Terms of use
Last updated: 5 November 2026
These Terms of Use (Terms) are a legally binding agreement between you and Ledgermind Services Private Limited (CIN U69202HR2023PTC112028), operating under the brand Elex Exchange, based in Gurugram, Haryana (Elex Exchange, we, us or our). You can reach us at support@elexexchange.com. They apply to the website www.elexexchange.com, the Elex mobile app and the services offered through them (together, the Platform).
You accept these Terms when you register or use the Platform. If you do not agree, please do not use it. If you register a business, you means that business and the people who act for it. Our Privacy Policy forms part of these Terms.
These Terms are an electronic record under the Information Technology Act, 2000 and do not need a physical or digital signature. We publish them under the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021.
The short version
- Elex Exchange lists stock and requirements. Traders deal directly with each other.
- We do not handle goods, payment or delivery, and we are not a party to any deal.
- “Verified” means a GST check, not a guarantee. Do your own checks before you pay or ship.
- Registering, browsing, posting and contacting traders are free. We take no commission.
- Fake stock, counterfeit goods and stolen devices will get you removed.
1. What Elex Exchange is
1.1
Elex Exchange is an online trading floor for wholesale electronics in India. Verified businesses post stock for sale and requirements to buy, find each other, chat and record offers.
1.2
We are an intermediary under the Information Technology Act, 2000. We provide the Platform on which traders publish their own information. We are not the author of their listings or messages.
1.3
We do not buy, sell, own, inspect, store, pack, ship or invoice any goods. We do not hold, collect or release money for trades, we do not offer escrow, and we do not guarantee any trade, payment, delivery, quantity or quality.
1.4
We are not a party to any deal and we are not any trader’s agent or broker. Any contract for goods is only between the buyer and the seller.
1.5
The Platform is for business use only. You confirm that you buy and sell for commercial purposes and not as a consumer.
2. Who can use the Platform
2.1
Anyone may browse the public market. To post, chat or contact traders, you must register a business and be verified.
2.2
To register as a trader, you must be a business registered for GST in India that trades in electronics, be at least 18 years old and authorised to bind that business, and give complete and accurate information. Service providers register under section 19.
2.3
We check your GSTIN on the government’s GST portal and may ask for more documents. We may refuse an application at our discretion.
2.4
“Verified” means only that, when we checked, the business’s GST registration matched the details it gave us. It does not certify the business’s honesty, stock, financial standing or ability to deliver or pay.
2.5
We may recheck a business at any time. Posting and contacting traders are paused during a recheck.
2.6
If your GST registration is cancelled or suspended, or your details change, you must tell us and update them promptly.
3. Your account and team
3.1
You sign in with a one-time code sent to your mobile number or email address, or with a password if you set one. Keep them private and do not share your sign-in. You are responsible for everything done through your account.
3.2
Each GSTIN can be registered once. You may not sell, rent or transfer an account.
3.3
The Director is the person who controls the business’s account. The Director can add team members and give them roles. The business is responsible for everything its team does on the Platform.
3.4
Tell us at once if you think someone else has used your account.
4. Listings
4.1
You are fully responsible for your listings. Each one must be true, complete and current. It must describe stock you have or can genuinely supply, or a requirement you genuinely intend to buy.
4.2
Give a real price. Do not post a price you do not intend to honour just to attract enquiries.
4.3
State the condition honestly: new, used or refurbished, with the correct grade. Mark a listing as having a GST bill only if you will issue a valid tax invoice for the sale.
4.4
Keep contact details out of your listings. Remarks and other listing fields may not include phone numbers, email addresses or UPI IDs.
4.5
A listing stays live for the period shown on the Platform and then expires, so the market shows current stock. Renew it if the stock is still available, and mark it sold when it is gone. A listing marked as sold cannot be reopened.
4.6
If you post anonymously, do not add anything that reveals your business. Anonymous posting hides your identity from traders and visitors, not from us, and we may disclose it where the law requires.
4.7
The offer bot helps you prepare listings, but it can read an offer wrongly. Check every row before you post. Once posted, the listing is yours and you are responsible for it.
4.8
We do not review every listing before it appears. We may hide, remove or refuse any listing that we believe breaks these Terms or the law.
