Settlement Policy

Event Policies

Events on the Platform would follow certain policies before they can be listed on the Platform for users to take positions on them. These policies cater to the legal framework and market fairness.
    EP1: Events listed on the Platform would incentivize/encourage users to have knowledge of the event so that they can take an educated position.
    For instance, Will there be a day by December 1, 2022, where the seven-day average of COVID-19 cases is less than 50,000?
    This event involves the users keeping track of
    • Vaccination drives happening in India
    • The averages of COVID-19 cases in November 2022
    • State lockdowns that can impact vaccination rates
    Such events would be listed on the Platform for users to trade on.

    EP2: Events belonging to only selected categories would be allowed to be listed on the Platform
    Following are indicative categories of the type of events hosted on the Platform:
    • Covid-19 - Cases, Vaccination, Variants, Policies
    • Economics - Inflation, Recession, Finance, cryptocurrency trading prices 2022
    • World Events - International politics, diplomatic relations, military defence, civilian unrest, international trade, including from the US, Europe and Asia
    • Politics - Taxation, Bills, Polls
    • Science & Technology - Space, Semiconductors, Mobile Technologies, Gadgets, Upcoming Technologies
    • Entertainment - Music (Artists, Followers), Movies, TV Shows
    • Sports - Policies, Teams, Performance
    • Securities from international markets like US, UK etc.

    EP3: For categories like Politics and Sports, the events that focus on performance, would be listed on the Platform.
    For instance, Will Bhuvneshwar Kumar take more than 10 wickets in the Test series in England in June 2022?
    This event involves Kumar’s performance in the Test series in England. Users should know
    • Kumar is a swing bowler and English conditions favor swing bowlers
    • Kumar's 6/82 in 2014, were the best figures by any Indian bowler at Lords for 78 years
    • He has taken 19 wickets in the last series against England

    EP4: Event outcomes that can be predicted by chance or conjecture will not be listed on the Platform.
    For instance, events like “Will Virat Kohli win the toss in the next world T20 match?” would not be listed on the Platform since this event is purely related to chance, and not dependent on performance, information, skill or knowledge. This is because users who don’t have knowledge of cricket can also take a position on such events.
    This event involves Kumar’s performance in the Test series in England. Users should know
    Users need to be knowledgeable about the event category or specifically on the event to be able to take an educated position. If not, then the very philosophy of collective wisdom and discovery of the truth would falter.

Trading Policies

Following policies are enabled for smooth functioning of the Platform, protecting the exposure of the users and maintaining the integrity of the Platform’s ecosystem.
    TP1: Users can purchase up to a maximum of 1000 quantities per event across orders and across sides (Yes or No)
    This policy would ensure that the maximum investment from a user on an event doesn’t cross Rs. 9.5 * 1000 = Rs. 9,500/-. As a result, this will limit the user’s exposure to an event to Rs. 9,500/-. The limit includes the Yes and No quantities and involves the Buy and Sell operations.

    TP2: Users can invest up to Rs. 25,000/- across events
    At any point of time, a user can only invest up to a maximum of Rs. 25,000 across all Live and Settlement Pending events. This is to limit the exposure of the user. The limit is cumulative across all Yes or No, Buy or Sell, matched or still pending to match positions.

    TP3: Self-trading and trading with referrals won’t be allowed
    This is to ensure that users are not able to generate profit through collusion. If a user and his referral trade on an event, their bids could get matched and collusion can happen which can influence the last traded price. This will not be allowed. Also matching trades with your own opposing trades would be disabled on the platform.

    TP4: Acting against fraudulent users by identifying trade patterns
    If a user is found attempting to influence the Platform with fraudulent practices like pump and dump or abusing the system with too many buy or sell or cancel operations, the account can be banned and/or suspended with no further activity allowed on the account. Wimo also reserves the right to disallow any withdrawals, and reverse any amount related to settlements made where fraud or abuse was detected.
    Wimo will provide a redressal mechanism for users to contest the decision. Wimo will investigate and then determine whether the punitive actions stand or are reversed.

Source Agency Trading Policy

Users who have access to information about an event can influence the markets. They can sell the information in exchange for money and can also win large positions.
Wimo imposes the following restrictions -
  • Participation would be prohibited in an event if the user is found to have access to material nonpublic information about an event listed on the Platform.
  • If the user is found to have the ability to influence the outcome in any way, the user would be prohibited to take positions on the event.
  • In case the users have already taken positions and earned profits, Wimo reserves the right to revert the funds as found appropriate by the Review Committee.

Event Settlement

Normal Settlement - All events will be settled by Wimo at the time of expiry of that particular event (as communicated for each individual event). Upon event expiry, the result of the event will be determined as Yes or No as validated by the Source of Event Outcome. Accordingly, all positions will be settled and relevant account balances will be updated.

Delayed Settlement - In the event that the outcome of the event is unclear or pending beyond the event expiry for reasons beyond Wimo’s control, Wimo reserves the right to delay the declaration of the outcome and settlement till such time the event can be determined correctly. However, if no outcome is clear even 7 days from the event expiry, then such events will be closed as per the T&C listed on the event. Wimo reserves the right to declare the outcome of an event as ‘No’ even if the event did not happen or was abandoned or cancelled or withdrawn.

In user sells his/her position to another user prior to the cancelational of the event or if the outcome of the event is unclear or pending, the settlement shall be undertaken in the following manner:

In case of delayed outcome: If user A and user B are matched at Yes @₹5 and then User A sells the position @₹7 to user C, prior to the event being canceled, Wimo reserves the right to transfer the ₹2 profit of User A into a notional account and ₹5 to the withdrawable account. Once the outcome of the event is declared (either Yes or No), then the ₹2 of user A shall be transferred to the withdrawable account. If the event is canceled, user B shall be refunded ₹5, and user C shall be refunded ₹7.

Revised Settlement In rare circumstances where an event was incorrectly settled, Wimo reserves the right to change the original event outcome and reverse/modify all previous settlements related to the event and reflect the new correct settlement. This would usually happen when the event outcome:
  • was incorrectly declared by Wimo due to operational or technical reasons or
  • the event outcome was changed due to real-world factors

For Delayed & Revised Settlement events, Wimo will inform all impacted users about the situation via In-App Push Notifications and/or via email (provided the user has updated it in their profile).

In the event of conflict between this policy and the terms of services, the terms of services shall prevail to the extent of such conflict.