ORCA Market Intelligence (SMC-Private) Limited · Effective 12 August 2026

Disclaimer

No investment advice, no research report

ORCA Market Intelligence (SMC-Private) Limited ("ORCA") operates this platform as an information and research tool. Nothing on the platform is investment advice, a research report (as defined in the Research Analyst Regulations, 2015), a recommendation, a solicitation, or an offer to buy or sell any security or other financial instrument. ORCA is not a securities broker, investment adviser, or research analyst, and is not licensed by the Securities and Exchange Commission of Pakistan to provide investment advisory services or to issue research reports.

The analytics shown on the platform are model-based interpretations of market data, such as trading volumes, order-flow patterns, and price behaviour, and they may be incomplete or wrong. Labels such as "Breach", "Phantom", "Pooling", or "Dispersal" describe patterns in market data. They do not establish the identity, intent, or future conduct of any market participant, and they are not signals, predictions, price targets, ratings, recommendations, or endorsements of any security. Each label is defined in plain language in the platform's help section.

Alerts, order-flow labels, and pattern indicators are descriptive notices about market data. They are not tips, recommendations, or signals to trade.

Your decisions, your risk

All investment decisions you make are your own, made at your own risk. Trading in securities involves substantial risk, including the possible loss of the entire amount invested. Past performance, and any pattern in past market data, does not guarantee future results. ORCA's analytics describe what has already happened in the market. They are not forecasts, and they are not designed to predict what will happen next. Before making investment decisions, consider your circumstances and consider consulting an adviser licensed by the Securities and Exchange Commission of Pakistan.

Our interests

ORCA and the people who work for it may hold positions in securities shown on the platform, and may trade them, at any time and without notice. Nothing on the platform is influenced by those positions. We do not accept payment from any issuer, broker, or other party to feature, promote, or present any security in any particular way.

Data accuracy and timeliness

Market data on the platform is licensed from Pakistan Stock Exchange Limited. Depending on your subscription, data may be real-time or delayed. Neither ORCA nor Pakistan Stock Exchange Limited guarantees the accuracy, completeness, timeliness, or sequence of any data on the platform, and neither accepts liability for errors, omissions, delays, or interruptions in it. Times shown on the platform indicate when ORCA received or processed the data; the Exchange's own records are the record of what happened on the market. Where a screen shows delayed data, the platform marks it as delayed; unless a screen states a different figure, delayed data is at least 15 minutes behind the market. News items and other content from third-party sources are shown as received; ORCA does not independently verify them and is not responsible for their accuracy or completeness. Always verify critical information against official sources before acting on it.

Some indices shown on the platform are calculated and maintained by third parties, such as asset management companies; the Exchange's role is limited to disseminating their values. Neither ORCA nor the Exchange owns, calculates, or verifies those indices. Where we know an index is calculated by a third party, we name that party on the screen where it appears.

Telling us something is wrong

If a price, figure, label, alert, or summary on the platform looks wrong, tell us at contact@orca.pk and include a link to the screen or a screenshot of it. We check the item against the source we received it from and, where it is wrong, we correct it or mark the screen to say what happened. Corrections to market data depend on what the Exchange sends us, and the Exchange's own records remain the record of what happened on the market.

AI-generated content

Some content on the platform, including news summaries and classifications, is generated by artificial intelligence. AI-generated content can be incomplete or wrong. It is provided for convenience only and must not be relied upon as a statement of fact or as advice.

Analytics, summaries, and alerts reflect the data available at the moment they were generated. ORCA has no obligation to update, correct, or reissue any analytic, summary, or alert after it has been displayed or sent.

Ownership and redistribution

Market data displayed on the platform is the property of Pakistan Stock Exchange Limited and is provided to you for use within the platform only. You may not redistribute, republish, or resell it in any form. The platform, and the analytics ORCA builds from licensed data, are the property of ORCA.

Territory

The platform is intended for use in Pakistan. Nothing on it is an offer or solicitation in any place where that would be unlawful.

Liability

To the maximum extent permitted by the law of Pakistan, ORCA is not liable for trading or investment losses or other loss arising from reliance on anything displayed on the platform, on the terms set out in our Terms of Service. This page is a notice only. The Terms of Service govern your use of the platform and limit remedies as allowed by law.

Changes to this page

We may update this page, and the Platform's other notices and attribution lines, from time to time at ORCA's discretion. The version shown on the Platform is the current version. Material changes are notified in the way the Terms of Service describe.

