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Terms & Conditions

Version 1 · in effect from 14 August 2026

These terms are a binding agreement between you and Equantra Tech LLP. Please read them. Section 3 and Section 4 in particular describe what this service is and — just as importantly — what it is not.

1. Who we are, and what this is

thepapertrade ("we", "us", "our") is operated by Equantra Tech LLP, Etah, UP, India. You can reach us at rahul@thepapertrade.com.

thepapertrade is a paper trading simulator for Indian equity, index and derivatives markets. It gives you a notional balance of virtual capital, shows you live or near-live market prices sourced from a third party, lets you record simulated buy and sell decisions against those prices, and then reports what those decisions would have cost and returned after modelled Indian transaction charges. It also keeps a record of your simulated trading and, if you choose to publish it, ranks it on a leaderboard.

By creating an account, or by continuing to use thepapertrade after a new version of these terms takes effect, you agree to these terms. If you do not agree, do not use the service.

2. Eligibility

You must be at least 18 years old to use thepapertrade. We do not knowingly provide the service to anyone under 18, and we do not knowingly process a child's personal data.

One account per person. You are responsible for everything done under your account and for keeping your password and access to your email address secure. Tell us at rahul@thepapertrade.com if you believe your account has been used without your permission.

3. Simulation only — no real money, no real orders

This is the most important thing on this page:

  • No real money is ever involved. The balance in your account is virtual. It has no monetary value, it is not redeemable, it is not transferable, it cannot be withdrawn, and it is not a deposit, a credit, a security, a prepayment instrument, or property of any kind. We do not accept deposits and will never ask you to fund an account.
  • No order you place here ever reaches a market. Nothing you do on thepapertrade is routed to any exchange, broker, clearing corporation or counterparty. Every fill you see is generated by our own software against a price we received.
  • We are not a broker. Equantra Tech LLP is not a stock broker, sub-broker, trading member, clearing member, depository participant, portfolio manager, mutual fund distributor or any other intermediary registered with the Securities and Exchange Board of India ("SEBI") or with any stock exchange. We do not hold client funds or securities. We do not execute, route or settle trades.
  • Simulated results are not real results. A profit shown here was not earned, and a loss shown here was not suffered. Real trading involves liquidity, slippage, partial fills, order rejections, latency, margin calls, broker downtime and emotional pressure that a simulator does not and cannot reproduce. Performance here does not indicate, predict or guarantee performance anywhere else.

4. No investment advice

Nothing on thepapertrade is investment advice, trading advice, or a recommendation to buy, sell or hold any security, derivative, or other financial instrument.

  • Equantra Tech LLP is not a Research Analyst registered under the SEBI (Research Analysts) Regulations, 2014.
  • Equantra Tech LLP is not an Investment Adviser registered under the SEBI (Investment Advisers) Regulations, 2013.
  • Equantra Tech LLP is not a stock broker registered under the SEBI (Stock Brokers) Regulations, 1992.

We do not publish research reports, target prices, buy or sell calls, model portfolios, or tips, and we do not offer any personalised advice. Nothing we show you — including any list, ranking, leaderboard, statistic, chart, indicator, option chain, default value pre-filled in a form, article on our blog, or educational material — is a recommendation, a solicitation, or an offer to transact in any instrument.

Everything on thepapertrade is general and educational in nature. It takes no account of your investment objectives, financial situation, risk tolerance, tax position or particular needs. It is not tailored to you and must not be relied upon as though it were.

Before acting on anything in a real market, consult a SEBI-registered investment adviser or research analyst, and read the risk disclosure documents your broker is required to give you. Trading in securities, and especially in derivatives, carries a substantial risk of loss, including loss greater than the amount you commit. A majority of individual traders in equity derivatives in India lose money. Only you are responsible for your real-world decisions.

Any user-generated content on thepapertrade — handles, trade notes, leaderboard positions — is the user's own and is not endorsed by us. Another user's record is not advice either.

5. Market data, charges and other numbers

Market prices, instrument lists, lot sizes, expiry dates and open interest come from a third-party broker's data feed. We pass them on as we receive them.

  • Data may be delayed, interrupted, incomplete, corrected after the fact, or simply wrong. Prices may stop moving entirely if the feed or our broker connection fails. We do not warrant the accuracy, timeliness, completeness or continuity of any figure shown.
  • Transaction charges — brokerage, Securities Transaction Tax, exchange transaction charges, SEBI turnover fees, GST, stamp duty — are modelled on published Indian rate schedules and on assumptions we choose. Margin requirements are modelled likewise. Your actual broker's charges and margins will differ. Verify any figure against a real contract note before relying on it.
  • Charge rates, margin percentages and other parameters are configurable and may be changed by us at any time, including to correct an error. Doing so may change figures shown for past simulated trades.
  • Indicators, statistics, scores and derived values are computed by us from the above and inherit every one of its limitations.

6. Your account, virtual capital, refills and the leaderboard

  • We decide the opening virtual balance, and we may change it for new accounts.
  • Where we offer a refill of a depleted virtual balance, it is capped, may be limited in frequency, and tops a balance up to a ceiling rather than adding to a healthy one. Refilled capital counts as capital for scoring purposes, so it dilutes a return rather than flattering it.
  • Any referral credit is virtual capital, subject to conditions we set, may require the referred account to reach a threshold of genuine activity, and may be withheld or reversed where we reasonably believe the programme is being abused.
  • Your record is private by default. It becomes publicly visible only if you claim a public handle and then explicitly choose to publish, and monetary amounts stay hidden unless you separately choose to show them.
  • A public handle is permanent. We may reclaim or rename a handle that is offensive, impersonates someone, or is otherwise inconsistent with these terms.
  • Leaderboard scores are computed by a formula that we may change. When we do, we may recompute past scores so that one board is not comparing two formulas. We may exclude an account from a season, void a season, or reset scores where we reasonably believe results were obtained by exploiting a defect, by automation, or by any other abuse.
  • Open positions in the simulator are squared off automatically shortly before the close of the trading session. This is a design decision, not a service promise.

