Refund & Cancellation Policy – Karat Capital Advisors Pvt. Ltd.
(SEBI Registered Investment Adviser - INA200015219)
(Validity - 25 September 2020 - Perpetual)

This Refund and Cancellation Policy (“Policy”) is published and made available by Karat Capital Advisors Private Limited (referred to as “Karat Capital,” “Company”, “we,” “our,” or “us”), a company incorporated under the Companies Act, 2013 and having its registered office at #3499, 2nd Floor, 14th Main, Indiranagar, Bengaluru 560 038, Karnataka, India, which owns and operates the platform branded as time.money (“Platform”). Karat Capital is registered with the Securities and Exchange Board of India (“SEBI”) as an Investment Adviser under Registration No. INA200015219, and is governed by the provisions of the SEBI (Investment Advisers) Regulations, 2013, as amended from time to time.

This Policy sets out the terms and conditions governing the cancellation of advisory and non-advisory Services and the refund of fees collected from clients through the Platform. It is intended to ensure adherence to the regulatory framework prescribed by SEBI.

By availing Services through the Platform, the client (“Client” or “you” or “user(s)”) acknowledges and agrees to be bound by the terms of this Policy. This Policy shall be read in conjunction with the Terms of Use, and the Privacy Policy of the Platform, which together constitute a legally binding agreement between the Client and Karat Capital. Where a user subscribes to the Investment Advisory Plan, the terms of the executed Client Agreement shall also apply in addition to the above.

1. Services

The Services offered through the time.money Platform, offers a structured suite of digital offerings to users through various plans, each differing in scope, access, and pricing. These currently include:

1. Free Plan - Enables users to analyse their wealth profile and investor behaviour through basic tools and dashboards.

2. Non-Advisory Trial Plan - A time-bound preview of select platform features, intended to help users assess the platform’s capabilities before opting for a paid plan. No investment advice is provided under this plan.

3. Non-Advisory Plan - Offers insights into the user’s net worth and other non-investment financial metrics and observations. No investment advice is provided under this plan.

4. Investment Advisory Trial Plan – A time-bound, discounted-fee trial of the Investment Advisory Plan, allowing clients limited-duration access to Investment Advisory services.

5. Investment Advisory Plan - A regulated offering that includes comprehensive financial planning, risk profiling, portfolio advisory, and, where permitted, investment execution support.

Users subscribed to the Trial Plan may, upon expiry of the trial period, opt to migrate to any of the other available plans (Non-Advisory, or Investment Advisory), or delete their account , revoke active consents and associated data permanently, subject to regulatory requirements. However, if the user does not subscribe to a paid plan upon expiry of the trial period, the account will automatically be placed on the Free Plan with limited access to features and active consents revoked.

The services under all the above plans are collectively referred to as the “Services”. Karat Capital reserves the right to revise, restructure, or introduce new plans at its sole discretion, subject to applicable laws and client notification requirements.

Once any portion of the Platform Services is delivered or made accessible to the Client, whether through digital channels, advisory sessions, documentation, or email, the same shall be deemed to be consumed, non-returnable, and non-reversible.

2. No Refund After Service Delivery

Refunds shall not be entertained, in full or in part, under the following circumstances, regardless of whether the Client has acted upon the Service or not:

1. Where the Service, whether in the form of risk profiling, asset allocation models, portfolio construction, financial planning reports, or any other component of the advisory output, has been delivered, accessed, communicated, or made available to the Client through any channel (digital, oral, or written);

   2. Where the Client disagrees with the advice, chooses not to act upon it, or incurs gains or losses arising from market conditions subsequent to Service delivery, including but not limited to volatility, regulatory events, or macroeconomic factors;

   3. Where the agreed Service period has commenced, whether or not the Client has actively accessed or utilised the Service;

   4. Where the Service has been partially rendered;

In such cases, the fee paid shall be deemed fully earned and no refund, chargeback, or set-off shall be permitted.

3. Refund Eligibility

4. Refunds of fees may be permitted only under specific circumstances. The following instances may constitute grounds for refund:

5. In the event of premature termination of the relationship, the Client may be eligible for a refund of the fee on a proportionate / pro-rata basis, calculated for the unexpired portion of the agreed period. The Company shall be entitled to retain a breakage fee not exceeding one-quarter of the total fee payable for the entire term of the engagement, as permitted under SEBI guidelines.