ORCA Market Intelligence (SMC-Private) Limited · Effective 12 August 2026

Privacy Policy

This Privacy Policy explains how ORCA Market Intelligence (SMC-Private) Limited ("ORCA", "we", "us") collects, uses, and protects information when you use the ORCA website (orca.pk), the ORCA applications for mobile, desktop, and web, and any related services (together, the "Platform").

ORCA is a single member private company incorporated in Pakistan under the Companies Act, 2017, company registration number (CUIN) 0338446, with its registered office at Office # 602, 6th Floor, Plot # 27, VISTA Plaza, I-8 Markaz, Islamabad, Pakistan. For anything in this policy, contact us at contact@orca.pk.

1. What we collect

Information you give us.

Information collected automatically.

Cookies and local storage. Our website uses cookies and similar storage on your device to keep you signed in, remember your settings, and keep the service secure. We do not use advertising or third-party tracking cookies.

Payments. Subscription payments are processed by third-party payment providers on our website or, where offered, by the app store through which you subscribe (for example, Apple), under their own terms and privacy notices. We receive your subscription status and limited billing metadata they share with us. We do not receive or store your full card number or banking credentials.

Biometric login. If you enable Face ID or fingerprint unlock, the biometric check happens entirely on your device through your device's operating system. Biometric data never reaches ORCA's servers and we cannot access it.

2. What we do not do

Sharing information with service providers who process it only to run the Platform, such as hosting, app stores, payment processing, and message delivery, is not a sale of personal information.

3. How we use your information

We use your information to perform the contract for the Platform, to act on instructions you give us (for example, alerts you configure), to protect the security and integrity of the Platform, and to meet legal obligations that apply to us in Pakistan.

We only send you marketing messages if you have asked for them, and every one of them carries a way to stop. Service messages about your account, your subscription, and the alerts you have configured are part of the service and continue regardless.

4. AI features

Some Platform features generate summaries or classifications using artificial intelligence models, including models operated by third-party infrastructure providers. These features process market news and market data, not your personal profile. If a feature accepts free-text input from you, the text you submit may be processed by the third-party provider that runs the model in order to deliver the feature, so do not include sensitive personal information in it. Where a provider processes content outside Pakistan, that processing is limited to delivering the feature you use.

5. When we share information

We share personal information only with:

6. Market data is not about you

The stock market prices, trading data, and corporate announcements displayed on the Platform are licensed from Pakistan Stock Exchange Limited and relate to listed securities, not to you. Your use of that data is governed by our Terms of Service, not this policy.

7. Security

We take reasonable and appropriate steps to protect your information, including encryption of data in transit, controls on who can access it, network restrictions, and monitoring for unusual activity. No online service can guarantee absolute security. We review our security controls regularly and update them as the Platform changes. If a security incident affects your personal information in a way that is likely to harm you, we will tell you and describe what happened and what you should do.

8. Retention

We keep personal information only for as long as reasonably needed to provide the Platform, maintain security, administer subscriptions, meet legal and accounting requirements, and resolve disputes. Retention depends on the type of information and why it is held. When information is no longer needed, we delete or anonymise it.

When you ask us to delete your account, we remove your personal information from our live systems promptly. Copies held in routine backups are overwritten in the normal backup cycle. We keep only what we must for legal, tax, accounting, security, fraud-prevention, and dispute purposes, and records of any misuse of market data that we are required to report to the Exchange.

9. Access, correction, and deletion

You may, at any time, ask us to:

You can delete your ORCA account from inside the app, in Settings, without contacting us first. For any of these requests, you can also write to contact@orca.pk and we will respond within a reasonable time. We may ask you to verify your identity before acting on a request. A request may be limited or refused where information must be retained for legal, accounting, fraud-prevention, security, or dispute purposes, and if we refuse a request we will tell you why. If you have a subscription purchased through an app store, deleting your ORCA account does not cancel it or refund it; cancel it in that store's account settings. Deleting your account also ends any unspent credits; see the Credits part of section 5 of the Terms.

10. Users under 18

A person under 18 may use the Platform only through an account opened by a parent or legal guardian who is the contracting party under our Terms of Service. The guardian must supervise the minor's use. For such an account, the guardian may exercise every right in this policy that relates to the account, including access, correction, and deletion of personal information. We collect only the information needed to operate the account. If we learn that an account used by a minor was created without a guardian as the contracting party, we will close it and delete its personal information, subject to any legal retention duty. Contact contact@orca.pk about anything relating to a minor's account.

11. Where your data lives

ORCA operates from Pakistan, and our primary application servers for the Platform are in Pakistan. Some service providers we rely on, including app stores, payment providers, message delivery services, and the providers that run our AI models, operate in other countries and may process limited information there in order to provide their service to us. If you access the Platform from outside Pakistan, your information will still be handled primarily in Pakistan under the laws of Pakistan.

