Given that:
\[
x = a \left( \frac{1 - t^2}{1 + t^2} \right) \quad {and} \quad y = \frac{2at}{1 + t^2}
\]
Let \( t = \tan \theta \).
Thus:
\[
x = a \left( \frac{1 - \tan^2 \theta}{1 + \tan^2 \theta} \right) \quad {and} \quad y = \frac{2a \tan \theta}{1 + \tan^2 \theta}
\]
From this, we have:
\[
x = a \cos 2\theta \quad {and} \quad y = a \sin 2\theta
\]
We can write:
\[
\cos 2\theta = \frac{x}{a} \quad {and} \quad \sin 2\theta = \frac{y}{a}
\]
Squaring both sides:
\[
\cos^2 2\theta = \frac{x^2}{a^2} \quad {and} \quad \sin^2 2\theta = \frac{y^2}{a^2}
\]
Adding these equations:
\[
\cos^2 2\theta + \sin^2 2\theta = \frac{x^2}{a^2} + \frac{y^2}{a^2}
\]
Using the Pythagorean identity \( \cos^2 \theta + \sin^2 \theta = 1 \), we get:
\[
1 = \frac{x^2 + y^2}{a^2}
\]
Thus, the equation becomes:
\[
x^2 + y^2 = a^2
\]
This represents the equation of a circle with center at the origin and radius \( a \).
Therefore, the locus of the point is a circle having center at the origin and radius \( a \).