Terms & Conditions

These terms are governed by the law of New Zealand. The tax laws of India and New Zealand apply to investments through the app.

Indian law applies to any money you invest into the Indian market. Icarus is regulated by the Securities and Exchange Board of India (SEBI) and complies with strict regulatory standards, ensuring the safety and security of investor assets.

Icarus will provide details of the customer's country of residence, citizenship, PAN card, and transaction reporting every quarter to SEBI and Axis Bank as part of monitoring requirements.

Icarus Wealth Limited is registered with the Insurance and Financial Services Ombudsman Scheme (IFSO) for the resolution of complaints and disputes.

By accessing or using the Icarus mobile app and any associated services (together, the "Services"), you (the "Customer") and any entity you are authorised to represent agree to be bound by these General Terms and Conditions ("Terms") and our Privacy Policy.

You must read these Terms and our Privacy Policy carefully. If anything is unclear, please contact us at support@icarus.co.nz before continuing to use the Services.

Third parties may impose their own additional rules and terms ("Third-Party Terms") relating to certain products, features or integrations. You agree to comply with all Third-Party Terms and accept them where required.

All intellectual property rights in the Services, including our branding, content, software, technology, and documentation, are owned by Icarus or its licensors. Nothing in these Terms grants you any rights to use our trademarks or other intellectual property.

By using the Services, you authorise Icarus to act on your behalf to provide any necessary consents or instructions to receive funds, payments, or income through third-party platforms as required to deliver the Services.

We provide the Services on an "as is" basis and make no specific promises regarding their security, uninterrupted operation, or error-free performance. We undertake to deliver the Services with reasonable care and skill.

We may temporarily suspend your access to all or part of the Services if we reasonably determine it is necessary, including:

• For technical, legal, or regulatory reasons (such as compliance with BSE, NSE of India, or other regulators)
• During emergencies or periods of exceptionally high trading activity
• To protect our Customers or Icarus Wealth Limited from fraud, security breaches, or other harm
• For maintenance, upgrades, or performance improvements of our systems
• If our systems or those of our third-party providers are unavailable or malfunctioning

We are not liable for any loss, damage, or inconvenience you may suffer as a result of the unavailability of the Services or any suspension under this section.

We may provide general investment and wealth development information or tools through our Services ("Market Information"), including definitions of investment terminology, pricing data, market news, returns and performance metrics, and calculation tools.

Market Information is provided on an "as is" and "as available" basis. We do not guarantee continuous or uninterrupted access, accuracy, completeness, reliability, or timeliness of the data.

You may use our Market Information only for your personal, non-commercial purposes. You may not copy, reproduce, distribute, modify, or create derivative works without our prior written consent.

Eligibility and Account Opening

To open an Account and use our Platform, you must:

• Be at least 18 years old and a resident of New Zealand
• Be a natural person (unless otherwise agreed in writing)
• Hold a New Zealand bank account registered in your name
• Have a New Zealand residential address
• Provide all information we request, and confirm it is accurate, complete, and up-to-date
• Agree to comply with our Terms and provide any required tax information
• Comply with all applicable local laws regarding foreign investment
• Adhere to any transaction or account minimums and maximums displayed on the Platform

We reserve the right, at our sole discretion, to modify or waive any eligibility criteria at any time. We are under no obligation to open an Account for you or explain our reasons if we decline.

Closing of Accounts

You can close your account as long as there is no balance or securities left in it. Accounts can be closed via the Icarus app or from the contact page on the website. There is no closing fee. You will receive email confirmation of the closure of your account.

We may request additional information at any time for identity verification, anti-money-laundering laws, or other lawful purposes. You must promptly provide the requested information and update any changes directly in the Platform or by notifying us.

If you fail to supply or update required information, we may suspend your access, liquidate your investments, and close your Account.

You may use our Platform only for your own personal investments, unless we agree in writing to allow trust, group, or business investing, subject to additional terms.

We may suspend or terminate your Account at any time, with or without cause, and without providing reasons. Upon termination or suspension, we may liquidate your investments, withhold any unsettled funds, and retain any residual balance at or below $0.01.

