in which Morningstar Investment Adviser India Private Limited does not have a strong positive or negative conviction, and while it is not likely to deliver standout returns, it isn’t likely to seriously underperform its relevant performance benchmark and/or peer group either. A Negative rated mutual fund scheme is one which has at least one flaw that Morningstar Investment Adviser India Private Limited believes is likely to significantly hamper future performance and because of such faults, such a mutual fund scheme is believed to be inferior to most competitors and likely to underperform its relevant performance benchmark and/or peer group, within the context of the level of risk taken, over a full market cycle.