12. Changes to this policy

If we change this policy, we will post the updated version on the Platform with a new effective date, and for material changes we will notify you in the app or by email before they take effect.

13. Contact

ORCA Market Intelligence (SMC-Private) Limited. Office # 602, 6th Floor, Plot # 27, VISTA Plaza, I-8 Markaz, Islamabad, Pakistan. contact@orca.pk

ORCA Market Intelligence (SMC-Private) Limited · Effective 12 August 2026

Terms of Service

These Terms of Service (the "Terms") are a binding agreement between you and ORCA Market Intelligence (SMC-Private) Limited ("ORCA", "we", "us"), a single member private company incorporated in Pakistan under the Companies Act, 2017, company registration number (CUIN) 0338446, with its registered office at Office # 602, 6th Floor, Plot # 27, VISTA Plaza, I-8 Markaz, Islamabad, Pakistan. They govern your use of the ORCA website (orca.pk), the ORCA applications for mobile, desktop, and web, and any related services (together, the "Platform").

By creating an account, and by ticking the acceptance box or equivalent in-app control confirming that you have read these Terms, you accept these Terms. We keep a record of the version accepted, the time of acceptance, and the account identifier. If you do not accept these Terms, do not create an account or use the Platform.

1. Eligibility

You must be legally capable of entering into a binding contract to accept these Terms.

If the Platform is used by a person under 18, the account must be opened by that person's parent or legal guardian. The guardian is ORCA's contracting party and accepts these Terms as principal, not as agent of the minor. The guardian is responsible for the account, the subscription, all activity under the account, compliance with these Terms including section 6, and supervision of the minor's use. The guardian warrants that they have parental responsibility or legal guardianship for the minor. References to "you" mean the guardian for such an account. When the minor reaches 18, the guardian must either close the account or have the former minor open their own account and accept these Terms in their own name.

We may require reasonable confirmation that the person opening a minor-linked account is the parent or legal guardian, such as a declaration at sign-up. A false declaration is a material breach of these Terms.

2. What the Platform is

The Platform provides market data licensed from Pakistan Stock Exchange Limited ("PSX", the "Exchange"), together with analytics, visualisations, alerts, and research tools built by ORCA ("Analytics"). The Platform is an information and research tool. It is not a brokerage, an order-routing system, or an advisory service, and nothing on it executes trades.

3. Not investment advice and not a research report

Nothing on the Platform is investment advice, a recommendation, a solicitation, an offer to buy or sell any security or other financial instrument, or a research report under the Securities and Exchange Commission of Pakistan's Research Analyst Regulations, 2015.

ORCA is not a securities broker, investment adviser, or research analyst, and is not licensed by the Securities and Exchange Commission of Pakistan to provide investment advice or to issue research reports.

The Analytics are model-based interpretations of market data and may be incomplete or wrong. Labels such as "Breach", "Phantom", "Pooling", or "Dispersal" do not establish the identity, intent, or future conduct of any market participant. They are not signals, predictions, price targets, ratings, buy or sell calls, recommendations, or endorsements of any security.

Alerts, visualisations, pattern labels, and AI-generated content are informational aids. They are not instructions or signals to enter or exit any trade.

The Platform does not promise investment performance or returns, or that any pattern, alert, or analytic will recur or be profitable.

Content generated by artificial intelligence may contain errors and is provided for information only.

All investment decisions are yours alone, at your own risk. Consider consulting a person licensed by the Securities and Exchange Commission of Pakistan before trading. Trading in securities involves risk of loss, including loss of principal.

No content on the Platform creates a fiduciary, advisory, or client relationship between you and ORCA.

4. Accounts

You must provide accurate information when registering and keep it current.

Your account is personal to you. A subscription covers one named individual, unless your plan states a number of seats; in that case it covers that many named individuals, each with their own login.

Whoever manages the subscription, you if it is yours alone, or the administrator you have nominated, tells us which people hold the seats. A seat can be reassigned to a different person at any time, and the change takes effect from when we action it: it does not reach back over how that seat was used before. Reassignment is for real changes in who uses a seat, not a way of giving more people access than you have seats for.

You must not share your login details. Two people must not use one seat, and you must not let anyone without a seat reach the Platform through your account. Our licence from the Exchange permits us to display Market Data only to our own subscribed users, and a subscriber is not permitted to pass the Market Data to anyone else. Letting a person without a seat use the Platform through your account is a form of that prohibited passing on, and is a material breach of these Terms. We may use technical measures, including checks on concurrent sessions and devices, to detect account sharing. A guardian operating a minor's account under section 1 is not a second user of that account.

