MASTER ADVISORY AGREEMENT

(High Net Worth Individual – Nifty Option Strategies Advisory Services)

This Agreement is executed on this 3rd day March 2026 (“Effective Date”)
This Master Advisory Agreement (“Agreement”) is entered into between:
Sharad Mishra, a SEBI-Registered Research Analyst (Registration No: INH000005908), having its registered office at Hubtown Viva, Jogeshwari East, Mumbai - 400063 (hereinafter referred to as the “Research Analyst”, “Advisor”, or “RA”);
AND
The subscriber purchasing advisory services under this Agreement (hereinafter referred to as the “Client”).
The Advisor and Client are collectively referred to as the “Parties”.

1.1 The Advisor provides non-discretionary, research-based derivatives strategy recommendations, primarily relating to index options and structured volatility frameworks.


1.2 The services provided:

  • Are strictly advisory in nature.
  • Do not constitute portfolio management services (PMS).
  • Do not constitute investment management.
  • Do not constitute investment management.
  • Do not create discretionary authority.

1.3 The Advisor shall not:

  • Access the Client’s brokerage account.
  • Execute trades on behalf of the Client.
  • Manage funds or hold custody of capital.

1.4 All execution decisions, order placement, risk management, and position monitoring remain solely the responsibility of the Client.

    2.1 Subscriptions are strategy-count based, not time-based.


    Clients may subscribe for:

    • 5 Nifty Option Strategies
    • 10 Nifty Option Strategies
    • 30 Nifty Option Strategies
    • 60 Nifty Option Strategies
    • 120 Nifty Option Strategies

    2.2 A “Strategy” is defined as a structured derivatives recommendation that includes:


    • Entry Parameters
    • Stop-loss levels
    • Targets levels
    • Capital allocation guidance


    2.3 Subscription validity expires upon exhaustion of the purchased number of strategies.


    2.4 There is no guaranteed frequency, time interval, or minimum issuance schedule.


    2.5 Unused strategies are:

    • Non-transferable
    • Non-refundable
    • Non-adjustable

    The Client expressly represents and warrants that:


    3.1 They qualify as a financially sophisticated participant or High Net Worth Individual.


    3.2 They possess adequate knowledge of:

    • Derivatives markets
    • Options pricing
    • Volatility structures
    • Gap risk
    • Stop-loss limitations

    3.3 They understand that derivatives trading can result in:

    • Substantial capital loss
    • Rapid premium erosion
    • Execution slippage
    • Gap losses beyond stop levels

    3.4 They are independently responsible for assessing suitability.

    Nifty Monthly Expiry – Dual Directional Premium Deployment


    (Illustrative Capital Deployment: ₹10 Lakhs)


    Strategy Construct :


    Simultaneous premium deployment in:

    • Long 25300 CE (Monthly Expiry)
    • Long 25000 PE (Monthly Expiry)

    This framework reflects a volatility-expansion participation model deployed when:


    • Nifty is positioned near a short-term inflection zone.
    • Breakout probability exceeds implied move pricing.
    • Implied volatility does not fully reflect expansion risk.

    This is not a passive neutral straddle.
    It is a calibrated dual directional participation model with defined stop-loss discipline.


    Capital Deployment (Illustrative Only)


    Total Capital Deployed: ~₹10.88 Lakhs
    Staggered allocation in two tranches per leg.


    Call Leg – 25300 CE


    • Average Cost: ₹195
    • Target: ₹333
    • Stop Loss: ₹141
    • Capital Allocated: ~₹5.26 Lakhs

    Put Leg – 25000 PE


    • Average Cost: ₹77
    • Target: ₹109
    • Stop Loss: ₹35
    • Capital Allocated: ~₹5.62 Lakhs

    Scenario Outcomes (Illustrative)


    Upside Breakout


    • CE hits target
    • PE hits stop loss
    • Projected gain: ~₹66,273 (~6.1%)

    Downside Breakout


    • PE hits target
    • CE hits stop loss
    • Projected gain: ~₹87,592 (~8.1%)

    These are hypothetical illustrations only.Actual results may materially differ.


