Availing of Research Services
By accepting the delivery of the research service, the client confirms that they have elected to
subscribe to the RA’s research service at their sole discretion. The RA shall render research
services in accordance with the applicable provisions of the RA Regulations.
Obligations on the RA
Both the RA and the client shall be bound by the SEBI Act along with all applicable SEBI
rules, regulations, and relevant government notifications in force from time to time.
Client Information and KYC
The client agrees to furnish all necessary information and supporting documentation as may
be required by the RA. The RA will collect, store, and verify the client’s KYC records in
compliance with the guidelines prescribed by the KYC Registration Agency (KRA) as
specified by SEBI.
Standard Terms of Service
By subscribing to the research services, the client acknowledges and consents to the
following:
Understanding of Service:
“I/We have read and understood the terms and conditions applicable to a Research
Analyst as defined under Regulation 2(1)(u) of the SEBI (Research Analysts)
Regulations, 2014, including the fee structure.
I/We are subscribing to the research services for our own benefit and consumption,
and any reliance placed on the research report provided by the RA shall be based on
our own judgment and assessment of its conclusions.
I/We understand that:
- Any investment made based on the recommendations in the research report
is subject to market risk.
- The recommendations in the research report do not provide any assurance of
returns.
- There is no recourse to claim any losses incurred on investments made based
on these recommendations.”
Consideration and Mode of Payment
The client shall pay the RA the agreed fees for the research services along with any
applicable statutory charges. Payment shall be made via the modes/mechanisms as
specified by the RA.
Risk Factors
The RA will provide a statement covering the standard risks associated with investments in
securities. Clients are advised to consider these risks before making any investment
decisions.
Conflict of Interest
The RA shall adhere to all applicable SEBI regulations, circulars, and directions related to
the disclosure and mitigation of any actual or potential conflict of interest. Any mandatory
disclosures regarding conflicts of interest will be provided by the RA.
Termination of Service and Refund of Fees
The RA reserves the right to suspend or terminate the rendering of research services in the
event of suspension or cancellation of its registration by SEBI. In such an event, the 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.
Grievance Redressal and Dispute Resolution
Any grievance concerning:
- Non-receipt of the research report.
- Missing pages or inability to download the complete report, or
- Any other deficiency in the research services,
Shall be promptly escalated to the designated contact person Prashant Buranpurkar on [email protected]
The RA will address all grievances within 7 business days or
within the timelines specified by SEBI. Any dispute between the RA and the client may be
resolved through arbitration or other mechanisms as directed by SEBI.
Additional Clauses
Any additional voluntary clauses introduced by the RA shall not contravene any SEBI rules,
regulations, or circulars. The RA will issue a notice of 15 days prior to making any changes
in such voluntary clauses.
Mandatory Notice
Clients are advised to review the “Do’s and Don’ts” while dealing with the RA as specified
in the SEBI master circular no. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated May 21,
2024, or as may be updated by SEBI.
Most Important Terms and Conditions (MITC)
The RA will also disclose the Most Important Terms and Conditions (MITC) to its clients as
standardized by the Industry Standards Forum (ISF) in consultation with SEBI and RAASB
Most Important Terms and Conditions (MITC) as per SEBI circular no-
SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/20
[Forming part of the Terms and Conditions for providing research services]
1. 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. Thus, the clients are advised not to permit RA to execute
any trade on their behalf.
2. The fee charged by RA to the client will be subject to the maximum of amount prescribed
by SEBI/ Research Analyst Administration and Supervisory Body (RAASB) from time to
time (applicable only for Individual and HUF Clients).
Note:
2.1
The current fee limit is Rs 1,51,000/- per annum per family of client for all research
services of the RA.
2.2
The fee limit does not include statutory charges.
2.3
The fee limits do not apply to a non-individual client / accredited investor.
3. 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 refund of
proportionate fees only for unexpired period.
4. 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 Centralized Fee Collection Mechanism (CeFCoM) managed by BSE
Limited (i.e. currently recognized RAASB).
5. 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.
6. 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.
7. 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 research report.
8. Any investment made based on recommendations in research reports are subject to
market risks, and recommendations do not provide any assurance of returns. There is no
recourse to claim any losses incurred on the 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.
9. The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee
the performance of the RA or assure any returns to the client.
10. For any grievances,
Step 1: the client should first contact the RA using the details on its website or following
contact details:
Email id- [email protected]/ [email protected]
Contact Person- Mr. Manish Shah –Compliance Officer, Mr. Deepak Shah- AVP Business
Development
Contact No- 02692-225005/ 02692-225011
Step 2: If the resolution is unsatisfactory, the client can also lodge grievances through SEBI’s
SCORES platform at www.scores.sebi.gov.in
Step 3: The client may also consider the Online Dispute Resolution (ODR) through the Smart
ODR portal at https://smartodr.in
11. Clients are required to keep contact details, including email id and mobile number/s
updated with the RA at all times.
12. 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 RA.