You are responsible for activity you authorise under your account and for taking reasonable steps to protect your credentials. You are not responsible for activity caused by ORCA's security failure, or activity occurring after you have notified us of suspected unauthorised access. Tell us immediately at contact@orca.pk if you suspect unauthorised use.

We may suspend an account to protect the Platform, its data, or other users, or to meet legal or Exchange obligations. Where we reasonably can, we will tell you that the account is suspended and the general reason. Section 5 describes how a suspension affects your subscription time and credits.

5. Subscriptions and billing

Parts of the Platform require a paid subscription. Prices, billing periods, tiers, and included features are shown at the point of purchase. Where you buy by card on our website, or through an app store if we ever offer that, the price we show you includes any taxes that apply. If a price is ever shown without tax, we say so clearly next to the price before you pay. Where we invoice you directly, prices are exclusive of sales tax on services, which we add at the applicable rate; if the law requires you to withhold tax from a payment to us, you must give us the deduction certificate, and the withheld amount counts as paid once you do.

Subscriptions renew automatically unless you turn off auto-renewal. For subscriptions bought through Apple's App Store, where offered, you must turn off auto-renewal at least 24 hours before the current period ends, in your Apple Account settings, or the subscription renews; Apple charges the renewal to your Apple Account within 24 hours before the current period ends, at the price then shown for the renewal. Other app stores, such as Google Play, apply their own renewal and cancellation mechanics, shown at the point of purchase.

Deleting the ORCA app, or deleting your ORCA account, does not cancel an app store subscription. You must cancel it through that store's account settings.

Refunds

The first 14 days after your first purchase of a paid subscription are a no-questions period: ask us within those 14 days and we refund the full amount you paid for that purchase. This no-questions refund is available once in the lifetime of an account. Where a payment has not yet settled, we cancel it rather than refund it.

If you end an annual subscription and the no-questions refund does not apply or has already been used, we refund what you paid, minus every started month of the subscription at the monthly list price for your plan when you subscribed, and minus the list price of any metered usage you received beyond your plan's included grants and beyond any top-up packs you bought. The result is never less than zero, and we never ask for money back.

Because the annual price is close to eleven months of the monthly price, this calculation reaches zero at the start of month 11, and a cancellation from that point onwards refunds nothing. A month counts as started on its first day. For example, on a plan priced at PKR 158,400 for the year against a monthly list price of PKR 15,000: cancel during month 3 and you receive PKR 113,400 back; cancel any time from the first day of month 11 and you receive nothing. We show you the figure for your own plan at checkout and again when you cancel, and that figure is the one that applies.

If we suspend your account, for example while we investigate suspected misuse, your subscription clock stops: suspended days do not count as service delivered. If we reinstate you, we add the suspended days back to your subscription at no cost and restore any plan credits that lapsed because of the suspension. You may instead cancel while suspended, and the refund calculation then treats the suspended days as unused.

If we end your subscription, for any reason, including a breach decision made by our automated systems, we refund the unused part: you receive whichever is greater of the section 11 pro-rata amount for the unused days, or what this section's formula would give you, measured from the day your access actually stopped. Being found in breach does not forfeit money for service you did not receive. This does not limit our other rights and remedies under these Terms for the breach itself.

A started month of a monthly subscription is not refunded. Cancelling stops the next renewal.

We start your refund within 2 business days of agreeing it, and issue you a credit note documenting it at the same time. We return the money to the payment source or payout details you gave us at checkout. Card refunds usually appear within 5 to 15 business days after we send them; that last step sits with your bank and card scheme rather than with us. We may offer you extra ORCA credits as a goodwill alternative to cash; taking the cash is always your choice, and choosing credits is a discount on future use of ORCA rather than a payment to you.

Where a subscription is offered and purchased through an app store, that store's refund process applies to it instead, and those refunds are requested from and decided by the store.

Nothing in this section removes rights you have under Pakistani consumer law that cannot be given up by agreement.

Credits

Some features are metered in credits. Credits measure your use of the Platform under your licence. They are not money, not a deposit, and not a payment instrument: you cannot exchange them for cash, you cannot transfer or sell them to anyone, and nobody except ORCA accepts them. The only thing credits do is let you use ORCA's metered features.

Plan credits refresh on your billing date. Unused plan credits carry over for at most one further billing cycle, capped at one month's grant, and then lapse; they also lapse when the subscription ends. Top-up credits do not expire for as long as your account is open. We spend your plan credits before your top-up credits, so the credits you paid extra for last the longest.

