Terms & Conditions

01Eligibility

You may use the Platform only if all of the following are true:

• You are at least 18 years of age and competent to contract under the Indian Contract Act, 1872;
• You are using the Platform for your own, personal, non-commercial investment research, unless we have agreed otherwise in writing;
• You are not barred from accessing securities markets by SEBI, any exchange, or any other regulator or court order;
• If you connect a broker account, that account is held in your own name and you are authorised to operate it.

The Platform is designed for residents of India and for Indian securities markets. If you access it from outside India, you do so at your own initiative and are responsible for compliance with your local laws.

02The Service

The Platform provides software tools for analysing Indian equities, including AI-generated stock analyses and verdicts, market scanners, a stock screener, portfolio tracking and analysis, backtesting, a trading journal, alerts (email, Telegram, WhatsApp), an API, and automation features ("Service"). The exact features available to you depend on your subscription plan and may change over time.

The Service is a tool, not an adviser. It processes publicly available market data, data you provide, and data from accounts you choose to connect, and presents analytical output. It does not know your complete financial situation, goals, or risk tolerance, and its output is not tailored advice.

03No investment advice; no SEBI registration

1. Munafa and its operators are not registered with the Securities and Exchange Board of India (SEBI) in any capacity — including as a Research Analyst under the SEBI (Research Analysts) Regulations, 2014, as an Investment Adviser under the SEBI (Investment Advisers) Regulations, 2013, or as a Stock Broker or Portfolio Manager.
2. All Platform output — analyses, verdicts (BUY / ADD / HOLD / REDUCE / SELL / AVOID), signals, scanner results, screener results, backtests, agent decisions, chat responses, reports and alerts — is informational and educational in nature. It is not, and must not be treated as, investment advice, a research report, a recommendation, or a solicitation or offer to buy or sell any security.
3. We do not execute trades on your behalf except where you have explicitly configured automation through your own broker account (Section 7), we do not handle your funds or securities, we do not guarantee any return, and we do not offer assured-profit or portfolio-management schemes of any kind.
4. You must perform your own analysis and/or consult a SEBI-registered investment adviser before acting on anything you see on the Platform. You alone are responsible for your investment decisions and their results, including loss of capital.
5. No content on the Platform creates a fiduciary, advisory, broker-client or portfolio-management relationship between you and us.

04Account & early access

4.1 Your account

• You must provide accurate registration information and keep it current.
• You are responsible for safeguarding your password and for all activity under your account. Notify us immediately at hello@munafa.io if you suspect unauthorised access.
• One account per person. Accounts are personal and non-transferable; credentials must not be shared, pooled, or resold.

4.2 Early access

The Platform is currently in an invite-based early-access phase. We may grant, decline, limit or revoke access at our discretion. Early-access features may be incomplete, may change without notice, and may be subject to additional limits. Any "founding pricing" commitment applies only while your subscription remains continuously active and in good standing.

05Plans, fees & billing

• Plans. Paid subscription plans (currently Starter, Pro, Elite and Quant) are billed monthly in advance in Indian Rupees. Applicable taxes (including GST) are additional unless stated otherwise.
• Payment processing. Payments are processed by third-party payment aggregators (currently Razorpay). We do not collect or store your card, UPI or bank credentials; those are handled by the payment aggregator under its own terms and RBI regulations.
• Renewals and cancellation. You may cancel at any time; cancellation takes effect at the end of the current billing period and you retain access until then. Details, including our refund rules, are in the Refund & Cancellation Policy, which forms part of these Terms.
• Plan limits. Each plan carries usage limits (e.g. number of analyses, chat messages, alerts, API calls). We may enforce limits technically and may throttle or suspend usage that exceeds them or that degrades the Service for others.
• Price changes. We may change prices prospectively with at least 15 days' notice by email or in-app notice. Price changes apply from your next billing cycle; they never apply retroactively.
• Failed payments. If a renewal payment fails, we may downgrade or suspend paid features after a reasonable grace period.

