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.
“We”, “Us”, “Our” and “Tavaga” means Zikhin Technologies 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 A of these Terms
of Use (“List”); and
(b) Should You choose to do so,
assisting You in making an investment in the ETFs provided in the
List, if You comply with the additional terms set out in Part B of
1.3 By accessing or using this App, You agree to be bound by
Policies, please do not use or access the App.
have the capacity to enter into a legally binding 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.
1.6 We reserve the right to amend all or any of the Terms of
Use at Our sole discretion without any prior notice. Your
continued use of the App or the Services following any such
amendment indicates Your acceptance of such amendment.
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.
1.8 Subject to the above, and Your compliance with these
privilege to access and use the App for personal, non-commercial
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
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:
(a) Use the Services
for any purpose that is unlawful or prohibited by the Terms of
(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;
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
(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;
Collect any user information through automated means, including
but not limited to bots, robots, spiders and scrapers without
Our prior written permission;
(i) Facilitate or encourage
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
amended or re-enacted from time to time; or
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 transfer
(whether in whole or in part) any such material, except as
provided on the App and through the Services is for Your
personal use only.
If You have, or We have reasonable grounds to believe that You
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
Your violation of any law, rules or regulations or as result of
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 or implied.
8.2 We shall not be held liable for any loss or damage or
failure to comply with or delay in complying with Our
indirectly by any event or circumstances 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;
the App is secure or free of viruses, Trojans or other malware;
(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.
solicitation to invest by buying, selling or 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 with Our
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
by any court having competent jurisdiction, the invalidity of
such provision shall not affect the validity of the remaining
shall be permitted.
14. Governing Law and Jurisdiction
construed in accordance with the laws of India as 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:
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 App.
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
Guidelines) Rules, 2011 that require publishing the rules and
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 following details:
(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
(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 or
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 time.
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
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
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 units.
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
21.17 You may track Your Investment Amount, Transactions
made and the progress made in relation to Your Goal at any time on
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
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;
Guarantee the payments of any interest or dividends;
Promise good delivery; or
(e) Promise, indicate or guarantee
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
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
(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.