Dormant or inactive Accounts may be subject to additional review and closure where Icarus considers appropriate.

• All deposits and withdrawals must be in NZD, via a local bank account in your name
• You may only top up your Wallet from a New Zealand-registered bank account
• Withdrawals must be sent to the same bank account from which funds originated
• Funds from sell Orders may appear available before settlement but cannot be withdrawn or used until settlement completes
• We apply rounding to Wallet and Portfolio values

Rights and Disclaimers

If we mistakenly credit your Account with funds or investments that do not belong to you, we may immediately reverse those credits. If you have already withdrawn or traded in error, you are liable to repay us the full value.

If you deposit money with incorrect reference details, we may hold those funds while awaiting your instructions. Unidentified funds may be returned to the source after a reasonable period, in accordance with law.

We may suspend withdrawals or request further documentation if we suspect financial crime, fraud, or non-compliance.

Compliance and Conduct

You agree to comply at all times with these Terms, all applicable law (including New Zealand and Indian law applicable to the Services) and our reasonable instructions. You must not use our Services to conduct or support illegal activities, including money laundering, financing terrorism, or market manipulation.

Account Security

You are responsible for all activities on your Account and must take reasonable steps to secure it, including:

• Ensuring no one else uses your account or observes you entering your credentials
• Regularly updating your password and never sharing it
• Not leaving devices unattended while signed in
• Keeping your electronic devices free from malware and physical tampering

You must notify us immediately if you suspect your credentials have been compromised or if there has been any unauthorised access to your Account.

Behaviour and Prohibited Actions

• Do not introduce viruses, malware, or other harmful code into our Services
• Refrain from posting or sharing illicit, offensive, or infringing content
• Do not reverse-engineer, circumvent, or interfere with our systems or security controls

Payments and Indemnity

You are liable for any amounts you owe us, including fees, levies, and costs arising from your use of the Services. You agree to indemnify and hold us harmless from any losses, damages, claims, or costs resulting from your breach of these Terms or applicable law.

Confidentiality

You and we must each keep confidential any non-public information received in connection with your use of the Services, except as required by law or with prior written consent.

Fees and Commissions

Where a Referred Customer withdraws a qualifying referral investment before the expiry of the lock-in period, Icarus may charge a fee of up to NZD $30.

Taxes

You are solely responsible for all taxes on your investments. You must provide your PIR; if you do not, a default withholding rate of 33% applies. We will withhold any required taxes and remit them to the IRD per New Zealand tax laws. We collect and store your IRD number but do not share it with third parties.

Trade Execution and Settlement

When you execute an order, you tell us what to do and we act on your instructions. You need sufficient funds in your Wallet to execute an order. Orders can be placed at any time.

Upon settlement, you receive a contract note in the Icarus app and through your email detailing the securities purchased or sold, the price and trade value, and the amount of commission paid to Icarus. You are then recorded as the ultimate beneficial owner of the securities.

Trigger Orders

Trigger Orders (including stop loss and trigger buy Orders) allow you to set a price that, when reached during regular trading hours, automatically sends a market Order to be placed in a queue for execution.

• Stop Loss: Your sell Order is sent to market when the investment's share price drops to or below your trigger price
• Trigger Buy: Your buy Order is sent to market when the investment's share price rises to or above your trigger price

Price movements during extended trading hours will not activate a Trigger Order. Once sent, your Order may be filled at, below, or above your trigger price depending on market conditions and liquidity.

Withdrawal and Payout Restrictions

When a sale is completed, money will appear in the wallet after the settlement. A withdrawal request can be honoured within two business days after the settlement.

Redemption proceeds and withdrawals will be sent only to the bank account you used for the original deposit, unless a new payout account has been nominated and verified. To update your payout account, the new account must:

• Match your name exactly
• Be verified by your previous bank through confirmation that the old account is closed
• Be verified by your new bank through a bank statement

Cancellation and Refusals

We may refuse, cancel, or delay any deposit, withdrawal, Order, or trade at our discretion as required by law or exchange rules, or to protect system integrity. You cannot cancel an Order after the trade has been executed.