5. Goods you must not list or trade
5.1
You must not list, offer or trade through the Platform:
- stolen, lost or blacklisted devices, or goods obtained unlawfully;
- devices with an altered, cloned, invalid or missing IMEI or serial number;
- counterfeit or copied goods, or goods sold under a brand you have no right to use;
- used, repaired or refurbished goods passed off as new, or goods with non-original parts described as original;
- smuggled goods, or goods imported in breach of customs or foreign trade law;
- goods without a certification, registration or labelling that Indian law requires, such as BIS registration or WPC approval where it applies;
- goods whose sale is banned or restricted in India; or
- anything else you have no legal right to sell.
5.2
You must not use the Platform for bill-only or fake invoicing, circular trading, tax evasion or money laundering.
5.3
You must follow every law that applies to your trade. These include GST and e-way bill rules, the Legal Metrology Act, 2009, the E-Waste (Management) Rules, 2022, the Customs Act, 1962, the Trade Marks Act, 1999 and the Prevention of Money-laundering Act, 2002.
5.4
If you buy or sell used or refurbished mobile devices, you must also follow the Telecommunications (Telecom Cyber Security) Rules, 2024, as amended, including any duty to check a device’s IMEI against the government’s database before you buy or sell it.
6. Content and conduct rules
6.1
You must not post, send or share anything that:
- belongs to someone else, where you have no right to share it;
- is obscene, pornographic, paedophilic or invasive of another person’s privacy, including bodily privacy;
- insults or harasses anyone on the basis of gender, is racially or ethnically objectionable, or promotes money laundering or gambling;
- is harmful to children;
- infringes a patent, trade mark, copyright or other proprietary right;
- breaks any law in force;
- deceives or misleads anyone about where a message came from, or knowingly shares false or misleading information, including synthetic or AI-generated material presented as real;
- impersonates another person or business;
- threatens the unity, integrity, defence, security or sovereignty of India, its friendly relations with other countries or public order, incites an offence, prevents the investigation of an offence, or insults another nation;
- contains a virus or other code designed to interrupt, destroy or limit a computer resource; or
- is false and is written to mislead or harass for financial gain or to injure anyone.
6.2
You must not:
- scrape, copy or harvest listings, business details or contact numbers, by hand or by automated means;
- use details you obtain here for spam, or to build or supply a competing service;
- get around a limit, block or privacy feature, including hidden contact numbers and anonymous posting;
- open a further account, or register again after a suspension or ban, without our written permission;
- post junk or duplicate listings, or send bulk or unwanted messages;
- file false reports or manipulate ratings; or
- try to gain unauthorised access to the Platform, test its security without our written permission, reverse engineer it or disrupt it.
6.3
If you break these rules, we may remove the content, restrict or close your account, and report the matter to the authorities where the law requires.
7. Chats, offers and deals
7.1
Use chats for genuine trade. Chats are not end-to-end encrypted, and our staff may read a chat that has been reported or is in dispute. If several businesses report a trader, that trader’s new messages may be held for review.
7.2
When a trader accepts an offer on the Platform, we record a deal summary of the price, quantity and terms given. This is a record of what the two traders told each other. We do not check it and we are not bound by it.
7.3
The buyer and seller alone agree and carry out their contract, including price, payment, delivery, transit risk, insurance, warranty, returns and after-sales service.
7.4
Each trader alone is responsible for its own taxes and compliance, including GST, tax invoices, e-way bills, TDS, TCS and licences. We do not collect or pay tax on your trades.
7.5
After delivery, each side marks the deal as completed or not completed. If one side marks it completed and the other says nothing for the period shown on the Platform (currently 7 days), it is treated as completed on the Platform. This status does not prove delivery or payment.
7.6
We cannot check the other trader or the goods for you. Before you pay or ship:
- check the other business’s GSTIN, name and address on the GST portal;
- get a written order and a valid tax invoice;
- check IMEI or serial numbers, quantity and condition;
- take care with advance payments to a trader you do not know; and
- report anything suspicious to us.
7.7
You trade at your own risk. This includes the risk of fraud, non-payment, non-delivery, short delivery, defective goods and delay.
8. Ratings, reports and disputes
8.1
Ratings and reviews must be honest and based on real dealings. A business can rate another business once, and the rating always shows the name of the business that gave it. The rated business may reply.
