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This Disclosure Document has been prepared in accordance with the SEBI (Research Analysts) Regulations, 2014. Its purpose is to provide essential information about the Research Analyst's research and recommendation services in order to assist prospective and existing clients in making an informed decision before availing such services.

History, Present Business & Background

The Research Analyst, —, is registered with SEBI as a Research Analyst bearing Registration No. — and BSE Enlistment No. —. The registration was granted on —, and the entity is engaged in providing research and recommendation services from —. The Research Analyst seeks to align its interests with those of the client and to provide research services best suited to the client's requirements.

Disciplinary History

No penalties or directions have been issued by SEBI under the SEBI Act, 1992 or the regulations made thereunder against the Research Analyst relating to research analyst services, as on the date of this document. There are no pending material litigations or legal proceedings, or findings of inspections or investigations for which action has been taken or initiated by any regulatory authority against the Research Analyst or its employees, as on the date of this document.

Details of Associates

As on the date of this document, the Research Analyst does not have any associates as defined under the SEBI (Research Analysts) Regulations, 2014, unless separately disclosed to the client in writing.

Conflict of Interest Policy

In accordance with Regulation 19 of SEBI (Research Analysts) Regulations, 2014, the following disclosures are made:

• Research reports are prepared independently and free from any material conflict of interest at the time of publication.
• The research analyst, associates, and relatives have no financial interest, including ownership of 1% or more of securities, in the subject company unless explicitly disclosed in each research report.
• Compensation of the research analyst is not linked to specific recommendations, views expressed, or results of research reports.
• The research analyst has not received any compensation or other benefits from the subject company or any third party in connection with the research report in the past twelve months, unless disclosed.
• The research analyst does not serve as an officer, director, or employee of the subject company.
• The research analyst has not been engaged in market-making activity for the subject company.

Risk Disclosures

• Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
• Past performance is not indicative of future results. No assured, guaranteed, or fixed returns are offered under any circumstances.
• Recommendations and research reports are based on publicly available information and analyst judgment. They do not constitute personal investment advice, solicitation, or an offer to buy or sell any securities.
• Investors should exercise independent judgment and, where appropriate, consult their own financial advisers before acting on any recommendation contained in the research reports.
• The research analyst shall not be responsible for any investment decision taken by the client based on the research report.
• All opinions, estimates, and projections contained in research reports are subject to change without notice.

Compliance Audit

An annual compliance audit is conducted in terms of Regulation 25(3) of SEBI (Research Analysts) Regulations, 2014 by a member of the Institute of Chartered Accountants of India (ICAI) or the Institute of Company Secretaries of India (ICSI). The audit report is submitted to RAASB/SEBI within the prescribed timelines.

Status: Compliant — No adverse findings

Last updated: —

This policy is maintained in compliance with the Code of Conduct prescribed under the Fourth Schedule of SEBI (Research Analysts) Regulations, 2014, which mandates the right to privacy and confidentiality of clients.

Information We Collect

• Personal information provided during the Know Your Client (KYC) process, including name, address, PAN, contact details, and financial information as required under SEBI KYC norms and the Prevention of Money Laundering Act, 2002.
• Communication records including emails, telephone recordings, SMS messages, and other correspondence as mandated under Regulation 25 of RA Regulations for a minimum period of five years.

How We Use Your Information

• To provide research services and deliver research reports as agreed upon in the terms and conditions.
• To comply with regulatory requirements including KYC norms, AML obligations, and periodic reporting to SEBI and RAASB.
• To communicate service-related information, research recommendations, and updates.

Data Protection Measures

• All client data is kept confidential and is not shared with any third party unless required by law or with the specific consent of the client.
• Adequate technical and organizational measures are implemented to protect client data against unauthorized access, alteration, or destruction.
• Client data is stored within the legal boundaries of India in compliance with SEBI advisory on SaaS-based solutions.

Your Rights

• Right to access your personal information held by us.
• Right to request correction of any inaccurate information.
• Right to confidentiality — information shared by clients is kept confidential unless required to be provided in furtherance of discharging legal obligations.