06Acceptable use

You agree not to:

• Resell, republish, redistribute or commercially exploit Platform output (including signals, verdicts and analyses) — for example by operating a tips channel, newsletter, or advisory service based on Platform output;
• Use the Platform to provide investment advice or research services to third parties, whether or not for payment — particularly if doing so would require SEBI registration that you do not hold;
• Scrape, crawl, harvest or bulk-download Platform content or data other than through the documented API within your plan limits;
• Reverse engineer, decompile, probe or attempt to extract the source code, models, prompts or non-public APIs of the Platform;
• Circumvent plan limits, access controls, or security measures, or use another user's credentials;
• Upload malicious code, interfere with the Platform's operation, or place unreasonable load on our infrastructure;
• Use the Platform for market manipulation, front-running, insider trading, or any activity that violates the SEBI Act, 1992, the Securities Contracts (Regulation) Act, 1956, exchange byelaws, or any other applicable law;
• Use the Platform to process personal data of third parties without lawful basis.

We may investigate suspected violations and may suspend or terminate accounts involved (Section 14).

07Broker integration & algo / automation features

7.1 Broker connection

• Portfolio sync and order placement use the official Zerodha Kite Connect APIs under OAuth. We never ask for, receive, or store your broker password. You may disconnect the integration at any time from Settings or from your broker's authorised-apps page.
• Your relationship with your broker is governed solely by your agreement with the broker. We are not a party to it and are not responsible for the broker's acts, omissions, outages or charges.

7.2 Automation ("algo") features

1. You are the principal. Every order placed through the Platform — manually confirmed or automated under rules you configured — is placed on your instructions, through your broker account, at your sole risk. You are responsible for monitoring open positions and for all resulting obligations, including margin calls.
2. Your regulatory responsibility. You are responsible for ensuring your use of automated order placement complies with your broker's terms and with applicable SEBI and exchange requirements for retail algorithmic trading (including any registration, static-IP, order-tagging or approval requirements your broker imposes).
3. Safeguards are aids, not guarantees. Kill switches, daily-loss limits, paper-trading mode and regime filters are best-effort risk tools. They can fail or be bypassed by market gaps, data outages or technical faults. They do not guarantee limitation of loss.
4. No execution warranty. We do not warrant that any order will be transmitted, accepted, executed, modified or cancelled, or that it will execute at any particular price or time.

08AI-generated content

The Platform uses large language models and other machine-learning systems (from providers such as Anthropic, OpenAI and Google) to generate analyses, verdicts, chat responses and reports. You acknowledge that:

• AI output is probabilistic and can be incorrect, incomplete, outdated or misleading — including in ways that look confident and specific (e.g. plausible but wrong price levels or facts);
• AI output may differ between runs for the same stock and the same data;
• Confidence scores are model estimates, not statistical guarantees of accuracy or probability of profit;
• You must independently verify any fact or figure before relying on it.

09Market data & third-party services

• Market prices, fundamentals, news, corporate filings and flow data are sourced from third parties (including exchange websites and public data providers). Data may be delayed, inaccurate, incomplete or unavailable, and we provide it "as is" without verification.
• The Platform depends on third-party services (broker APIs, AI providers, payment aggregators, messaging services such as Telegram and WhatsApp, email delivery). We are not responsible for their availability, accuracy, or acts and omissions, and the Service may degrade when they fail.
• All third-party names and trademarks (NSE, Zerodha, Kite, Razorpay, Telegram, WhatsApp and others) belong to their respective owners. Their appearance on the Platform does not imply endorsement of Munafa by them, or by us of them.

10Intellectual property

• The Platform — including software, design, text, graphics, logos, models, prompts and the compilation of all content — is owned by us or our licensors and is protected by Indian and international intellectual-property laws. We grant you a limited, revocable, non-exclusive, non-transferable licence to use the Platform for your personal use in accordance with these Terms. No other rights are granted.
• Your content. You retain ownership of content you submit (e.g. journal entries, notes, chat messages, manually entered holdings). You grant us a non-exclusive, worldwide, royalty-free licence to host, process, transmit and display that content solely to operate, secure and improve the Service.
• Feedback you provide may be used by us without restriction or obligation.
• "Munafa", the rising-trend logo and associated marks are our trademarks. Do not use them without prior written consent.

11Disclaimer of warranties

To the maximum extent permitted by law, the Platform and all content are provided "as is" and "as available", without warranties of any kind, express or implied — including warranties of merchantability, fitness for a particular purpose, accuracy, completeness, timeliness, non-infringement, or uninterrupted or error-free operation. We do not warrant that any analysis, signal, verdict or backtest will be profitable, accurate or suitable for you. Backtested or hypothetical performance has inherent limitations and does not represent actual trading results.

