• The Research Analyst (RA) provides research and analytical services only and is not authorized to execute trades, manage funds, or undertake investment activities on behalf of clients. Clients should not authorize the RA to carry out any trade or transaction.
• The RA shall comply with all applicable regulations, circulars, guidelines, and requirements issued by the Securities and Exchange Board of India (SEBI) and the Research Analyst Administration and Supervisory Body (RAASB), including conflict of interest disclosures and mitigation measures.
• The RA shall promptly disclose any actual, potential, or perceived conflict of interest that may affect the objectivity, independence, or quality of research services provided to clients.
• Any scheme, offer, communication, or representation involving assured returns, guaranteed profits, fixed returns, or risk-free investments is prohibited under applicable laws and shall not be offered by the RA.
• The RA does not guarantee returns, profits, performance, accuracy, completeness, or success of any recommendation, report, or research output. All opinions are based on available information, analysis, assumptions, and market conditions.
• Investments made based on research recommendations are subject to market risks. Clients acknowledge that losses may occur, and no claims for such losses shall be made against the RA.
• SEBI registration, RAASB enlistment, NISM certifications, educational qualifications, or professional memberships should not be construed as guarantees of performance, returns, or investment outcomes.
• Clients are responsible for keeping their contact details, email addresses, mobile numbers, and other relevant information updated with the RA at all times.
• The RA shall never request trading credentials, login IDs, passwords, PINs, OTPs, bank account access, demat account access, or any confidential authentication information from clients. Any such request should be treated as suspicious and reported immediately.

• Fees charged by the Research Analyst shall not exceed the limits prescribed by the Securities and Exchange Board of India (SEBI) and the Research Analyst Administration and Supervisory Body (RAASB), as applicable to Individual and Hindu Undivided Family (HUF) clients.
• The current fee limit prescribed under applicable regulations is ₹1,51,000 per annum per client family, excluding applicable taxes, statutory levies, and other regulatory charges.
• The prescribed fee limits are generally not applicable to non-individual clients, institutional clients, accredited investors, or other categories exempted under applicable regulations.
• Fees may be charged in advance subject to prevailing SEBI guidelines. Advance fees, where permitted, shall be restricted to a maximum period of one quarter or such other period as prescribed by regulatory authorities from time to time.
• In the event of premature termination or discontinuation of services, clients may be entitled to a proportionate refund for the unexpired portion of the service period, subject to applicable terms, conditions, and regulatory requirements.
• Payments shall be made only through approved banking channels such as cheque, account transfer, NEFT, RTGS, IMPS, UPI, or other legally permitted electronic payment methods. Cash payments are strictly prohibited.
• Clients must ensure that all payments are made only to the designated bank account maintained in the name of the registered Research Analyst and should not transfer funds to any personal, third-party, or unauthorized accounts.
• Clients may optionally utilize the Centralized Fee Collection Mechanism (CeFCoM), where available, in accordance with the procedures prescribed by SEBI, RAASB, and other applicable authorities.

• Research reports, recommendations, ratings, and other analytical outputs are prepared based on information, data, assumptions, market conditions, and publicly available sources believed to be reliable at the time of publication. Such information may change without prior notice.
• Recommendations, opinions, projections, forecasts, and market views do not assure or guarantee any returns, profits, capital protection, or investment success. All investments are subject to market risks and uncertainties.
• Clients are solely responsible for their investment decisions and shall act on research recommendations based on their own independent judgment, financial circumstances, investment objectives, and risk assessment.
• The Research Analyst shall not be liable for any direct, indirect, incidental, consequential, special, or punitive losses arising from reliance on research reports, recommendations, market opinions, or related communications.
• Securities markets are inherently volatile and may be affected by economic conditions, regulatory changes, geopolitical developments, company-specific events, liquidity constraints, and other unforeseen factors.
• Past performance of any security, sector, index, investment strategy, or recommendation is not indicative of future performance or future returns.
• The Research Analyst does not provide any warranty or representation regarding the completeness, accuracy, reliability, or timeliness of information contained in research reports.
• Investors may lose part or the entire amount of their invested capital. Clients are advised to seek independent professional advice, where necessary, before making investment decisions.

Investors and clients may follow the grievance redressal process outlined below for resolution of complaints, concerns, or service-related issues.

1. Contact the Research Analyst directly through the official website, registered email address, or other authorized communication channels and provide complete details of the grievance for prompt resolution.
2. If the grievance remains unresolved, investors may lodge a complaint through the SEBI SCORES Grievance Redressal Platform , which facilitates online complaint registration and monitoring.
3. If the matter remains unresolved after the SCORES process, investors may escalate the dispute through the SEBI SMART ODR Platform for online dispute resolution, conciliation, mediation, or arbitration, as applicable under prevailing regulations.

The Centralized Fee Collection Mechanism (CeFCoM) is an initiative introduced under the regulatory framework of SEBI to facilitate secure, transparent, and traceable fee payments from investors to SEBI-registered Research Analysts and other regulated intermediaries.

• Enables investors to securely track and verify payments made to SEBI-registered Research Analysts through an authorized and transparent mechanism.
• Helps ensure that payments are routed only to registered intermediaries, thereby reducing the risk of fraud, impersonation, and unauthorized fee collection.
• Supports multiple approved payment methods, providing flexibility and convenience for investors.
• Maintains an auditable payment trail, enhancing transparency, accountability, and regulatory compliance.
• Investors may access the CeFCoM facility through official payment links, QR codes, or other authorized payment mechanisms provided by the registered Research Analyst, subject to availability and applicable regulatory guidelines.

Social media platforms, messaging applications, and online communities are increasingly being misused by fraudsters to deceive investors through false promises, impersonation, fake investment opportunities, and misleading financial advice. Investors should exercise caution and verify all information before making investment decisions.

• Unsolicited invitations to WhatsApp, Telegram, or trading-related groups promising guaranteed profits.
• Creation of fake expert profiles claiming to be market professionals or registered intermediaries.
• Impersonation of SEBI-registered entities, research analysts, brokers, financial institutions, or public figures.
• Fabricated testimonials, screenshots, and profit statements intended to create a false impression of investment success.

• Verify registration status through the SEBI Registration Verification Page .
• Use only official trading and investment platforms recognized by regulatory authorities and listed on the SEBI Investor Support Portal .
• Communicate only through verified official websites, registered email addresses, and authorized contact numbers.

1. Search and verify analyst details through the SEBI Registered Research Analyst List .
2. Obtain and verify official contact details from the registered source.
3. Communicate only through the registered email address and official communication channels.
4. Verify the authenticity of responses received from the Research Analyst.
5. Ignore and report communications received from unverified email IDs, mobile numbers, social media profiles, or messaging groups.