8.2
We do not verify or endorse ratings. We may hide a rating or reply that breaks these Terms.
8.3
You can report listings, businesses, messages and reviews, for example for fake stock, bait pricing, spam, abuse or counterfeit goods. We review reports but do not promise any particular outcome.
8.4
If the two sides disagree on whether a deal was completed, it is marked as disputed. Our team may review the chat and record an outcome: for the buyer, for the seller or no finding. That outcome affects reputation on the Platform only. It is not a legal ruling, it does not bind either trader, and it does not require anyone to pay or refund anything.
8.5
We have no duty to settle disputes between traders. You may take a dispute with another trader to any court or forum with jurisdiction. We may provide records if a court or authority requires them.
9. Fees, Listing Boost and refunds
9.1
Registering, browsing, posting listings and contacting traders are free. We take no commission on deals.
9.2
We may offer optional paid features, such as Listing Boost, which gives a listing extra placement for a set period. Boosted listings may be marked as featured or sponsored. Before you pay, we show the price, tax, duration, placement and any terms of the plan.
9.3
A paid feature buys visibility only. It does not promise enquiries, sales or buyers, and it does not mean we recommend the listing or the trader.
9.4
Payments are processed by our payment provider, currently Cashfree Payments. Fees for paid features are paid to us for our own services. They are separate from money traders pay each other, which never passes through us.
9.5
Cancellation. You may cancel before your payment is complete. Once payment is complete and a boost has started, it cannot be cancelled and is not refundable, even if you sell, close or remove the listing early.
9.6
Refunds. We refund you if you paid but the boost did not start, if you were charged twice for the same order, or if we end a boost early for a reason that is not your fault, in which case we refund the unused part. We do not refund a boost if we remove the listing or suspend your account for breaking these Terms.
9.7
To ask for a refund, write to us with your order details as soon as you can. We start approved refunds within 7 working days, to the original payment method. Your bank may take longer to credit them.
9.8
If the terms of a plan shown at checkout differ from this section, the plan’s terms apply to that purchase.
9.9
We may change prices or add fees by giving notice on the Platform. This does not affect a boost you have already paid for.
10. Your content and our rights
10.1
You keep ownership of what you post. You give us a non-exclusive, royalty-free, worldwide licence to host, store, copy, format and display it, show it to traders and visitors, use it for matching, and include it in market figures and promotional material that do not identify your business. This licence lasts as long as we need it to run the Platform.
10.2
You confirm that you have the right to give us this licence.
10.3
The Platform, its software, design, name and logos, and its market data, belong to us or our licensors. We give you a limited, non-transferable right to use the Platform for your trade, which we may withdraw under section 11. You may not copy, sell or reuse any of it without our written permission.
10.4
If you believe something on the Platform infringes your rights, tell our Grievance Officer and give details.
11. Suspending or closing an account
11.1
You may stop using the Platform at any time. To close your account, write to us. Closing an account does not end a deal you have already made.
11.2
We may hide listings, hold messages, or pause, suspend or close an account if we reasonably believe that:
- you gave false or incomplete details, or your GST registration is no longer valid;
- you have broken these Terms or the law;
- you are involved in fraud, fake stock, or counterfeit or stolen goods;
- you have repeatedly failed to honour deals, or have been repeatedly reported; or
- this is needed to comply with the law or a lawful order, or to protect traders or the Platform.
11.3
We normally give you the reason by text message or email and a chance to reply. Where there is a risk to other traders, or the law requires it, we may act first and without notice.
11.4
While you are suspended, your listings are hidden and you cannot post or contact traders. If we close your account, you can no longer sign in. We may tell traders who have an open chat or deal with you that your account is no longer active.
11.5
We keep your information for the periods in our Privacy Policy and may give it to the authorities where the law requires.
12. No warranties
12.1
The Platform is provided “as is” and “as available”, without warranties of any kind, to the extent the law allows.
12.2
Listings, prices, ratings, matches and market figures come from traders or from software. We do not guarantee that they are accurate, and they are not advice or a recommendation.
12.3
We may change, pause or stop any part of the Platform at any time. We do not promise that it will be uninterrupted or free of errors.
12.4
We do not control other websites or services that the Platform links to, and we are not responsible for them.