Investment Income

Income from sales, dividends, or distributions is processed net of fees and taxes and then credited to your linked bank account. If the net income is below NZD or INR 0.01, no credit is made. Processing times vary and may be delayed by third-party exchanges, custodians, or banking systems.

Mutual Funds

When you place an order to buy Mutual Funds, we attempt to purchase as many units, or fractions of, as possible based on the INR amount of your order at the time it is processed. When you place an order to sell a Mutual Fund, we will attempt to sell the number of units, or fractions of, that you specify.

Insolvency Protection

If we or any of our sub-custodians become insolvent, the money in your Wallet and any investments in your Portfolio cannot legally be used to pay Icarus Wealth Limited's debts. In the event that we become insolvent, you can contact SEBI to seek your investment back.

We collect and use your personal information in line with the New Zealand Privacy Act 2020 and our Privacy Policy. Icarus may process and use personal information for administering the Referral Programme, verifying eligibility, and preventing fraud.

Customers may not transfer funds, investments or ownership or any rights associated with their investment account to other persons or entities, or transfer them outside of the Platform.

Disclaimers

• Icarus Wealth Limited and its subsidiaries are not licensed financial advisors
• Nothing in the app constitutes financial, legal, or tax advice or recommendations
• Investing involves risk — you may lose some or all of your invested capital
• Past performance is not indicative of future results
• Prices, exchange rates, and market data displayed may be delayed and sourced from third parties
• Each currency exchange occurs at the rate offered at that moment and is subject to our fees and potential unfavourable fluctuations
• Investing in foreign markets carries additional risks, including currency fluctuation, political instability, and regulatory changes

Limitations of Liability

To the fullest extent permitted by law, Icarus and its affiliates shall not be liable for any loss, damage, claim, or expense arising out of or relating to your use of the platform, whether in contract, tort, strict liability, or otherwise.

Icarus will not be liable for indirect, incidental, special, consequential, or punitive damages; loss of profits, revenue, data, goodwill, or anticipated savings; or claims brought by third parties.

These exclusions do not apply to liability resulting from wilful misconduct, gross negligence, or fraud by Icarus, or any other liability that cannot be lawfully excluded under law.

16.1 Eligibility

Only existing Icarus customers may participate as referrers. Only new customers registering through a valid referral link may qualify as referred customers. Employees of Icarus Wealth Limited and their immediate family members are not eligible.

16.2 Qualifying Referral

A referral becomes a Qualifying Referral only when: registration occurs through a valid referral link, identity verification is successful, and units are allotted following the referred customer's first SIP or recurring investment order.

16.3 Referral Reward

16.4 Reward Lock-In

The Referral Reward cannot be withdrawn for 12 months and is non-transferable during the lock-in period.

16.5 Referred Customer Lock-In & Early Withdrawal Fee

The Referred Customer must maintain the qualifying investment for at least 12 months. If a Referred Customer exits the qualifying investment within 12 months, Icarus may charge a fee of up to NZD $30 to recover onboarding, identity verification, compliance and administration costs.

16.6 Hardship Waiver

Icarus may waive the early withdrawal fee where the Customer demonstrates genuine financial hardship.

16.7 Fraud, Abuse & Programme Changes

Icarus may withhold, cancel or reverse rewards where it reasonably suspects fraud, duplicate accounts, misuse of referral links, misleading promotional activity, or breach of these Terms. Icarus may modify, suspend or terminate the Referral Programme at any time upon reasonable notice.

We reserve the right to change, add, or remove provisions of these Terms at any time. You can always find the most current version of the Terms in the Icarus app and on our website.

Continued use of the Icarus platform after the effective date of any change indicates your acceptance of those changes. If you do not agree with any updated Terms, you must stop using the Services and close your account before the effective date.

Icarus may implement certain updates immediately, without prior notice, when the change is required to address security threats, system vulnerabilities, legal or regulatory obligations, or your breach of these Terms.

For user questions, requests, and complaints, please visit the contact information page on our website or reach out directly: