1.1 Welcome to Tavaga Mobile Application (“App”). The App is owned and operated by Zikhin Technologies Private
Limited, whose registered office is located at Flat No. 41, Building 8-B, Brindaban Society, Thane 400 601.
Private Limited and “You”, “Your” or “User” means any person who accesses or uses the App or Our Services. Our
“Services”, provided through the App, include:
(a) Providing a proprietary automated technology platform that allows You to generate a list of Exchange Traded
Funds (“ETFs”) based on Your personality, risk profile, and market conditions as more fully described in Part
(b) Should You choose to do so, assisting You in making an investment in the ETFs provided in the List, if You
use or access the App.
contract as per applicable law, in particular, the Indian Contract Act, 1872.
1.5 Our Services are designed to be compliant with the laws of India. If You access Our Services from locations
outside India, You do so at Your own risk and You are solely liable for compliance with applicable local laws.
Your continued use of the App or the Services following any such amendment indicates Your acceptance of such
1.7 We reserve the right to restrict access to Our App and all of the Services provided therein, if You have
been or We have reasonable grounds to believe that You have been convicted of an offence which involves moral
turpitude or any offence under the Indian Penal Code, 1860.
limited privilege to access and use the App for personal, non-commercial use.
1.9 You may delete Your Account and discontinue the use of Our Services at any time in accordance with Paragraph
23. Similarly, We will have the right to withdraw Our Services at anytime without assigning any reason whatsoever.
2. Our Services
2.1 Our proprietary technology classifies ETFs into different categories based on market conditions, past performance
and other factors. You can use the App, and Your inputs with respect to Your Investment Profile (as defined below),
to generate a list of ETFs that is best suited to your Investment Profile.
2.2 Upon accessing the App, You will participate in a mock market simulation game (“Simulation”). The App will
propose an approximate investment profile (“Investment Profile”) for You based on how You play the Simulation.
You may modify Your Investment Profile if You so choose. You will be able to generate a List of ETFs based on
Your Investment Profile. It is clarified that the List generated is specific to Your circumstances and does not
in any manner constitute general public advice or a recommendation that You make investments based on it. You
make use of the App to generate Your Investment Profile and Your List. While the App and the proprietary technology
it uses takes various factors into account including Your Investment Profile, market conditions, past performance
and is based on information from sources that We believe to be reliable, We do not guarantee the accuracy, timeliness
and completeness of the information provided and We do not warrant any results from the use of the App or Our
Services nor guarantee the achievements of Your Goal, whether or not You choose to invest through Us.
3. Fees and Charges
3.1 We reserve the right to charge fees in the future for the Services or any other services offered by Us in
addition to any fees that may be charged from You under Paragraph 24.1. Any such changes will be communicated
to You by email 7 (seven) days before such change, and will be displayed on the App. Your continuous usage
of Our Service even after the introduction of the fees shall be treated as Your acceptance to pay Us the applicable
4. User Obligations
4.1 Our Services are to be used only for their intended purpose, and are not to be misused in any manner, including
for undertaking fraudulent transactions, impersonation, etc.
4.2 You warrant that You are using the App on Your own initiative and that You are responsible for compliance
with any and all applicable laws.
4.3 You shall use the App only for its intended purposes in a bona fide manner. You shall not:
(b) Attempt to or gain unauthorized access to any portion or feature of the App including accounts, or any
other systems or networks connected to the App or to any server, computer, network, or to any of the Services
by hacking, password “mining” or any other illegitimate means;
(c) Directly or indirectly solicit the account information of other users or access or try to access any account
which does not belong to You;
(d) Probe, scan or test the vulnerability of the App or any network connected to the App or Services or breach
the security or authentication measures on the App or any network connected to the App;
(e) Extract data from the App;
(f) Make any investment recommendations to any person on the basis of outputs from the App;
(g) Attempt to circumvent the regular operation of the App, or reduce the fees or consideration that We may
derive from the App by any means including by creating multiple accounts, redirecting traffic or following
other fraudulent or deceptive practices;
(h) Collect any user information through automated means, including but not limited to bots, robots, spiders
and scrapers without Our prior written permission;
Policy, as amended from time to time; or
j) Make any statement(s) or comment(s) on the App which is/are inaccurate, false, unfair or defamatory to Us
or other users or which violates the legal right of others.
