This Risk Disclosure Document (“Document“) contains
important information on trading in equity, shares, future and options,
commodity market, commodity exchange, derivatives including futures and
option contracts, mutual funds etc and third-party products like PMSs, Mutual Funds, AIFs
and Insurance products (“Instruments“). All prospective
investors should read this document before trading in Instruments of the
stock exchanges or investing or purchasing units in third-party products.

Minance Technologies Private Limited (“Minance”) or any of it’s group companies
does not singly or jointly and expressly or impliedly guarantee nor make
any representation concerning the completeness, the adequacy or accuracy of
this Document.

This Document does not disclose all of the risks and other significant
aspects of investment. In the light of the risks, you should undertake such
transactions only if you understand the nature of the contracts and
contractual relationships into which you are entering and the extent of
your exposure to risk. You must not rely on the guidance contained in this
Document as investment advice based on your personal circumstances, nor as
a recommendation to enter into any of the services or invest in any of the
products listed below. If you are unclear as to the meaning of any of the
disclosures or warnings described below, we would strongly recommend that
you seek independent legal or financial advice.

You must know and appreciate that investment in Instruments have varying
element of risk, is generally not an appropriate avenue for someone of
limited resources or limited investment or trading experience and low risk
tolerance. No consideration to trade should be made without thoroughly
understanding and reviewing the risks involved in such trading. If you are
unsure, you must seek external professional advice on the same.

In the event of any consequences or loss in the future, you shall be solely
responsible for such loss and Minance shall not be responsible for the
same, in any manner whatsoever, and it will not be open for you to take the
plea that no adequate disclosure was made or that you were not explained of
the risk involved by Minance.

The investor will be solely responsible for the consequences and no
contract can be rescinded on that account. You must acknowledge and accept
that there can be no guarantee of profits or no exception from losses.

In considering whether to trade or authorize someone to trade for you, you
should be aware of or must get acquainted with the following risks:-

1. Equity Risk:

It is the risk involved
in holding equity in a particular investment. Investors in
equity securities may be exposed to a high level of risk. The prices of
equity securities can rise and fall significantly in a short period of
time. Securities investments are subject to market risks and there can be
no assurance or guarantee.

2. Commodities Risk:

The prices of commodities may be
volatile and may fluctuate substantially based on force majeure events
such as hurricanes, fires or earthquakes, affect the supply or production
of such commodities. The prices of commodities may also fluctuate
substantially if due to foreign exchange rates, national monetary policies,
inflation, conflict or war that affects the supply or production of such
commodities. In the event, the interest or the redemption amount payable in
respect of any product is linked to the price of a commodity, any change in
the price of such commodity may result in the reduction of the amount of
interest and/or the redemption amount payable.

3. Derivative Risk:

A derivative financial instrument (i.e. option, future, forward, swap,
CFD, NDF) may be a non-delivery spot transaction giving an opportunity
to make profit on changes in currency rates, commodity, stock market
indices or share prices called the underlying instrument. Investment in
derivative securities or markets can be highly volatile. The prices of
derivative financial instruments and the underlying assets and indices
may fluctuate rapidly and over wide ranges and may reflect
unforeseeable events or changes in conditions, none of which can be
controlled by you or Minance. You should purchase a derivative financial instrument only if you are
willing to undertake the risks of losses. Loss of more than capital is
also possible and more funds to cover deficit must be added.

4. Currency Risk:

Currency Risk is the exposure faced by the investors that operate in stock
exchanges across different countries. There is a risk of fluctuations in
exchange rates on the gain or loss achieved in foreign exchange
transactions and transactions in derivatives and securities that are
denominated in a foreign currency. There is a possibility that the currency
depreciation will negatively affect the value of your assets, investments,
and the related interest and dividend payment streams, especially those
securities denominated in foreign currency.

5. Short Selling Risk:

Short selling is when the investor borrows the shares of a company from an existing shareholder, and later sells those borrowed shares at the current market price. Short
selling securities involve risk. There is a possibility that the value of
the securities will decline sufficiently during the period of the short
sale to offset the borrowing costs associated with shorting to make a
profit for the investor.

6. Margin Requirements:

You must maintain the minimum margin requirement in your dematerialized account at
all times. It is your responsibility to monitor your account balance.
Minance or its broking partners have the right to liquidate any account
whenever the minimum margin requirement is not maintained and this may
result in your contracts being closed at a loss for which you will be

7. Interest Rate Risk:

The prices of most assets are sensitive to changes in interest rates. The
interest rate changes are unpredictable. Check here

8. No guarantees of profit:

There is no guarantee of profit or of avoiding losses when trading/investing in the
Instruments. You have not received any such guarantees or assurance from
Minance or from any of its representatives. You should be aware of the
risks inherent in the Instruments. Past performance of a security does not
guarantee any future results or returns.

9. Specific risks to Advisory Services:

Minance has no obligation to cease entering into
transactions when the assets on the trading account decrease, even
substantially. Therefore, you undertake to control the development of your
account so as to be able to terminate the advisory service if in your
opinion, the results do not conform to your expectations or needs.

10. Terms and Conditions of Contracts:

You have the responsibility to fully understand the trading rules and/or terms and
conditions of the transactions to be undertaken and the Investment
Partnership Agreement you have entered into, including, but without
limitation any terms describing risk factors, such as volatility,
liquidity, and so on. Prior to commencement of trading, you should obtain
from Minance the details of commissions and other charges for which you
will be liable. These charges may periodically change. These charges will
affect your net profit or loss.

11. Internet/Electronic Trading:

Trading through the trading system designated by Minance may differ from trading on other
electronic trading systems as well as from trading in a conventional or
open market. Trading on an electronic trading system will expose you to
risks associated with the system including the failure of hardware,
software and system downtime. The result of any system failure may be that
your order is either not executed according to your instructions or is not
executed at all and a lack of capability to keep you informed continuously
about your positions and fulfillment of the margin requirements. When you
trade online, Minance shall not be liable for any claims, losses, damages,
costs or expenses, caused, directly or indirectly, by any malfunction,
disruption or failure of any transmission, communication system, computer
facility or trading software, whether belonging to Minance, any exchange or
any settlement or clearing system.

12. Regulatory/Legal/Structural Risk:

All investments are
subject to regulatory, legal or structural risk. Returns on all, and
particularly new, investments are at risk from regulatory or legal actions
and can alter the profit potential of an investment. Legal changes could
even have the effect that a previously acceptable investment becomes
illegal. Changes to related issues such as tax may also occur and could
have a large impact on profitability. Such risk is unpredictable and can
depend on numerous political, economic and other factors.

In addition to the above risks, businesses are often subject to risks not
foreseen or fully appreciated by management. In reviewing this Document,
potential investors should keep in mind other possible risks that could be