PaperTrade — Terms of Use and Licence Agreement

Version 1.4 — effective 12 August 2026

Licensor: Puneet Savla ("the Licensor", "we", "us")

Contact: puneetsavla13@gmail.com

Software: PaperTrade, the virtual NSE stock and options trading simulator, including its

installer, source code, database schema, user interface, documentation, screenshots and any

updates or builds supplied to you (together, "the Software").

By installing, copying, opening or using the Software, you ("the Licensee", "you") accept these

Terms in full. If you do not accept them, do not install the Software, and delete every copy you

hold.

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READ THIS FIRST — RISK WARNING

PaperTrade is a simulator. It trades virtual money, not yours.

A profit made in this Software is hypothetical and proves nothing about the real market. Real

trading can lose you part or all of your capital, and losses in derivatives can exceed what you

first put in.

Nothing here is financial, investment or trading advice. If you place a real trade because of

something you saw in this Software, that decision is yours alone, and so is the outcome.

Clause 6 sets this out in full. Read it before you trade real money.

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1. What you are being given

The Software is licensed to you, not sold to you. You do not acquire ownership of it, of any

copy of it, or of anything in it.

Subject to your compliance with these Terms, the Licensor grants you a **limited, personal,

non-exclusive, non-transferable, non-sublicensable and revocable licence** to install and use one

copy of the Software:

on devices that you personally own or control;
for your own individual use only;
for the period agreed with the Licensor, or until this licence is terminated.

No other right of any kind is granted. Anything not expressly permitted below is prohibited.

1A. Price, payment and refunds

The licence fee is whatever was agreed with the Licensor before your key was issued. Payment is due

before the licence key is sent to you.

Once your licence key has been issued, the fee is non-refundable. A key cannot be returned,

withdrawn or resold once it is in your hands — possession of it *is* the product. This applies in

particular if you change your mind, stop using the Software, or do not make money trading. Clause 6

explains at length why no trading outcome is or could be promised, and you are asked to read it

before you buy rather than afterwards.

If you paid but no key has yet been issued, a payment made in error is refunded in full.

None of this affects your statutory rights. If the Software is defective, or materially not as

described in these Terms, your rights under the Consumer Protection Act, 2019 and any other

applicable law are unaffected, and nothing in this clause limits or excludes them.

If you cannot get it working, contact the Licensor before anything else. Most activation

problems are a licence that needs releasing onto a different machine (Clause 2A), which takes a

couple of minutes and costs nothing. A refund is not the remedy for a problem that can simply be

fixed.

2. What you must not do

You must not, whether for payment or free of charge, directly or indirectly:

1. Copy or distribute the Software. No giving, sending, sharing, uploading, lending, renting,

leasing, reselling, gifting or otherwise supplying the Software or any part of it to any other

person or organisation.

2. Publish it. No posting the installer, the source code, or any part of it to any website,

file-sharing service, cloud drive, messaging group, forum, code repository, torrent or app

store, whether public or private.

3. Share access to it. No sharing your account, password, admin passcode, trial key, licence

key or credentials with anyone, and no letting anyone else use the Software through your

installation.

4. Sublicense, assign or transfer this licence or any rights under it, including on sale of a

business or device.

5. Reverse engineer, decompile, disassemble or attempt to derive the source code, algorithms,

data model or design of the Software, except to the minimum extent that this restriction cannot

lawfully be excluded.

6. Modify, adapt, translate or create derivative works from the Software.

7. Build a competing product from the Software, or use it, its design, its interface or its

methods to develop, train or specify any product or service that competes with it.

8. Host it as a service, or make it available to third parties over a network, whether or not a

fee is charged.

9. Remove, obscure or alter any copyright notice, licence notice, product name, build

identifier or attribution in the Software.

10. Circumvent any technical restriction, including the admin passcode, feature flags, licence

checks, trial expiry or authentication.

2A. Licence activation, and what we record about it

The Software is licensed per person and per machine, and it checks that licence with the

Licensor's server. You are told plainly what that involves, because a check you were not told

about would be surveillance rather than licensing.

When you activate, and periodically afterwards while the Software is running, the Software

sends to the Licensor's server:

| What | Why |

| --- | --- |

| Your licence key | To confirm the licence is valid and has not been revoked |

| The name you enter as licensee | So a licence, and any breach of it, is attributable to a person |

| A machine identifier | A one-way hash. It binds one licence to one computer. It is not reversible and does not identify your hardware to us |

| Your computer's name | So that you and we can both tell your machines apart in a support conversation |

| The version of the Software, and the version and a hash of these Terms | So there is a record of which terms you accepted, and when |

| The date and time, and your IP address | Ordinary server logging, and evidence of when acceptance occurred |

We do not collect, and the Software does not send: your trades, positions, portfolio, cash

balance, watchlist, broker access token, market data, passwords, or anything you type into the

Software other than your licence key and licensee name.

Retention. Activation records are kept for as long as your licence is active and for six

years afterwards, because that is the period in which a dispute about this agreement could

realistically be brought.