4.4 Further, You agree not to upload, host, display, publish, share or otherwise make available on the App
any content or information that:
(a) Belongs to another person and to which You do not have any right;
(b) Contains any content which is non-compliant with the Information Technology Act, 2000, rules, regulations,
and guidelines made thereunder, including Rule 3 of The Information Technology (Intermediaries Guidelines)
(c) Infringes any intellectual property rights of any third party.
4.5 You agree to be fair, accurate and non-disparaging while leaving comments, feedback, testimonials and reviews
on or about the App or the Services.
4.6 You will be responsible for payment of taxes and complying with any applicable laws in relation to any
interest or dividend earned by You.
5. Intellectual Property
5.1 If at any time, You make any submissions via or on the App, including but not limited to suggestions, feature
ideas, bug reports, comments, You assign all rights in these submissions to Us. Hereafter, We shall be entitled
to use the submissions for any purpose whatsoever, without compensation to the maker of the submission. In
any event, such submissions are not and will not be treated as confidential and We shall not be liable for
any disclosure of the submissions.
5.2 All intellectual property in the App, and in the proprietary material, content and information made available
on the App including the graphics, images, photographs, logos, trademarks, the appearance, organisation and
layout of the App and the underlying software code belong to Us.
5.3 You must not copy, modify, alter, decompile, reverse engineer, publish, broadcast, distribute, sell or
The information provided on the App and through the Services is for Your personal use only.
use conflicts or interferes with Our reputation, interest or might subject Us to unfavorable legal or regulatory
action in any way, We can indefinitely suspend or terminate Your access to the App at any time, and report
such action to relevant authorities. We reserve the right to take recourse to all available remedies under
applicable law in furtherance of the above.
You agree to indemnify Us, Our owners, licensees, affiliates, group companies and their respective officers,
directors, agents, and employees, on demand, against any claim, action, damage, loss, liability, cost, charge,
expense or payment which We may pay, suffer, incur or are liable for, in relation to any act You do or cause
any third party claims due to Your use of the App.
8. Disclaimer of Warranties and Limitations of Liabilities
8.1 We do not and are not obliged to, include all ETFs available in the market that may suit Your Investment
Profile, in the List. By limiting the number of schemes on the App, We do not make any representation as to
the quality, bona fides or nature of any ETFs, or any other representation, warranty or guarantee, express
8.2 We shall not be held liable for any loss or damage or failure to comply with or delay in complying with
beyond Our reasonable control including due to system failure, network issues, technical snags or loss of data
due to any of the preceding reasons, act of God, floods, epidemics, quarantine, riot or war.
9. Availability of App or Services
9.1 The App and Services are provided on an “as is” and “as available” basis without any representation or warranty,
express or implied. We do not warrant that:
(a) The App will be constantly available or available at all. We shall have no liability to You for any interruption
or delay in access to the App or Services availed through it, irrespective of the cause;
(b) The information on the App or given through Services is complete, true, accurate or non-misleading;
(c) That the App is secure or free of viruses, Trojans or other malware; or
(d) The contents of the App do not infringe any intellectual property rights.
9.2 We reserve the right to modify the App, Our technology and the basis on which Lists and/or Investment Profiles
are generated from time to time. This may vary the results that You derive by using the App.
offering to buy or sell, or a recommendation for, a security, or any other product or service, to You or any
person in any jurisdiction where such solicitation, offer, recommendation, purchase or sale would be unlawful
under the laws of that jurisdiction.
11.1 We reserve the right to store and retain any and all Information provided by You including the Services
used, Information, Account details and details of the Transactions to comply with applicable laws.
11.2 Any personal information You supply to Us when You use this App or the Services will be used in accordance
12. Third Party Links
All third party advertisements, hyperlinks or other redirection tools on the App which take You to content operated
by third parties are not controlled by Us and do not form part of the App. We are not liable for any loss or
harm that occurs to You as a result of such sites.
13. Severability and Waiver
14. Governing Law and Jurisdiction
applicable between resident Indians. Any disputes pertaining to the App shall be subject to the exclusive jurisdiction
of the appropriate courts in Mumbai, India.
