Cancellation and Refund Policy
Policy regarding refund and cancellation of the bids placed
Any Event hosted on the TradeX Platform, may be canceled by the Company at their sole discretion on the happening of any of the instances mentioned hereinbelow:
a) The Event hosted on the TradeX Platform fails to conclude on the timeline mentioned on the TradeX Platform;
b) The Event hosted on the TradeX Platform fails to initiate or conclude due to any impossibility which is not in the control of the TradeX Platform;
c) Any issue arises in respect of settlement or payment and the same persists for more than 7 working days.
d) The Event is canceled on the basis of any change in any law affecting the event for the time being in force.
e) The TradeX platform is unable to verify the details of any or all of the participants or if the event seems to be fixed by any or all of the parties to the said event.
f) The Event is in direct contravention of any or all of the terms and conditions, rules or any other guidelines that TradeX Platform may release from time to time.
g) If any user tries to interfere in the functioning of the Event or any TradeX Platform whether hosting the event or connected with it.
h) If any third party involved in the Event does any act or omission that may be considered as violative of the TradeX Platforms’ terms and conditions, rules or any guidelines as may be released from time to time by the TradeX platforms or in contravention of any law of the land for the time being in force.
i) If any user/participant in an Event is found to be insufficient of age to use the said service or does not possess the legal right and/or ability to create binding obligations as per the law of the land for the time being in force.
The said list is not exhaustive, and the Company may add instances wherein the Event hosted on the TradeX Platform may be canceled. In case of any Event being canceled on the TradeX Platform, all participants/users on the Event shall be provided a refund of the amounts traded on the canceled event.
By User (Will the User be allowed to cancel a trade/bet which he has placed on the TradeX Platform? If yes, would he be refunded?)
If a User wishes to cancel their subscription of the TradeX Platforms and its services during an event in which he is participating then such a cancellation (We need to discuss the consequence of such a cancellation)
Refund Mechanism Each user/member on the TradeX Platform shall be assigned a payment wallet, which shall have two components, i.e., one component of the wallet shall be reserved for “Bonus Cash” and the second component of the wallet shall be reserved for “Real Cash”. The TradeX Platform shall at its sole discretion have the power to decide the value and control the usage of the “Bonus Cash” available to the Users, as the value and usage of the “Bonus Cash” on the TradeX Platform would keep fluctuating based on different factors decided by the TradeX Platform.
In case of Event cancellation, the Refund shall be transferred to both the components of the User’s TradeX wallet, depending on how much has been invested from which component and the same shall be transferred as invested.
No Refund Instances In an instance, where the TradeX Platform an Event is completed and the bid has been matched, then no refund shall be initiated.
Miscellaneous In case of any inadvertent, where the TradeX Platform incorrectly initiates any settlement, then the said transaction or settlement shall be immediately reversed and the correct winning or settlement shall be initiated.
Grievance Redressal Users can refer any dispute or issue arising out of the present Cancellation and Refund Policy to the Company’s Grievance Redressal Officer (GRO) within 24 hours of the dispute or issue arising. The Company shall endeavor to resolve the dispute or issue within 15 working days of receiving the referral by the User.
The reference can be made via the notice, which shall be given in writing and shall be effective from the date sent by registered or certified mail, by hand, confirmed facsimile, or overnight courier to the address set forth herein. Such notice will be deemed to have been given as of the date it is delivered, mailed, emailed, faxed, or sent, whichever is earlier at the following address:
Liability The User expressly agrees that in case of cancellation of an event, it becomes eligible for a refund, then the refund shall be limited to the amount invested by the User on the particular Event and the TradeX shall not be liable to the User for incidental, indirect or consequential loss or damage caused to User due to the cancellation.
Modification to the Policy- The Company reserves the right to modify the present Policy and upload the updated version on the TradeX Platform.
Governing Law This Policy shall be governed by and construed in accordance with the laws of India and the courts of New Delhi shall have exclusive jurisdiction.
Payment Mechanism- Post settlement of the Event, Users shall receive an instant deposit of their winning amount in their TradeX wallet. The Bonus Cash component used to participate in any Event shall be transferred to the Bonus Cash section of the Tradex wallet only. In case, the User loses the bid, then the Bonus Cash utilized will be deducted permanently from The TradeX wallet.
Users can generate withdrawal requests from the funds section of the wallet. The Minimum withdrawable limit is Rs 200/-
Post the requests of withdrawal, users will get the amount credited to their bank account within 48 hours. Rs 5 will be deducted on every withdrawal as a processing fee.
“Bonus Cash” shall mean virtual money which the TradeX assigns to the Users for placing bids in the Events and whose value depends on the offer going on the Event.
But for participation in the event, bonus cash is equivalent to real money (1:1). Users cant withdraw bonus cash but can participate in event with that money and winnings/profits from the bonus cash are withdrawable as well