TERMS AND CONDITIONS FOR JITO ANGEL NETWORK (JAN) MEMBERSHIP
In terms of the Information Technology Act, 2000 (as and when amended), this document constitutes an electronic record.
Become Our Esteemed Member
Please read these terms and conditions (“Terms of Use”) carefully. Your membership is subject to your acceptance of the Terms of Use contained herein, and transaction documents proposed to be entered with the respective portfolio companies and the relevant members of JAN. Clicking “I Agree”, shall be considered as your electronic acceptance of these Terms of Use under the Information Technology Act, 2000, as and when amended.
1. Individuals; companies, limited liability partnerships, partnerships, and other legally recognized associations or institutions (“Institutions”) are eligible for JAN membership.
2. Eligible individuals and Institutions agree to obtain membership on payment of a membership fee, as applicable and revised from time to time at the sole discretion of JITO Incubation and Innovation Foundation (“JIIF”).
3. The current membership subscription (inclusive of taxes), until revised, stands as follows:
i. India Based
a. Category I: INR 88,500 (Inclusive GST) for 1 year
b. Category II: INR 31,860 (Inclusive GST) for 2 years (2.5% is charged on each investment in the relevant portfolio companies/startups selected for the investment by JIIF.)
c. Category III: INR 1,77,000 (Inclusive GST) for 3 years.
d. Category IV: Upgrade INR 1,45,140 (Inclusive GST) for 2 years to 3 years.
4. If the membership subscription is availed by the body corporate or legal entity or by an individual via body corporate or legal entity, the no-objection certificate (“NOC”) in the prescribed format to be submitted by such member.
5. Membership will be annualized, i.e., effective for twelve (12) months from the date of becoming a member with a validity of three (3) years.
6. Representation and Warranties:
a. Individuals agree to be admitted in their personal capacity and not to represent any organization when providing their consent to JAN membership.
b. Individuals agree to obtain JAN membership through either of the three alternative modes: firstly, on a sole basis; secondly, joint membership with family members; and lastly, through wholly owned personal investment companies or trusts.
c. Institutions agree to obtain JAN membership either before or after obtaining JITO membership, as they may deem fit.
d. Institutions agree to nominate a maximum of three (3) persons, thus, authorizing them to participate in the JAN program.
7. Members agree to abide by the rules, regulations, guidelines, policies, terms, and conditions, as applicable and revised from time to time by the JIIF.
8. Members agree to comply and facilitate with the procedural formalities of the JAN.
9. Members hereby agree that if review and scrutiny of uploaded documents establish that the documents of the member are insufficient and not in accordance with prescribed norms of JIIF, the said member will be disqualified for investment opportunities to be offered to eligible members, until sufficiency of the documents has been achieved.
10. Members agree to be bound by the dispute resolution procedure of JIIF, wherein, JIIF will have an exclusive power, in case of any dispute, to form a senior management committee to resolve the issues. Further, if parties are not satisfied with the above resolution, the same shall be referred to arbitration as per the Arbitration and Conciliation Act, 1996. The courts of Mumbai, Maharashtra shall have exclusive jurisdiction.
I have read the terms and conditions stipulated above and agree to it.