Lawful basis and your rights. This processing is necessary to perform this agreement with you

and to protect the Licensor's legal rights, under the Digital Personal Data Protection Act, 2023.

You may ask what is held about you, ask for it to be corrected, or ask for it to be erased once

your licence has ended, by writing to the contact address above. Erasure requests will be honoured

except where a record must be kept for an active or anticipated legal claim.

If the server cannot be reached, the Software keeps working for a grace period before asking

again, so an outage on the Licensor's side does not stop you using it. After that period it will

stop until it can check.

One machine. A licence key activates on one computer. If you replace or reinstall that

computer, ask the Licensor to release the key and it will be reset. Attempting to activate the

same key on a second machine will be refused, and repeated attempts may be treated as evidence of

sharing under Clause 2.3.

3. Confidentiality

The Software and everything about how it works is confidential information of the Licensor.

This includes, without limitation: the source code; the design and layout of the user interface;

the calculations, indicators, scanners, order-engine logic and data-source arrangements; the

database schema; any documentation, screenshots, screen recordings or demonstrations; any licence

key, trial key, admin passcode or connection string supplied to you; and any commercial terms

between you and the Licensor.

You must:

keep all of it strictly confidential;
not disclose any of it to any third party, in any form, including by screenshot, screen share,

video, description or demonstration, without the Licensor's prior written permission;

protect it with at least the care you use for your own confidential information, and in no case

less than reasonable care;

use it only for the purpose of using the Software under this licence.

These confidentiality obligations survive the end of this licence and continue indefinitely.

The obligations in this clause do not apply to information you can show was already public through

no act of yours, or which you are legally compelled to disclose — in which case you must notify the

Licensor in writing beforehand, so far as the law allows.

4. Ownership and intellectual property

All right, title and interest in the Software — including copyright, trade secrets, database

rights, trade marks and all other intellectual property, worldwide — belong to the Licensor and

remain with the Licensor. All rights not expressly granted in Clause 1 are reserved.

approximately 180 other countries under the Berne Convention, without any registration being

required in each country. Unauthorised copying or distribution is therefore actionable in India and

in the country where the infringement takes place.

5. Market data and your broker account

The Software displays market data fetched using your own broker credentials, which you supply

and which remain yours.

You are responsible for complying with your broker's and the exchange's terms, including any

restriction on redistributing market data.

You must not use the Software to redistribute, resell or publish exchange or broker data.
The Licensor does not supply market data to you and is not responsible for its accuracy,

completeness, timeliness or availability.

If you disconnect your broker, the Software generates simulated data, clearly labelled as such.

6. Paper Trading & Risk Disclaimer

*This is the most important clause in this document. It is set out at length because the gap

between a simulator and a live market is where people lose money.*

6.1 What the Software is for

The Software is a practice simulator using virtual money, provided **only for educational,

informational and simulation purposes**. It executes no real trades, places no orders with any

exchange or broker, and holds no real funds. Every position, fill, profit and loss it shows is

imaginary.

6.2 Paper-trading results are hypothetical

**A profit made in paper trading does not guarantee that the same trade or the same strategy will

make a profit in the real market.** It is not evidence that it will. Hypothetical results have

inherent limitations: they are produced with the benefit of a fill that always happened, at a price

that was always available, with no money at stake.

Paper-trading profits must not be treated as proof that a strategy works in live markets. A

strategy that performs well in this Software may lose money consistently when traded for real.

6.3 Why the real market is different

Real trading differs from simulation in ways this Software does not, and largely cannot, reproduce:

Execution — a real order reaches a real exchange queue. It may fill late, fill partly, or not

fill at all. This Software fills your orders against a quoted price.

Slippage — the price you get is often worse than the price you saw, particularly on fast

moves, at the open, and around news.

Liquidity — real size has to find a counterparty. Illiquid strikes and small-cap stocks can

move against you simply because you tried to trade them.

Brokerage, taxes and charges — brokerage, exchange fees, GST, STT/CTT, stamp duty and SEBI

turnover fees all reduce real returns. This Software models none of them, and shows charges

as zero. A strategy that is marginally profitable here can be reliably loss-making after costs.

Market conditions — circuit limits, trading halts, gaps, expiry-day behaviour, auction

sessions and settlement mechanics all affect real outcomes.

Margin and leverage — real derivatives positions require margin, are marked to market, and

can be squared off by your broker without your consent.

Emotion and discipline — risking real money changes behaviour. Traders who follow a plan

perfectly in simulation routinely abandon it when their own capital is at stake.

Data differences — prices here may be delayed, incomplete, wrong, or simulated. Check the

LIVE / SIMULATED badge (see Clause 5).

6.4 Not advice, and not personalised

Nothing in the Software is personalised financial, investment, trading, tax or legal advice, and

nothing in it is a recommendation or solicitation to buy or sell anything. No output of this

Software — no signal, scanner result, probability, projection, indicator or backtest — takes account

of your financial position, objectives, risk tolerance or needs.

The Licensor is not registered with the Securities and Exchange Board of India as an Investment

Adviser under the SEBI (Investment Advisers) Regulations, 2013, nor as a Research Analyst under the

SEBI (Research Analysts) Regulations, 2014, and does not hold himself out as either.

