TECHNICAL STANDARD — PERFORMANCE CALCULATION
Version 1.1 | Published: 19 June 2026 | Effective: 26 June 2026 (seven days after publication, per Section 7) | platform.alphaquark.in/performance
NOTICE: This document is a Technical Standard incorporated by reference into the AlphaQuark Master Services Agreement (MSA). It is NOT separately signed. The Company may amend this Standard unilaterally at any time in accordance with Clause 4 of the MSA. Subscribers are bound to the most-recent published version with effect from seven (7) days after publication. This Standard describes how the Platform operates and is provided for the Client's information. Where the Client's expected or preferred behaviour conflicts with this Standard, this Standard prevails.
1. Purpose and Scope
This Standard describes how the Platform computes and displays performance figures, returns and benchmarks for the Client's recommendations, model portfolios and aggregate advisory business. It governs every performance number shown anywhere on the Platform — the Client's admin dashboard, the End-User app and web, the public landing page, and any API the Platform exposes.
2. Methodology
2.1 Time-Weighted Return (TWR). Return percentages at the strategy and model-portfolio level are computed using a Time-Weighted Return methodology. TWR neutralises the impact of cash flows into and out of the strategy (new subscriptions, withdrawals, additional contributions) and is the methodology used by the Platform across all Clients so that performance figures are comparable, auditable and defensible. Mechanically, the period is split at every cash-flow event, each sub-period's return is computed against its own starting capital, and the sub-period returns are geometrically linked. TWR is the methodology that SEBI expects of registered Research Analysts and Investment Advisers reporting strategy-level performance, because it reflects the advisor's skill rather than the timing decisions of any one investor.
2.2 End-User Personal Return. An individual End User's personal P&L view reflects that End User's actual entry price, sizing and timing, including the effect of any ignored trades and partial fills. For an individual End User the Platform uses a Money-Weighted Return (MWR / XIRR) methodology, which incorporates the timing and size of every cash flow on that specific account. The published TWR of a strategy and the MWR of any one End User can differ materially; both are valid and answer different questions.
2.3 Benchmark. Each model portfolio is shown against a benchmark selected by the Client at the time of model-portfolio creation, from the set of benchmarks the Platform supports at that time. The Platform does not support custom benchmarks (e.g. weighted blends of multiple indices, non-listed indices, or peer-group averages).
2.4 Recommendation-Level Return. For a single buy-sell recommendation, return is computed from the recommendation entry price recorded at the time of issuance to either (a) the recommendation's recorded closure price, if the recommendation has been explicitly closed by the Client, or (b) the most recent available market price, if the recommendation is still open.
2.5 Model-Portfolio Return. For a model portfolio, return is computed at the portfolio level using daily portfolio values, with adjustments for rebalance trades, dividends and corporate actions (splits, mergers, demergers, symbol changes) where the underlying data is available.
2.6 Fees and Costs. By default, performance figures are computed gross of brokerage, exchange charges, STT/CTT, GST, statutory levies, advisory subscription fees, and the Client's own fees to End Users. Where the Client has enabled net-return display, the Platform may additionally show figures net of transaction costs (brokerage, exchange charges, STT/CTT, GST and statutory levies) computed using the Platform's standardised, segment-based cost model; this is a Platform-standard model and not a Client-specific bespoke fee schedule. In all cases performance figures are stated before income tax, before advisory subscription fees, and before any fees the Client charges its End Users, so an End User's actual realised return will be lower. The applicable basis (gross or net of transaction costs) is disclosed alongside the figure on End-User-facing screens.
2.7 Cash Drag. Unallocated cash within a model portfolio earns no notional yield in the performance computation.
2.8 Track-Record Integrity. All recommendations issued under a strategy contribute to that strategy's aggregate return — closed, open, and those that hit stop-loss alike. The Platform does not support selective inclusion or exclusion of recommendations from the displayed track record.
2.9 Independent Verification (PaRRVA). At the time of issuance, recommendations and model-portfolio advice published through the Platform are submitted to the SEBI Past Risk and Return Verification Agency (PaRRVA) framework, operated by the recognised verification agencies (NSE and CARE), which independently records and time-stamps each item of advice. This verification record supports the integrity and SEBI-defensibility of the track record described in this Standard. Verification covers advice as published on the Platform; it does not certify any future outcome.
3. Refresh Cadence
Recommendation P&L: refreshed continuously while market data is available.
Strategy and model-portfolio return: recomputed after each trading-day's close.
End-User personal P&L: recomputed after the Platform receives the End User's executed-trade data for the day.
Historical performance back-files: may be recomputed when corrected market or corporate-action data becomes available; figures may revise marginally for a short period after first publication.
4. Mandatory Disclosures Alongside Performance
"Past performance does not guarantee future results."
Indication of the applicable basis — whether figures are shown gross or net of transaction costs (brokerage, exchange charges, STT/CTT, GST) — noting that figures are in all cases stated before income tax and before advisory subscription fees, and that the End User's actual returns will be lower.
Date range of the displayed performance (since inception, YTD, 1Y, 3Y, etc.).
Benchmark and benchmark return over the same period.
The Client may not remove or substantially alter these disclosures.
5. What This Standard Does NOT Support
Custom return methodologies on a Client-specific basis.
Selective inclusion or exclusion of recommendations from the displayed track record.
Synthetic or back-tested track records dated before the strategy went live on the Platform.
Performance figures net of fees on a Client-specific bespoke fee schedule.
Custom benchmarks (weighted blends, non-listed indices, peer-group averages).
Performance attribution analytics (sector, factor, currency) on the standard Platform.
These restrictions exist so that performance figures are comparable, auditable and SEBI-defensible across all Clients of the Platform. The Company does not deviate from this Standard on a Client-specific basis.
6. Data
Live and end-of-day price data is sourced from the Platform's market-data infrastructure, which draws on exchange feeds.
Corporate actions are applied as published by the relevant exchange. The Client is responsible for flagging any apparent missing or incorrect action through the Platform's support channel.
7. Changes to This Standard
The Company may amend this Standard at any time in accordance with Clause 4 of the MSA. Material changes will be notified to the Client SPOC at least seven (7) days before they take effect.