Risk Disclosure

This page explains the risks of reading, and relying on, anything published by Tyche Capital: our research notes, commentary, social media posts, and the performance figures of our own portfolio. It applies to every visitor to tychecapital.co.in and its subdomains, whether or not you have an account. Please read it before relying on anything on the site.

Tyche Capital is a name used by three university graduates based in Bengaluru, Karnataka: Kushagra Agarwal, Vedansh Mishra and Ankith Bharadwaj (“we”, “us”, “our”). Tyche Capital is not incorporated. It is not a company, limited liability partnership, registered partnership firm, trust, society or any other legal entity.

We are not registered with the Securities and Exchange Board of India (SEBI) in any capacity. That includes as a Research Analyst, Investment Adviser, Portfolio Manager, Mutual Fund, Alternative Investment Fund, Collective Investment Scheme, stockbroker or any other intermediary. We hold no professional qualification or licence in finance, law or tax.

We do not accept money from anyone for investment, or manage money for anyone other than ourselves. We do not offer any product, subscription or service for a fee, and we do not solicit anyone to invest in any security, scheme or arrangement.

The portfolio whose performance we publish consists solely of the personal funds of the three of us. Each of us has day-to-day control over it. It is not open to anyone else, and there is no way to apply to join it.

Everything we publish is for educational and informational purposes only.

• We can be wrong. Our notes are opinions formed from publicly available information. They may contain factual errors, calculation errors, outdated information or flawed reasoning. We publish our mistakes deliberately, and some of our views will turn out to be wrong.
• No ratings, no targets, no recommendations. We do not issue “buy”, “sell”, “hold”, “subscribe”, “apply” or “avoid” ratings or price targets, and nothing we write should be read as one. A note explaining why we find a company interesting is not a suggestion that you should own it. A note on an initial public offer describes the business and the terms of the offer; it is not an opinion on whether you should apply.
• Not personalised. We know nothing about your finances, objectives, time horizon, risk appetite or tax position, and nothing on the site takes them into account.
• Third-party data. Figures come from company filings, exchange data and other public sources we believe to be reliable. We do not independently verify them, and they may be wrong, incomplete or delayed.
• Forward-looking statements. Statements about what a company, sector or market may do in future are opinions and estimates. Actual outcomes may differ materially.
• Views change. A note reflects our view on its date of publication. We are not obliged to update it, and we may change our view, or our positions, without notice. When we find we were wrong, we add a dated update rather than editing or deleting the original, so older notes may describe views we no longer hold.
• Summaries and social media. Headlines, excerpts and social media posts are simplified and leave out important context. Do not rely on them without reading the full note.

Before making any investment decision, consult a SEBI-registered investment adviser.

We invest our own money, and we may hold, buy or sell securities we write about, before or after publication.

• Each research note states whether any of us, or our joint portfolio, held the security on the date of publication.
• We follow an internal rule under which none of us trades in a security we have written about from 7 days before until 7 days after the note is published. The only exception is exiting a position because of a genuine personal financial need, which we record.
• We do not accept payment, gifts or any other benefit from the companies we write about, from brokers, or from anyone else in connection with our research.

No independent person monitors our compliance with these rules. You should assume that our views may be influenced by our own holdings.

Investing in securities involves risk, including the risk of losing all the money you invest. Our own portfolio currently holds listed Indian equities only. In particular:

• Market risk. Prices of listed securities can move sharply, in either direction, because of company news, sector trends, interest rates, government policy, and economic or political conditions in India and globally, sometimes within a single trading session.
• Company-specific risk. Earnings surprises, management changes, corporate actions, litigation or regulatory action can cause sudden and sometimes permanent losses.
• Liquidity risk. Some securities, particularly smaller companies, trade in low volumes and can be hard to sell at a fair price.
• Concentration risk. A portfolio with few holdings is affected much more by any single holding than a diversified one.
• Initial public offers. Newly listed securities have no trading history, can be highly volatile after listing, and may list below the offer price.
• No guarantee. No one can guarantee a return, protect your capital, or predict the market. Be wary of anyone who claims otherwise.