12Limitation of liability

1. To the maximum extent permitted by law, we (including our founders, employees, contractors and suppliers) shall not be liable for any trading or investment losses, loss of profits, loss of capital, loss of data, loss of opportunity, or any indirect, incidental, special, consequential, exemplary or punitive damages, arising out of or in connection with the Platform — even if advised of the possibility of such damages, and regardless of the theory of liability (contract, tort, statute or otherwise).
2. This exclusion applies, without limitation, to losses arising from: reliance on any analysis, signal, verdict or AI output; data errors or delays; automation or order-execution behaviour; Platform downtime or defects; third-party service failures; or unauthorised access not caused by our gross negligence.
3. To the extent any liability cannot be excluded, our aggregate liability for all claims in any 12-month period shall not exceed the subscription fees you actually paid to us in the three (3) months preceding the event giving rise to the first such claim (or ₹1,000 if you paid no fees).
4. Nothing in these Terms excludes liability that cannot be excluded under Indian law, including liability for fraud.
5. You agree that the provisions of this Section are a reasonable allocation of risk reflected in the pricing of the Service, and that you would not be able to use the Service on these economic terms without them.

13Indemnity

You agree to indemnify and hold harmless Munafa and its founders, employees and contractors from and against any claims, liabilities, damages, losses and expenses (including reasonable legal fees) arising out of or related to: (a) your use or misuse of the Platform; (b) your violation of these Terms or applicable law (including securities law); (c) your trading or investment activity; (d) content you submit; or (e) your provision of advice or services to any third party using Platform output.

14Suspension & termination

• By you: you may stop using the Platform and cancel your subscription at any time (Section 5; Refund & Cancellation Policy). You may request account deletion as described in the Privacy Policy.
• By us: we may suspend or terminate your access immediately if you materially breach these Terms (including Section 6), if required by law or a regulator, to protect the Platform or other users, or upon discontinuation of the Service (with reasonable notice and a pro-rata refund of prepaid, unused fees in the case of discontinuation).
• Upon termination, your licence ends and we may delete your data after the retention periods described in the Privacy Policy. Sections 3, 8, 9, 10, 11, 12, 13, 17 and 18 survive termination.

15Privacy

Our collection and use of personal data is described in the Privacy Policy, which forms part of these Terms. By using the Platform you consent to that processing.

16Changes to the Service or these Terms

• We may add, modify or discontinue features at any time. We will use reasonable efforts to notify you of material reductions in paid functionality.
• We may amend these Terms from time to time. Material changes will be notified by email or in-app notice at least 15 days before they take effect. Continued use of the Platform after the effective date constitutes acceptance. If you do not agree, you must stop using the Platform and may cancel under the Refund & Cancellation Policy.

17Governing law & dispute resolution

1. These Terms are governed by the laws of India.
2. Any dispute arising out of or in connection with these Terms or the Platform shall first be attempted to be resolved amicably within 30 days of written notice to hello@munafa.io.
3. Failing amicable resolution, the dispute shall be referred to arbitration by a sole arbitrator appointed in accordance with the Arbitration and Conciliation Act, 1996. The seat and venue of arbitration shall be Bengaluru, Karnataka; the language shall be English; the award shall be final and binding.
4. Subject to the above, courts at Bengaluru, Karnataka shall have exclusive jurisdiction, including for interim relief.
5. Nothing in this Section prevents you from exercising any non-waivable rights you may have under the Consumer Protection Act, 2019.

18General provisions

• Entire agreement. These Terms, together with the Privacy Policy, the Investment Disclaimer & Risk Disclosure, and the Refund & Cancellation Policy, constitute the entire agreement between you and us regarding the Platform.
• Severability. If any provision is held unenforceable, it shall be enforced to the maximum extent permissible and the remainder shall remain in effect.
• No waiver. Our failure to enforce any provision is not a waiver of it.
• Assignment. You may not assign these Terms. We may assign them in connection with a merger, acquisition or sale of assets, with notice to you.
• Force majeure. We are not liable for failures caused by events beyond our reasonable control, including exchange or regulator actions, internet or infrastructure failures, third-party API outages, epidemics, or acts of government.
• Notices. We may give notice via the email on your account or in-app. Legal notices to us must be sent to the contact in Section 19.

19Grievance officer & contact

In accordance with the Information Technology Act, 2000, the rules made thereunder, and the Consumer Protection (E-Commerce) Rules, 2020, the contact details of our Grievance Officer are published below. We aim to acknowledge complaints within 48 hours and resolve them within 30 days.