02 December 2021
PLEASE READ THESE TERMS CAREFULLY BEFORE ACCESSING OR USING THE SERVICES. IN ADDITION TO THESE TERMS, YOU SHALL CONTINUE TO BE BOUND BY THE POLICIES AND PROCEDURES OF STOCKAL.COM
Your access and use of the Services constitute your agreement to be bound by these Terms. If you do not agree to these Terms, you may not access or use the Services. These Terms expressly supersede prior agreements or arrangements with you with regard to the Services. Stockal may immediately terminate these Terms or any Services with respect to you, or generally cease offering or deny access to the Services or any portion thereof, at any time for any reason. Supplemental terms may apply to certain part of the Services, such as policies for a particular event, activity or promotion, and such supplemental terms will be disclosed to you in connection with the applicable Services. Supplemental terms are in addition to, and shall be deemed a part of, the Terms for the purposes of the applicable Services. Supplemental terms shall prevail over these Terms in the event of a conflict with respect to the applicable Services.
Amendment: Stockal may amend the Terms related to the Services from time to time. Amendments will be effective upon Stockal’s posting of such updated Terms at this location or the amended policies or supplemental terms on the applicable Service. Your continued access or use of the Services after such posting constitutes your consent to be bound by the Terms, as amended.
EXPRESS ACKNOWLEDGEMENT AND CONSENT
Stockal operates as a technology platform facilitating investments for you, inter alia, into offshore products. The Services offered hereunder are offered in collaboration with Fairex Solutions Private Limited and certain other third party providers (“Third Party Providers”). The Services are being offered through the Third Party Providers under the Reserve Bank of India’s ‘Enabling Framework For Regulatory Sandbox,’ (“Regulatory Sandbox Framework”) and as such, the Services shall be subject to and undertaken in accordance with such rules and regulations that the Reserve Bank of India and/or the government may frame from time to time.
You acknowledge and understand that a ‘regulatory sandbox’ usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may (or may not) permit certain regulatory relaxations for the limited purpose of the testing. The regulatory sandbox allows the regulator, the innovators, the financial service providers (as potential deployers of the technology) and the customers (as final users) to conduct field tests to collect evidence on the benefits and risks of new financial innovations, while carefully monitoring and containing their risks. It can provide a structured avenue for the regulator to engage with the ecosystem and to develop innovation-enabling or innovation-responsive regulations that facilitate delivery of relevant, low-cost financial products.
BY USING THE SERVICES HEREUNDER, YOU ACKNOWLEDGE AND CONSENT TO THE IMPLICATIONS OF USING SERVICES, WHICH ARE PART OF THE REGULATORY SANDBOX FRAMEWORK.
BY USING THE SERVICES, YOU ACKNOWLEDGE THAT STOCKAL DOES NOT PROVIDE THE SERVICES HEREUNDER I.E. PAYMENT REMMITTENCE SERVICES OR PAYMENT TRANSFER SERVICE OR CAPITAL ACCOUNT TRANSACTION SERVICES OR KNOW YOUR CUSTOMER VERIFICATION OR LIBERALISED REMMITTANCE SCHEME COMPLIANCES AND THAT ALL SUCH SERVICES ARE PROVIDED BY INDEPENDENT THIRD PARTY PROVIDERS WHO ARE NOT EMPLOYED BY OR AFFILIATES OF STOCKAL.
THIRD PARTY PROVIDERS AND CONSENT
Third Party Services: The Third Party Providers are likely to provide services pertaining to (i) payment aggregation and remittance, (ii) know your customer verifications; (iii) source of fund verifications; (iv) digital signature verification, (v) compliance for liberalized remittance scheme (“LRS”), etc. and shall include Authorised Dealer Banks appointed by Reserve Bank of India (“AD Bank”).
Consents and Compliance: The provision of Services hereunder to you shall at all times be subject to:
Foreign Exchange Management Act, 1999;
verification of source of funds by the AD Bank;
verification of all information provided for the purpose of LRS remittances;
verification of details of offshore investing account; and/or
successful execution of relevant forms and compliances.
BY USING THE SERVICES THROUGH THIRD PARTY PROVIDERS, YOU AGREE AND CONSENT TO SHARE THE ABOVE INFORMATION, DATA, ABOUT YOURSELF, TO THE THIRD PARTY PROVIDERS FOR PROCURING THE ABOVEMENTIONED THIRD PARTY SERVICES.
You understand that use of the Services may result in service charges/costs to you for the services or goods you receive from Stockal and/or a Third Party Provider. Stockal may facilitate your payment(s) of the applicable charges received on behalf of the Third Party Provider as such Third Party Provider’s limited payment collection agent. Payment of such charges in such manner shall be considered the same as payment made directly by you to the Third Party Provider. All charges will be inclusive of applicable taxes where required by law. As between you and Stockal, Stockal reserves the right to establish, remove and/or revise the charges for any or all services or goods obtained through the use of the Services at any time in Stockal’s sole discretion. Stockal will use reasonable efforts to inform you of charges that may apply, provided that you will be responsible for charges incurred under your account/Transaction regardless of your awareness of such charges or the amounts thereof.