15. Dispute Resolution
15.1 All disputes arising from or in connection with this Agreement shall be settled amicably between the Parties
failing which it shall be referred to and finally settled by arbitration in accordance with the Indian Arbitration
and Conciliation Act, 1996 as amended from time to time, presided over by a sole arbitrator appointed mutually
by the Parties failing which it shall be appointed by the High Court of Mumbai. Judgment upon the arbitral
award may be entered in any court having jurisdiction over the Parties or their assets. The arbitration proceedings
shall be held at Mumbai. The arbitration proceedings shall be conducted in the English language.
15.2 Notwithstanding the foregoing, a Party may seek appropriate interim or provisional reliefs including any
injunctive reliefs in any court having jurisdiction over the subject matter thereof to enforce and/or prevent
breach of its rights and remedies in and arising out of this Agreement.
16. Grievance Officer
In accordance with the Information Technology Act, 2000 and the rules made thereunder, the name and contact details
of the Grievance Officer are provided below:
You may write to her at the following address:
303, Nahar Business Centre, Chandivali, Mumbai 400 072.
Email her at firstname.lastname@example.org
17. Contact Us
Please contact Us for any questions or comments (including all inquiries related to copyright infringement) regarding
This document is an electronic record under the Information Technology Act, 2000 and the rules thereunder. This
electronic record is generated by a computer system and does not require any physical or digital signatures.
This document is published in accordance with the provisions of Rule 3(1) of the Information Technology (Intermediaries
for access to or usage of this App.
21. Optional Servies
21.1 In order to use Our Optional Services, You are required to create an account (“Account”) by providing the
(b) Email Address;
(c) Mobile Number;
(d) PAN Number;
(e) Date of Birth;
(f) A PIN code to be created by You which shall be required to be entered each time You use Our Optional Services;
(g) Your bank account details from which You could choose to make payments, if any; and
(h) Details required for KYC forms and Account Opening form; (Collectively, the “Information”). Any document
as required above shall be uploaded by You in soft copy on the App at the time of creating the Account.
21.2 You will ensure that the Information provided by You is accurate, true and up to date at all times.
21.3 Upon successful creation of the Account, You will be issued a username and password, linked to Your Account.
User Accounts are personal, confidential and not transferable. You will be responsible for all information and
content posted under Your Account. You will create only one Account and will not create successive Accounts unless
the previous Account is duly deleted.
21.4 You shall be solely responsible for the confidentiality of the username, password and PIN used by You to
access the App and Our Services and shall not disclose the same to anybody and shall take all possible care to
prevent discovery of the username, password and PIN by any person. In any event, We are not liable or responsible
for any unauthorized access to Your Account. You will immediately notify Us of any unauthorized use of Your Account
21.5 By providing Us with the Information, You agree that the contact number supplied by You is not part of any
“do not call” registry or its equivalent, anywhere in the world and that We may use the Information to send You
communication, notices or alerts that are transactional, informational and promotional in nature, from time to
After creation of Your Account, You will specify the amount You wish to invest (“Investment Amount”) and the
frequency with which You want to make the investment (“Investment Frequency”). You may choose Your Investment
Frequency to be monthly or one time. The App allows goal-based investing, that is, it allows You to factor Your
personal financial goals, such as buying a house, planning a vacation, foreign education, etc while making investments.
Accordingly, You will need to set the target amount to be achieved (“Goal”) and based on the combination of Your
Investment Amount, Your Investment Frequency, Your Investment Profile and Your Goal, (collectively, “Parameters”),
You will be able to estimate a reasonable time frame in which You can achieve You Goal. You may adjust the Parameters
to achieve Your desired time frame.
21.7 You may modify any of Your Parameters at any time and the App will accordingly modify the selection of Your
investment to match the new Parameters within reasonable time.
21.8 You may also set multiple Goals and specify different Investment Amount for each of the Goals. However,
You cannot modify Your Investment Profile and it shall remain the same for all Your Goals.
21.9 Completion of KYC
After You provide Your Parameters, Your Account will need to be activated. For activation of Your Account, We
shall email You pre-filled account opening form to Your registered email address. You are required to print the
account opening form, read it carefully, and send a duly signed copy to Us at 303, Nahar Business Centre, Chandivali,
Mumbai 400 072 within 7 (seven) business days of receiving the forms. If You have a KYC record with Central Depository
Services Limited (“CDSL”), You authorize Us to obtain Your details from CDSL. However, if You are not registered
as a KYC compliant customer with CDSL, in addition to the form sent by Us to You, You will have to send Us a
duly filled KYC form which would be emailed to your registered email id. Your Account will be activated after
completing Your KYC formalities. It is clarified that no further actions using Your Account can be initiated
until the KYC procedure is complete and We have received duly filled forms from You.