If you cancel a top-up pack within 14 days of buying it and none of its credits have been spent, we refund what you paid for the pack and cancel its credits. That is a refund of your purchase, not a cash-out of credits. Once any credit from a pack has been spent, that pack is final. Where you hold more than one pack, we track each pack separately.

If you close your account yourself, unspent credits end with it. If we close your account or stop offering the Platform, for any reason, including a breach decision, we refund the price of your unspent top-up credits. Plan credits were included in your subscription price, so they are covered by the subscription refund rules above rather than refunded separately.

Before you commit a metered action, or a rule that will trigger one, we show you what it will cost in credits, including any multiplier that applies at particular times of the trading session or to custom configurations. We may change meter prices on the same notice as subscription prices. A change never applies to an action you have already taken or that we have already priced to you. It does apply to credits you are still holding, which means a price rise makes an existing balance go less far; we tell you before that happens so you can decide what to do with the balance.

When your credits reach zero, metered deliveries pause. We never bill you automatically to top up. This section does not affect automatic renewal of a subscription you have chosen, which is governed by the renewal terms above.

Price changes

We may change subscription prices with prior notice, effective from your next renewal so that you can cancel before the change applies. Where a subscription runs through an app store, price changes are applied through the store, which will notify you and, where its rules require, ask for your agreement before the new price applies. Part of our costs is the licence fee we pay the Exchange for the Market Data; if the Exchange changes what it charges us, that change may flow into subscription prices under the same notice arrangements.

6. Market data terms

The market data, quotations, trading information, indices, and corporate announcements on the Platform (the "Market Data") are provided under licence from PSX. These conditions are part of your agreement with us and protect the Exchange as well as ORCA:

1. Ownership. The Market Data is and remains the exclusive property of PSX. ORCA owns the Platform and the Analytics. You acquire no ownership rights in either.

2. Use on the Platform only. You may view and use the Market Data only within the Platform, for your own analysis and your own market participation, in a personal or professional capacity. You may not use it for the benefit of anyone who is not a subscriber, you may not operate any data service, feed, terminal, publication, or shared display on it, and you may not build a product or service on it for others.

3. No redistribution. You must not further distribute, republish, resell, broadcast, transmit, or otherwise make Market Data available to another person or system, in any form. This applies whether the sharing happens once or repeatedly, free or paid, and includes screenshots, recordings, copies, exports, messages, screen-sharing, shared credentials, and automated interfaces. If you want to use Market Data in a way these Terms do not allow, the route is a licence from the Exchange, not permission from us; the Exchange's market data team can be reached at marketdatarequest@psx.com.pk. Commercial use of Market Data without the Exchange's licence is prohibited and is pursued by the Exchange.

4. No facsimiles, no reverse engineering. You must not extract Market Data from the Platform or use it to create, reconstruct, validate, or supply any dataset, feed, index, product, or other data that substitutes for, or is a reasonable facsimile of, the Market Data or any Exchange information product. You must not reverse engineer the Analytics or any figure shown in the Platform in order to reconstruct the underlying Exchange feed or any part of it.

5. No automated access. Robots, crawlers, bulk downloaders, and any automated extraction of the Platform or the Market Data are prohibited.

6. Timeliness and tiers. Depending on your subscription tier, Market Data may be real-time or delayed, and historical depth may vary. Times shown in the Platform indicate when we received or processed the data and may differ from the Exchange's own records. The Exchange's records are the record of what happened on the market. Delayed Market Data is labelled as delayed in the Platform.

7. Upstream changes. Our right to display Market Data, including historical Market Data, depends on continuing permission from PSX. You receive no right to perpetual availability or retention. If PSX changes or withdraws a product, or our licence ends, ORCA may stop displaying the affected Market Data and must delete stored Market Data where its licence requires. Where a change materially reduces a paid feature, your remedy is set out in section 12.

8. Exchange protections. PSX is not responsible for the Platform and has no liability to you for any error, omission, interruption, or delay in Market Data supplied by PSX. Neither PSX nor ORCA guarantees the accuracy, completeness, timeliness, or sequence of the Market Data. ORCA is not liable for a Market Data failure to the extent it was caused by PSX or another upstream source. ORCA's liability for its own acts and omissions is governed by section 12.