6. In case of inadvertent double payment, technical error, or payment gateway malfunction.

7. If the Client is determined to be ineligible to receive Services due to non-compliance with SEBI-mandated KYC norms, onboarding procedures, or regulatory restrictions, Karat Capital shall cancel the engagement and initiate a refund of the fee, either in full or on a proportionate basis depending on the stage of Service delivery.

Provided further that the Free Plan is offered without any monetary consideration and is provided solely for exploratory and evaluative purposes. and therefore is not eligible for any refund, cancellation, or fee-related adjustment under this Policy. The Trial Plan, offered at a nominal fee for evaluative purposes, is likewise strictly non-refundable once subscribed, regardless of usage. Further, any transition from the Trial Plan to a paid plan will be treated as a fresh subscription, and the standard refund terms applicable to paid plans will apply from that point onward.

Users may self-cancel their subscription to any paid plan at any time through the Settings section of the Platform. The Client shall provide, under specific circumstances, relevant supporting documentation, including payment proof and reason for the request, as may be requested by the Company.

4. Refund Processing Timeline

Upon approval of a valid refund request under Clause 3 of this Policy, the Company shall revert on the refund request within ten (10) working days from the date of such request.

The refunded amount shall be credited to the original mode of payment used by the Client at the time of transaction, unless otherwise required by applicable law or payment system limitations.

Karat Capital shall not be held liable for any delays attributable to payment gateway providers, banks, or third-party processors once the refund has been duly initiated from its end.

5. Non-Transferability of Fees

All fees paid by the Client towards Services on the time.money Platform are strictly non-transferable and non-assignable. Such fees cannot be shifted, transferred, or reallocated to any other individual, client account, or service plan under any circumstances. No substitution of beneficiary or reassignment of Services shall be permitted once the payment has been made, and the fee shall remain exclusively applicable to the specific Client and engagement for which it was originally paid.

6. Cancellation

Cancellation or termination of the engagement / Services shall be governed as follows:

1. For users who have subscribed to the Investment Advisory Plan, cancellation or termination of the Advisory Plan shall be governed by the Client Agreement executed between the Client and Karat Capital Investment Advisors Private Limited, and this Refund & Cancellation Policy shall not override or substitute the terms of such agreement.

2. Users subscribed to the Non-Advisory Plan may cancel their subscription at any time through the Platform’s Settings section.

3. Limitation of Liability

   1. To the maximum extent permitted under applicable law, the liability of Karat Capital Investment Advisors Private Limited, its directors, officers, employees, and affiliates arising out of or in connection with the provision of the Services, whether in contract, tort, negligence, or otherwise, shall in no event exceed an amount equivalent to the aggregate fees paid by the Client to Karat Capital for the Services during the 3 (three) months immediately preceding the date on which the cause of action giving rise to the claim first arose.

   2. Under no circumstances shall Karat Capital be liable for any indirect, incidental, consequential, punitive, or exemplary damages, including but not limited to loss of profits, data, or goodwill, even if Karat Capital has been advised of the possibility of such damages.

4. Governing Law and Jurisdiction

This Policy and any disputes arising from or relating to the use of the Platform shall be governed by and construed in accordance with the laws of India. The courts of Bangalore, Karnataka shall have exclusive jurisdiction to hear and decide any disputes arising out of or in connection with this Policy.

9. Questions or Complaints

If you have any questions or complaints please write to us at help@time.money

10. Contact Information

Address: #3499, 2nd Floor, 14th Main, HAL 2nd Stage, Indiranagar, Bengaluru 560 038
Email: help@time.money

11. Grievance Officer

In compliance with the provisions of the SEBI (Investment Advisers) Regulations, 2013, and the Information Technology Act, 2000, the following grievance redressal details are published for the information of all clients and users of the time.money Platform.

Correspondence Address:
Karat Capital Investment Advisors Private Limited
#3499, 2nd Floor, 14th Main, HAL 2nd Stage, Indiranagar, Bengaluru 560 038
Phone: +91-8040933169
Email: contact@karatcapital.com

Principal Officer
Designation: Principal Officer & Compliance Head
Phone: +91-8040933169
Email: principalofficer@karatcapital.com

Corresponding SEBI Regional Office:
2nd Floor, Jeevan Mangal Building, No.4,
Residency Road,
Bengaluru - 560 027.
Tel : +91-080-22222262/ 22222264.
E-mail : bangalore-lo@sebi.gov.in