The Prevention of Money Laundering Act, 2002 (PMLA) forms the core of the legal framework put in place by India against money laundering, terrorist financing, and related crimes. PMLA and the Rules notified thereunder came into force from 1st July, 2005. Under PMLA, all entities registered with SEBI are required to furnish information on all suspicious transactions, whether or not made in cash, to FIU-IND. Under Section 3 of PMLA, projecting proceeds of crime as untainted property is an offence of money laundering, punishable under Section 4 of PMLA.धन शोधन निवारण अधिनियम, 2002 (PMLA) भारत द्वारा धन शोधन, आतंकी वित्तपोषण एवं संबंधित अपराधों के विरुद्ध स्थापित कानूनी ढांचे का मूल आधार है। PMLA एवं इसके अंतर्गत अधिसूचित नियम 1 जुलाई, 2005 से प्रभावी हुए। PMLA के तहत, सेबी के पास पंजीकृत सभी संस्थाओं को नकद में हो या न हो, सभी संदिग्ध लेनदेन की जानकारी FIU-IND को देना अनिवार्य है। PMLA की धारा 3 के तहत, अपराध की आय को निष्कलंक संपत्ति के रूप में प्रस्तुत करना धन शोधन का अपराध है, जो PMLA की धारा 4 के तहत दंडनीय है।

Money laundering involves disguising financial assets so that they can be used without detection of the illegal activity that produced them. Through money laundering, the launderer transforms monetary proceeds derived from criminal activity into funds with an apparently legal source.धन शोधन में वित्तीय परिसंपत्तियों को इस प्रकार छुपाना शामिल है ताकि उन्हें उत्पन्न करने वाली अवैध गतिविधि का पता लगाए बिना उनका उपयोग किया जा सके। धन शोधन के माध्यम से, अपराधी आपराधिक गतिविधि से प्राप्त धनराशि को स्पष्ट रूप से वैध स्रोत वाले धन में परिवर्तित करता है।

Financial Intelligence Unit – India (FIU-IND) is the central national agency responsible for receiving, processing, analyzing, and disseminating information on suspicious financial transactions. FIU-IND also coordinates and strengthens national and international intelligence, investigation, and enforcement efforts in combating money laundering and related crimes.वित्तीय आसूचना इकाई-भारत (FIU-IND) संदिग्ध वित्तीय लेनदेन की जानकारी प्राप्त करने, संसाधित करने, विश्लेषण करने एवं प्रसारित करने हेतु उत्तरदायी केंद्रीय राष्ट्रीय एजेंसी है। FIU-IND धन शोधन एवं संबंधित अपराधों का मुकाबला करने में राष्ट्रीय एवं अंतरराष्ट्रीय आसूचना, अन्वेषण एवं प्रवर्तन प्रयासों के समन्वय एवं सुदृढ़ीकरण हेतु भी उत्तरदायी है।

What Constitutes a Suspicious Transactionसंदिग्ध लेनदेन क्या माना जाता है

As per Rule 2(1)(g) of the PMLA Rules, a "suspicious transaction" means a transaction, whether or not made in cash, which to a person acting in good faith:PMLA नियमों के नियम 2(1)(g) के अनुसार, "संदिग्ध लेनदेन" का अर्थ है ऐसा लेनदेन, चाहे नकद में हो या न हो, जो सद्भावना से कार्य करने वाले व्यक्ति को:

• Gives rise to a reasonable ground of suspicion that it may involve the proceeds of crime; orयह संदेह करने का उचित आधार देता हो कि इसमें अपराध की आय शामिल हो सकती है; या
• Appears to be made in circumstances of unusual or unjustified complexity; orअसामान्य या अनुचित जटिलता की परिस्थितियों में किया गया प्रतीत होता हो; या
• Appears to have no economic rationale or bona fide purpose; orजिसका कोई आर्थिक औचित्य या सद्भावी उद्देश्य प्रतीत न होता हो; या
• Gives rise to a reasonable ground of suspicion that it may involve financing of activities relating to terrorism.यह संदेह करने का उचित आधार देता हो कि इसमें आतंकवाद से संबंधित गतिविधियों का वित्तपोषण शामिल हो सकता है।