21.10 By providing the Information and consenting to avail Our Optional Services, You authorize Us to invest
on Your behalf through Our Broker, in certain specific ETFs from the List generated by You (“Transaction”). You
further authorize Us to transfer all Information, details of Your Investment Amount, Investment Frequency and
KYC records including Your signature(s) to Our Broker for processing the Transactions. By authorizing Us, You
represent and warrant that You have read the terms and conditions of the relevant ETFs.
21.11 Upon receiving Your consent to use Our Optional Services, the KYC documents and other information provided
by You to Us will be provided to the Broker for the purpose of opening an account for undertaking the Transactions
for You. You shall provide any and all information that may be required by Us or the Broker from time to time
in compliance with existing legal norms and regulations, including but not limited to contact information, address
and tax related information and any information required under existing or future KYC norms and laws or as may
be deemed necessary to authenticate Your profile or any action taken using Your Account. You agree that We may
take steps to verify the veracity of such information provided and You shall co-operate with Us in providing
all information requested by Us. You acknowledge that failure to provide such information in a timely manner
may result in ineligibility to avail some or all of Our Services and We shall not be liable for any losses of
whatsoever nature resulting from such failure to provide information on Your part. Any information provided by
You may be required to be shared with relevant regulatory or statutory authorities and You authorize Us to provide
all information to such regulatory or statutory authorities as and when required. Processing of Transactions
21.12 All transfers of Investment Amount shall be made by You directly in the name of the Broker by issuing a
NACH Mandate in the favor of Our Broker. The Investment Amount is not a deposit with Us and is not insured.
21.13 You acknowledge and agree that processing of all Transactions from Your bank account, may take 1 (one)
to 7 (seven) calendar days excluding bank holidays.
21.14 If for any reason the Broker is unable to allow a Transaction for purchase or redemption of the full quantity
of units of ETFs proposed to be transacted for You through Our Services, the Broker shall be entitled to process
a lesser quantity of units than the proposed quantity of units to be purchased or redeemed. In such an event,
We or the Broker shall not be liable for non-execution of Transactions for the entire or remaining quantity of
21.15 If the Investment Amount specified by You cannot be invested in full due to the pricing of the instrument
and rounding-off errors, the balance amount would remain in Your brokerage account with the Broker, which can
be utilized by You for future investment.
21.16 You acknowledge and agree that any Transactions made cannot be cancelled. However, You may choose to discontinue
using Our Services as per Paragraph 23. We may consolidate Your Investment Amount from Your different Goals for
the purposes of the Transactions. However, You can track each of Your Goals individually.
21.17 You may track Your Investment Amount, Transactions made and the progress made in relation to Your Goal
at any time on the App.
21.18 The App will remember Your Parameters and will suggest rebalancing of Your investment portfolio on the
App to increase the chances of You achieving Your Goals in a timely manner. You may choose to undertake Transactions
based on the recommendations generated by the App. If You do not modify Your investment portfolio on the App
based on the recommendations, it may add additional uncertainty to the achievement of Your Goals.
21.19 You may request a copy of any scheme related or policy documents by emailing Us at email@example.com.
21.20 You shall inform Us promptly and in either case within 2 (two) business days if You have failed to carry
out Your commitments in relation to any securities or if You are in default with any other stock broker or sub-broker.
21.21 Compliance and Grievance Redressal: In case of any queries or grievance with respect to the Transaction
or any investments made by You by using Our Services, please contact firstname.lastname@example.org.
22. Services Disclaimers and Warranties
22.1 We will look to You for clear guidance on Your Goals and Investment Profile. We shall not review or analyze
Your Goals, Investment Profile or Your current financial position and shall not be liable for any investments
selected based on the information provided by You. Accordingly, before making an investment decision, You need
to consider whether the List or any other information generated by You using Our App is appropriate for Your
investment objectives, financial situations and needs. Moreover, the information provided by using the algorithm
and Our Services may not be suitable for all investors. You should undertake an independent analysis of the suitability
of Our Services, based on Your specific circumstances.
22.2 We shall not be liable for any losses, damages, expenses, costs or claims resulting out of fraudulent or
unauthorized use or access of Your Information or KYC records.
