Research Report Terms & Conditions

• The recommendations provided in this report are based on publicly available information we believe to be reliable and accurate at the time of publication.
• Unless otherwise stated, our recommendations are intended for a 12-month investment horizon.
• Ratings provided are based on absolute returns (positive or negative) and should be interpreted accordingly.
• Security prices may fluctuate due to market volatility or company-specific events, and returns may vary dramatically over time.
• We reserve the right to revise or withdraw ratings due to reassessment of valuation, market events, or lack of clarity.
• Opinions expressed are subject to change without notice, and we are under no obligation to inform clients of such changes.
• Clients are advised to carefully assess market risks, including the possibility of partial or permanent capital loss.
• There is absolutely no scope for refunding losses incurred from acting on any research report or commentary.
• While pro-rata refunds may be considered for subscriptions due to dissatisfaction, these are not tied to investment outcomes.
• RESEARCH ANALYST, along with its partners, employees, officers, and affiliates, expressly disclaims any liability for loss or damages arising from unintentional errors or omissions in any information or recommendations contained in the research reports.
• All reports, including third-party reports, are carefully reviewed prior to dissemination to ensure accuracy and to avoid misleading statements.
• A daily closing chart of securities is available at NSE: charting.nseindia.com and BSE: charting.bseindia.com
• The view on securities is based on both technical and fundamental analysis.
• RESEARCH ANALYST adheres strictly to SEBI (Research Analyst) Regulations, 2014, and does not offer investment advisory or PMS (Portfolio Management Services).
• All participants must follow the instructions provided during our group calls. We do not offer any one-on-one investment or trading services, as this is against RA regulations.
• Please note that personal queries related to group calls will not be entertained. Members are responsible for their own profits and losses.
• Copyright and Confidentiality: research reports are issued for personal use only, and no part of the report may be reproduced, redistributed, or published without written authorization from RESEARCH ANALYST.

Business Activity

RESEARCH ANALYST is engaged in the business of providing independent equity research services. The RESEARCH ANALYST offers Buy / Sell / Hold recommendations and other investment opinions to clients in the form of research reports, analysis, and market commentary. The RESEARCH ANALYST is registered with the Securities and Exchange Board of India (SEBI) as a Research Analyst under the SEBI (Research Analyst) Regulations, 2014.

1. Availing the Research Services

• Research Analyst (RA): HITESHWARI KUMAR, SEBI-registered Research Analyst, Reg. No. INH000016472, providing research-only services and not executing trades or offering portfolio management or investment advisory services.
• Client: Any individual or entity subscribing to or using the research services of Research Analyst for personal and non-commercial use at his/her sole discretion.

By subscribing, accessing, or using any research report or communication, you confirm you have read, understood, and agreed to these Terms of Service (TOS), SEBI (Research Analyst) Regulations, 2014, and related circulars including Investor Charter, MITC, and RA Guidelines issued by SEBI and RAASB from time to time. Research Analyst confirms that research services shall be rendered in accordance with the applicable provisions of the RA Regulations.

2. Obligations on Research Analyst

Research Analyst and client shall be bound by the SEBI Act and all applicable rules and regulations of SEBI, including the RA Regulations and relevant notifications of Government, as may be in force from time to time.

3. Client Information and KYC

The client shall furnish all such details in full as may be required by the RA in its standard form with supporting details, if required, as may be made mandatory by RAASB/SEBI from time to time. RA shall collect, store, upload and check KYC records of the clients with the KYC Registration Agency (KRA) as specified by SEBI from time to time.

4. Standard Terms of Service

The consent of the client shall be taken on the following understanding:

Declaration of the RA that:

• It is duly registered with SEBI as a Research Analyst pursuant to the SEBI (Research Analysts) Regulations, 2014, and its registration details are: INH000016472, Jun 26, 2024.
• It has the registration and qualifications required to render the services contemplated under the RA Regulations, and the same are valid and subsisting.
• Research analyst services provided by it do not conflict with or violate any provision of law, rule or regulation, contract, or other instrument to which it is a party or to which any of its property is or may be subject.
• The maximum fee that may be charged by RA is ₹1.51 lakhs per annum per family of client.
• The recommendations provided by RA do not provide any assurance of returns.

Additionally, as RA is an individual (this provision is not applicable to another category of RA): Research Analyst is not engaged in any additional professional or business activities, on a whole-time basis or in an executive capacity, which interfere with/influence or have the potential to interfere with/influence the independence of the research report and/or recommendations contained therein.

5. Consideration and Mode of Payment

The client shall duly pay to RA the agreed fees for the services that RA renders to the client and statutory charges, as applicable. Such fees and statutory charges shall be payable through the specified manner and mode(s)/mechanism(s).

