Last Modified Date: 1st May 2018
The terms of this agreement or in another words, “Terms of Service" / “Terms and Conditions”, govern the entire relationship between you and Prandex Technologies Private Limited, incorporated within the State of Tamil Nadu, India, (hereinafter "Prandex" or "Us" or "We") regarding your use of the website, trading services offered by Prandex and / or related services (herein after referred to as “Services”) offered by Prandex, its subsidiaries, affiliates, licensors, associates, and partners through all its websites (hereinafter referred to as the “Websites”) is subject to these Terms of Service / Terms and Conditions (hereinafter referred to as “Terms”).
Prandex expressly declares that use of the website or services of Prandex shall not be done by you without reading the terms and it is implied that persons who have created an account with Prandex have read all the terms and conditions / terms of services mentioned herein below.
You shall be bound by this agreement throughout the period for which you avail the services of Prandex and even thereafter in relation to the earlier services availed by you.
Prandex clearly enunciates that you are trading / using the services of the website at your sole risk and liability since crypto currencies globally are inter alia subject to various market risks, legal risks and regulatory risks and you shall not hold Prandex responsible for the losses or other damages that you may suffer on account of trading or using the services of Prandex.
Prandex further enunciates that crypto currencies such as Bitcoin, Ethereum, Ripple etc are bound to various risks such as but not limited to regulatory risks from certain states and market risks being the price fluctuations and also risks relating to security breach etc and Prandex clearly instructs you to act on the principle of “Caveat Emptor” and carry out all due diligence prior to trading or using the services of Prandex and at no point of time you shall hold Prandex responsible for the damages you might face because of various risks and concerns that you are bound to.
Prandex expressly declares that you have full capacity for civil rights and civil conducts when you complete the registration or actually use the services of Prandex and the same has to be fulfilled in the nature of You being an individual / Company / Other legally recognized Entity. It is further expressly declated by Prandex that You should have all the legal requirements of entering into a contract as expressly mentioned under the laws of your land and Prandex bars the individuals / Companies / Entities dealing with Prandex without the legal capacity and their acts will not make Prandex liable at any point of time.
The persons dealing with the Prandex or using the services of Prandex should accept the terms in entirety and any partial acceptance renders the users barred from using the services rendered by Prandex. If any part of this agreement / terms is render violative of law then only those provisions shall not be applicable and the remaining terms continue to be bind upon the users of the website of Prandex.
During the registration or activation of your account with Prandex, you shall accurately provide and timely update your information by following the instructions on the relevant page according to the laws and regulations of your land and also in order to make available your accurate information. Prandex having any doubt in relation to the information provided by you then Prandex shall deactivate your account temporarily and call for certain clarification from you and on obtaining satisfied clarification then Prandex shall activate your account and on Prandex obtaining non satisfactory clarification then Prandex shall cancel your account permanently and reimburse if any funds of yours are in their custody. Prandex will not take any responsibility and any loss, direct or indirect, and adverse consequence resulted there from will be borne by you. You shall accurately fill in and timely update your email address, telephone number, contact address, postal code and other contact information and other information as sought by Prandex. You hereby acknowledge and agree that you have the obligation to keep your contact information effective and to take actions as required by Prandex if there is any change or update.
As mentioned above Prandex has the right to instruct the users to submit additional documents / information at any given point of time and refusal to submit the same authorizes Prandex to block the account of the user/s to the website of Prandex.
Prandex reserves it right to modify and carry out necessary amendments / modifications of this agreement / terms at its behest and the users of the services of Prandex should be agreeable to the same at all point of time and any regrets or indifferences of opinion of the users to the same shall bar the users from using the services of Prandex. The users are assumed to have read the terms and conditions prior to every log in and the failure to do the same would render user liable for any mishaps. It is further mentioned that Prandex would take all necessary measures but will not be obligated to mention a notification in the home page of the Prandex website regarding any modification to the terms of service.
Should you not agree to any clause or version or statements made in the Terms of Service, your license to use the Service shall terminate immediately at that point and we advise you to stop using our service immediately.