If you want advice, consult a SEBI-registered investment adviser.

6.5 Real trades are your decision and your responsibility

**If you place a real trade in a real market on the basis of any strategy, signal, scanner result,

observation, backtest or profit obtained from this Software, that decision is entirely your own.**

You accept that:

you are solely responsible for evaluating any idea before risking money on it;
the Licensor does not guarantee profits, or the success of any real trade, strategy or

approach, and makes no representation that anything shown here will be profitable;

to the fullest extent permitted by applicable law, the Licensor is not responsible for any

loss you suffer as a result of your own independent real-world trading decisions.

Nothing in this clause excludes or limits any liability that cannot lawfully be excluded or limited,

including liability for fraud or fraudulent misrepresentation. Your rights under any applicable

consumer-protection law are unaffected.

6.6 Risk warning

**Trading in securities, derivatives and other financial instruments carries a high degree of risk

and can result in the partial or complete loss of your capital.** In leveraged products such as

futures and options, losses can exceed the amount you originally deposited.

SEBI's own studies of individual traders in the equity derivatives segment have repeatedly found

that the large majority lose money.

Do not trade with money you cannot afford to lose. Past performance — real or simulated — is not an

indicator of future results.

7. No warranty

The Software is provided "as is" and "as available", with all faults and without warranty of

any kind, whether express, implied or statutory, including any implied warranty of merchantability,

fitness for a particular purpose, accuracy, or non-infringement.

The Licensor does not warrant that the Software will be uninterrupted, error-free, secure, or that

its data, prices, calculations, signals, scanners or projections are accurate or reliable.

8. Limitation of liability

To the maximum extent permitted by law, the Licensor is not liable for any indirect, incidental,

special, consequential, exemplary or punitive damages, nor for any loss of profit, trading loss,

investment loss, loss of revenue, loss of data, loss of goodwill or business interruption, however

caused and on any theory of liability, even if advised of the possibility.

The Licensor's total aggregate liability under or in connection with these Terms will not exceed

the total amount you actually paid to the Licensor for the Software in the twelve months before the

event giving rise to the claim, or ₹1,000, whichever is greater.

Nothing in these Terms excludes liability that cannot lawfully be excluded.

9. Term and termination

This licence starts when you first install or use the Software and continues until terminated.

It terminates immediately and automatically, without notice, if you breach any part of Clause 2

or Clause 3. The Licensor may also terminate it at any time on written notice, including by email

or by disabling your account or key.

On termination you must immediately stop using the Software, uninstall it, and permanently delete

every copy in your possession or control, including backups. On request you must confirm in writing

that you have done so. Clauses 3, 4, 6, 7, 8, 10 and 11 survive termination.

10. Remedies and enforcement

You acknowledge that a breach of Clause 2 or Clause 3 would cause the Licensor harm that money

alone cannot adequately compensate, because once the Software or its confidential information has

been distributed it cannot be recalled.

Accordingly, in addition to any other remedy:

1. The Licensor is entitled to seek injunctive relief and specific performance to stop or

prevent a breach, **without needing to prove actual damage and without needing to provide

security, in any court of competent jurisdiction in any country** where a breach occurs,

is threatened, or has effect.

2. You must indemnify the Licensor against all losses, damages, costs and reasonable legal fees

arising from your breach of these Terms.

3. You must, on request, provide reasonable assistance in identifying how, when and to whom an

unauthorised copy was disclosed.

4. Unauthorised copying or distribution of software may additionally attract criminal liability in

India under Section 63 of the Copyright Act, 1957 and **Section 66 of the Information

Technology Act, 2000**. The Licensor reserves the right to pursue criminal as well as civil

remedies.

Copies of the Software may carry identifiers linking a build to the person it was issued to. You

must not remove or alter them (see Clause 2.9).

11. Governing law and jurisdiction

These Terms are governed by and construed in accordance with the laws of India.

The courts at Bengaluru, Karnataka, India have exclusive jurisdiction over any dispute arising out

of or in connection with these Terms, and you submit to that jurisdiction — except that the

Licensor may bring proceedings for injunctive relief, or for infringement of its intellectual

property, in any jurisdiction where a breach occurs or has effect, as set out in Clause 10.1.

12. General

Entire agreement. These Terms are the entire agreement between you and the Licensor about the

Software, and replace any earlier discussion, proposal or understanding.

Severability. If any provision is held unenforceable, the rest continues in force, and the

unenforceable provision is to be read down to the minimum extent necessary to make it valid.

No waiver. A delay or failure to enforce any provision is not a waiver of it.
Changes. The Licensor may issue updated Terms with a new version supplied with a new build.

Continuing to use the Software after that means you accept the updated Terms.

Notices. Written notice to you may be given by email to the address associated with your

licence or account. Notice to the Licensor must be sent to the contact address above.

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*This document was drafted with software assistance and has not been reviewed by a qualified legal

practitioner. Have it reviewed before relying on it in a dispute.*

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