1. Nature of Investment
ArtVentures Fund operates as a SEBI Category I Alternative Investment Fund (Angel Fund) under the SEBI (Alternative Investment Funds) Regulations, 2012. Investment commitments made through this platform have the following binding characteristics:
- Capital commitments are binding and irrevocable once a subscription agreement is executed and countersigned by the Fund Manager
- Committed capital may be drawn down by the Fund in one or more tranches as deals are identified and closed
- Units of the Fund are not listed and cannot be transferred without prior written consent of the Fund Manager
- Regulatory obligations under SEBI AIF Regulations 2012 govern all redemption and exit provisions
Unlike mutual funds or listed securities, AIF commitments are long-term, illiquid obligations. Please ensure you fully understand the commitment before signing any subscription document.
2. Cancellation Window
The following cancellation provisions apply based on the stage of your investment process:
- Expression of Interest (Pre-Agreement): Investors may withdraw an Expression of Interest (EOI) or soft commitment within 48 hours of submission, provided a subscription agreement has not yet been executed. Email cancellation requests to artventures.operations@gmail.com with subject line "CANCELLATION REQUEST".
- Post-Subscription Agreement: Once a subscription agreement is duly signed and countersigned, the commitment becomes legally binding and cancellation is not permitted under SEBI AIF Regulations 2012.
- Capital Call Stage: Once a capital call notice is issued and payment has been made, no cancellation or refund is available.
3. Payment Gateway Fees
ArtVentures Fund uses Razorpay Financial Solutions Pvt. Ltd. as its payment gateway for processing investor contributions. The following fee policy applies in all circumstances:
- Razorpay processing fees of 2% + applicable GST are charged on all transactions
- These fees are non-refundable in all cases, including approved cancellations, deal failures, and technical failures
- The exact fee amount will be disclosed at the time of payment and will appear on your payment confirmation
This policy is a condition of our payment processing agreement with Razorpay and cannot be waived by the Fund Manager.
4. Deal Not Closing — Minimum Close Not Reached
In circumstances where a deal does not reach its minimum close amount (i.e., insufficient commitments are received from the investor pool to proceed with the investment), the following process applies:
- All committed and drawn-down funds for that specific deal will be refunded to investors
- Refunds will be processed within 7–10 business days of the Fund Manager announcing the deal will not close
- Funds will be returned via the original payment method used at the time of capital contribution
- Razorpay gateway fees (2% + GST) will be deducted from the refund amount as they are non-recoverable
- You will receive written confirmation of the refund initiation within 48 hours
5. Technical Failures
In the event of a verified technical failure of the Razorpay payment gateway during a transaction — including duplicate charges, failed transaction where money was debited, or system errors — the following applies:
- Affected funds will be credited back to your source account within 5–7 business days
- Razorpay's standard dispute resolution and chargeback process will govern technical failure refunds
- You should report technical failures within 24 hours by emailing artventures.operations@gmail.com with your transaction ID and bank reference number
- We will coordinate with Razorpay to investigate and process the refund as quickly as possible
6. Cancellation Request Process
To initiate a cancellation request (only available during the 48-hour pre-agreement window as described in Section 2), follow these steps:
Email artventures.operations@gmail.com within 48 hours of submitting your Expression of Interest
Use the subject line: "CANCELLATION REQUEST — [Your PAN Number]"
Include in the email body: your full name, registered email address, PAN number, deal name, Razorpay transaction ID (if payment was made), and reason for cancellation
Our team will acknowledge your request within 24 hours and confirm eligibility for cancellation
If eligible, refunds (less gateway fees) will be processed within 7–10 business days
7. SEBI Compliance
All refund and cancellation processes are governed by and subject to:
- SEBI (Alternative Investment Funds) Regulations, 2012 and amendments thereto
- Reserve Bank of India (RBI) guidelines on payment settlement and refunds
- Prevention of Money Laundering Act (PMLA) — refunds can only be made to the verified source account
- Any SEBI circular or directive issued after the effective date of this policy
In the event of any conflict between this policy and applicable SEBI or RBI regulations, the regulatory provisions shall prevail.
8. Contact
For refund enquiries, cancellation requests, or payment disputes, please contact:
ArtVentures Fund — Operations
Berries Financial Advisory Services
C-203 Badhwar Apartments, Sector 6, Dwarka, New Delhi 110075
Email: artventures.operations@gmail.com
Phone: +91-7400160348
Subject line for cancellations: CANCELLATION REQUEST — [PAN Number]