Investment Disclaimer & Risk Disclosure

01No SEBI registration; no advice

• Intentstack Technologies (operating Munafa) is not registered with the Securities and Exchange Board of India (SEBI) as a Research Analyst (SEBI (Research Analysts) Regulations, 2014), Investment Adviser (SEBI (Investment Advisers) Regulations, 2013), Stock Broker, Portfolio Manager, or in any other capacity.
• Platform Content does not constitute investment advice, a research report or research recommendation, portfolio management, or an offer or solicitation to buy or sell any security or derivative.
• Platform Content is generic, automated, data-driven output. It does not — and cannot — take into account your financial situation, objectives, tax position or risk tolerance.
• Before making any investment decision, do your own research and consider consulting a SEBI-registered investment adviser. A list of registered intermediaries is available on SEBI's website (www.sebi.gov.in).
• We do not handle client funds or securities, we do not promise or guarantee returns, and we do not operate any assured-profit scheme. Anyone claiming otherwise in Munafa's name is committing fraud — please report it to us.

02The verdicts are opinions of a machine

• Munafa's six verdicts — BUY, ADD, HOLD, REDUCE, SELL, AVOID — and all accompanying entry, target, stop-loss and risk-reward figures are algorithmically generated opinions derived from the data available to the system at the moment of analysis. They are a starting point for your own research, not a conclusion you can outsource.
• Confidence scores are not probabilities of profit. An "82% confidence" verdict can be wrong, and a position taken on it can lose money.
• AI language models can produce output that is incorrect, outdated or fabricated while sounding precise. Verify every material fact — prices, results, ratios, news — against primary sources before acting.
• Two analyses of the same stock may differ, because markets move and models are probabilistic.

03Market risk disclosure

• Equity risk. Stock prices can fall sharply and stay down. You can lose part or all of your invested capital. Liquidity can vanish exactly when you need it.
• Derivatives (F&O) risk. Futures and options are leveraged instruments. Losses can exceed your initial margin and can accrue faster than you can react. SEBI's own published research has found that the large majority of individual F&O traders lose money. Treat F&O analytics on the Platform as high-risk information, not encouragement to trade derivatives.
• Concentration, gap and event risk. Stop-losses do not guarantee your exit price: markets can gap through stops on news, results, or global events, producing losses far beyond the planned risk.
• Systemic and operational risk. Exchange halts, circuit limits, broker outages and connectivity failures can prevent you from entering or exiting positions at any price.

04Backtests & hypothetical performance

• Backtest results, strategy statistics, agent performance figures and "signal hit rates" shown on the Platform are hypothetical or historical. They do not represent actual trading in your account.
• Hypothetical performance has inherent limitations: it is constructed with the benefit of hindsight, may not account fully for brokerage, taxes, slippage, impact cost and liquidity, and does not involve financial risk while it is being computed. No representation is made that any account will achieve results similar to those shown.

05Automation & alerts

• Automated and semi-automated order features act on your standing instructions, through your broker account, at your risk. Software defects, bad data, API failures and market conditions can cause automated behaviour you did not anticipate, including unintended orders or missed exits.
• Kill switches, loss limits and paper-trading modes are risk-reduction aids and can fail; they are not guarantees.
• Alerts (email, Telegram, WhatsApp) may be delayed, deduplicated, or undelivered due to third-party messaging infrastructure. Never depend on an alert arriving in time to manage a live position.

06Data accuracy

Market prices, fundamentals, news, filings, FII/DII flows and option-chain data are obtained from third-party and public sources. They may be delayed, revised, incomplete or wrong, and the Platform may process them without independent verification. Figures displayed on the Platform should not be treated as a substitute for your broker's contract notes or the exchange's official data.

07Illustrative content

Verdicts, analyses, returns and performance figures shown in product mock-ups on our marketing pages (including the munafa.io homepage) — such as references to RELIANCE, HDFCBANK, TATAMOTORS, PAYTM or CIPLA — are illustrative mock-ups used to demonstrate the product's interface and capabilities. They are not live recommendations, not actual platform output, and not an indication of expected results. The market-price ticker on the homepage shows quotes sourced from public exchange data; these prices may be delayed, are provided for information only, and are also not recommendations.

08No liability for trading outcomes

To the maximum extent permitted by law, Munafa, Intentstack Technologies and their founders, employees and suppliers shall have no liability whatsoever for any direct or indirect loss arising from trading or investment decisions made on the basis of Platform Content, including loss of capital, loss of profit, margin obligations, taxes or penalties. The full limitation of liability is set out in Section 12 of the Terms & Conditions.

09Acknowledgement

By using the Platform you acknowledge that you have read and understood this Disclaimer & Risk Disclosure, that you are using the Platform as an informational tool only, and that you accept sole responsibility for your investment decisions and their outcomes.