9. Breach. Breach of this section 6 is a material breach of these Terms and may result in immediate suspension or termination under section 11. If you breach this section deliberately or recklessly, or on a commercial scale, you are responsible for the loss ORCA suffers as a result, including the charges and costs we incur under our Exchange licence, the reasonable, documented cost of any Exchange audit or investigation, and the licence and subscription fees that should have been paid for the use you made or enabled, measured by our published prices or comparable licences at the time, which is direct loss. We will not recover the same loss twice. You are not responsible for any loss to the extent it was caused by ORCA or by the Exchange. We will tell you promptly if such a loss arises and will take reasonable steps to reduce it. Unless your breach was deliberate or on a commercial scale, two limits protect you: you are not responsible for indirect or consequential loss, loss of profit, loss of business, or loss of goodwill, and your total responsibility for breach of this section, whether under this clause, under section 13, or otherwise, is limited to PKR 500,000. That limit is not reduced by, and is never set off against, refunds we owe you under section 5 or the price of unspent top-up credits we owe you under section 5.

For this clause and for section 13: conduct, whether a breach of these Terms or unlawful use, is deliberate if you knew it was not permitted or, being aware of a clear risk that it was not, deliberately avoided confirming it; knowledge may be inferred from warnings, concealment, circumvention, or repeated conduct. A breach is reckless if you recognised a substantial and obvious risk that the use was not permitted and proceeded without reasonable justification. A use is on a commercial scale if the use was made in the course of a business, for payment, or for other commercial advantage, whether or not you made a profit, or if you supplied Market Data or Analytics to others systematically or repeatedly, whether or not for payment; an isolated, incidental use in a professional setting is not, by itself, use on a commercial scale. It is for us to show these things, on the balance of probabilities.

10. The Exchange's protection. Clauses 1, 3, 4, and 8 of this section are for the benefit of the Exchange as well as ORCA, and ORCA holds the benefit of them for the Exchange. You agree not to bring any claim against the Exchange arising out of the Market Data or the Platform, and you agree that you are personally responsible for any trade you place, however you came to place it. Where we enforce those clauses for the Exchange, we may do so in our own name and may ask the court to join the Exchange to the proceedings where the law allows. This covenant does not exclude any claim or liability that cannot lawfully be excluded.

11. End user status. You are an end user of Exchange information products made available by display on the Platform only. You are not authorised to further distribute the Information Product(s) of the Exchange. Your access to historical Market Data stored by ORCA lasts only while ORCA's rights from the Exchange allow it.

12. Reporting misuse. Our licence requires us to tell the Exchange promptly about any unauthorised access to or use of the Market Data. If we believe you have breached this section, we may report the matter, and information identifying you, to the Exchange.

13. Regulated subscribers. If you are a broker, TREC holder, or other regulated entity, you may use the Platform for your own analysis like any other subscriber, and you are responsible for making sure that use is permitted by your own arrangements with the Exchange. You must not feed Market Data from the Platform into a trading, back-office, or client-facing system, and you must not make it available to your own clients or account holders, unless the Exchange has separately licensed or approved you to receive and use the data in that way, you have given us written evidence of that licence or approval, and you have a separate written agreement with us covering that use. Nothing in these Terms grants that permission. Our Analytics are different: they are ORCA's own property, and we may license them to you for wider or internal-system use under a separate written agreement with us. Such an agreement never includes the underlying Market Data itself, and nothing licensed from us may be used to reconstruct it.

14. Alerts outside the Platform. Alerts we send outside the Platform, such as push notifications or messages, tell you that something has happened and ask you to open the Platform. They do not carry Market Data. Market Data is shown only inside the Platform.

15. Exchange audits and information requests. Our licence allows the Exchange, or an auditor acting for it, to check how the Market Data is being used. If the Exchange or its auditor asks us for information about your use of the Market Data or your status as a subscriber, you agree to provide it promptly and accurately when we ask. If you do not, we may suspend your access to the Market Data until you do. We will tell you what has been asked for and why, unless the Exchange requires us not to.

16. Your subscriber category. When you subscribe, and whenever we reasonably ask, you must tell us accurately whether you use the Platform in a personal or a business capacity, and whether you are a regulated entity. We need this to meet our obligations to the Exchange. A deliberately false declaration is a material breach of these Terms.

17. Indices calculated by others. Some indices shown on the Platform are calculated and maintained by third parties, such as asset management companies, and the Exchange's role is limited to disseminating their values. Neither ORCA nor the Exchange owns, calculates, or verifies those indices, and neither is responsible for how they are constructed, maintained, or restated. Where we know an index is calculated by a third party, we name that party on the screen where the index appears.

7. Acceptable use

You must not:

8. Intellectual property

The Platform, the Analytics, the ORCA name and logo, and all software, designs, and content created by ORCA are the property of ORCA and are protected by intellectual property law. The Market Data is the property of PSX. You receive a limited, personal, non-exclusive, non-transferable, revocable licence to use the Platform in accordance with these Terms, and nothing more.