Illustrative Examples of Suspicious Transactionsसंदिग्ध लेनदेन के उदाहरण

The Research Analyst maintains records of client identification and transactions as required under PMLA and is committed to reporting suspicious transactions to FIU-IND in accordance with applicable law.रिसर्च एनालिस्ट PMLA के तहत आवश्यक ग्राहक पहचान एवं लेनदेन के रिकॉर्ड बनाए रखता है तथा लागू कानून के अनुसार FIU-IND को संदिग्ध लेनदेन की रिपोर्ट करने हेतु प्रतिबद्ध है।

As prescribed under the Third Schedule read with Regulation 24(4) of the SEBI (Research Analysts) Regulations, 2014, the Research Analyst adheres to the following Code of Conduct:सेबी (रिसर्च एनालिस्ट) विनियम, 2014 के विनियम 24(4) के साथ पठित तृतीय अनुसूची के अनुसार, रिसर्च एनालिस्ट निम्नलिखित आचार संहिता का पालन करता है:

1. Honesty and Good Faith.ईमानदारी एवं सद्भावना।
   The Research Analyst shall act honestly, fairly, and in the best interests of investors, and shall not make any misleading or untrue statements.रिसर्च एनालिस्ट ईमानदारी, निष्पक्षता एवं निवेशकों के सर्वोत्तम हित में कार्य करेगा तथा कोई भ्रामक या असत्य कथन नहीं देगा।
2. Diligence.तत्परता।
   Research reports shall be prepared with due care and diligence, and all relevant information and data shall be verified before making recommendations.अनुसंधान रिपोर्ट उचित सावधानी एवं तत्परता से तैयार की जाएगी तथा सिफारिश करने से पूर्व सभी प्रासंगिक जानकारी एवं डेटा सत्यापित किया जाएगा।
3. Conflict of Interest.हितों का टकराव।
   Any material conflict of interest, including personal or financial interest in the subject company, shall be disclosed. Holdings of the analyst or their family in securities of the recommended company shall be clearly disclosed.विषय कंपनी में व्यक्तिगत या वित्तीय हित सहित किसी भी महत्वपूर्ण हितों के टकराव का खुलासा किया जाएगा। अनुशंसित कंपनी की प्रतिभूतियों में विश्लेषक या उनके परिवार की होल्डिंग का स्पष्ट रूप से खुलासा किया जाएगा।
4. Prohibition on Insider Trading.इनसाइडर ट्रेडिंग पर प्रतिबंध।
   The Research Analyst shall not use or share unpublished price sensitive information (UPSI) for personal benefit. Insider trading is strictly prohibited.रिसर्च एनालिस्ट व्यक्तिगत लाभ के लिए अप्रकाशित मूल्य संवेदनशील जानकारी (UPSI) का उपयोग या साझा नहीं करेगा। इनसाइडर ट्रेडिंग सख्ती से वर्जित है।
5. Confidentiality.गोपनीयता।
   Client information shall be kept confidential and disclosed only when required by law or with client consent.ग्राहक की जानकारी गोपनीय रखी जाएगी तथा केवल कानून द्वारा आवश्यक होने पर या ग्राहक की सहमति से ही प्रकट की जाएगी।
6. Presentation of Research Reports.अनुसंधान रिपोर्ट की प्रस्तुति।
   Research reports shall be clear, factual, and balanced. All assumptions, risks, and limitations shall be disclosed, and reports shall not contain exaggerated, sensational, or biased claims.अनुसंधान रिपोर्ट स्पष्ट, तथ्यात्मक एवं संतुलित होगी। सभी धारणाओं, जोखिमों एवं सीमाओं का खुलासा किया जाएगा तथा रिपोर्ट में अतिरंजित, सनसनीखेज या पक्षपाती दावे नहीं होंगे।
7. Professionalism.व्यावसायिकता।
   The Research Analyst shall maintain high standards of integrity, professionalism, and ethics, and shall avoid mis-selling or biased recommendations.रिसर्च एनालिस्ट सत्यनिष्ठा, व्यावसायिकता एवं नैतिकता के उच्च मानकों को बनाए रखेगा तथा गलत बिक्री या पक्षपाती सिफारिशों से बचेगा।
8. Compliance with Regulations.विनियमों का अनुपालन।
   The Research Analyst shall comply with all SEBI regulations, circulars, and guidelines, and shall adhere to compliance reporting and audit obligations.रिसर्च एनालिस्ट सभी सेबी विनियमों, परिपत्रों एवं दिशानिर्देशों का पालन करेगा तथा अनुपालन रिपोर्टिंग एवं ऑडिट दायित्वों का निर्वहन करेगा।
9. Fair Dealing.निष्पक्ष व्यवहार।
   All clients shall be treated fairly, with no preferential or unfair advantage given to any specific client.सभी ग्राहकों के साथ निष्पक्ष व्यवहार किया जाएगा तथा किसी विशेष ग्राहक को कोई तरजीही या अनुचित लाभ नहीं दिया जाएगा।
10. Investor Responsibility.निवेशक के प्रति उत्तरदायित्व।
    The primary responsibility of the Research Analyst is to act in the best interests of investors. Research reports shall assist investors in making well-informed investment decisions.रिसर्च एनालिस्ट का प्राथमिक उत्तरदायित्व निवेशकों के सर्वोत्तम हित में कार्य करना है। अनुसंधान रिपोर्ट निवेशकों को सुविचारित निवेश निर्णय लेने में सहायता करेगी।