22.3 We do not in any manner:
(a) Guarantee payments on any ETFs;
(b) Guarantee liquidity of any ETFs;
(c) Guarantee the payments of any interest or dividends;
d) Promise good delivery; or
(e) Promise, indicate or guarantee any returns.
22.4 We shall be under no duty to verify compliance with any restrictions on Your authority or power to invest.
22.5 By using Our Services, You acknowledge and agree that investment in ETFs are subject to market risks including
the possible loss of the Investment Amount. Past performance may or may not be sustained. We recommend that You
invest only from Your disposable income. We do not recommend investing any monies by taking a loan or investing
the entirety of Your savings. Invest only that amount which You are willing to lose.
22.6 It is clarified that We do not gain or seek to gain any direct or indirect personal advantage from the Transactions
and shall not consider Your interest inferior to Our own and will intimate You if there is any conflict of interest.
22.7 We undertake to provide Our Optional Services on a best efforts basis within the ambit of SEBI Regulations
and any other applicable law.
22.8 We shall, at Our sole discretion, not process any Transactions where the Transactions are designed in a
manner to violate any law.
22.9 We reserve the right to amend, modify, restrict, suspend or discontinue Your access to any or all parts
of the App without prior notice. If Your Account has been disabled, suspended or discontinued by Us, You will
not create a new Account, whether with Your information, or otherwise.
25. Transfer of Investment amount
25.1 The Investment Amount shall be transferred using only National Automated Clearing House (“NACH”) facility
provided by National Payments Corporation of India. In order to avail the NACH facility, the bank in which You
hold the Account which You desire to use for making payments for the Transactions should be a NACH participating
bank. We would send You a form to execute the NACH Mandate which needs to be duly filled by You and sent back
to Us at 303, Nahar Business Centre, Chandivali, Mumbai 400 072, within 7 (seven) days of receiving it.
25.2 In order to make payments to Your brokerage account through NACH, you will be required to register a mandate
for Your investment portfolio on the App (“NACH Mandate”). The NACH Mandate will be an agreement between You,
Your bank and the Broker authorizing the Broker to debit Your bank account with the Investment Amount, as per
the Investment Frequency specified by You. Registration of a NACH Mandate may take up to 10 (ten) business days.
The Transactions shall be solely processed by the Broker after the Investment Amount is received by them. Alternatively,
You may transfer the Investment Amount using NEFT in the Broker’s account, as per the details which shall be
shared with You by the Broker upon demand.
25.3 You choose to use the App and the Services at Your own risk. These risks may include, but not be limited,
to the following:
(a) Internet Frauds: We use the internet to provide Our Services and while We take measures to protect Your data,
using the internet has well-publicized risks including delays, non-delivery, data corruption, hacking, interception,
unauthorized amendment and other tampering and, in some cases may compromise confidentiality. Additionally, viruses,
worms, Trojan horses and other malicious code may add to the risk. Because We cannot the guarantee the security
of data transmitted through internet, We will not be liable if data is delayed, not received, corrupted, used
to hack into systems, intercepted, amended without authority or otherwise tampered with or if confidentiality
or privacy is lost.
(b) Mistakes and Errors: The filling in of applicable data for Transactions requires proper, accurate and complete
details. In the event You receive any incorrect credit by reason of a mistake by any Broker or any third party,
the concerned Broker or third party shall be entitled to reverse the incorrect credit at any time whatsoever.
You shall be liable and responsible to the Broker to accede to instructions without questions for any unfair
or unjust gain obtained by You as a result of the same.
(c) Technology Risks: The technology for enabling Our Services may be affected by virus or other malicious, destructive
or corrupting code, program or macro. Further, the technology may require updates or maintenance and during such
time Our Services may not be available which could result in delays in processing Your Transactions. Additionally,
We may roll-out updates to the App which You would be required to download. We shall not be liable for any damages,
loss of profits or prejudice suffered due to any of the technology risks outlined above or Your failure to download
and install the updates provided by Us from time to time.
(d) Limits: We may from time to time impose maximum and minimum limits on the Investment Amount and You acknowledge
and agree that the same are being imposed to reduce Your risk and that You shall be bound by such limits and
shall strictly comply with them.
25.4 You agree to bear the bank charges, if any, towards the transfer of Investment Amounts or any other transaction
carried out by You through Your bank and We shall not be liable to reimburse any such charges.