Disclosures & Terms

Important information for investors and clients

Most Important Terms and Conditions (MITC)

Forming part of the Terms and Conditions for providing research services

  1. 🚫
    No Trading Execution: The Research Analyst (RA) cannot execute any trade (purchase/sell) on behalf of the client.
  2. 💰
    Fees & Limits: The fee charged by RA follows SEBI/RAASB regulations.
    • 📌 Maximum limit: ₹1,51,000 per annum per family.
    • ⚠️ Does not include statutory charges.
    • 🏢 Does not apply to non-individual or accredited investors.
  3. 📅
    Advance Fee Payment: RA may charge fees in advance, not exceeding one quarter. In case of early termination, a proportionate refund will be provided.
  4. 💳
    Payment Modes: Accepted modes: Cheque, Bank Transfer, UPI. ❌ No cash payments allowed!
  5. ⚖️
    Conflict of Interest: RA must follow SEBI & RAASB regulations and disclose any conflicts of interest to clients.
  6. ❌
    No Guaranteed Returns: Fixed return schemes are prohibited. The RA cannot assure profits, accuracy, or risk-free investments.
  7. 📊
    Market Risks: Investments based on research recommendations are subject to risks. Clients bear full responsibility.
  8. 📜
    SEBI Registration: Does not guarantee performance or returns.
  9. 📢
    Grievance Redressal:
    1. 📞 Step 1: Contact the RA directly.
    2. 📌 Step 2: Lodge complaints via SEBI SCORES.
    3. ⚖️ Step 3: Use Smart ODR for dispute resolution.
  10. 📲
    Stay Updated: Clients must keep their contact details updated with the RA.
  11. 🔒
    Security Alert: RA shall NEVER ask for login credentials, OTPs, or sensitive account details. NEVER share your passwords!

Expectations from Investors

Do's

  • ✔️ Always deal with SEBI-registered Research Analysts.
  • ✔️ Ensure that the Research Analyst has a valid registration certificate.
  • ✔️ Check for SEBI registration number.
  • ✔️ Refer to the list of SEBI-registered Research Analysts on the SEBI website.
  • ✔️ Pay attention to disclosures made in research reports before investing.
  • ✔️ Make payments to your Research Analyst only through banking channels and keep signed receipts of payments.
  • ✔️ Before buying securities or applying for a public offer, check research recommendations from your Research Analyst.
  • ✔️ Ask all relevant questions and clear your doubts before acting on recommendations.
  • ✔️ Inform SEBI if any Research Analyst offers assured or guaranteed returns.

Don'ts

  • ❌ Do not provide funds for investment to the Research Analyst.
  • ❌ Do not fall for misleading advertisements or market rumors.
  • ❌ Do not be influenced by limited-period discounts, incentives, gifts, etc., offered by Research Analysts.
  • ❌ Do not share login credentials or passwords of trading and demat accounts with the Research Analyst.

Complaints Data (Annexure B)

Complaint Data for the month ended – February 2026

Sr. No. Received from Pending at end of last month Received Resolved* Total Pending# Pending > 3 months Avg Resolution Time (days)^
1 Directly from Investors 0 0 0 0 0 0
2 SEBI (SCORES) 0 0 0 0 0 0
3 Other Sources (if any) 0 0 0 0 0 0
Grand Total 0 0 0 0 0 0

* Includes complaints of previous months resolved in current month

# Includes complaints pending as on last day of month

^ Average resolution time calculated in calendar days

Trend of Monthly Disposal of Complaints

Month Carried Forward Received Resolved Pending

Trend of Annual Disposal of Complaints

Year Carried Forward Received Resolved Pending
2024 0 0 0 0
2025 0 0 0 0