The following terms govern the provision of research services in accordance with Regulation 24(6) of SEBI (Research Analysts) Regulations, 2014. By availing the research services, the client acknowledges and agrees to these terms.

Nature of Services

• Research services include the preparation and publication of research reports containing analysis, recommendations, and opinions on securities.
• The terms and conditions and the consent thereon are for the research services provided by the RA. The RA cannot execute or carry out any trade (purchase/sell transaction) on behalf of the client.
• Research reports and recommendations are for informational purposes only and do not constitute personal investment advice.

Fees & Payment

• Fees are charged as per the limits specified by SEBI under Regulation 15A of RA Regulations. All applicable fees are disclosed to the client prior to commencement of services.
• Fees may be paid through cheque, online bank transfer, UPI, or other banking channels. Cash payment is not permitted.
• Advance fee shall not exceed one quarter. In case of premature termination by either the client or the RA, proportionate refund for the unexpired period is available.
• Clients may optionally use the Centralised Fee Collection Mechanism (CeFCoM) managed by BSE Limited (RAASB) for transparent fee payment.

Client Obligations

• The client shall keep contact details including email and mobile number updated with the RA at all times.
• The client shall not share the research reports received with any third party without the consent of the RA.
• Any investment made based on recommendations in research reports is subject to market risks. The client acknowledges that there is no recourse to claim any losses incurred on investments made based on the research reports.

Limitations

• The RA shall never ask for the client's login credentials or OTPs for trading, demat, or bank accounts. The client must never share such information with anyone including the RA.
• Any assured/guaranteed/fixed returns schemes or any other schemes of similar nature are prohibited by law and are not offered.
• The client will not be bound by any clause prescribed by the RA which contravenes any regulatory provision.

This policy is framed in accordance with SEBI (Research Analysts) Regulations, 2014 and the guidelines issued by SEBI from time to time regarding fee collection by registered Research Analysts.

Cancellation by Client

• The client has the right to discontinue the research services at any time during the tenure of the subscription by providing a written request (via email or letter) to the Research Analyst.
• Upon receipt of the cancellation request, the RA shall process the cancellation within 7 business days and confirm the same to the client.
• The client will not be bound by any clause that restricts the right to cancel or that contravenes any regulatory provision.

Cancellation by Research Analyst

• The RA reserves the right to discontinue services to a client with reasonable notice, provided the reasons are communicated to the client in writing.
• In the event of cancellation by the RA, the client shall be entitled to a proportionate refund for the unexpired period.