13. Limits on our liability
13.1
To the fullest extent the law allows, we are not liable for any loss arising from a deal or from dealings between traders, or from anything a trader posts, sends or does.
13.2
We are not liable for indirect or consequential loss, or for loss of profit, business, goodwill or data.
13.3
Our total liability to you for all claims relating to the Platform will not be more than the higher of the fees you paid us in the 12 months before the claim and ₹10,000.
13.4
Nothing in these Terms limits liability that cannot be limited by law, including liability for our own fraud.
14. Indemnity
14.1
You will compensate us and our directors, employees and agents for any loss, claim, penalty, tax demand or legal cost arising from your listings, your deals, your content, or your breach of these Terms or the law.
15. Complaints and Grievance Officer
15.1
If you have a complaint about content, these Terms or the Platform, please contact our Grievance Officer:
| Name | Ayush Agarwal |
|---|---|
| Write to | Grievance Officer, Ledgermind Services Private Limited (CIN U69202HR2023PTC112028), operating under the brand Elex Exchange |
| Location | Gurugram, Haryana |
| support@elexexchange.com |
15.2
We acknowledge a complaint within 24 hours and resolve it within 7 days. We act on urgent complaints, and on orders from courts and government agencies, within the times the law sets.
15.3
If you are not satisfied with the Grievance Officer’s decision, you may appeal to the Grievance Appellate Committee within 30 days, at www.gac.gov.in.
16. Governing law and disputes
16.1
These Terms are governed by the laws of India.
16.2
This section covers disputes between you and us. Disputes between traders are for those traders to resolve.
16.3
Please contact us first. We will try to resolve the dispute within 30 days.
16.4
If it is not resolved, the dispute will be finally settled by arbitration under the Arbitration and Conciliation Act, 1996, by a sole arbitrator appointed by agreement between you and us or, if we cannot agree, as that Act provides. The seat and venue will be Gurugram, Haryana, and the language will be English.
16.5
Subject to section 16.4, the courts at Gurugram, Haryana have exclusive jurisdiction, including for interim relief.
17. Changes to these Terms
17.1
We may update these Terms. The date at the top shows the latest version. If a change is significant, we will tell you by email, by text message or on the Platform before it takes effect.
17.2
If you keep using the Platform after a change takes effect, you accept the updated Terms. If you do not agree, stop using the Platform and ask us to close your account.
17.3
We will remind you of these Terms and our Privacy Policy as often as the law requires.
18. General
18.1
Whole agreement. These Terms, our Privacy Policy and the terms of any plan you buy are the whole agreement between you and us about the Platform.
18.2
Transfer. We may transfer our rights and duties to a successor or to a buyer of our business. You may not transfer yours without our written consent.
18.3
Invalid terms. If a court finds any part of these Terms invalid, the rest continues to apply.
18.4
No waiver. If we do not enforce a right, we have not given it up.
18.5
Events outside our control. We are not liable for delay or failure caused by events beyond our reasonable control.
18.6
Relationship. Nothing in these Terms makes either of us the other’s partner, agent or employee.
18.7
Notices. We may send notices to your registered mobile number or email address, or on the Platform. You can send notices to the contact details in section 15.
18.8
What continues. Sections 10, 13, 14 and 16 continue after your account closes.
18.9
Language. If we provide these Terms in another language, the English version prevails.
19. Service providers
19.1
Service providers, such as GST practitioners, chartered accountants, couriers, transporters and repair centres, may list their services on the Platform. A provider registers at /registration/provider and accepts these Terms when it does.
19.2
A provider signs in with a one-time code sent to its email address. It may register without a GSTIN. Where these Terms speak of a trader or a business, they apply to a provider too, unless this section says otherwise.
19.3
A provider is responsible for its profile. Its name, services, prices and the places it serves must be true and current, and it must hold any registration or licence its services need.
19.4
We check a provider before its profile is listed. A listing does not mean we recommend or guarantee the provider or its services.
19.5
Verified traders may send a provider quote requests. The trader and the provider agree on any work, price and payment between themselves. We are not a party to their agreement and do not handle payment for their services.
19.6
We may offer provider plans. Before a provider chooses one, we show its price, tax, duration and terms. Section 9 applies to a paid plan as it does to a paid feature.
19.7
We may hide a provider’s profile, or suspend or close its account, under section 11.