Risk disclosure.

LiquiCo Technologies Pvt Ltd operates the rail but is not the issuer, lender or counterparty for any tranche. Service interruptions, key-management failures, software defects or third-party outages may delay distributions, lien marking, transfers or access to the platform. The rail is not a depository, broker, exchange or stock exchange.

Each tranche is exposed to the credit performance of the SPV's underlying obligors. Senior tranches recover first, Subordinated and Mezzanine absorb losses earlier in the waterfall. Strategic equity bears first loss. Ratings, where shown, are sleeve-level and may be downgraded. Recovery in stress depends on enforcement of collateral and trustee action.

LiquiCo does not operate a continuous order book and there is no live price ticker. Exits occur only through scheduled liquidity windows, bilateral spot-delivery transfers to whitelisted investors, or scheduled SPV buyback events. You may not be able to exit at a price or time of your choosing. The Indicative Reference Value is for transparency only and is not a tradable price.

Tranches are issued under vehicle-appropriate rules: LiquiCo's own SPVs are LLPs (debt has no statutory holder cap; the self-imposed 500 partner-rights cap applies only to the strategic-equity layer, which is by invitation and not sold on the rail). TaaS issuers may instead use Pvt Ltd (Companies Act §42, 200-investor cap on both debt and equity), Trust / AIF (beneficial ownership, no statutory cap) or direct-title bailee custody (no statutory threshold). The rail is structured to remain SCRA-safe by avoiding continuous matching and public price discovery. Changes to securities, debenture, AIF, AA, or digital-lending regulation may alter how the rail operates or restrict your ability to subscribe, transfer or pledge.

Holder caps depend on both the SPV vehicle and the security class. LLP (LiquiCo default): debt — no statutory cap; equity / partner-rights — 500 self-imposed per class. Pvt Ltd: 200 allottees per class per FY for both debt and equity (Sec 42). Trust / AIF: no statutory cap (beneficial ownership). Bailee custody: no statutory threshold. For capped classes, allotment is not guaranteed and may be scaled or refused if the cap is approached. Secondary transfers are gated by ERC-3643 compliance modules: country, KYC, accreditation, lockup and whitelist. Non-whitelisted counterparties cannot receive tokens.

Coupons are interest income taxable at your slab rate with 10% TDS under §193 above the statutory threshold. Capital gains on disposal are LTCG (12.5%, >36 months) or STCG (slab, <36 months). Pledging a token marks a lien and is not a sale. Tax treatment may change; consult your own adviser. Form 16A is issued quarterly.

Errors in NAV computation, RTA reconciliation, escrow operation, oracle feeds, or claim issuance can delay or distort distributions and balances. The chain layer (LiquiCo Bharat Chain) is permissioned and may pause transfers to enforce compliance or to handle an incident.

Default custody is MPC managed wallets where keys are threshold-split between the user device, a LiquiCo HSM and a third-party co-signer. LiquiCo never holds a full key, but loss of the user share or compromise of two parties could result in loss of access. Self-custody removes co-signer recovery and is subject to the user's own key hygiene.

Individual SPVs concentrate exposure to a small set of obligors, geographies, tenants or sleeves. Tenant, sleeve and geography concentrations are disclosed in each PPM. Building meaningful diversification across multiple tranches and SPVs is the user's responsibility.