Refund Policy

• In case of premature termination of research 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 of the subscription.
• Advance fee collected shall not exceed one quarter (as per SEBI regulations). Any advance fee for the unexpired period post-cancellation shall be refunded.
• Refunds shall be processed within 15 business days from the date of acceptance of the cancellation request.
• Refunds shall be made through the same payment mode used for the original transaction or through banking channels (cheque, bank transfer, UPI). No cash refunds shall be processed.

Non-Refundable Charges

• Any fees for the period during which services were actively rendered prior to the cancellation request shall not be refundable.
• One-time onboarding or KYC processing charges, if any, are non-refundable.

Dispute Resolution

• Any disputes regarding refunds shall first be addressed to the Grievance Officer of the RA.
• If unresolved, the client may escalate the matter to SEBI SCORES (scores.sebi.gov.in) or the Online Dispute Resolution portal (smartodr.in).

As prescribed by SEBI vide Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/81 dated June 02, 2025 (Annexure A).

A. Vision and Mission Statements for Investors

Vision: Invest with knowledge & safety.

Mission: Every investor should be able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness.

B. Details of Business Transacted by the Research Analyst with Respect to the Investors

• To publish research reports based on the research activities of the RA.
• To provide an independent, unbiased view on securities.
• To offer unbiased recommendations, disclosing the financial interests in recommended securities.
• To provide research recommendations based on analysis of publicly available information and known observations.
• To conduct an audit annually.
• To ensure that all advertisements are in adherence to the provisions of the Advertisement Code for Research Analysts.
• To maintain records of interactions with all clients, including prospective clients (prior to onboarding), where any conversation related to the research services has taken place.

C. Details of Services Provided to Investors (No Indicative Timelines)

Onboarding of Clients:

• Sharing of terms and conditions of research services.
• Completing KYC of fee-paying clients.

Disclosure to Clients:

• To disclose information that is material for the client to make an informed decision, including details of its business activity, disciplinary history, the terms and conditions of research services, details of associates, risks and conflicts of interest, if any.
• To disclose the extent of use of Artificial Intelligence tools in providing research services.
• To disclose, while distributing a third-party research report, any material conflict of interest of such third-party research provider or provide a web address that directs a recipient to the relevant disclosures.
• To disclose any conflict of interest of the activities of providing research services with other activities of the research analyst.

• To distribute research reports and recommendations to clients without discrimination.
• To maintain confidentiality with respect to publication of the research report until made available in the public domain.
• To respect data privacy rights of clients and take measures to protect unauthorized use of their confidential information.
• To disclose the timelines for the services provided by the research analyst to clients and ensure adherence to the said timelines.
• To provide clear guidance and adequate caution notice to clients when providing recommendations for dealing in complex and high-risk financial products/services.
• To treat all clients with honesty and integrity.
• To ensure confidentiality of information shared by clients unless such information is required to be provided in furtherance of discharging legal obligations or a client has provided specific consent to share such information.

D. Details of Grievance Redressal Mechanism and How to Access It

Mode of filing the complaint with the Research Analyst: In case of any grievance/complaint, an investor may approach the concerned Research Analyst who shall strive to redress the grievance immediately, but not later than 21 days of receipt of the grievance.

Mode of filing the complaint on SCORES or with the Research Analyst Administration and Supervisory Body (RAASB):

• SCORES 2.0 — a web-based centralized grievance redressal system of SEBI for facilitating effective grievance redressal in a time-bound manner (scores.sebi.gov.in). Two-level review for complaint/grievance against a Research Analyst: first review by the designated body (RAASB), second review by SEBI.
• Email to the designated email ID of RAASB (BSE Limited).

If the Investor is not satisfied with the resolution provided by the Market Participant, the Investor has the option to file the complaint/grievance on the SmartODR platform (smartodr.in) for resolution through online conciliation or arbitration.