    Risk Considerations


    • Time decay in range-bound markets
    • Whipsaw volatility
    • Liquidity contraction
    • Bid-ask spread expansion
    • Execution slippage

    Maximum risk per leg is limited to premium paid. This is a short-duration convex exposure framework, not an income strategy.

    5.1 Maximum issuance corresponds strictly to purchased strategy count.


    5.2 Typically, only one strategy may remain active at a time unless volatility conditions justify overlap.


    5.3 In the event of stop-loss realization, further deployment depends on fresh analysis.


    5.4 Exchange-level or regulatory developments may delay issuance.

    6.1 Fees must be paid in advance.


    6.2 All fees are:

    • Final
    • Non-refundable
    • Non-transferable
    • Non-adjustable

    6.3 No refund shall arise from:

    • Trading losses
    • Stop-loss triggers
    • Client Execution
    • Force majeure Events
    • Market volatility

    Payment constitutes full acceptance of this Agreement.

The Client is expressly advised to:


  • Read this Agreement in Hindi or their preferred regional language, and
  • Fully understand all clauses and risk disclosures prior to making payment.

Subscription payment shall constitute deemed confirmation of comprehension.

    8.1 No guarantee of profitability or capital protection is provided.


    8.2 The Advisor does not guarantee:

    • Target achievement
    • Stop-loss execution accuracy
    • Timely exit availability
    • Profitability

    8.3 The Advisor’s aggregate liability, if any, shall not exceed the advisory fee paid for the specific strategy giving rise to dispute.


    8.4 Under no circumstances shall the Advisor be liable for:

    • Indirect loss
    • Consequential damages
    • Opportunity loss
    • Emotional distress
    • Tax implications
    • Broker-level actions

    The Advisor shall not be liable for disruptions caused by:


    • Exchange trading halts
    • Technical failures
    • Matching engine disruptions
    • Margin changes
    • Lot size revisions
    • Regulatory circulars
    • Internet outages
    • Power failures
    • Natural disasters
    • War or systemic financial instability

    The Client acknowledges exposure to:

    • Gap risk
    • Circuit filters
    • Liquidity contraction
    • Margin changes
    • Volatility spikes
    • Abnormal spreads

    Force majeure events shall not entitle refund, extension, or compensation.

    This relationship is strictly non-fiduciary and advisory in nature.
    The Client retains complete discretion and responsibility.

    The Client agrees to indemnify and hold harmless the Advisor against:


    • Claims arising from trading losses
    • Broker disputes
    • Regulatory inquiries caused by Client conduct
    • Tax or compliance disputes

    12.1 Any dispute, controversy, or claim arising out of or relating to this Agreement, including its interpretation, performance, breach, or termination, shall be referred to and finally resolved by arbitration under the Arbitration and Conciliation Act, 1996 (as amended).


    12.2 The arbitration shall be conducted by a sole arbitrator appointed by the Advisor.


    12.3 The seat and venue of arbitration shall be Mumbai, India.


    12.4 The language of arbitration shall be English.


    12.5 The arbitral award shall be final and binding on both Parties.


    12.6 The Client expressly waives the right to initiate civil/criminal litigation except for enforcement of the arbitral award.


    12.7 The Parties agree that arbitration shall be the exclusive dispute resolution mechanism.

    This Agreement shall be governed by the laws of India.
    Subject to the arbitration clause, courts at Mumbai shall have exclusive jurisdiction for enforcement purposes.

    This Agreement supersedes all prior communications, representations, or understandings.
    No oral statements shall modify these terms.

    By subscribing and making payment, the Client confirms:


    • They have read and understood this Agreement.
    • They have reviewed the Agreement in Hindi/regional language if required.
    • They understand derivatives risk.
    • They voluntarily accept all terms.
    • They waive claims arising from standard market risks.

10 Trading Strategies

₹ 99,900

Including GST

30 Trading Strategies

₹ 2,99,700

Including GST

60 Trading Strategies

₹ 5,99,400

Including GST

120 Trading Strategies

₹ 11,98,800

Including GST

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