RISKS ASSOCIATED WITH THE SERVICE
Transaction Completion Risk: If a fully on-boarded and approved Transaction fails to be credited to the intended beneficiary, Stockal shall endeavour to investigate the same to the reasonable satisfaction of the user. Due to the nature of Transaction involving multiple parties and different time zones, this process may be completed within two weeks to three weeks of such an occurrence being reported by the customer. In the rare case, if the Transaction fails to get credited to the intended beneficiary (as indicated by the remitter), Stockal shall ensure that appropriate refunds are issued.
The Transaction shall be cleared for LRS subject to verification of all documents (including any additional documents as may be requested). In the event of verification failure, all moneys (including customer handling charges), shall be refunded.
In the event that a Transaction has been processed by the Indian side, and beneficiary refuses to accept the funds/or the beneficiary details are incorrect, you/user shall not be entitled to any refund of service charges.
Upon initiation of refunds, the process may take up to four weeks for the refund to reflect in the Indian account.
Service charges and rates applicable shall depend on the interbank rates and may fluctuate without notice. To the best of Stockal’s capability, we shall attempt to notify you in advance.
Funds will be credited, and Transaction be processed, into brokerage/investing account, if the debit is from ‘self’ account of the user.
Reserve Bank of India (“RBI”) Action: The RBI may discontinue/ add additional conditions/ instruct/ provide further processes, on the Regulatory Sandbox to Fairex, which may impact how the Services are to be rendered.
You may not: (i) remove any copyright, trademark or other proprietary notices from any portion of the Services; (ii) reproduce, modify, prepare derivative works based upon, distribute, license, lease, sell, resell, transfer, publicly display, publicly perform, transmit, stream, broadcast or otherwise exploit the Services except as expressly permitted by Stockal; (iii) decompile, reverse engineer or disassemble the Services except as may be permitted by applicable law; (iv) link to, mirror or frame any portion of the Services; (v) cause or launch any programs or scripts for the purpose of scraping, indexing, surveying, or otherwise data mining any portion of the Services or unduly burdening or hindering the operation and/or functionality of any aspect of the Services; or (vi) attempt to gain unauthorized access to or impair any aspect of the Services or its related systems or networks.
DISCLAIMERS; LIMITATION OF LIABILITY; INDEMNITY
THE SERVICES ARE PROVIDED “AS IS” AND “AS AVAILABLE.” STOCKAL DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, NOT EXPRESSLY SET OUT IN THESE TERMS, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. IN ADDITION, STOCKAL MAKES NO REPRESENTATION, WARRANTY, OR GUARANTEE REGARDING THE RELIABILITY, TIMELINESS, QUALITY, SUITABILITY OR AVAILABILITY OF THE SERVICES OR ANY SERVICES OR GOODS REQUESTED THROUGH THE USE OF THE SERVICES, OR THAT THE SERVICES WILL BE UNINTERRUPTED OR ERROR-FREE. STOCKAL DOES NOT GUARANTEE THE QUALITY, SUITABILITY, SAFETY OR ABILITY OF THIRD PARTY PROVIDERS. YOU AGREE THAT THE ENTIRE RISK ARISING OUT OF YOUR USE OF THE SERVICES, AND ANY SERVICE OR GOOD REQUESTED IN CONNECTION THEREWITH, REMAINS SOLELY WITH YOU, TO THE MAXIMUM EXTENT PERMITTED UNDER APPLICABLE LAW.
LIMITATION OF LIABILITY.
STOCKAL SHALL NOT BE LIABLE FOR INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING LOST PROFITS, LOST OR LEAKED DATA, PERSONAL INJURY OR PROPERTY DAMAGE RELATED TO, IN CONNECTION WITH, OR OTHERWISE RESULTING FROM ANY USE OF THE SERVICES, EVEN IF STOCKAL HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. STOCKAL SHALL NOT BE LIABLE FOR ANY DAMAGES, LIABILITY OR LOSSES ARISING OUT OF: (i) YOUR USE OF OR RELIANCE ON THE SERVICES OR YOUR INABILITY TO ACCESS OR USE THE SERVICES; OR (ii) ANY TRANSACTION OR RELATIONSHIP BETWEEN YOU AND ANY THIRD PARTY PROVIDER, EVEN IF STOCKAL HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. STOCKAL SHALL NOT BE LIABLE FOR DELAY OR FAILURE IN PERFORMANCE RESULTING FROM CAUSES BEYOND STOCKAL’S REASONABLE CONTROL. IN NO EVENT SHALL UBER’S TOTAL LIABILITY TO YOU IN CONNECTION WITH THE SERVICES FOR ALL DAMAGES, LOSSES AND CAUSES OF ACTION EXCEED ONE THOUSAND DOLLARS (US$1000).
You agree to indemnify and hold Stockal and its officers, directors, employees and agents harmless from any and all claims, demands, losses, liabilities, and expenses (including attorneys’ fees) arising out of or in connection with: (i) your use of the Services or services or goods obtained through your use of the Services; (ii) your breach or violation of any of these Terms; (iii) Stockals’s use of your User Content; or (iv) your violation of the rights of any third party, including Third Party Providers.
You may raise a grievance and seek resolution pertaining to the Services through the following mechanism:
Log an issue through the following means:
Contact number: +91-22-42792110