Refund & Cancellation Policy

Billing Amount & Cadence

Alpha Leap membership costs ₹10,000 per year, charged as a single one-time payment per membership term via Cashfree Payments, in Indian Rupees (INR). It does not auto-renew — no further amount is ever charged automatically. We do not currently offer a free trial.

Fee Limit

The maximum fee chargeable by SM Research Services Pvt Ltd to an individual or HUF client is ₹1,51,000 per annum per family of client, across all research services provided by us. This limit excludes statutory charges such as Goods and Services Tax and any other applicable levies. The limit does not apply to non-individual clients or to accredited investors.

Advance Fees

Fees may be charged in advance where agreed by the client. Such advance shall not exceed fees for a period of one year, in accordance with paragraph 1.9.f of the SEBI Master Circular for Research Analysts dated 27 June 2025. Alpha Leap's ₹10,000 annual membership fee, billed as a single payment per term, falls within this limit.

Pro-rata Refund on Pre-mature Termination

If research services are terminated pre-maturely by either you or SM Research Services Pvt Ltd, you are entitled to a refund of proportionate fees for the unexpired period of your subscription. No breakage fee will be charged. This right is conferred by paragraph 1.9.g of the SEBI Master Circular for Research Analysts and by clause 3 of the Most Important Terms & Conditions (see our MITC), and cannot be excluded by contract.

Refund on Suspension or Cancellation of Registration

If SM Research Services Pvt Ltd's SEBI certificate of registration is suspended for more than sixty (60) days, or is cancelled, fees will be refunded on a pro-rata basis for the period from the effective date of such suspension or cancellation to the end of your subscription period.

How to Request a Refund

Write to research@investace.in from your registered email address, stating your subscription and the date from which you wish to terminate. We will confirm the proportionate amount and process the refund to the originating payment instrument, within 7 business working days of confirmation of the terminated period.

This document supersedes all prior refund and cancellation statements published by SM Research Services Pvt Ltd or Investace Capital on any website, dashboard, or document. Any earlier statement to the effect that refunds or cancellations are not permitted is withdrawn and is of no effect.

Before You Pay

Before making a payment, we strongly recommend that you:

• Carefully review the Pricing section and what membership includes.
• Read our Terms & Conditions, Privacy Policy, and this Refund & Cancellation Policy in full.
• Read our Risk Disclosure — investments in securities markets are subject to market risk, and past performance is not indicative of future results.
• Understand that refunds for change of mind, or dissatisfaction with investment returns, are not available — only pro-rata refunds on pre-mature termination as described above.

By completing payment, you confirm that you have read and understood this Refund & Cancellation Policy.

Cancellation

Since membership is a single fixed-term payment with no recurring auto-debit, there is no ongoing subscription to "cancel" in the sense of stopping future charges — none are ever scheduled. Simply choosing not to renew at the end of your term is sufficient; no action is required on your part.

Billing Queries

If you believe you were charged in error, or have any billing question, contact us at research@investace.in or +91 93266 57923 (10 AM–6 PM, Mon–Sat), and we will investigate promptly. This does not affect the no-refund policy stated above for successfully completed, correctly-billed payments.