• Whose money. The figures show the performance of the three founders’ own portfolio only. They are calculated by us, from our own records, and are unaudited and not independently verified.
• Method. Performance is shown as a time-weighted index (starting value 100 on 31 October 2026), so that money we add or withdraw does not distort the result. Figures are shown before tax and after brokerage and statutory charges actually paid.
• Complete history. We show the full history since 31 October 2026, including periods of loss, and no performance for any earlier period. We do not remove holdings or periods that performed badly.
• No annualising of short periods. Returns for periods shorter than one year are not annualised.
• Benchmark. Where we show a benchmark (the Nifty 50 Total Return Index), it is for context only. Our portfolio is not managed to track or beat it.
• Timeliness. Figures described as “live”, “today” or similar are based on third-party market data and may be delayed or wrong.
• Illustrative figures. Any illustrative, hypothetical or simulated figures are clearly labelled as such and are never presented as actual results.
• Not comparable, not available. A small, concentrated portfolio run by three recent graduates is not comparable to a professionally managed, diversified fund. You could not have obtained these returns by investing with us, because we do not accept outside money.

Past performance is not a reliable indicator of future results.

Because Tyche Capital is not a legal entity, any legal responsibility connected with the site rests with the three of us as individuals, subject to the limitations in Section 9 and in our Terms of Service. If we incorporate in future, we will update this disclosure and our other documents to name the entity.

The site and all its content are provided “as is” and “as available”, without any warranty, express or implied, of accuracy, completeness, timeliness, fitness for a particular purpose or uninterrupted availability.

Our liability to you is limited as set out in Section 10 of our Terms of Service. In particular, we are not liable for any investment or trading loss you suffer, or any decision you take, in reliance on anything published on the site. Nothing in this disclosure or in the Terms excludes any liability that cannot lawfully be excluded under Indian law, including liability for fraud.

We do not accept investments, deposits, fees, subscriptions or donations. We do not run paid groups, “tips” channels, or WhatsApp or Telegram investment groups, and we never offer to trade or manage money for anyone.

Anyone claiming to represent Tyche Capital who asks you for money, bank or card details, OTPs, passwords, or access to your trading or demat account is not us. Our only email addresses end in @tychecapital.co.in, and our only website is tychecapital.co.in (including its subdomains).

If you are unsure whether a message is genuine, do not respond to it. Contact us using the details in Section 12. Report suspected fraud to the National Cyber Crime Reporting Portal (cybercrime.gov.in) or the cyber-fraud helpline 1930.

We are not a SEBI-registered intermediary, so SEBI’s grievance mechanisms (SCORES and SEBI-mandated arbitration) do not apply to us. If you have a concern about anything on the site, email any of us (Section 12). We will acknowledge it within five business days and aim to resolve it within 30 days. Nothing in this section limits your legal rights and remedies under Indian law.

This disclosure is governed by the laws of India. Subject to any right you have under law to approach another forum, the courts at Bengaluru, Karnataka have exclusive jurisdiction over any dispute arising from it.

This disclosure should be read with our Terms of Service and Privacy Policy. The Terms of Service govern your use of the site. The Privacy Policy governs how we handle personal data. This disclosure explains risk. If this disclosure and the Terms of Service conflict, the Terms of Service prevail, except that nothing in the Terms of Service reduces any warning given in this disclosure.

We may update this disclosure at any time. Changes take effect when published here, and the date at the top shows the latest version. We will highlight material changes at the top of this page for 30 days and, for account holders, notify them by email. We keep dated copies of all previous versions and will provide them on request.

When you create an account, you confirm that you have read this disclosure. If you use the site without an account, please read this disclosure before relying on anything on it. We are recent graduates, not advisers, and nothing here is advice.