1.8.Usage of Funds and Declaration
Prandex clearly mandates that it is in strict compliance of all the laws, rules and regulations and mandates the users of website of Prandex / services of Prandex to strictly comply with the laws, rules and regulations as applicable to the laws of the land of the user including but not limited to usage of funds which are not from legal sources and use of Prandex for the purposes of anti legal activities and Prandex will not be liable for any of the acts of the users who deal with the services of Prandex in such a manner. Prandex takes all necessary measures to prevent usage of funds that are not from legal sources but the users take the sole responsibility of the same from not happening and the liability also is upon the user in relation to the same.
By accepting this terms of service, all the users of the website of Prandex declares that the funds under which the crypto currency trading is done is not attracted under the provisions of Money Laundering Actof the land of the user and the funds used are from disclosed income and the users are in strict compliance with the laws, rules and regulations laid down by the Government of the concerned individual.
Prandex also mandates all the users not to use Prandex as a medium of doing any activity which is forbidden under the laws of the land and if Prandex senses any such activity being carried out by the users then Prandex reserves the right to take all necessary action against the user including but not limited to accessing the account, blocking the account, initiating legal proceedings.
1.10. Waiver and Assignment of Terms of Service
In case you may breach any one or more of the Terms set forth herein and we failed to respond / act or delayed to respond / act, such failure or delays shall not be deemed as a waiver of our rights to respond / act to any prior, concurrent, subsequent or similar breaches committed by you.
You understand that Prandex reserves the right to assign or delegate the terms of service laid hereunder either in whole or in part to any individual or an entity or both at any given time.
You also understand that the assigning or delegation of the terms of service to such individuals or entities need not have your consent.
1.11. Listing of Crypto Currencies / Virtual Currencies
Prandex reserves the right to list, delist and suspend temporarily which ever crypto currency / virtual currency it wants at any point of time and the users shall have no right to object towards the same and Prandex does not take any liability for the any concerned crypto currency / virtual currency crashing or turning out to be a fraudster or scam since Prandex is merely a listing / trading exchange and does not owe any responsibility towards the mishaps of the crypto currency / virtual currency.
Prandex shall charge certain amount as fees / commission for usage of the website of Prandex / services rendered by Prandex towards the users for carrying out the trade of crypto currencies. The Fees / commission to be charged is more particularly set out in the Fees page of the website itself and Prandex has the right to change / modify the Fees / Commission at any point of time without prior notice and the users of the website shall not raise any issues or concerns in relation to the Fees / Commission charged by Prandex. The Fees to be charged by Prandex would be necessarily deducted from the users account and the User’s give full powers / rights to Prandex to carry out the same.
1.13. Delay in completion of trade
Prandex shall always take necessary measures for the proper maintenance of the website and for hassle free trade of its users but due to certain unforeseen events if there is a delay in completion of trade due to which the users are to face any loss then Prandex will not be liable for the same and Prandex herein expressly declares that the trade market is a fluctuating one and the users alone are responsible whatever profits excluding the necessary deductions and losses that come their way.
Prandex further enunciates that since the crypto currency market is at its nascent stage there is high possibility of certain technical concerns happenings frequently and Prandex shall not be responsible for any such concerns and the losses occurred by the users because of the same.
Prandex also clearly enunciates herein that access to the website of Prandex shall never be uninterrupted and there shall be several interruptions and disturbances and denials from access to the website and the users shall not call on Prandex for the losses occurred to them due to the same and Prandex reserves the right to even shut down services at any point of time.
1.14. Account Creation
- To use our service(s) you shall register with us on the website;
- You undertake that you have crossed the age of 18 while you register with us;
- You undertake to ensure that your account is strictly not used by anyone other than yourself;
- You shall use the account only for the intended purposes as outlined in these Terms.
- You undertake to create only one account to trade in the website of Prandex;
- You shall undertake not to create any account if in the event your previous account has been removed due to your act of violating any of the Prandex policy, terms set forth hereunder or because of difficulty faced while validating of account;
- Prandex shall have the rights to impose any number of restrictions it requires to impose upon the usage of the account;
- You shall not create an account on behalf of anyone else;
- You shall not use anyone else’s identity to create an account for yourself.