With regard to physical complaints, investors may send their complaints to:
Office of Investor Assistance and Education,
Securities and Exchange Board of India,
SEBI Bhavan, Plot No. C4-A, 'G' Block,
Bandra-Kurla Complex, Bandra (E),
Mumbai - 400 051

E. Rights of Investors

• Right to Privacy and Confidentiality
• Right to Transparent Practices
• Right to Fair and Equitable Treatment
• Right to Adequate Information
• Right to Initial and Continuing Disclosure — including the right to receive information about all statutory and regulatory disclosures
• Right to Fair & True Advertisement
• Right to Awareness about Service Parameters and Turnaround Times
• Right to be Heard and Satisfactory Grievance Redressal
• Right to have timely redressal
• Right to Exit from a financial product or service, in accordance with the terms and conditions agreed with the research analyst
• Right to receive clear guidance and caution notice when dealing in complex and high-risk financial products and services
• Additional Rights to vulnerable consumers — right to get access to services in a suitable manner even if differently abled
• Right to provide feedback on the financial products and services used
• Right against coercive, unfair, and one-sided clauses in financial agreements

F. Expectations from the Investors (Responsibilities of Investors)

As prescribed by SEBI vide Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/20 dated February 17, 2025, read with Regulation 24(6) of the SEBI (Research Analysts) Regulations, 2014. Standardized by the Industry Standards Forum (ISF) in consultation with RAASB and SEBI.

Service Scope & Restrictions

• The Research Analyst (RA) shall provide research services limited to independent research recommendations. The RA shall not execute buy/sell transactions on behalf of clients. Investors are advised not to permit the RA to execute trades.
• Research reports and recommendations are based on publicly available information and analyst judgment. They do not constitute personal investment advice, solicitation, or an offer to buy or sell any securities.
• The RA does not guarantee any assured, guaranteed, or fixed returns. Research reports do not assure profitability of any recommendation.
• Investors should exercise independent judgment and consult their own financial advisers before acting on any recommendation.

Fee Structure & Payment

• Fee Cap: The maximum annual fee chargeable to individual or HUF clients is ₹1,51,000 per annum per family, excluding applicable statutory charges (GST, etc.).
• Advance Fee: The RA may charge fees in advance if agreed by the client. Such advance shall not exceed the period stipulated by SEBI — presently one quarter (3 months).
• Refund on Termination: In case of premature termination of 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.
• Payment Modes: Fees may be paid through cheque, online bank transfer, UPI, or other specified electronic modes. Cash payment is not allowed.
• CeFCoM: Optionally, the client can make payments through the Centralised Fee Collection Mechanism (CeFCoM) managed by BSE Limited (RAASB).

Conflict of Interest & Disclosures

• The RA is required to abide by applicable SEBI regulations, circulars, and directions regarding disclosure and mitigation of any actual or potential conflict of interest.
• The RA will promptly inform the client of any conflict of interest that may affect the services being rendered.
• The RA and its associates shall not trade in securities they follow or recommend: 30 days before and 5 days after issuing a research report, and shall not trade contrary to their own recommendations.

Client Rights & Grievance

• The client has the right to terminate the RA's services at any time as per the agreed terms of service.
• In case of any grievance, the client should first approach the RA directly. If not resolved within 30 days, the complaint may be escalated to SEBI SCORES (scores.sebi.gov.in), and thereafter to the Online Dispute Resolution platform (smartodr.in).
• The RA shall not impose any clause that contravenes SEBI regulatory provisions.

Risk Acknowledgment

• Investments in securities are subject to market risks. Past performance is not indicative of future results.
• The client acknowledges having read and understood the risk disclosures and the terms governing the research services.
• The RA shall not be responsible for any investment decision taken by the client based on the research report or recommendation.

Reference: SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/20 dated February 17, 2025.

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As mandated by SEBI, all fee payments must be made through verified electronic modes only.

• Cash payment is strictly not allowed per SEBI regulations.
• Accepted modes: Cheque, Online Bank Transfer, UPI, NEFT/RTGS.
• Optional: Centralised Fee Collection Mechanism (CeFCoM) via BSE Limited (RAASB).
• Advance fee shall not exceed one quarter. Proportionate refund available for premature termination.