Risk Disclosure

1. Paper mode and live mode are not the same thing

In paper mode, every order, position, fill and rupee is simulated. Funds shown are virtual and have no monetary value: they cannot be withdrawn, transferred, redeemed or converted. Nothing is sent to the NSE, the BSE or your broker.

In live mode, orders are sent to your own broker account and can lose real money. Live mode is off by default, must be switched on deliberately in Settings, and is additionally governed by a kill switch that halts placement instantly. Rishmon never accepts deposits and never holds your funds — the money is in your broker account throughout, and so is the risk.

This page previously said that no orders ever reach an exchange. That stopped being true when live placement was built, and it is corrected here rather than quietly deleted, because a safety claim you once relied on is worth knowing you can no longer rely on.

Rishmon is not a stock broker, trading member, clearing member, research analyst, investment adviser or portfolio manager, and is not registered with the Securities and Exchange Board of India in any capacity. Nothing here is investment advice.

2. Market data can be delayed, cached or simply absent

Prices, option chains, Greeks and index levels come from your own broker's API under your own subscription. They may still be delayed, incomplete, cached, interrupted or wrong — a request can fail, a token can expire, and a screen showing yesterday's number looks exactly like one showing today's.

Option premiums in particular are subject to wide bid-ask spreads that Rishmon does not fully model. The last traded price used for a simulated fill may be a price no counterparty was actually willing to trade at.

3. Simulated results are not real results

This is the most important limitation on the platform, and the one most likely to mislead you. A simulator cannot reproduce the conditions that decide real outcomes. Rishmon does not model:

Slippage and partial fills, because your simulated order never competed with anyone for liquidity. Brokerage, exchange transaction charges, STT, GST, stamp duty and SEBI turnover fees, which on frequently traded option spreads can consume a meaningful share of gross profit. Market impact, which matters as soon as size grows. Margin calls and intraday margin shortfalls, and the forced square-offs that follow them. Exchange halts, circuit limits, freeze quantities and order rejections. Broker outages and connectivity failures at exactly the wrong moment.

And it cannot model the thing that decides most outcomes: how you behave when the money is real. Holding a losing position through a drawdown is a different act when the loss is yours. A profitable record in Rishmon is evidence that you understand a strategy's mechanics. It is not evidence that you will execute it under financial pressure.

4. Trading index options carries substantial risk of loss

Exchange-traded derivatives are leveraged instruments. Losses can exceed the premium paid and, on short option positions, can substantially exceed the margin deposited. Options lose value with the passage of time, and an option can expire worthless even when your view on direction is correct.

Multi-leg strategies of the kind Rishmon teaches — spreads, butterflies, condors — reduce maximum loss relative to a naked position, but they do not eliminate loss, and they introduce execution risk of their own: a hedge leg that fails to fill leaves you holding a position with a materially different risk profile from the one you intended.

SEBI studies of individual traders in the equity derivatives segment have repeatedly found that a large majority incur net losses over a financial year. You should read the current SEBI and exchange disclosures before committing real capital, and you should assume you may lose the entire amount you commit.

5. The graduation meter is not permission to trade

Rishmon's readiness score measures your activity inside a simulator against thresholds you set yourself. It is a self-assessment tool. It is not a certification, a qualification, an endorsement, or a judgement by anyone that you are ready to risk money. Reaching 100% means only that you met conditions you chose.

6. Broker connection, and what it can do

Rishmon connects to a broker account for market data, and — in live mode only — to place orders. Upstox does not issue limited-scope credentials, so the token a connection grants has full API access on their side regardless of what Rishmon chooses to use it for. Connecting is therefore a decision about trust, not only about convenience.

Rishmon also runs a scheduler that evaluates armed orders and can place them while no browser is open. In paper mode that costs nothing. In live mode it means an order can be sent when you are not watching — that is the entire point of it, and it is the reason the kill switch exists.

Any trading you do remains between you and your broker, under their terms, and is your sole responsibility.

7. Availability

Rishmon is early-stage software provided free of charge. It may be unavailable, may lose data, may be reset, and may change or be discontinued without notice. Do not treat it as a system of record for anything that matters.

8. Your decisions are yours

Nothing on this platform constitutes investment, financial, legal, tax or accounting advice, and no content here is tailored to your circumstances, objectives or risk tolerance. Before trading real money you should consider taking advice from a SEBI-registered investment adviser.