The user/s while creating the account for using the services rendered by Prandex, the following initiatives and undertakings you agree to ensure:-
1.15. Account Screening and Authentication
Prandex shall have all rights to carry out screening your account at any point of time and based on the screening also have the rights to stop you from accessing the same at any given point of time at the sole discretion and you shall not raise any objection in relation to the same.
1.16. Maintenance of Records
Prandex shall have the right to maintain all the accounts of the users and their trading history along with all the documents submitted by them at time of registration of account for a time period as decided by the Prandex and the user shall not raise any objection or concerns in relation to the records maintained by Prandex. The same is being done by Prandex both as a regulatory and precautionary measure.
1.17. Surveillance of Accounts
The users accounts and trading done by them shall constantly be monitored by Prandex manually and through related software and if there are any irregular transactions or uneven transactions found by Prandex then Prandex has all authorities to take stringent action against the users which includes but not limited to deactivating the account, lodging a complaint with the concerned governmental authorities etc.
1.18. Submission of User’s Details
Prandex has all the rights to take preventive / remedial measures if required to be taken against the abnormal trend / usage of the account done by the User for which Prandex shall hand over all the details of the User’s that are available with Prandex such as all relevant information being personal or other information available in public domain to the concerned Governmental Authorities either on their request or voluntarily. The User’s shall not make any claim or initiate any action against Prandex in relation to the act of submission of user’s details.
1.19. Sufficient Funds
The user has the complete obligation of maintaining desired amount in the mode as required by Prandex for trading and the same should be sufficient for completion of the entire trade desired to be carried out by the User.
You agree to indemnify, save, and hold Prandex, its affiliated companies, subsidiaries, contractors, employees, agents and its third-party suppliers, vendors, licensors, and partners harmless from any claims, losses, damages, liabilities, including legal fees and expenses, arising out of your use or misuse of the Service, any violation by you of these Terms of Service, or any breach of the representations, warranties and covenants made by you or your any conduct due to which Prandex suffers any loss including your act of normal trading in the Prandex’s website.
You agree that Prandex reserves the right to assume the exclusive defense and control of any matter for which you are required to indemnify Prandex at your expense, and you further agree to cooperate with Prandex’s defense of these claims.
You understand that on becoming aware of any such claim, action, suit or proceedings, Prandex shall use reasonable efforts to notify you.
1.21. Disclaimer of Warranties
You agree that the use of the services provided by Prandex is at your sole risk and is provided on an “As Is” basis without warranties of any kind, either express or implied, including, but not limited to, warranties of title or implied warranties of non-infringement, merchantability or fitness for a particular purpose (except only to the extent prohibited under applicable law with any legally required warranty period the shorter of thirty days from first use of the minimum period required).
Without limiting the foregoing, neither Prandex nor its affiliates or subsidiaries, or any of their Directors, employees, agents, attorneys, third-party content providers, distributors, licensees or licensors warrant that the service will be uninterrupted or error-free.
1.22. Dispute Resolution
Prandex may elect to resolve any controversy or claim arising out of or relating to these Terms or our sites by binding arbitration in accordance with the provisions of Chennai, India. Any such controversy or claim shall be arbitrated on an individual basis and shall not be consolidated in any arbitration with any claim or controversy of any other party. The arbitration shall be conducted in Chennai, India and judgment on the arbitration award may be entered in any court having jurisdiction thereof. Either you or we may seek any interim or preliminary relief from a court of competent jurisdiction in Chennai, India, necessary to protect the rights or the property of you or Prandex Or its agents, suppliers, and subcontractors, pending the completion of arbitration. The language of Arbitration shall be English. The Arbitrator shall always be selected / appointed by Prandex and the user shall agree to the same and shall never raise any objection in relation to the appointment of arbitrator.
Subject to Arbitration, the parties irrevocably agree and undertake that any controversy or claim arising out of or relating to these Terms or our sites shall be adjudicated exclusively before a competent court in Chennai, India only. The terms and our sites shall be governed by the Chennai,India.