6. Risk Factors

7. Conflict of Interest

The RA shall adhere to the applicable regulations / circulars / directions specified by SEBI from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest. The Research Analyst maintains and enforces internal policies, in accordance with SEBI Research Analyst regulations, to identify, prevent and manage any conflicts of interest.

Neither the firm (RESEARCH ANALYST), its analysts, nor their relatives/associates have any material interest or conflict with the subject company:

• At the time of publication, they do not hold financial interests in the company, own 1% or more of its equity, serve as officers/directors/employees, engage in market-making for the company, or provide managerial or other paid services.
• During the twelve months prior to publication, they have not received direct or indirect compensation, fees or other benefits from the company, have not acted as investment banker, merchant banker, broker, manager or co-manager of any public offering for the company, and the company has not been a client.
• RESEARCH ANALYST maintains processes to review and validate any third-party research used.
• Neither the firm nor its partners, employees or associates have any prior disciplinary actions, regulatory penalties, or adverse rulings from SEBI or other authorities.

8. Termination of Service and Refund of Fees

RA may suspend or terminate rendering of research services to a client on account of suspension/cancellation of registration of RA by SEBI and shall refund the residual amount to the client. In case of suspension of the certificate of registration of the RA for more than 60 (sixty) days, or cancellation of the RA registration, RA shall refund the fees on a pro-rata basis for the period from the effective date of cancellation/suspension to the end of the subscription period.

9. Grievance Redressal and Dispute Resolution

Any grievance related to (i) non-receipt of research report, (ii) missing pages or inability to download the entire report, or (iii) any other deficiency in the research services provided by RA, shall be escalated promptly by the client to the person/employee designated by RA in this behalf.

The RA shall be responsible for resolving grievances within 7 (seven) business working days, or such timelines as may be specified by SEBI under the RA Regulations. RA shall redress grievances of the client in a timely and transparent manner. Any dispute between the RA and the client may be resolved through arbitration or through any other modes or mechanism as specified by SEBI from time to time.

10. Additional Clauses

All additional voluntary clauses added by the RA should not be in contravention with the rules/regulations/circulars of SEBI. Any changes in such voluntary clauses/document(s) shall be preceded by a notice of 15 days.

11. Mandatory Notice

Clients shall be requested to go through the Do's and Don'ts while dealing with RA as specified in SEBI master circular no. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated May 21, 2024, or as may be specified by SEBI from time to time.

12. Most Important Terms and Conditions (MITC)

RA shall also disclose MITC as specified below to their clients. (MITC have been standardized by the Industry Standards Forum (ISF) in consultation with SEBI and RAASB.)

• These terms and conditions, and consent thereon, are for the research services provided by the Research Analyst (RA), and RA cannot execute/carry out any trade (purchase/sell transaction) on behalf of the client. Clients are advised not to permit RA to execute any trade on their behalf.
• The fee charged by RA to the client will be subject to the maximum amount prescribed by SEBI / RAASB from time to time (applicable only for Individual and HUF Clients). The current fee limit is Rs 1,51,000/- per annum per family of client for all research services of the RA. The fee limit does not include statutory charges and does not apply to a non-individual client / accredited investor.
• RA may charge fees in advance if agreed by the client. Such advance shall not exceed the period stipulated by SEBI; presently it is one quarter. In case of pre-mature termination of the RA services by either the client or the RA, the client shall be entitled to seek a refund of proportionate fees only for the unexpired period.
• Fees to RA may be paid by the client through any of the specified modes like cheque, online bank transfer, UPI, etc. Cash payment is not allowed. Optionally, the client can make payments through the Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited (i.e. currently recognized RAASB).
• The RA is required to abide by the applicable regulations/circulars/directions specified by SEBI and RAASB from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest. The RA will endeavor to promptly inform the client of any conflict of interest that may affect the services being rendered to the client.
• Any assured/guaranteed/fixed returns schemes or any other schemes of similar nature are prohibited by law. No scheme of this nature shall be offered to the client by the RA.
• The RA cannot guarantee returns, profits, accuracy, or risk-free investments from the use of the RA's research services. All opinions, projections, estimates of the RA are based on the analysis of available data under certain assumptions as of the date of preparation/publication of the research report.
• Any investment made based on recommendations in research reports is subject to market risks, and recommendations do not provide any assurance of returns. There is no recourse to claim any losses incurred on investments made based on the recommendations in the research report. Any reliance placed on the research report provided by the RA shall be as per the client's own judgement and assessment of the conclusions contained in the research report.
• The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the client.
• Clients are required to keep contact details, including email id and mobile number/s, updated with the RA at all times.
• The RA shall never ask for the client's login credentials and OTPs for the client's Trading Account, Demat Account and Bank Account. Never share such information with anyone, including the RA.

For any grievances:

13. Optional Centralised Fee Collection Mechanism

RA shall provide guidance to their clients on an optional "Centralised Fee Collection Mechanism for IA and RA" (CeFCoM) available to them for payment of fees to RA.