ORCA is an authorised data vendor of Pakistan Stock Exchange Limited. The Exchange does not produce, endorse, review, or approve ORCA's Analytics and is not responsible for them. The names and marks of the Exchange belong to the Exchange, and you may not use them.

Feedback you send us about the Platform may be used by us without restriction or payment.

9. Third-party services and the iOS app

The Platform depends on services we do not control, including app stores, payment processors, hosting, and communication networks. Where the Platform links to third-party content or services, we are not responsible for them. Your use of an app store is governed by that store's terms in addition to ours.

If you use the iOS app. These Terms are between you and ORCA, not Apple. Apple is not responsible for the app or its content, has no obligation to provide maintenance or support for it, and is not responsible for any claim relating to it. Apple and its subsidiaries are third-party beneficiaries of these Terms, and Apple has the right to enforce them against you. Any right Apple gives you to install an app on more than one device, or to share it through Family Sharing, does not give anyone else the right to use your ORCA account or the Market Data. Every person using the Market Data needs their own subscription.

If you use a version of the app from another store, such as Google Play, the equivalent applies: these Terms are between you and ORCA, that store is not responsible for the app or its content, and no device-sharing or family-sharing right of that store extends your ORCA account or the Market Data to anyone else.

10. Availability, changes, and events outside our control

We work to keep the Platform available and accurate, but we do not promise uninterrupted or error-free operation. Market data feeds, connectivity, and infrastructure can fail in ways outside our control. We may update, change, or discontinue features as the Platform evolves. Where a change materially reduces what a paid subscription includes, section 12 applies.

We are not responsible for a failure or delay caused by something outside our reasonable control, including failures of the Exchange feed, telecommunications, power, hosting, or app store services, or acts of government.

11. Suspension and termination

You may stop using the Platform and cancel your subscription at any time.

We may suspend or terminate your access immediately if you materially breach these Terms, and in particular if you breach section 6 (Market Data terms) or section 7 (Acceptable use), or where we are required to by law or by our obligations to the Exchange.

If we suspend your account, your subscription clock stops while the suspension lasts, as described in section 5. If we terminate your access for any reason, or discontinue the Platform, we refund the unused part of any prepaid period, and the price of your unspent top-up credits, as described in section 5, handled in the way described in section 12. Termination for your material breach does not forfeit money for service you did not receive, and does not limit our other rights and remedies for the breach itself, including under sections 6.9 and 13.

On termination, your right to use the Platform ends and we may delete your account data in accordance with our Privacy Policy. Sections that by their nature should survive termination (including sections 3, 6, 8, 12, 13, 14, and 16) survive.

12. Liability

Nothing in these Terms excludes or limits liability that cannot be excluded or limited under the law of Pakistan, including liability for fraud, fraudulent misrepresentation, or wilful default.

Subject to that, the Platform and the Market Data are provided "as is" and "as available". ORCA does not warrant uninterrupted operation, error-free data, fitness for a particular trading strategy, or that use of the Platform will achieve any investment result.

Subject to that, ORCA is not liable for trading or investment losses, loss of profit, loss of opportunity, loss of data, or any indirect or consequential loss arising from use of, or inability to use, the Platform or the Market Data, including losses said to flow from reliance on Analytics, alerts, or AI-generated content.

Subject to that, ORCA's total aggregate liability to you for all other claims arising out of the Platform in any 12-month period is limited to the greater of the subscription fees paid for your ORCA subscription in that period, whether paid to us or through an app store, and PKR 100,000. This cap does not apply to refunds we owe you under section 5, or to the price of unspent top-up credits we owe you under section 5.

If a change under section 6.7 or section 10 materially reduces a paid feature and we cannot offer you a reasonable substitute, we will provide a pro-rata credit or refund for the affected remaining period. For a subscription bought through an app store, refunds are controlled by that store, so we will either apply the value as a credit or extension to your subscription or help you request a refund from the store. This is our standard remedy for such changes and does not affect any rights you have under the law that cannot be excluded.

