VIKASA Capital Advisor’s (the “Company”), incorporated on 16th October 2014 2014, holds a Category 1 Global Business licence and is authorized by the Financial Services Commission to act as s CIS Manager.

The Company currently provides investment management services to VIKASA India EIF I Fund (“the Fund”), a fund duly incorporated in Mauritius and having its registered office at c/o APEX Fund Services (Mauritius) Ltd, 4th floor, 19 Cyber City Raffles Tower, Ebene, Mauritius. The Fund is licensed by the Financial Services Commission as an Expert Fund (Licence No: C 114012909).

The Company may appoint necessary parties, as felt appropriate, to assist the Company in meeting its obligations to the Fund and assist in sourcing potential investment opportunities for the Fund.  The Company shall employ Mauritian staffs in future.


The Company is being promoted by VIKASA CAPITAL LLC of 3535 NW 58th St, STE 800 E, Oklahoma City, OK 73112, USA.



The purpose of this policy is to document the procedure to handle trading errors as they come to our attention and take appropriate corrective actions so that investors are not disadvantaged.



The word ‘trading Error’ has not been defined by law nor by the Regulations. Trade Errors are separate species distinct from other types of mistakes like errors in calculating performance figures or NAV. An indicative list of trading errors is as follows:


  • A buy becomes a sell
  • 4 percent becomes 4 %
  • 1,000 shares becomes 10,000 shares
  • A limit order is executed at market price with appropriate authorizations
  • An order to buy a position is placed but the Fund account does not have sufficient funds to make the payment for the purchase
  • A buy or a sell order is executed for the wrong fund
  • A trade is executed without authorization


What is Not a Trade Error?

  • An incorrect trade that is caught before settlement and reversed though such a transaction may have to be reported to the investors, custodian and regulator;
  • A trade that is properly executed but documented incorrectly (eg: allocated to a wrong fund);
  • Errors of brokers, custodians and other service provider of the collective investment scheme (The losses still have to recovered from the service providers as per Service Level Agreement (SLA) but do not constitute trading errors;


Guiding Principles

  • The employee who discovers the error should report the ‘error’ to the Managing Director and the Compliance Office of the Fund.
  • The endeavour should be to inform the Compliance Officer immediately on discovery, even in a case where there is a doubt as to whether an incidence constitutes trading error.
  • The Compliance Officer should work quickly to ascertain the pertinent facts and determine prima facie whether the reported incidence constitutes a trading error.
  • The person who caused the error should not be a part of the resolution process.
  • The Compliance Officer should determine whether the error is covered under the Directors & Officers Liability Insurance policy (for errors & omissions) or under the Crime & Civil Liability Insurance policy and at what stage the relevant insurance company should be intimated.
  • The insurance company should as far as possible be involved in the resolution.
  • The Compliance Officer shall immediately intimate the Senior Management.


Loss Calculation

As a general principle investors of the fund should not bear the loss as a result of the trading error.

Losses can include

  • The amount incurred on reversing the trade including incidental charges like brokerage, auction charges, taxes etc
  • The decline in the value of investments and losses incurred thereon


Calculation of opportunity costs is subjective and hence for the sake of simplicity the interest earned on the amount incorrectly traded shall be calculated and paid to the collective investment scheme.