7. Acceptable use

You agree not to:

  • use any robot, scraper, script or other automated means to access thepapertrade, place simulated orders, or extract data from it, except a search engine crawler obeying our robots.txt;
  • interfere with, overload, or attempt to disrupt the service or the systems and networks it runs on;
  • probe, scan or test the security of the service, or attempt to bypass any authentication, authorisation or rate limit, without our prior written permission;
  • reverse engineer, decompile or attempt to derive the source of any part of the service, except to the extent that restriction is unenforceable by law;
  • manipulate, or attempt to manipulate, leaderboard standings, referral credits, refills, or any statistic, including by creating multiple accounts;
  • impersonate any person or organisation, or suggest an affiliation with us, a broker, an exchange or a regulator that does not exist;
  • present anything from thepapertrade as investment advice to anyone else, or use it to provide advisory or research services without the registrations the law requires;
  • upload or publish anything unlawful, defamatory, obscene, infringing, or designed to harm another person; or
  • use the service in breach of any applicable law, including securities law.

8. Intellectual property, and your content

The service, its software, design, text, layout and compiled data are ours or our licensors', and are protected by law. These terms grant you a personal, non-exclusive, non-transferable, revocable licence to use the service for your own non-commercial purposes, and nothing more.

Content you supply — your handle, your trade notes, anything you send us — remains yours. You grant us a non-exclusive, royalty-free licence to store, reproduce and display it as needed to operate the service, including displaying a published profile publicly. You are responsible for having the right to supply it.

Market data belongs to the exchanges and to our data provider, and is licensed to us on terms that restrict redistribution. Nothing here transfers any right in it to you.

We may display advertising supplied by third parties, including Google and its partners. Those parties may set and read cookies or similar identifiers in your browser, and may use them to select and measure the advertising you see. We do not control that advertising, do not endorse the advertisers or what they offer, and are not responsible for anything you do in reliance on it. An advertisement appearing on thepapertrade — including an advertisement for a broker, a trading course, an advisory service or a financial product — is not our recommendation.

See our Privacy Policy for what is collected in connection with advertising and how to control it. Advertising will never appear on the pages where you compose or manage a simulated trade.

Links to third-party sites are provided for convenience. We do not control them and are not responsible for their content, security or privacy practices.

10. Availability, changes, suspension and termination

We provide the service as is and as available. We may change, suspend or discontinue any part of it, including a feature you rely on, at any time and without notice. We do not promise any level of uptime, latency, or data retention, and we perform maintenance and deploys during and outside market hours.

We may suspend or terminate your account, remove content, or withdraw a handle if we reasonably believe you have breached these terms, if required by law, or if continuing would expose us or another user to risk. Where it is practical and lawful to do so, we will tell you why.

You may stop using the service and ask us to delete your account at any time by writing to rahul@thepapertrade.com. Sections 3, 4, 8, 11, 12 and 13 survive termination.

11. Disclaimers and limitation of liability

To the fullest extent permitted by law:

  • The service is provided without warranty of any kind, express or implied, including any implied warranty of merchantability, fitness for a particular purpose, accuracy, or non-infringement.
  • We are not liable for any trading loss, investment loss, lost profit, lost opportunity, lost data, or any indirect, incidental, special, consequential or punitive damages arising out of or connected with your use of thepapertrade — including any loss arising from a real-world decision you made after using it, from a price or charge figure that turned out to be wrong, or from the service being unavailable.
  • Our total aggregate liability to you for all claims connected with the service is limited to the greater of the total amount you have actually paid us in the twelve months before the claim, or ₹1,000.

Nothing in these terms excludes or limits liability that cannot lawfully be excluded or limited, including liability for fraud.

You agree to indemnify and hold us harmless against claims, losses and reasonable costs arising from your breach of these terms, your misuse of the service, or your infringement of anyone's rights.

12. Governing law and jurisdiction

These terms are governed by the laws of India. The courts at Etah, UP, India have exclusive jurisdiction over any dispute arising out of or in connection with them, and you and we submit to that jurisdiction.

13. Grievance redressal

If you have a complaint about the service, about content on it, or about how we have handled your personal data, contact our Grievance Officer:

  • Grievance Officer: Rahul Rajput
  • Email: rahul@thepapertrade.com
  • Address: Etah, UP, India

This officer is designated under the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 and, for personal data matters, under the Digital Personal Data Protection Act, 2023. We will acknowledge your complaint within 24 hours and endeavour to resolve it within 15 days of receipt.

14. Changes to these terms

These terms are versioned. Each version carries a version number and an effective date, and you accept a specific version — we record which one, and when.

When a new version takes effect, you will be shown its full text and asked to accept it before you continue to use your account. If you do not accept it, you can no longer use the service, and you may ask us to delete your account.

We keep the record of your acceptance — the version, a fingerprint of the exact text, the time, and the network and browser details of the request — for as long as your account exists.

15. General

If any provision of these terms is held unenforceable, the rest continues in force. Our failure to enforce a provision is not a waiver of it. You may not assign these terms; we may assign them to a successor to our business. These terms, together with the Privacy Policy, are the entire agreement between you and us about the service.