Risk Disclosure

Digital gold and digital silver units available on the Virabha platform represent fractional, beneficial ownership of physical precious metal held by a custodian on your behalf. They are not shares, units, bonds, debentures, or any form of security regulated by the Securities and Exchange Board of India (“SEBI”), the Reserve Bank of India (“RBI”), or the Insurance Regulatory and Development Authority of India (“IRDAI”).

Virabha is not a SEBI-registered entity, a bank, a non-banking financial company (NBFC), or an Alternative Investment Fund (AIF). We do not accept deposits. Your digital metal holdings are not bank deposits and are not covered by any deposit insurance scheme.

Because digital gold and silver are not regulated instruments, the following protections that apply to regulated investments do not apply to your digital metal holdings on Virabha:

• SEBI’s investor grievance redressal mechanism (SCORES) and the Securities Appellate Tribunal (SAT).
• Investor Education and Protection Fund (IEPF) under SEBI.
• RBI’s Ombudsman Scheme for banks, NBFCs, or payment system participants.
• IRDAI’s insurance policyholder protection mechanisms.
• Deposit Insurance and Credit Guarantee Corporation (DICGC) coverage.

Disputes arising from your digital metal holdings must be resolved through Virabha’s internal grievance mechanism, and thereafter through the civil courts of India.

Virabha does not guarantee any return on your digital metal investment. The price of gold and silver in Indian rupees is determined by global commodity markets, the USD/INR exchange rate, import duties, and GST, all of which can move against you.

You may receive less than the amount you invested if you sell during a period of low metal prices, after accounting for the spread between buy and sell rates, applicable GST on the buy leg, and any redemption fees.

Metal prices fluctuate continuously. The value of your digital metal holding at any point in time may be significantly higher or lower than the price you paid. Past price appreciation of gold or silver is not indicative of future performance.

Prices on Virabha are sourced from third-party market-data providers and the Augmont bullion exchange. Temporary disconnection from live feeds may result in price unavailability; no transaction will be executed during such outages.

Virabha is a technology platform and is subject to risks including server downtime, cybersecurity incidents, software errors, and third-party service failures. A platform outage may temporarily prevent you from selling, redeeming, or viewing your digital metal balance.

In the event of a prolonged platform outage, your physical metal held by the custodian remains segregated and intact; however, access through Virabha may be delayed until services are restored.

Your digital metal is held by a third-party custodian in a segregated vault. While we implement contractual safeguards, Virabha does not guarantee against the insolvency, negligence, or default of the custodian or any sub-custodian.

The ring-fencing model, insurance arrangements, and audit attestation for the custodian are described (as far as currently decided) in the Custody and Storage policy. Several of these details remain commercially undecided and are clearly marked as placeholders in that document.

The regulatory environment for digital gold in India is evolving. Future legislation, SEBI or RBI circulars, or GST changes could materially affect the operation, taxation, or legality of digital metal products. Such changes could require Virabha to modify or discontinue the service, and Virabha will not be liable for losses resulting from regulatory changes outside its control.

While Virabha currently facilitates buy-back of digital metal at the prevailing sell rate, it is not obligated to do so indefinitely. In the event of extreme market conditions, regulatory restrictions, or platform suspension, your ability to liquidate your digital metal position may be temporarily or permanently impaired.

Nothing on the Virabha platform constitutes investment advice, financial planning guidance, or a recommendation to buy or sell any asset. All information is provided for educational and transactional purposes only. You should consult a SEBI-registered investment adviser before making any investment decision.

By transacting in digital gold or digital silver on Virabha, you acknowledge that you have read and understood this Risk Disclosure, that you are aware digital metal is not a regulated security, and that you are investing based on your own independent judgment and risk appetite.