13. Indemnity

If you breach section 6 (Market Data terms) or section 7 (Acceptable use), or use the Platform unlawfully, you will indemnify ORCA against proven losses, claims by the Exchange or other rights holders, and reasonable legal costs to the extent directly caused by that breach or unlawful use. We will notify you promptly of any such claim and take reasonable steps to reduce the loss, and we will not recover the same loss twice. You are not liable under this section for loss to the extent it was caused by ORCA or by the Exchange, and this section does not require you to indemnify ORCA for ORCA's own fraud or wilful default. Your total liability under this section and section 6.9 together is limited to PKR 500,000, except where your breach or unlawful use was deliberate or on a commercial scale. That limit is not reduced by, and is never set off against, refunds we owe you under section 5 or the price of unspent top-up credits we owe you under section 5. Nothing in these Terms limits our right to seek an injunction or other urgent relief, to pursue any remedy we have for infringement of the intellectual property rights we own, including an account of the profits made from that infringement, or to give the Exchange the information and support it needs to enforce its own rights in the Market Data. Those rights in the Market Data belong to the Exchange and are the Exchange's to enforce, and nothing in these Terms reduces any right the Exchange has against you. Money remedies for infringement of rights we own count towards the PKR 500,000 limit unless your conduct was deliberate or on a commercial scale.

If we reasonably believe you have used the Market Data or the Analytics deliberately or on a commercial scale beyond what your subscription allows, then within 14 days of our written request you must give us an accurate written account, from the records in your possession or control, of what you did, who received the data or output, over what period, and what you were paid, and you must preserve those records. Refusing without reasonable excuse, or giving a materially false account, is itself a material breach, and we may ask a court to draw an adverse inference from it. This does not require you to disclose legally privileged material, and we will use the account only to enforce these Terms and to meet our obligations to the Exchange, including passing it to the Exchange.

14. Governing law and disputes

These Terms are governed by the laws of the Islamic Republic of Pakistan. The courts at Islamabad have jurisdiction over disputes arising out of these Terms or the Platform, and proceedings regarding infringement of intellectual property rights are instituted in the Intellectual Property Tribunal where the law so requires. If you are a consumer, this does not take away any non-excludable right you have to bring a claim in a court that otherwise has jurisdiction under applicable law. Before starting proceedings, the parties will first attempt in good faith to resolve the dispute by direct discussion for 15 days after written notice of the dispute. This does not prevent either party from seeking urgent relief or acting within a legal deadline.

15. General

If any provision of these Terms is held invalid, the rest remain in effect.

These Terms, together with the Privacy Policy and any subscription terms shown at purchase, are the entire agreement between you and ORCA about the Platform. If documents conflict, the purchase page governs the price, billing period, and subscription tier; applicable app store terms govern app store billing and refunds; these Terms govern use of the Platform; and section 6 governs all use of Market Data.

We may update these Terms. We will post the updated version with a new effective date. For material changes, we will give you prior notice in the app or by email and, where practical, require you to accept the new Terms before continuing on a paid plan. If you do not accept a material change, you may cancel; prepaid fees for the unused portion of a paid period will be handled under section 12 and any app store rules. For non-material changes, continued use after the effective date is acceptance. No change removes rights or liabilities that accrued before its effective date.

You may not assign your rights under these Terms. We may assign ours in connection with a reorganisation or transfer of our business, subject to our obligations under law.

A failure to enforce a provision is not a waiver of it.

16. Electronic records and notices

You agree that these Terms, the Privacy Policy, subscription records, notices, and acceptances may be made, stored, and evidenced in electronic form, and that such electronic records satisfy any legal requirement for writing under the Electronic Transactions Ordinance, 2002, and other applicable law.

You consent to receive contractual and service notices electronically, including by email to the address on your account and by in-app message. A notice is treated as received when sent to the email on your account or when made available in the Platform, unless the law requires otherwise. You must keep your contact information current.

Actions taken on the Platform using your credentials, including account creation, plan purchase, and acceptance of updated Terms, are attributable to you, subject to any unauthorised-access notice you give us under section 4.

We retain records of acceptances, including the version, time, and account identifier, for as long as needed to evidence the agreement and meet legal duties.

17. Complaints

If something goes wrong, tell us. Send complaints to contact@orca.pk with your account email and a description of the problem. We will acknowledge your complaint within 2 business days and aim to give you a substantive response within 15 business days. If we need longer, we will tell you why and when to expect our answer.

ORCA is an authorised data vendor of Pakistan Stock Exchange Limited. It is not a broker or investment adviser and is not licensed by the Securities and Exchange Commission of Pakistan as a securities intermediary. Complaints about a broker, adviser, or listed company should go to that firm first and can be escalated through the SECP Service Desk Management System at sdms.secp.gov.pk. Complaints about the Platform, our data display, or our billing come to us.

18. Contact

ORCA Market Intelligence (SMC-Private) Limited. A single member private company incorporated under the Companies Act, 2017. Company registration number (CUIN): 0338446. National Tax Number: J138568. Office # 602, 6th Floor, Plot # 27, VISTA Plaza, I-8 Markaz, Islamabad, Pakistan. contact@orca.pk